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WuXi PharmaTech Announces Fourth-Quarter and Full-Year 2012 Results, Share Repurchase Program

  WuXi PharmaTech Announces Fourth-Quarter and Full-Year 2012 Results, Share
                              Repurchase Program

PR Newswire

SHANGHAI, March 7, 2013

SHANGHAI, March 7, 2013 /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
fourth quarter and full year of 2012.

Fourth-Quarter Highlights

  oNet Revenues Increased 15.8% Year Over Year to $125.7 Million
  oLaboratory Services Net Revenues Grew 18.6% Year Over Year to $103.8
    Million
  oChina-Based Laboratory Services Net Revenues Increased 22.2% Year Over
    Year to $81.5 Million
  oU.S.-Based Laboratory Services Net Revenues Increased 7.2% Year Over Year
    to $22.3 Million
  oManufacturing Services Net Revenues Grew 4.0% Year Over Year to $21.9
    Million
  oGAAP Diluted Earnings Per ADS Grew 6.5% Year Over Year to $0.33
  oNon-GAAP Diluted Earnings Per ADS Increased 7.2% Year Over Year to $0.38

Full-Year Highlights

  oNet Revenues Increased 22.8% Year Over Year to $499.9 Million
  oLaboratory Services Net Revenues Grew 22.9% Year Over Year to $382.9
    Million
  oChina-Based Laboratory Services Net Revenues Increased 26.8% Year Over
    Year to $293.2 Million
  oU.S.-Based Laboratory Services Net Revenues Increased 11.6% Year Over Year
    to $89.7 Million
  oManufacturing Services Net Revenues Grew 22.5% Year Over Year to $117.0
    Million
  oGAAP Diluted Earnings Per ADS Grew 10.8% Year Over Year to $1.19
  oNon-GAAP Diluted Earnings Per ADS Increased 13.3% Year Over Year to $1.40
  oCompany Provides Full-Year 2013 Guidance, Expects 13-15% Year-Over-Year
    Revenue Growth to $565-$575 Million, 6-9% Year-Over-Year GAAP Diluted
    Earnings per ADS Growth to $1.26-$1.30, 6-9% Year-Over-Year Non-GAAP
    Diluted Earnings per ADS Growth to $1.49-$1.53 

Management Comment

"WuXi is succeeding on three fronts: growing, investing to sustain our growth,
and returning capital to shareholders," said Dr. Ge Li, Chairman and Chief
Executive Officer. "We achieved strong double-digit revenue growth in the
fourth quarter and full year of 2012. We also achieved double-digit growth in
earnings per ADS in 2012. We continued to invest to build capabilities and
capacity in order to sustain revenue and earnings growth for the long term.
While growing and investing, we generated strong free cash flow that allowed
us to purchase our shares.

"I am proud of what we accomplished in 2012," Dr. Li continued. "Revenue
growth of 22.8% to about $500 million was driven by continuing growth in
demand for WuXi's services in all of our businesses. In February, we opened a
chemistry facility in Wuhan to give our customers a new pricing option. In
October, we began operation of a new cGMP drug-substance biologics
manufacturing facility in Wuxi. We signed many new contracts in biologics,
including a joint venture with MedImmune to co-develop their anti-IL6
monoclonal antibody for the China market. We delivered nine small molecule
preclinical drug candidates for our clients. We produced advanced
intermediates for five commercial products and grew our late-stage
manufacturing pipeline. The company entered into an agreement to form a joint
venture with PRA to offer clinical research services in China. We purchased
7% of our ADSs outstanding at the beginning of the year. WuXi achieved
year-over-year growth in GAAP diluted EPS of 10.8% and in non-GAAP diluted EPS
of 13.3%. And we continued to invest in building new capabilities and
capacities with $67.8 million in new capital assets, to drive future revenue
and income growth.

"2013 looks to be another good year. We expect 13-15% revenue growth, driven
by increasing demand across our service offerings. In spite of continuing
margin pressure from labor inflation, we expect 6-9% diluted EPS growth as a
result of this revenue growth, increased productivity, cost control, and a new
authorization to purchase up to $100 million of our ADSs over the next 18-24
months.

