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news.ShangPharma, a China-based contract research organization, has reported net revenue of $24.77m for the first quarter ended 31 March 2011, an increase of 25.6%, as compared to $19.73m for the same period in 2010.
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ShangPharma has reported a net income of $3.01m, or $0.16 per diluted share, compared to net income of $2.73m or $0.18 per diluted share, for the same period last year.
The company’s gross profit was $8m, as compared to $6.94m for the comparable period prior year.
The increase was primarily due to the increase in revenues and operational efficiency improvements, and in particular, improvements in employee productivity.
ShangPharma founder and CEO Michael Xin Hui said they saw strong growth across all of their businesses, especially from discovery biology and preclinical development services as well as biologics services as they continue to expand their integrated service platform and add new capabilities.
"Progress on our new manufacturing facilities in Fengxian, Shanghai, remained on track during the quarter," Hui said.