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WuXi PharmaTech Announces Third-Quarter 2012 Results

Date : 11/13/2012 @ 3:00AM
Source : PR Newswire (US)
Stock : Wuxi Pharmatech (Cayman) Inc. American Depositary Shares (WX)
Quote : 36.75  0.36 (0.99%) @ 1:30AM
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WuXi PharmaTech Announces Third-Quarter 2012 Results

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WuXi PharmaTech Announces Third-Quarter 2012 Results

SHANGHAI, Nov. 12, 2012 /PRNewswire/ -- WuXi PharmaTech (Cayman) Inc. (NYSE: WX), a leading research and development outsourcing company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China and the United States, today announced its financial results for the third quarter of 2012.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040705/CNM002LOGO)

Highlights

  • Net Revenues Increased 21.0% Year Over Year to $125.8 Million
  • Laboratory Services Net Revenues Grew 25.5% Year Over Year to $98.9 Million
  • China-Based Laboratory Services Net Revenues Increased 32.4% Year Over Year to $77.0 Million
  • U.S.-Based Laboratory Services Net Revenues Increased 6.0% Year Over Year to $21.9 Million
  • Manufacturing Services Net Revenues Grew 7.0% Year Over Year to $26.9 Million
  • Share Repurchases Totaled $19.8 Million in the Third Quarter, Completing the Current $30.0 Million Authorization
  • GAAP Diluted Earnings Per ADS Grew 7.8% Year Over Year to $0.30
  • Non-GAAP Diluted Earnings Per ADS Increased 18.4% Year Over Year to $0.36
  • Company Updates Full-Year 2012 Guidance

Management Comment

"I'm very pleased that WuXi delivered another solid quarter with strong revenue and earnings growth in the third quarter," said Dr. Ge Li, Chairman and Chief Executive Officer. "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. We met or exceeded all of our third-quarter financial guidance, and we expect to deliver our business and financial goals for the full year.

"To sustain the company's growth, we are continuing to invest in talent and facilities in both our ongoing businesses and in newer businesses, such as biologics and genomics," Dr. Li continued. "In laboratory services, our continuing investments, particularly in integrated drug discovery and development capabilities leading to IND filings, are driving excellent revenue growth. We made significant progress in the quarter in building our biologics business, as we signed major deals with MedImmune, TaiMed, and Open Monoclonal Technology. We have also now opened our cGMP drug-substance biologics manufacturing facility in Wuxi city, the first such facility in China. Our small-molecule manufacturing business has a growing pipeline of products in all phases of development. In spite of our investments, we continue to achieve substantial free cash flow, a portion of which we have used to repurchase our ADSs, reflecting our confidence in our future. We have also instituted a company-wide Lean Sigma program to drive efficiency and cost savings."

Third-Quarter GAAP Results

Third-quarter 2012 net revenues increased 21.0% year over year to $125.8 million. Revenue growth in Laboratory Services of 25.5% was driven by our comprehensive and integrated discovery and development services, including the new biologics business, and increased demand for testing services for both biologics and medical devices in the United States. Revenue growth of 7% year over year in Manufacturing Services was driven by increased demand for clinical-trial materials in our research manufacturing business, which more than offset lower demand for advanced intermediates in our commercial manufacturing business.

Third-quarter 2012 GAAP gross profit increased 13.6% year over year to $46.1 million due to 21.0% revenue growth, offset by lower gross margin. Third-quarter 2012 GAAP gross margin decreased year over year to 36.6% from 39.0%. Gross margin in Laboratory Services decreased year over year to 38.2% from 41.0% mainly due to the effects of increasing labor costs in China, investments in new businesses, and lower pricing, partially offset by improved productivity. Gross margin in Manufacturing Services decreased year over year to 30.7% from 32.6% mainly due to lower revenues from commercial manufacturing.

Third-quarter 2012 GAAP operating income decreased 3.6% year over year to $21.5 million due to increased operating expenses from the hiring of new senior staff and increased share-based compensation expense, partially offset by 13.6% growth in gross profit. Operating margin decreased to 17.0% from 21.4% due to the lower gross margin and the increased operating expenses.

Third-quarter 2012 GAAP net income increased 3.2% year over year to $21.3 million due to a 49.7% increase in other income/(expenses), net, driven by a gain on foreign-exchange forward contracts of $1.4 million, partially offset by the 3.6% decrease in operating income.

Third-quarter 2012 GAAP diluted earnings per ADS increased 7.8% to $0.30 due to the 3.2% increase in net income and a lower ADS count caused by the company's purchase of 2,846,375 ADSs from General Atlantic in February 2012 and of 2,138,993 ADSs, at an average price of $14.03 per ADS, in the open market during the second and third quarters of 2012 to complete the $30 million authorized share repurchase program announced in March 2012.

