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WuXi PharmaTech’s 2008 Meets Expectations, Though AppTec Disappoints

publication date: Mar 26, 2009

WuXi PharmaTech (药明康德) met, but didn’t beat, its 2008 financial guidance goals and admitted that its $151 million AppTec acquisition has not performed up to expectations. WuXi shut down AppTec’s US-based biologics manufacturing operations in December of 2008, saying it did not see any resurgence in that sector. However, AppTec’s biopharma and medical device testing business is continuing. WuXi Chairman and CEO Ge Li blamed AppTec’s disappointing performance on the larger economic crisis, which curtailed demand for contract biologics manufacturing. More details...

Stock Symbol: (NYSE: WX)

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