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WuXi PharmaTech Announces Third Quarter 2007 Results (China)

This article was originally published in PharmAsia News

Executive Summary

WuXi PharmaTech Inc. recently released encouraging financial results for the third quarter of 2007. The company is China's top provider of pharmaceutical and biotechnology research and development outsourcing services. The company's net revenues skyrocketed 77.8 percent from the same time last year to reach $34.0 million. Operating expenses also increased 38.1 percent to $8.5 million. Despite rising costs, WuXi also reported a gross profit increase of 76.4 percent to $16 million. Representatives for the company attribute its success in the third quarter to both existing and new revenue sources. Over this time, WuXi began operations at a new formulation development lab. They also broke ground on a drug safety evaluation center and began work at an animal testing facility designed to supplement safety testing until the new facility is completed. Already WuXi provides outsourcing services to 70 pharmaceutical companies, including nine out of ten of the leading drug producers in the world. (Click here for more - May Require Paid Subscription
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