"Our goal is to build an open-access technology platform of integrated
services that will enable anyone and any company to discover and develop
products to benefit patients," Dr. Li concluded. "We are confident we can
achieve this goal for several reasons. An open-access platform is the most
effective and efficient way to allow researchers to capitalize their knowledge
and experience and help solve the problem of low productivity in the
pharmaceutical industry. Health care spending will continue to grow globally
because the world's patients will demand, and be willing to pay for,
high-quality medical products and a better quality of life. And our
operational strength in China is important to capitalize on the rising demand
by a large and rapidly growing Chinese middle class for the same treatments
prescribed for Western patients."

Fourth-Quarter GAAP Results

Fourth-quarter 2012 net revenues increased 15.8% year over year to $125.7
million. Revenue growth in Laboratory Services of 18.6% was driven by our
comprehensive and integrated discovery and development services. Revenue
growth of 4.0% 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.

Fourth-quarter 2012 GAAP gross profit increased 14.6% year over year to $48.8
million due to 15.8% revenue growth, offset by lower gross margin.
Fourth-quarter 2012 GAAP gross margin decreased slightly year over year to
38.8% from 39.2%. Gross margin in Laboratory Services increased year over
year to 41.9% from 41.5% mainly due to improved productivity, partially offset
by the effects of increasing labor costs in China, appreciation of the RMB
versus the U.S. dollar, investments in new businesses, and lower pricing in
chemistry services. Gross margin in Manufacturing Services decreased year
over year to 24.2% from 29.6% mainly due to lower capacity utilization in our
commercial manufacturing business.

Fourth-quarter 2012 GAAP operating income increased 16.5% year over year to
$23.6 million due to the 14.6% increase in gross profit, slower growth in
operating expenses, particularly general and administrative expenses, and
revaluation of contingent consideration relating to the Abgent acquisition,
offset by impairment charges for goodwill and intangible assets relating to
Abgent. Operating margin increased slightly to 18.7% from 18.6% due to the
slower growth in operating expenses, partially offset by lower gross margin.

Fourth-quarter 2012 GAAP net income increased 1.4% year over year to $23.8
million due to the 16.5% year-over-year increase in operating income, offset
by a 33.6% decrease in other income / (expenses), net, which was driven by
lower gains on foreign-exchange forward contracts of $3.0 million, and a 15.1%
increase in income tax expense driven by income mix.

Fourth-quarter 2012 GAAP diluted earnings per ADS increased 6.5% to $0.33 due
to 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.

Fourth-quarter 2012 GAAP comprehensive income increased 3.6% year over year to
$27.9 million due to the increase in currency translation adjustments and the
1.4% increase in GAAP net income.

Full-Year GAAP Results

Full-year 2012 net revenues increased 22.8% year over year to $499.9 million.
Revenue growth in Laboratory Services of 22.9% was driven by our comprehensive
and integrated discovery and development services in China and increased
demand for testing services for both biologics and medical devices in the
United States. Revenue growth of 22.5% year over year in Manufacturing
Services was driven by increased demand for preclinical and clinical-trial
materials in our research manufacturing business, which more than offset lower
demand for advanced intermediates in our commercial manufacturing business.

Full-year 2012 GAAP gross profit increased 17.1% year over year to $183.2
million due to 22.8% revenue growth, offset by lower gross margin. Full-year
2012 GAAP gross margin decreased to 36.7% from 38.4% in full-year 2011. Gross
margin in Laboratory Services decreased year over year to 38.6% from 40.7%
mainly due to increasing labor costs in China, appreciation of the RMB versus
the U.S. dollar, investments in new businesses, and lower pricing in chemistry
services, partially offset by improved productivity. Gross margin in
Manufacturing Services decreased year over year to 30.3% from 31.1% mainly due
to lower capacity utilization in our commercial manufacturing business.

Full-year 2012 GAAP operating income increased 6.7% year over year to $89.4
million due to the 17.1% growth in gross profit, partially offset by increased
operating expenses from the hiring of new senior staff, increased share-based
compensation expenses, and increased R&D expenses. Operating margin decreased
to 17.9% from 20.6% due to the lower gross margin and the increased operating
expenses.

