WuXi Revenues Up 87% in 2008
Thursday, March 26, 2009
Chinese contract research organization (CRO) WuXi Pharmatech reported an 87% increase in 2008 revenues compared with 2007, with net revenues for continuing operations of $253.5 million. Fourth-quarter 2008 net revenues from continuing operations increased 74% to $64.4 million compared with fourth quarter 2007. The CRO’s non-GAAP net income for 2008 was $58.3 million, up 31% from $44.6 million in 2007.
WuXi’s 2008 financials reflect the January 2008 acquisition of AppTec, which contributed $57.7 million in revenues for full-year 2008.
“2008 was a year of extraordinary economic challenges, both in the worldwide economy and the healthcare industry,” said Dr. Ge Li, WuXi Chairman and CEO, in a company statement. “At the same time, it was a year of substantial accomplishment for our company.”