Third-quarter 2012 GAAP comprehensive income decreased 27.5% year over year to $20.2 million due to the decrease in currency translation adjustments, partially offset by the 3.2% increase in GAAP net income.

Third-Quarter Non-GAAP Results

Non-GAAP financial results exclude the impact of share-based compensation expenses and the amortization of acquired intangible assets and the associated deferred tax impact.

Third-quarter 2012 non-GAAP gross profit increased 13.9% year over year to $47.6 million mainly due to broad-based revenue growth, offset by lower gross margin. Non-GAAP gross margin decreased year over year to 37.8% from 40.2%. Non-GAAP gross margin in Laboratory Services decreased mainly due to increased labor costs, investment in new businesses, and lower pricing, partially offset by improved productivity. Non-GAAP gross margin in Manufacturing Services decreased mainly due to lower revenues from commercial manufacturing.         

Third-quarter 2012 non-GAAP operating income increased 6.9% year over year to $26.6 million, primarily due to the 13.9% increase in non-GAAP gross profit, offset by increased operating expenses from the hiring of new senior staff. Operating margin decreased to 21.2% from 24.0%, mainly due to the lower gross margin.

Third-quarter 2012 non-GAAP net income grew 13.4% year over year to $26.3 million due to the 6.9% increase in non-GAAP operating income and a 49.7% increase in other income/(expenses), net, driven by a gain on foreign-exchange forward contracts of $1.4 million.

Third-quarter 2012 non-GAAP diluted earnings per ADS grew 18.4% year over year to $0.36 due to the 13.4% increase in non-GAAP net income and a lower ADS count caused by the company's purchase of 2,846,375 ADSs from General Atlantic in February 2012 and of 2,138,993 ADSs, at an average price of $14.03 per ADS, during the second and third quarters of 2012 to complete the $30 million authorized share repurchase program announced in March 2012.

Full-Year 2012 Financial Guidance

The company provides the following full-year 2012 financial guidance:

  • 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
  • Total net revenues for China-based Laboratory Services of $291-292 million, or about 26% growth year over year, compared to previous guidance of 23-26% growth, on a pro-forma basis reflecting the classification of Process Chemistry in Manufacturing Services for both years
  • Total net revenues for U.S.-based Laboratory Services of $89-90 million, or about 11-12% growth year over year, compared to previous guidance of 12-13% growth
  • Total net revenues of Manufacturing Services of $115-116 million, or about 20-21% growth year over year, compared to previous guidance of 18-21%, on a pro-forma basis reflecting the classification of Process Chemistry in Manufacturing Services for both years
  • Operating margin of about 17.5% on a GAAP basis and about 20.5% on a non-GAAP basis, compared to previous guidance of 17.0-18.0% and 20.0%-21.0%, respectively
  • Capital expenditures of about $70 million, the same as previous guidance
  • GAAP effective tax rate of about 17.5%, the same as previous guidance

Fourth-Quarter 2012 Financial Guidance

  • The company provides the following fourth-quarter 2012 financial guidance:
  • Total net revenues of $121-124 million, up about 11-14% year over year
  • Laboratory Services net revenues (not including Process Chemistry) of $101-103 million
  • Manufacturing Services net revenues (including Process Chemistry) of $20-21 million
  • Operating margin of about 17.0% GAAP, about 20.0% non-GAAP

 

WUXI PHARMATECH (CAYMAN) INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in thousands of U.S. dollars, except ordinary share, ADS and par value data)







September 30,
2012

December 31,
2011

Assets:




Current assets:




        Cash and cash equivalents


53,833

71,368

        Restricted cash


532

2,458

        Short-term investment


132,029

128,054

        Accounts receivable, net


94,645

72,736

        Inventories


41,294

45,351

        Prepaid expenses and other current assets


16,932

15,133

                    Total current assets


339,265

335,100

Non-current assets:




        Goodwill


34,208

34,701

        Property, plant and equipment, net


263,256

245,694

        L/T investment


11,157

4,335

        Intangible assets, net


9,235

10,568

        Land use rights


5,354

5,488

        Deferred tax assets


4,964

8,499

        Other non-current assets


19,220

19,469

                    Total non-current assets


347,394

328,754

                    Total assets


686,659

663,854





Liabilities and equity:




Current liabilities:




