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February 06, 2016 10:42 PM ET

Life Sciences Tools and Services

Company Overview of WuXi PharmaTech (Cayman) Inc.

Company Overview

Wuxi PharmaTech (Cayman) Inc. operates as a pharmaceutical, biotechnology, and medical device research and development services company in China and the United States. It operates through two segments, Laboratory Services and Manufacturing Services. The Laboratory Services segment offers services for small molecules, such as synthetic chemistry, biology, medicinal chemistry, DMPK/ADME, formulation, analytical chemistry, toxicology, clinical development, bioanalytical, genomics, bioinformatics, research reagent production, and clinical services; services for discovery and development of biologics; and laboratory services, including testing services for biologics, medical devices, and combinat...

288 Fute Zhong Road

China (Shanghai) Pilot Free Trade Zone

Shanghai,  200131

China

Founded in 2000

8,837 Employees

Phone:

86 21 5046 1111

Key Executives for WuXi PharmaTech (Cayman) Inc.

Co-Founder, Chairman, Chief Executive Officer, Member of Strategy & Finance Committee and Member of Corporate Governance & Nominations Committee
Age: 48
Founder, Executive Vice President and Director
Age: 51
Co-Founder, Senior Vice President of Operations, Head of Corporate Human Resources and Director
Age: 48
Founder, Senior Vice President of Operations and Director
Age: 45
Chief Financial Officer and Chief Investment Officer
Age: 52
Compensation as of Fiscal Year 2015.

WuXi PharmaTech (Cayman) Inc. Key Developments

WuXi PharmaTech and Lilly Announce Strategic Collaboration to Develop Novel Therapeutic in China

WuXi PharmaTech (Cayman) Inc. and Eli Lilly and Company announced that they have entered into a strategic collaboration to develop, manufacture and commercialize a novel small molecule in China. The potential medicine is a novel, once-daily oral agent, discovered by Lilly, which could address cardiovascular risk in patients with dyslipidemia, representing an unmet medical need worldwide. An estimated 276 million patients in China are affected by these conditions, including about 12 million patients requiring drug treatment. The potential medicine aims to reduce cardiovascular events in patients with elevated LDL cholesterol and triglycerides at high risk of cardiovascular events. WuXi will be responsible for regulatory, development and manufacturing activities in China, which will be led and coordinated by WuXi's Product Development Service and Partnership (PDSP) Business Unit. The potential medicine will be manufactured in China by WuXi to support China development. Lilly will be responsible for commercial activities. The parties will both invest in bringing this potential new medicine to patients in China. Further financial terms of the collaboration were not disclosed. An Investigational New Drug (IND) application will be filed in China by WuXi, and product development and registration will be carried out within China.

WuXi PharmaTech (Cayman) Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015

WuXi PharmaTech (Cayman) Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. Third-quarter 2015 net revenues increased 23.1% year over year to $213.6 million. Third-quarter 2015 GAAP operating income decreased 7.0% year over year to $25.8 million mainly due to investments in new businesses, including increased selling and marketing, general and administrative, and research and development expenses and transaction expenses related to the proposed privatization, partially offset by the 14.7% increase in gross profit. Third-quarter 2015 GAAP net income attributable to WuXi shareholders decreased 52.8% year over year to $15.1 million mainly due to the 49.8% year-over-year decrease in net income and net income attributable to non-controlling interests of $1.0 million in the third quarter of 2015. Third-quarter 2015 GAAP basic and diluted earnings per ADS attributable to WuXi shareholders decreased 53.7% year over year to $0.21 against diluted share of $0.45 a year ago, due to the 52.8% decrease in net income attributable to WuXi shareholders and a higher number of outstanding ADSs as a result of share issuances relating to the XenoBiotic Laboratories acquisition and vesting of restricted stock units. Third-quarter 2015 non-GAAP operating income was substantially unchanged at $33.9 million due to investments in new businesses, including increased selling and marketing, general and administrative, and research and development expenses and transaction expenses related to the proposed privatization, substantially offset by the 17.3% increase in non-GAAP gross profit. Non-GAAP operating margin decreased to 15.9% from 19.5% due to higher operating expenses. Third-quarter 2015 non-GAAP net income decreased 38.0% year over year to $23.6 million mainly due to an unfavorable change of $9.4 million in mark-to-market gains and losses on foreign-exchange forward contracts (losses of $7.3 million in the third quarter of 2015 compared to gains of $2.1 million in the third quarter of 2014), an adverse change in realized gains and losses on settled foreign-exchange forward contracts (losses of $1.6 million in the third quarter of 2015 compared to gains of $1.5 million in the third quarter of 2014), larger equity-method investment losses from joint ventures with PRA and MedImmune and other equity-method investments, and higher interest expense due to higher loan balances needed to support increased investment. Third-quarter 2015 non-GAAP net income attributable to WuXi shareholders decreased 40.7% year over year to $22.6 million mainly due to the 38.0% year-over-year decrease in net income and net income attributable to noncontrolling interests of $1.0 million in the third quarter of 2015. Third-quarter 2015 non-GAAP diluted earnings per ADS attributable to WuXi shareholders decreased 41.8% year over year to $0.31 due to the 40.7% decrease in net income attributable to WuXi shareholders and a higher number of outstanding ADSs as a result of share issuances relating to the XenoBiotic Laboratories acquisition and vesting of restricted stock units. Income before income taxes was $20.520 million against $39.3 million a year ago. For the nine months, total revenues were $587,822,000 compared to $483,629,000 a year ago. Operating income was $59,866,000 compared to $79,166,000 a year ago. Income before income taxes was $65,419,000 compared to $96,958,000 a year ago.  Net income attributable to the shareholders was $51,760,000 or $0.72 per diluted share compared to $79,158,000 or $1.10 per diluted share a year ago. Non-GAAP operating income was $85,540,000 compared to $95,717,000 a year ago. Non-GAAP net income was $75,981,000 compared to $95,659,000 a year ago. Non-GAAP diluted earnings per ADS attributable to the shareholders were $1.05 against $1.33 a year ago. Capital expenditures were $78 million in the first half.

Gilead Sciences Signs Strategic Partnership with Wuxi PharmaTech

Gilead Sciences announced that it has signed a strategic partnership with WuXi PharmaTech. It was reported on Friday that the contract has been signed to conduct analytical and stability studies of small-molecule new chemical entities to support global marketing applications and commercial products. According to the agreement, WuXi will equip and operate a dedicated, fully cGMP-compliant 12,500-square-foot analytical testing facility in Shanghai. The facility will provide analytical and stability services, including analytical method development, transfer and validation for IND/NDA submissions; commercial API and drug product testing; stability studies of APIs, drug products for registration, and commercial products; and reference standard qualification.

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