Full-year 2012 GAAP net income increased 6.9% year over year to $86.6 million
due to the 6.7% increase in operating income and a 5.7% increase in other
income / (expenses), net, driven by a gain on foreign-exchange forward
contracts of $5.3 million, partially offset by a 4.7% increase in income tax
expense.

Full-year 2012 GAAP diluted earnings per ADS increased 10.8% to $1.19 due to
the 6.9% 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.

Full-year 2012 GAAP comprehensive income decreased 11.9% year over year to
$87.9 million due to the decrease in currency translation adjustments,
partially offset by the 6.9% increase in GAAP net income.

Fourth-Quarter Non-GAAP Results

Non-GAAP financial results exclude the impact of share-based compensation
expenses, the amortization of acquired intangible assets and the associated
deferred tax impact, impairment charges for goodwill and intangible assets,
and revaluation of contingent consideration.

Fourth-quarter 2012 non-GAAP gross profit increased 13.7% year over year to
$50.0 million mainly due to broad-based revenue growth, offset by lower gross
margin. Non-GAAP gross margin decreased year over year to 39.8% from 40.5%.
Non-GAAP gross margin in Laboratory Services decreased mainly due to increased
labor costs, investment in new businesses, appreciation of the RMB versus the
U.S. dollar, and lower pricing in chemistry services, partially offset by
improved productivity. Non-GAAP gross margin in Manufacturing Services
decreased mainly due to lower capacity utilization in our commercial
manufacturing business. 

Fourth-quarter 2012 non-GAAP operating income increased 15.1% year over year
to $27.4 million, primarily due to the 13.7% increase in non-GAAP gross profit
and slower growth in operating expenses. Operating margin decreased slightly
to 21.8% from 21.9% due to lower gross margin, partially offset by slower
growth in operating expenses.

Fourth-quarter 2012 non-GAAP net income grew 2.1% year over year to $27.5
million due to the 15.1% increase in non-GAAP operating income, offset by a
33.6% decrease in other income / (expenses), net, driven by a lower gain on
foreign-exchange forward contracts of $3.0 million, and higher income tax
expense.

Fourth-quarter 2012 non-GAAP diluted earnings per ADS grew 7.2% year over year
to $0.38 due to the 2.1% increase in net income and a lower ADS count caused
by share buybacks.

Full-Year Non-GAAP Results

Non-GAAP financial results exclude the impact of share-based compensation
expenses, the amortization of acquired intangible assets and the associated
deferred tax impact, impairment charges for goodwill and intangible assets,
and revaluation of contingent consideration.

Non-GAAP gross profit increased 16.9% year over year to $189.1 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 39.7%. Non-GAAP gross
margin in Laboratory Services decreased mainly due to increased labor costs,
investment in new businesses, appreciation of the RMB versus the U.S. dollar,
and lower pricing in chemistry services, partially offset by improved
productivity. Non-GAAP gross margin in Manufacturing Services decreased
mainly due to lower capacity utilization in our commercial manufacturing
business. 

Non-GAAP operating income increased 9.2% year over year to $105.7 million,
primarily due to the 16.9% increase in non-GAAP gross profit, offset by
increased operating expenses from the hiring of new senior staff and increased
R&D expenses. Operating margin decreased to 21.2% from 23.8%, mainly due to
the lower gross margin and increased operating expenses.

Non-GAAP net income grew 9.4% year over year to $102.2 million due to the 9.2%
increase in non-GAAP operating income and a 5.7% increase in other income /
(expenses), net, driven by a gain on foreign-exchange forward contracts of
$5.3 million, offset by higher income tax expense due to income mix.

Non-GAAP diluted earnings per ADS grew 13.3% year over year to $1.40 due to
the 9.4% increase in non-GAAP net income and a lower ADS count caused by share
buybacks.