        Short-term and current portion of long-term debt


36,732

28,661

        Accounts payable


19,821

22,803

        Accrued expenses


23,389

20,913

        Deferred revenue


17,033

15,881

        Advanced subsidies


7,741

6,417

        Other taxes payable


2,581

2,196

        Convertible notes


-

35,864

        Other current liabilities


12,460

10,018

                    Total current liabilities


119,757

142,753

Non-current liabilities:




        Long-term debt, excluding current portion


5,750

1,646

        Advanced subsidies


1,763

3,215

        Long-term payable


6,134

3,944

        Other non-current liabilities


6,452

6,570

                    Total non-current liabilities


20,099

15,375

                    Total liabilities


139,856

158,128

Equity:




       Ordinary shares ($0.02 par value, 5,002,550,000 authorized,  570,489,352 and 559,916,954 issued and outstanding as of December 31, 2011, and September 30, 2012, respectively)


11,198

11,410

        Additional paid-in capital


328,215

345,832

        Retained earnings


164,784

103,159

        Accumulated other comprehensive income


42,606

45,325

                    Total equity


546,803

505,726

                    Total liabilities and equity


686,659

663,854

 

WUXI PHARMATECH (CAYMAN) INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands of U.S. dollars, except ADS data and per ADS data)












Three Months Ended
 September 30,


Nine Months Ended
 September 30,



2012

2011

% Change


2012

2011

% Change

Net revenues:









      Laboratory Services


98,925

78,802

25.5%


279,119

224,136

24.5%

      Manufacturing Services


26,919

25,166

7.0%


95,134

74,500

27.7%

Total net revenues


125,844

103,968

21.0%


374,253

298,636

25.3%










Cost of revenues:









      Laboratory Services


(61,097)

(46,457)

31.5%


(174,840)

(133,714)

30.8%

      Manufacturing Services


(18,657)

(16,956)

10.0%


(64,938)

(51,042)

27.2%

Total cost of revenues


(79,754)

(63,413)

25.8%


(239,778)

(184,756)

29.8%










Gross profit:









      Laboratory Services


37,828

32,345

17.0%


104,279

90,422

15.3%

      Manufacturing Services


8,262

8,211

0.6%


30,196

23,458

28.7%

Total gross profit


46,090

40,556

13.6%


134,475

113,880

18.1%










Operating expenses:









      Selling and marketing expenses


(3,594)

(2,736)

31.4%


(10,601)

(7,240)

46.4%

      General and administrative expenses


(19,302)

(14,058)

37.3%


(52,374)

(39,840)

31.5%

      Research and development expenses


(1,744)

(1,518)

14.9%


(5,637)

(3,202)

76.0%

Total operating expenses


(24,640)

(18,312)

34.6%


(68,612)

(50,282)

36.5%

Operating income


21,450

22,244

(3.6%)


65,863

63,598

3.6%










Other income (expenses), net:









      Other income (expenses), net


3,103

1,366

127.2%


5,263

3,142

67.5%

      Interest income (expenses), net


1,399

1,641

(14.7%)


4,523

3,447

31.2%

Total other income (expenses), net


4,502

3,007

49.7%


9,786

6,589

48.5%










Income before income taxes


25,952

25,251

2.8%


75,649

70,187

7.8%

Income tax expense


(4,669)

(4,628)

0.9%


(12,885)

(12,689)

1.5%

Net income


21,283

20,623

3.2%


62,764

57,498

9.2%










Other Comprehensive income:









Currency translation adjustments


(1,117)

7,176

(115.6%)


(2,719)

15,371

(117.7%)

Comprehensive income


20,166

27,799

(27.5%)


60,045

72,869

(17.6%)










Basic net earnings per ADS


0.30

0.29

4.0%


0.88

0.81

8.3%

Diluted net earnings per ADS


0.30

0.27

7.8%


0.86

0.76

12.4%










Weighted average ADS outstanding—basic


70,507,167

71,073,646

(0.8%)


71,375,430

70,786,042

0.8%

Weighted average ADS outstanding—diluted


72,001,577

75,175,960

(4.2%)


73,168,508

75,352,990

(2.9%)


 

WUXI PHARMATECH (CAYMAN) INC.

