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First Quarter 2013
Earnings Presentation
Dr. Ge Li, Chairman and CEO
Edward Hu, COO/CFO
1
Cautionary Note Regarding Forward-Looking Statements
 This presentation contains "forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements are
not historical facts, but instead are predictions about future events. Examples of
forward-looking statements in this presentation include statements about our
second-quarter and full-year 2013 guidance, the goals of our various service
offerings and the prospects of our strategic partnerships. Although we believe that
our predictions are reasonable, future events are inherently uncertain and our
forward-looking statements may turn out to be incorrect. Our forward-looking
statements are subject to risks relating to, among other things, our ability to
increase volume for our chemistry service offerings, to meet timelines for the
expansion of our biologics service offerings, to realize the anticipated benefits of
our strategic partnerships, to protect our clients’ intellectual property and to
compete effectively. Additional information about these and other relevant risks can
be found in our Annual Report on Form 20-F for the year ended December 31,
2012. The forward-looking statements in this presentation speak only on the date
that they are made, and we assume no obligation to update any forward-looking
statements except as required by law.
2
Use of Non-GAAP and Pro-Forma Financial Measures
 We have provided the first-quarter 2012 and 2013 gross profit, gross
margin, operating income, operating margin, net income, net margin, and
earnings per ADS on a non-GAAP basis, which excludes share-based
compensation expenses and the amortization and deferred tax impact of
acquired intangible assets. We believe both management and investors
benefit from referring to these non-GAAP financial measures in assessing
our financial performance and liquidity and when planning and forecasting
future periods. These non-GAAP operating measures are useful for
understanding and assessing underlying business performance and
operating trends. We expect to continue to provide net income and
earnings per ADS on a non-GAAP basis using a consistent method on a
quarterly basis.
 You should not view non-GAAP results on a stand-alone basis or as a
substitute for results under GAAP, or as being comparable to results
reported or forecasted by other companies, and should refer to the
reconciliation of GAAP measures to non-GAAP measures for the indicated
periods attached hereto.
3
Overview
 We are achieving double-digit, broad-based revenue growth, led by
China-based Laboratory Services and research manufacturing
 Commercial manufacturing is building a pipeline of products to
reaccelerate growth in 2014 and beyond
 We are effectively controlling our costs with strategies such as our
Wuhan chemistry facility and our Lean Sigma programs
 By continuing to control our costs, we expect to maintain flat year-
over-year margins throughout 2013
 As a result of our revenue growth and progress on margins, we are
reconfirming our full-year 2013 revenue and EPS guidance
4
Overview
 We continue to invest in capabilities and capacity across our
business units to sustain strong revenue and earnings growth
 Our free cash flow is growing substantially, and we plan to return
much of it to shareholders through share purchases
 To leverage our partners’ knowledge and experience, we are entering
into strategic partnerships to create more long-term value, such as
our JVs with MedImmune for novel biologics development in China
and with PRA for clinical trial services in China
5
First-Quarter 2013 Performance Versus Guidance
Actual Guidance
Total Revenues $131.9 million $129-131 million
GAAP Diluted EPS $0.30 $0.26-$0.27
NonGAAP Diluted EPS $0.35 $0.31-$0.32
 We exceeded our revenue guidance for the quarter mainly due to
better than expected performance by Manufacturing Services
 We exceeded our EPS guidance for the quarter as a result of better
revenues, improvements in operational efficiency, and a $1.2 million
mark-to-market gain on foreign exchange forward contracts
