WuXi PharmaTech, a Chinese pharmaceutical and biotechnology research and development outsourcing firm has announced selected unaudited financial results for the third quarter ended September 30, 2007.
The company said its net revenues grew 77.8% to $34 million in the third quarter of 2007, compared to $19.2 million for the third quarter of 2006, attributable to increased business volume and expansion of services and capacities. Net revenues from laboratory services increased by 59.1% to $26.7 million in the third quarter of 2007 from $16.8 million in the third quarter of 2006. The revenue increase in laboratory services is primarily driven by the strong growth of our core discovery chemistry services. Net revenues from research manufacturing increased by 211.8% to $7.3 million in the third quarter of 2007 from $2.3 million in the third quarter of 2006, primarily attributable to expanded collaborations with our customers.
Commenting on the third quarter results, Dr. Ge Li, Chairman and Chief Executive Officer of WuXi PharmaTech commented, " During the third quarter, we opened our new formulation development laboratory. In September we started the construction of our GLP (Good Laboratory Practice) drug safety evaluation center in Suzhou. In the third quarter, our interim animal facility in Suzhou has started operations. Looking forward, we will continue to invest in our capabilities and capacity to offer fully integrated drug discovery and development services to drive future long-term growth and create value to our customers and shareholders.”
"Our strong financial performance over the first nine months of this year leads us to raise our full-year 2007 revenue target to the range of $131 million to $135 million, representing 87% to 93% increase over full year of 2006,” added Li.