WuXi Misses Q3 Forecast; Guides Lower for Year

WuXi PharmaTech released weaker-than-expected financial Q3 results (unaudited) and, at the same time, lowered guidance for its full year. The company reduced its forecast for 2009 revenue by $20 to $35 million. The new revenue range is expected to be between $260 and $265 million, which still represents a growth rate of 95%. WuXi said the cause of the shortfall was the troubled economy, which was forcing some smaller biotechs to delay or cancel work on some biologic manufacturing projects. More details..

Stock Symbol: (NYSE: WX)