China Tracker - Details for WuXi PharmaTech (WX)

 WuXi PharmaTech
Shares Outstanding (MRQ): 74.59 mill
New Shares / Dilution (TTM): 1.44 mill1.97%
Cash (MRQ): 79.12 mill0.00%
Account Receivables (MRQ): 57.71 mill0.00%
Account Receivables (Q/Q): -0.60 mill  
Long-Term Debt (MRQ): 45.76 mill0.00%
Revenue Growth (Q/Q): 0.54% 
Revenue Growth (Y/Y): 21.04% 
Net Income Growth (Q/Q): 8.74% 
Net Income Growth (Y/Y): 11.76% 
EPS Growth (Y/Y): 9.60% 
Net Margin (Q/Q): 24.6% (22.7%)1.90% 
Net Margin (Y/Y): 24.6% (26.6%)-2.00% 
EPS | P/E (2 MRQ Projection): $1.020.00 
Price/Sales (2 MRQ Projection): 0.00
Price/Book (MRQ): 0.00 
Auditor: Deloitte Touche
* operating cash flow data not (yet) included
 
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2012-10-21): $1.470.00 
 Basic Facts and History (show more)
Reporting Type: Foreign Company (20-F Filings) 
Going Public: IPO on 2007-08-09 
IPO Price: $14.00 (-100.00% since IPO)

 Business Outlook

The company reconfirms all of its full-year 2011 financial guidance: Total net revenues of $390-405 million, which represents 17-21% growth. Growth in net revenues of China-based Laboratory Services of 14-18%, growth in net revenues of U.S.-based Laboratory Services of 8-10%, and growth in net revenues of Manufacturing Services of 50-60%. Decrease in gross margin of about 1 percentage point due to appreciation of the Chinese RMB relative to the U.S. dollar and labor cost inflation, partially offset by a gross margin increase in our manufacturing business. GAAP operating margin of 21-22%, non-GAAP operating margin of 24-25%. Capital expenditures of $50-60 million. GAAP effective tax rate of 17-18% due to an increase in the statutory tax rate of the company's Shanghai and Tianjin legal entities from 11% in 2010 to 15% and 12%, respectively, in 2011.

The Company provides the following guidance for second-quarter 2011 performance: Total net revenues of $97-99 million. Laboratory Services revenues of $79-80 million, Manufacturing Services net revenues of $18-19 million. GAAP and non-GAAP operating margins comparable to the first quarter of 2011.

(Source: PR Newswire, 2011-05-10)

We update our full-year 2010 financial guidance as follows: Total net revenues of $330-$333 million, or year-over-year growth of 22-23%, compared to previous guidance of $320-$325 million, or 19-20% growth. Growth in net revenues of China-based Laboratory Services of 18-19%, compared to previous guidance of 16-18%. Growth in net revenues of U.S.-based Laboratory Services of 17-19%, compared to previous guidance of double-digit growth. Growth of net revenues of Manufacturing Services of at least 80%, compared to previous guidance of at least 70%. Growth in non-GAAP operating income of 28-32%, compared to previous guidance of 15-20%. Decline in GAAP gross margin of approximately two percentage points, compared to previous guidance of two to three percentage points; decline in non-GAAP gross margin of less than two percentage points, compared to previous guidance of two to three percentage points. Capital expenditures $48-$50 million, compared to previous guidance of $50 million. Effective tax rate of 13-15%, excluding merger-related costs and the termination fee related to the proposed Charles River transaction, as indicated in previous guidance

(Source: PR Newswire, 2010-11-09)

The Company is pleased to increase its guidance for full-year 2010 operating income and to reconfirm the rest of its previous financial guidance for 2010 provided on July 15, 2010. The Company's current guidance for 2010 is as follows: Total net revenues of $320-325 million, which represents 19-20% growth. A decline in GAAP and non-GAAP gross margins of two to three percentage points. Growth in non-GAAP operating income of 15-20%, compared to 10-15% in previous guidance. The Company provides the following guidance for third-quarter 2010 performance: Total net revenues of $78-$80 million. A decline in gross margin as expected and in line with our full-year financial guidance.

"Strong trends toward greater outsourcing and offshoring of pharmaceutical R&D services will continue for years. As the leading China-based CRO, WuXi is well positioned to benefit from these trends. WuXi has excellent prospects to sustain strong revenue and income growth for many years to come."

(Source: PR Newswire, 2010-08-02)


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 Analyst Coverage (show less)
2011-08-26JefferiesReiterationBuy$20.00
2011-08-12OppenheimerReiterationOutperform$22.00
2011-08-11Deutsche BankReiterationBuy$16.00
2011-08-11Goldman SachsReiterationBuy$22.30
2011-08-09William BlairReiterationOutperformn/a

WX is currently followed by 11 analysts. All 11 give the stock a positive rating. The average price target is 20.08.


    see all Analyst Ratings
WX
Healthcare & Drugs
SCORE
2
READ: Score Cards Explained
Current Price:  n/a
F10k Day (2007-08-09): -100.00%$19.60
2009 Close: -100.00%$15.96
2010 Close: -100.00%$16.14
2011 Close: -100.00%$11.04
High (2012-08-14): -100.00%$15.19
Low (2012-07-27): -100.00%$13.00
Exchange:
Market Capitalization: n/a
Total Shares: 74.59 mill
Float: n/a
Avg Volume: 455.00 k
Short Interest: 365.80 k
Short Ratio: 0.72%0.8 d
Last Quarter: 2010-06-30
Revenue (MRQ): 81.04 mill
Net Income (MRQ): 19.91 mill
all financial data provided without warranty