WuXi Reports 36% Revenue Growth, Prepares for Sale to Charles River
Chinese contract research organization WuXi Pharmatech reported 36% revenue growth in what may be one of the company’s last quarterly earnings statements if an acquisition by Charles River Laboratories goes through.
The company’s revenues increased to $80.6 million in Q1, due to growth in laboratory services and manufacturing services. First-quarter 2010 net income grew 32% to $15.5 million. Diluted earnings per share were up 30% to $0.21.
Charles River Labs announced last month plans to acquire WuXi for $1.6 billion in a deal expected to be finalized at the end of the year.
"As we prepare to combine our operations with those of Charles River Laboratories, we remain focused on providing the highest level of service to our customers," said WuXi CEO Dr. Ge Li. "We continue to believe that trends toward greater outsourcing and offshoring of pharmaceutical, biotechnology, and medical device research and development will continue for years to come, and that our company is positioned well to benefit from these trends."