RECONCILIATION OF GAAP TO NON-GAAP

(in thousands of U.S. dollars, except ADS data and per ADS data)












Three Months Ended
September 30,


Nine Months Ended
September 30,



2012

2011

% Change


2012

2011

% Change










GAAP gross profit


46,090

40,556

13.6%


134,475

113,880

18.1%

GAAP gross margin


36.6%

39.0%



35.9%

38.1%


Adjustments:









        Share-based compensation


979

862

13.6%


3,068

2,842

8.0%

        Amortization of acquired intangible assets


525

355

47.9%


1,575

1,065

47.9%

Non-GAAP gross profit


47,594

41,773

13.9%


139,118

117,787

18.1%

Non-GAAP gross margin


37.8%

40.2%



37.2%

39.4%











GAAP operating income


21,450

22,244

(3.6%)


65,863

63,598

3.6%

GAAP operating margin


17.0%

21.4%



17.6%

21.3%


Adjustments:









        Share-based compensation


4,661

2,319

101.0%


10,906

8,366

30.4%

        Amortization of acquired intangible assets


525

355

47.9%


1,575

1,065

47.9%

Non-GAAP operating income


26,636

24,918

6.9%


78,344

73,029

7.3%

Non-GAAP operating margin


21.2%

24.0%



20.9%

24.5%











GAAP net income


21,283

20,623

3.2%


62,764

57,498

9.2%

GAAP net margin


16.9%

19.8%



16.8%

19.3%


Adjustments:









        Share-based compensation


4,661

2,319

101.0%


10,906

8,366

30.4%

        Amortization of acquired intangible assets


525

355

47.9%


1,575

1,065

47.9%

        Deferred tax impact related to acquired  intangible assets


(195)

(137)

42.3%


(584)

(412)

41.7%

Non-GAAP net income


26,274

23,160

13.4%


74,661

66,517

12.2%

Non-GAAP net margin


20.9%

22.3%



19.9%

22.3%











Income attributable to holders of ADS (Non-GAAP):









Basic


26,274

23,160

13.4%


74,661

66,517

12.2%

Diluted


26,274

23,160

13.4%


74,661

66,517

12.2%










Basic earnings per ADS (Non-GAAP)


0.37

0.33

14.4%


1.05

0.94

11.3%

Diluted earnings per ADS (Non-GAAP)


0.36

0.31

18.4%


1.02

0.88

15.6%










Weighted average ADS outstanding
   – basic (Non-GAAP)


70,507,167

71,073,646

(0.8%)


71,375,430

70,786,042

0.8%

Weighted average ADS outstanding
  – diluted (Non-GAAP)


72,001,577

75,175,960

(4.2%)


73,168,508

75,352,990

(2.9%)

 

WUXI PHARMATECH (CAYMAN) INC.

REVENUE BREAKDOWN

(in thousands of U.S. dollars)












Three Months Ended
September 30,


Nine Months Ended
September 30,



2012

2011

% Change


2012

2011

% Change

Net revenues:









        China-based Laboratory Services


77,055

58,178

32.4%


211,801

164,677

28.6%

        China-based Manufacturing Services


26,919

25,166

7.0%


95,134

74,500

27.7%

                    Subtotal


103,974

83,344

24.8%


306,935

239,177

28.3%

        U.S.-based Laboratory Services


21,870

20,624

6.0%


67,318

59,459

13.2%

Total net revenues


125,844

103,968

21.0%


374,253

298,636

25.3%

Conference Call

WuXi PharmaTech senior management will host a conference call at 8:00 am (U.S. Eastern) / 5:00 am (U.S. Pacific) / 9:00 pm (Beijing/Shanghai/Hong Kong) on Tuesday, November 13, 2012, to discuss its third-quarter 2012 financial results and future prospects.  The conference call may be accessed by calling:

United States:

1-866-519-4004

China (Landline):      

800-819-0121

China (Mobile):

400-620-8038

Hong Kong:

800-930-346

United Kingdom:        

0-808-234-6646

International:         

+65-6723-9381

Conference ID:         

46119921

A telephone replay will be available two hours after the call's completion at:

United States:

1-866-214-5335

China (Landline):      

10-800-714-0386

China (Mobile):

10-800-140-0386

Hong Kong:

800-901-596

United Kingdom:        

0-800-731-7846

International:         

+61-2-8235-5000

Conference ID:         

46119921

A live webcast of the conference call and replay will be available on the investor relations page of WuXi PharmaTech's website at http://www.wuxiapptec.com.

About WuXi PharmaTech

WuXi PharmaTech is a leading pharmaceutical, biotechnology, and medical device R&D outsourcing company, with operations in China and the United States. As a research-driven and customer-focused company, WuXi PharmaTech provides a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process. WuXi PharmaTech's services are designed to assist its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. WuXi PharmaTech's operating subsidiaries are known as WuXi AppTec. For more information, please visit: http://www.wuxiapptec.com.

