WuXi PharmaTech reports higher Q3 net income, provides guidance for Q4 and 2012

WuXi PharmaTech Cayman Inc. has reported a net income of $21.28 million, or $0.30 per diluted share, for the third quarter ended September 30, 2012, compared to $20.62 million, or $0.27 per diluted share, for the third quarter ended September 30, 2011. For the fourth quarter of 2012, the company expects total net revenues of $121-124 million, up about 11-14% year-over-year.

Total net revenues for the third quarter ended September 30, 2012 were $125.84 million, compared to $103.97 million for the third quarter ended September 30, 2011.

Net income for the nine months ended September 30, 2012 was $62.76 million, or $0.86 per diluted share, compared to $57.50 million, or $0.76 per diluted share, for the nine months ended September 30, 2011.

Total net revenues for the nine months ended September 30, 2012 were $374.25 million, compared to $298.64 million for the nine months ended September 30, 2011.

For 2012, the company expects total net revenues of $495-498 million, or about 22% year-over-year growth, compared to previous guidance of $488-498 million, or 20-22% growth.

"I'm very pleased that WuXi delivered another solid quarter with strong revenue and earnings growth in the third quarter," said Ge Li, chairman and CEO.

"Year-over-year revenue growth of 21.0% was driven by increasing demand for WuXi's broad platform of integrated services. China-based laboratory services achieved 32.4% revenue growth, driven by growth from our integrated drug discovery and development services and rapidly growing new services, including toxicology and biologics development services. We also achieved solid EPS growth of 7.8% GAAP and 18.4% non-GAAP."