WuXi PharmaTech Inc. (WX)

[surf1944]

WuXi 2Q profit rises on margins, lower costs
WuXi PharmaTech's 2nd-quarter profit rises on better margins, lower expenses
On Wednesday August 12, 2009, 9:21 am EDT

Companies:WuXi PharmaTech (Cayman) Inc.
NEW YORK (AP) -- WuXi PharmaTech Inc., which provides research and development outsourcing for the pharmaceutical and biotechnology sectors, said Wednesday its second-quarter profit rose 72 percent on better margins and lower expenses.

The company earned $14.7 million, or 20 cents per American Depository Share, compared with profit of $8.5 million, or 12 cents per ADS, a year ago. Excluding charges, the company earned 24 cents per ADS

Revenue fell 3 percent to $67 million from $69,1 million.

Analysts polled by Thomson Financial expected a profit of 12 cents per share on revenue of $63.7 million.

Laboratory services revenue rose 19 percent to $61.5 million while manufacturing services fell 69 percent to $5.5 million. Operating expenses fell 5 percent to $13.4 million.

Looking ahead, the company expects full-year revenue between $265 million and $275 million, while analysts expect $267.8 million.

WuXi is headquartered in Shanghai, China, and incorporated in the Cayman Islands