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news.ShangPharma, a China-based contract research organisation that provides services to the pharmaceutical and biotechnology industry, has reported revenues of $23.12m for the third quarter ended 30 September 2010, an increase of 16.6%, compared to $19.83m for the same period in 2009.
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According to ShangPharma, the revenue rises primarily due to a larger customer base, higher revenues from the company’s top customers, broader service offerings and higher average rate from favorable service mix.
ShangPharma posted a net income of $3.58m for the third quarter 2010, or $0.22 per diluted share, compared to $2.7m, or $0.17 per diluted share, for the comparable period in 2009.
The company said the increase in net income was primarily due to the higher profit from operations and higher other income.
For the nine months ended 30 September 2010, ShangPharma posted revenues of $64.67m, compared to $52.49m for the year ago period.
ShangPharma has reported a net income of $10.45m for the nine months ended 30 September 2010, or $0.66 per diluted share, compared to $52.49m, or $0.47 per diluted share, for the comparable period in 2009.
ShangPharma founder and CEO Michael Xin Hui said that they are very pleased with the third quarter financial results as they achieved record quarterly revenues, which was a direct result of strong customer demand and high customer satisfaction.
"We achieved double-digit year-over-year revenue and EPS growth driven by strong performance across all of our business divisions," Hui said.
"Lastly, we are also making good progress in building our capabilities in research manufacturing and biologics services.
With regard to research manufacturing services, we are on target to open our cGMP-quality multi-purpose facility in Fengxian, Shanghai, during the first quarter of 2011.