Use of Non-GAAP and Pro-Forma Financial Measures 

We have provided the third-quarter 2011 and 2012 gross profit, gross margin, operating income, operating margin, net income, net margin, and earnings per ADS on a non-GAAP basis, which excludes share-based compensation expenses and amortization and deferred tax impact of acquired intangible assets. We believe both management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and liquidity and when planning and forecasting future periods. These non-GAAP operating measures are useful for understanding and assessing underlying business performance and operating trends. We expect to continue to provide net income and earnings per ADS on a non-GAAP basis using a consistent method on a quarterly basis.

You should not view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP measures to non-GAAP measures for the indicated periods attached hereto.

Statements in this presentation contain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995, including, among others, our ability to reach our business and financial goals for the full year 2012, our financial guidance for full-year and fourth-quarter 2012 (including, as applicable, estimated total revenues, Laboratory Services revenues, Manufacturing Services revenues, operating margins, capital expenditures, effective tax rates and other trends), overall ongoing and future investment in talent and facilities, laboratory services ongoing and future investment, the growth of our small-manufacturing business pipeline, our ability to continue achieving substantial free cash flow, building a comprehensive and integrated technology platform, the ability of this platform to enable anyone and any company to discover and develop new products efficiently and cost-effectively, our future delivery of drug candidates, pricing pressure in synthetic chemistry, our productivity and future operating costs, the build-up of clinical development service capabilities, the growth of our biologics drug discovery and development capabilities, our expected biologic services project portfolio, the growth and growth drivers in our manufacturing services, the expected variability of commercial manufacturing revenue, research manufacturing revenues, expected growth across China-based laboratory services, increasing utilization of our integrated drug development services, revenue growth in U.S.-based laboratory services, growth in manufacturing services, expansion of our clinical development platform, lower capital expenditures, and more efficient use of existing facilities.

These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and financial condition and other circumstances may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Among other factors, the state of the global economy may continue to be uncertain; pharmaceutical companies may not change their business models as expected or in a manner favorable to us; we may fail to capitalize on the opportunities presented; the pressures being felt by our customers and pharmaceutical industry consolidation may adversely impact our business and the trends for outsourced and offshored R&D and manufacturing for longer than expected or more severely than expected; we may not enjoy the anticipated benefits of the Abgent and MedKey acquisitions or other planned investments and capital expenditures (including investments made through our corporate venture fund) on a timely basis or at all; we may need to modify the nature and level of our investments and capital expenditures; we may not maintain our preferred provider status with our clients and may be unable to successfully expand our capabilities to meet client needs; and we may face increased margin pressure as a result of renminbi appreciation and increased labor inflation in China and the company's investment.  In addition, other factors that could cause our actual results to differ from what we currently anticipate include failure to generate sufficient future cash flows or to secure any required future financing on acceptable terms or at all; failure to retain key personnel; our reliance on a limited number of customers to continue to account for a high percentage of our revenues; the risk of payment failure by any of our large customers, which could significantly harm our cash flows and profitability; our dependence upon the continued service of our senior management and key scientific personnel, and our ability to retain our existing customers or expand our customer base. You should read the financial information contained in this release in conjunction with the consolidated financial statements and related notes thereto included in our 2011 Annual Report on Form 20-F filed with the Securities and Exchange Commission and available on the Securities and Exchange Commission's website at http://www.sec.gov. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations and prospects, see "Risk Factors" beginning on page 6 of our 2011 Annual Report on Form 20-F. Our results of operations for third-quarter 2012 are not necessarily indicative of our operating results for any future periods. All projections in this release are based on limited information currently available to us, which is subject to change. Although these projections and the factors influencing them will likely change, we undertake no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release, except as required by law. Such information speaks only as of the date of this release.

Statement Regarding Unaudited Financial Information

The financial information set forth above is unaudited and subject to adjustments. Adjustments to the financial statements may be identified when our annual financial statements are prepared and audit work is performed for the year end audit, which could result in significant differences from this unaudited financial information.

Incorporation by Reference

WuXi PharmaTech hereby expressly incorporates by reference into its registration statement on Form F-3

(File No. 333-161757) the discussions contained in "Third-Quarter GAAP Results," the unaudited consolidated balance sheets, the unaudited condensed consolidated statements of operations, and the revenue breakdown by geography, from this press release.

For more information, please contact:

WuXi PharmaTech (Cayman) Inc.
Ronald Aldridge (for investors)
Director of Investor Relations
Tel:   +1-201-585-2048
Email: ir@wuxiapptec.com

Aaron Shi (for the media)
WuXi PharmaTech (Cayman) Inc.
Tel:   +86-21-5046-4362
Email: pr@wuxiapptec.com

SOURCE WuXi PharmaTech (Cayman) Inc.

Copyright 2012 PR Newswire



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