WuXi Revenues Up 98%, Still Fall Short
Thursday, November 13, 2008
WuXi Pharmatech released final third quarter earnings that reflected 98% revenue growth year-over-year but fell short of the company’s projected Q3 earnings.
Net revenues for the quarter were $67.5 million, down from the $74 million originally forecast. The Chinese contract research organization confirmed its most recent revised full-year revenue guidance of $260 million to $265 million. WuXi share prices dropped 5% to $7.42 in morning trading Thursday.
WuXi also announced this week the signing of a new three-year in vitro ADME collaboration agreement with Pfizer, and, last month, WuXi signed a new R&D collaboration agreement with Johnson & Johnson, expanding the already long-standing relationship between the two companies.