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China Biotech Week in Review: Earnings, Deals and Drug Development

Posted on June 01, 2008

After a long line of China Biotech companies announced very healthy Q1 earnings, two companies in the last week reported results that gave investors pause. On the surface, there was little to complain about in the revenues and net income delivered by WuXi PhamaTech (NYSE: WX), the high visibility Shanghai CRO. Revenues were up 69% and net income jumped 132%, both of them beating Wall Street estimates (see story). However, digging deeper, analysts found something they did not like: revenues from the AppTec acquisition, completed on February 1, 2008, were down $2 million/month or 27% from the am...

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biotech , disease , earnings , earnings announcement , health , pharma