WuXi PharmaTech sees 20% rise in Q3 net revenues

WuXi PharmaTech has posted a net income of $44.26m for the third quarter 2010, or $0.59 per diluted share, compared to net income of $14.33m, or $0.19 per diluted share, for the comparable period in 2009.

Operating income was $19.21m, compared to $14.63m for the comparable period in 2009.

WuXi PharmaTech has posted total net revenue of $245.49m, for the nine months ended 30 September 2010, compared to $196.14m for the year ago period.

For the nine months ended 30 September 2010, WuXi PharmaTech has posted a net income of $73.54m, or $0.99 per diluted share, compared to $40.75m, or $0.55 per diluted share, for the year ago period.

Operating income was $52.73m, compared to $38.54m for the year ago period.

WuXi PharmaTech chairman and CEO Ge Li said that WuXi continued a strong 2010 with an excellent third quarter.

"Total company revenues grew 20% year over year, and each of our businesses delivered strong revenue growth in the quarter," Li said.

"We continue to make substantial progress in building a comprehensive platform of discovery and preclinical R&D services that any pharmaceutical or biotech company can use to discover and develop new drugs efficiently and cost-effectively.We are planning to build a pilot-scale GMP manufacturing facility in the city of WuXi to produce biological products for preclinical and clinical trials."

WuXi PharmaTech is a provider of integrated portfolio of manufacturing and laboratory services throughout the drug and medical device R&D process.