Full-Year 2013 Financial Guidance

The company provides the following full-year 2013 financial guidance:

  oTotal net revenues of $565-575 million, or 13-15% year-over-year growth
  oGAAP diluted earnings per ADS of $1.26-$1.30, or 6-9% year-over-year
    growth
  oNon-GAAP diluted earnings per ADS of $1.49-$1.53, or 6-9% year-over-year
    growth
  oCapital expenditures of about $60 million

First-Quarter 2013 Financial Guidance

The company provides the following first-quarter 2013 financial guidance:

  oTotal net revenues of $129-131 million, or 9-11% year-over-year growth
  oGAAP diluted earnings per ADS of $0.26-$0.27, non-GAAP diluted earnings
    per ADS of $0.31-$0.32

Share Repurchase Program

The Wuxi Board of Directors has approved a share repurchase plan. Under this
plan, the Company is authorized to repurchase up to $100 million of its
American Depositary Shares, or ADSs, over the next 18-24 months, from time to
time, in open-market purchases on the NYSE Euronext at prevailing market
prices, in trades pursuant to a Rule 10b5-1 repurchase plan, or otherwise, in
accordance with applicable federal securities laws, including the
anti-manipulation provisions of Rule 10b-18, promulgated under the U.S.
Securities Exchange Act of 1934, as amended. The timing and extent of any
purchases will depend upon market conditions, the trading price of WuXi's ADSs
and other factors, including customary restrictions on share repurchases. The
repurchase program does not obligate WuXi to make repurchases at any specific
time or in any specific situation.



WUXI PHARMATECH (CAYMAN) INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars, except ordinary share, ADS and par value data)
                                                     December31, December31,
                                                     2012         2011
Assets:
Current assets:
 Cash and cash equivalents                    54,133       71,368
 Restricted cash                              423          2,458
 Short-term investments                       175,245      128,054
 Accounts receivable, net                     99,578       72,736
 Inventories                                  47,774       45,351
 Prepaid expenses and other current assets    18,807       15,133
 Total current assets             395,960      335,100
Non-current assets:
 Goodwill                                     32,561       34,701
 Property, plant and equipment, net           264,381      245,694
 Long-term investments                        14,015       4,335
 Intangible assets, net                       7,268        10,568
 Land use rights                              5,564        5,488
 Deferred tax assets                          3,037        8,499
 Other non-current assets                     19,749       19,469
 Total non-current assets         346,575      328,754
 Total assets                     742,535      663,854
Liabilities and equity:
Current liabilities:
 Short-term and current portion of long-term  59,089       28,661
debt
 Accounts payable                             21,808       22,803
 Accrued expenses                             27,411       20,913
 Deferred revenue                             17,052       15,881
 Advanced subsidies                           9,265        6,417
 Other taxes payable                          1,581        2,196
 Convertible notes                            -            35,864
 Other current liabilities                    11,215       10,018
 Total current liabilities        147,421      142,753
Non-current liabilities:
 Long-term debt, excluding current portion    5,697        1,646
 Advanced subsidies                           2,663        3,215
 Long-term payable                            732          3,944
 Other non-current liabilities                7,799        6,570
 Total non-current liabilities    16,891       15,375
 Total liabilities                164,312      158,128
Equity:
 Ordinary shares ($0.02 par value,
5,002,550,000

authorized, 570,489,352 and 561,121,002 issued and
                                                     11,222       11,410
outstanding as of December 31, 2011, and December
31,

