WuXi PharmaTech posted a net income of $12.13m, compared to net loss of $93.85m for the comparable period in 2008. Operating income was $13.58m, compared to operating loss of $56.7m for prior year period.
For the full year ended December 31, 2009, the company has posted a net income of $52.87m, compared to net loss of $64.2m for the year ago period. Net revenues were $270m, an increase of 7%, compared to $253.48m. Operating income was $52.87m, compared to operating loss of $20.93m for the year ago period.
Ge Li, chairman and CEO of WuXi, said: “WuXi had a strong fourth quarter and a successful 2009. We achieved all of our publicly stated financial goals. We were able to achieve solid revenue growth in 2009, led by a strong performance by our China-based Laboratory Services business, which achieved revenues at the top of its guidance range. Full-year 2009 adjusted EBITDA(1) exceeded our expectations.
“We expect another good year in 2010. We are targeting 2010 revenues to grow 15-19% above 2009 levels, driven by 13-16% growth in revenues of our China-based Laboratory Services business and an improving Manufacturing Services business. At the same time, 2010 will be a transition year, as we continue to invest in our China-based Laboratory Services, large-scale manufacturing, and toxicology businesses.”
WuXi PharmaTech is a biotechnology and medical device R&D outsourcing company that provides broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process,