WuXi PharmaTech Reports Solid Performance in 2009

As expected, WuXi PharmaTech (药明康德) reported 2009 net revenues of $270 million, an increase of 7%. Net income climbed to $52.9 million compared to a loss of $64.2 million in 2008, when the company took a significant $49.3 million writedown of its US-based biologics manufacturing business, which was part of its AppTec acquisition. Revenues matched analysts’ expectations, while earnings were slightly below forecasts. More details... Stock Symbol: (NYSE: WX)