2012, respectively)
 Additional paid-in capital                   331,715      345,832
 Retained earnings                            188,604      103,159
 Accumulated other comprehensive income       46,682       45,325
 Total equity                     578,223      505,726
 Total liabilities and equity     742,535      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             Twelve Months Ended
                     December 31,                   December 31,
                                           %                              %
                     2012       2011                2012       2011
                                           Change                         Change
Net revenues:
 Laboratory     103,771    87,503     18.6%    382,890    311,638    22.9%
Services
 Manufacturing  21,888     21,038     4.0%     117,022    95,539     22.5%
Services
Total net revenues   125,659    108,541    15.8%    499,912    407,177    22.8%
Cost of revenues:
 Laboratory     (60,308)   (51,169)   17.9%    (235,148)  (184,882)  27.2%
Services
 Manufacturing  (16,587)   (14,809)   12.0%    (81,526)   (65,851)   23.8%
Services
Total cost of        (76,895)   (65,978)   16.5%    (316,674)  (250,733)  26.3%
revenues
Gross profit:
 Laboratory     43,463     36,334     19.6%    147,742    126,756    16.6%
Services
 Manufacturing  5,301      6,229      (14.9%)  35,496     29,688     19.6%
Services
Total gross profit   48,764     42,563     14.6%    183,238    156,444    17.1%
Operating
(expenses)/income:
 Selling and    (4,734)    (3,031)    56.2%    (15,335)   (10,271)   49.3%
marketing expenses
 General and
administrative       (17,950)   (17,114)   4.9%     (70,324)   (56,956)   23.5%
expenses
 Research and
development          (2,499)    (2,206)    13.3%    (8,136)    (5,407)    50.5%
expenses
 Impairment
charges for          (3,415)    -          -        (3,415)    -          -
goodwill and
intangible assets
 Revaluation
of contingent        3,391      -          -        3,391      -          -
consideration
Total operating      (25,207)   (22,351)   12.8%    (93,819)   (72,634)   29.2%
expenses
Operating income     23,557     20,212     16.5%    89,419     83,810     6.7%
Other income
(expenses), net:
 Other income   3,285      5,367      (38.8%)  8,548      8,509      0.5%
(expenses), net
 Interest
income (expenses),   1,487      1,819      (18.3%)  6,010      5,266      14.1%
net
Total other income   4,772      7,186      (33.6%)  14,558     13,775     5.7%
(expenses), net
Income before        28,329     27,398     3.4%     103,977    97,585     6.6%
income taxes
Income tax expense   (4,508)    (3,917)    15.1%    (17,393)   (16,606)   4.7%
Net income           23,821     23,481     1.4%     86,584     80,979     6.9%
Other comprehensive
income:
Currency
translation          4,076      3,436      18.6%    1,358      18,807     (92.8%)
adjustments
Comprehensive        27,897     26,917     3.6%     87,942     99,786     (11.9%)
income
Basic net earnings   0.34       0.33       3.1%     1.22       1.14       6.7%
per ADS
Diluted net          0.33       0.31       6.5%     1.19       1.07       10.8%
earnings per ADS
Weighted average
ADS                  70,059,322 71,180,668 (1.6%)   71,045,826 70,884,506 0.2%
outstanding-basic
Weighted average
ADS                  71,688,426 75,233,086 (4.7%)   72,797,344 75,439,734 (3.5%)
outstanding-diluted



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             Twelve Months Ended
                                                    December 31,                   December 31,
                                                                          %                              %
                                                    2012       2011                2012       2011
                                                                          Change                         Change
GAAP gross profit                                   48,764     42,563     14.6%    183,238    156,444    17.1%
GAAP gross margin                                   38.8%      39.2%               36.7%      38.4%
Adjustments:
 Share-basedcompensation                    837        951        (12.0%)  3,905      3,793      3.0%
Amortizationofacquiredintangibleassets  408        484        (15.7%)  1,983      1,549      28.0%
Non-GAAP gross profit                               50,009     43,998     13.7%    189,126    161,786    16.9%
Non-GAAP gross margin                               39.8%      40.5%               37.8%      39.7%
GAAP operating income                               23,557     20,212     16.5%    89,419     83,810     6.7%
GAAP operating margin                               18.7%      18.6%               17.9%      20.6%
Adjustments:
 Share-based compensation                    3,409      3,107      9.7%     14,314     11,473     24.8%
 Amortization of acquired intangible assets  408        484        (15.7%)  1,983      1,549      28.0%
 Revaluation of contingent consideration     (3,391)    -          NA       (3,391)    -          NA
 Impairment charges for goodwill and         3,415      -          NA       3,415      -          NA
intangible assets
Non-GAAP operating income                           27,398     23,803     15.1%    105,740    96,832     9.2%
Non-GAAP operating margin                           21.8%      21.9%               21.2%      23.8%
GAAP net income                                     23,821     23,481     1.4%     86,584     80,979     6.9%
GAAP net margin                                     19.0%      21.6%               17.3%      19.9%
Adjustments:
 Share-based compensation                    3,409      3,107      9.7%     14,314     11,473     24.8%
 Amortization of acquired intangible assets  408        484        (15.7%)  1,983      1,549      28.0%
 Deferred tax impact related to acquired     (150)      (137)      9.5%     (734)      (591)      24.2%
intangible assets
 Revaluation of contingent consideration     (3,391)    -          NA       (3,391)    -          NA
 Impairment charges for goodwill and         3,415      -          NA       3,415      -          NA
intangible assets
Non-GAAP net income                                 27,512     26,935     2.1%     102,171    93,410     9.4%
Non-GAAP net margin                                 21.9%      24.8%               20.4%      22.9%
GAAP net income                                     23,821     23,481     1.4%     86,584     80,979     6.9%
Add back:
 Depreciation and amortization               11,468     9,361      22.5%    41,672     33,997     22.6%
 Interest (income) expenses, net             (1,487)    (1,819)    (18.3%)  (6,010)    (5,266)    14.1%
 Income tax expenses (benefit)               4,508      3,917      15.1%    17,393     16,606     4.7%
EBITDA                                              38,310     34,940     9.6%     139,639    126,316    10.5%
Adjustments:
 Share-based compensation                    3,409      3,107      9.7%     14,314     11,473     24.8%
 Revaluation of contingent consideration     (3,391)    -          NA       (3,391)    -          NA
 Impairment charges for goodwill and         3,415      -          NA       3,415      -          NA
intangible assets
 Mark-to-market losses (gains) on            (2,434)    (1,604)    51.7%    (2,053)    1,600      (228.3%)
foreign-exchange forward contracts
Adjusted EBITDA                                     39,309     36,443     7.9%     151,924    139,389    9.0%
Income attributable to holders of ADS (Non-GAAP):


