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news.ShangPharma, a China-based contract research organization, has reported net revenue of $27.51m for the second quarter ended 30 June 2011, an increase of 26% , compared to $21.83m for the same period in 2010.
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The company has posted a net income of $3.35m for the second quarter of 2011, compared to $ 4.14m for the same period in 2010.
For the six months ended 30 June 2011, the company reported net revenue of $52.28m, compared to $41.55m for the same period in 2010.
ShangPharma has reported net income of $6.36m for the six months ended 30 June 2011, compared to $6.87m for the same period in 2010.
ShangPharma founder and CEO Michael Xin Hui said revenues from their China-based customers rose by 202.7% year-over-year, and included a mix of both local pharmaceutical companies and smaller domestic laboratories, as well as multi-national biotech and pharmaceutical companies’ R&D centers in China, representing a great improvement on the diversification of their customer base.