Basic                                               27,512     26,935     2.1%     102,171    93,410     9.4%
Diluted                                             27,512     26,935     2.1%     102,171    93,410     9.4%
Basic earnings per ADS (Non-GAAP)                   0.39       0.38       3.8%     1.44       1.32       9.1%
Diluted earnings per ADS (Non-GAAP)                 0.38       0.36       7.2%     1.40       1.24       13.3%
Weighted average ADS outstanding                    70,059,322 71,180,668 (1.6%)   71,045,826 70,884,506 0.2%
 - basic (Non-GAAP)
Weighted average ADS outstanding                    71,688,426 75,233,086 (4.7%)   72,797,344 75,439,734 (3.5%)
 - diluted (Non-GAAP)





WUXI PHARMATECH (CAYMAN) INC.
REVENUE BREAKDOWN
(in thousands of U.S. dollars)
                                                         Three Months Ended      Twelve Months Ended
                                                         December 31,            December 31,
                                                         2012    2011    %       2012    2011    %
                                                                         Change                  Change
Netrevenues:
 China-basedLaboratoryServices                  81,442  66,670  22.2%   293,243 231,345 26.8%
 China-basedManufacturingServices               21,888  21,038  4.0%    117,022 95,539  22.5%
 Subtotal                             103,330 87,708  17.8%   410,265 326,884 25.5%
 U.S.-basedLaboratoryServices                   22,329  20,833  7.2%    89,647  80,293  11.6%
Total net revenues                                       125,659 108,541 15.8%   499,912 407,177 22.8%

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
Friday, March 8, 2013, to discuss its fourth-quarter and full-year 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: 99349171

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

United States:          1-855-452-5696
China (Landline): 800-870-0205
China (Mobile):         400-120-0932
Hong Kong:              800-963-117
United Kingdom: 0-808-234-0072
International: +61-2-8199-0299
Conference ID: 99349171

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 fourth-quarter and full-year 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, the amortization and deferred tax impact of acquired intangible
assets, impairment charges for goodwill and intangible assets, and revaluation
of contingent consideration. 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 2013, our financial guidance for full-year and first-quarter 2013
(including, as applicable, estimated total revenues, estimated GAAP and
non-GAAP diluted earnings per ADS, capital expenditures, and other trends),
overall ongoing and future investment in talent and facilities, laboratory
services' ongoing and future investment, the growth of our small-molecule
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 our acquisitions and joint ventures 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; our
intellectual property protection policies may be breached, harming our
customers and us; 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 fourth-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 "Fourth-Quarter GAAP
Results" and "Full-Year 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 Co. Ltd.

Website: http://www.wuxiapptec.com