6
First-Quarter 2013 Revenue Summary
(US$ in millions)
First Quarter
2013 2012 Δ
Total Net Revenue $131.9 $118.0 11.7%
China-Based Laboratory Services $74.5 $64.4 15.5%
U.S.-Based Laboratory Services $23.0 $22.2 3.8%
Total Laboratory Services $97.5 $86.6 12.5%
Manufacturing Services $34.4 $31.4 9.6%
7
Total Net Revenues
(US$ in Millions)
1Q12 2Q12 3Q12 4Q12 1Q13
Manufacturing
Services
China-Based
Laboratory
Services
Revenue Performance by Service
U.S.-Based
Laboratory
Services
$118.0
22.2
64.4
31.4
$130.4
70.3
23.3
36.8
77.0
21.9
26.9
$125.8
81.5
22.3
21.9
$125.7
74.5
23.0
34.4
$131.9
 Overall, the company achieved
record revenues and double-
digit year-over-year revenue
growth in the first quarter
 China-based Laboratory
Services experienced its typical
sequential decline in first-
quarter revenues and strong
year-over-year growth
 U.S.-based Laboratory Services
achieved steady, but modest
growth in a more mature
market
 Manufacturing Services
benefited from strong
sequential growth in both
research and commercial
manufacturing
8
First-Quarter 2013 GAAP Financial Summary
(US$ in millions)
First Quarter
2013 2012
%
Growth
Net Revenue $131.9 $118.0 11.7%
Gross Profit 47.4 41.9 13.2%
Gross Margin 36.0% 35.5%
Operating Income 23.0 20.6 11.4%
Operating Margin 17.4% 17.5%
Net Income 21.7 21.0 3.4%
Effective Tax Rate 20.8% 16.3%
Weighted Average ADS Outstanding—Diluted 71,915,069 74,543,632 (3.5%)
Diluted Net Earnings Per ADS 0.30 0.28 7.2%
9
(US$ in Millions)
1Q12 2Q12 3Q12 4Q12 1Q13
Gross
Profit/
Margin
Revenues
Operating
Income/
Margin
GAAP Revenues/Gross Profit/Operating Income
$118.0
20.6
41.9 35.5%
17.5%
$130.4
46.5
23.8
35.7%
18.2%
$125.8
21.5
46.1 36.6%
17.0%
$125.7
23.6
48.8 38.8%
18.7% 23.0
47.4
$131.9
36.0%
17.4%
 Aside from one-time
benefits in 4Q12,
1Q13 margins were
generally in line with
those of prior
quarters
 We expect flat year-
over-year GAAP
gross margin and
operating margin in
2013
10
First-Quarter 2013 Non-GAAP* Financial Summary
*Excludes the impact of share-based compensation expenses and amortization and the
deferred tax impact of acquired intangible assets in both periods
(US$ in millions)
First Quarter
2013 2012
%
Growth
Net Revenue $131.9 $118.0 11.7%
Gross Profit 48.6 43.5 11.6%
Gross Margin 36.8% 36.8%
Operating Income 26.7 24.3 9.8%
Operating Margin 20.2% 20.6%
Net Income 25.4 24.5 3.7%
Weighted Average ADS Outstanding—Diluted 71,915,069 74,543,632 (3.5%)
Effective Tax Rate 18.5% 14.9%
Diluted Net Earnings Per ADS 0.35 0.33 7.5%
11
(US$ in Millions)
1Q12 2Q12 3Q12 4Q12 1Q13
Gross
Profit/
Margin
Revenues
Operating
Income/
Margin
Non-GAAP Revenues/Gross Profit/Operating Income
24.3
43.5
$118.0
36.8%
20.6%
$130.4
21.0%
36.8%48.0
27.4
$125.8
26.6
47.6 37.8%
21.2%
$125.7
50.0
27.4 21.8%
39.8%
$131.9
48.6
26.7
36.8%
20.2%
 We also expect flat
year-over-year non-
GAAP gross margin
and operating margin
in 2013
12
Factors Impacting First Quarter 2013 Diluted Earnings Per ADS
$0.28
$0.30
$.06
($.01)
($.02)
1Q12
Diluted EPS
1Q13
Diluted EPS
Foreign
Exchange
Business
Growth
Investment* Share
Purchases
Labor
Inflation
$.01
* Investment includes losses from biologics R&D, biologics manufacturing facilities, JVs with
MedImmune and risk sharing projects
$0.33
$0.35
GAAP
Non-GAAP
Non-GAAP
GAAP($.02)
13
Capital Resources and Cash Flow
 Cash and short-term investments of $265.7 million at March
31, 2013
 Total debt of $67.9 million at March 31, 2013
 Operating cash flow of $39.4 million for first-quarter 2013
 Capital expenditures of $6.0 million for first-quarter 2013; we
continue to expect full-year capital expenditures of about
$60 million
14
(US$ in Millions)
Capital
Expend-
itures
Operating
Cash
Flow
Free
Cash
Flow
Cash Flow and Share Purchases
$101.1
$131.0
$63.9
$37.1
$67.8
$63.2
Cash Flow Share Purchases
$67.0
$100.0
20122012 3/2013-
3/2015
Est.
2011
 While making the
investments necessary
to sustain business
growth, we are
returning much of our
free cash flow to
investors
15
We Reconfirm Full-Year 2013 Financial Guidance
 Total revenues of $565-$575 million, up 13-15% year
over year
 GAAP and non-GAAP gross margin and operating
margin comparable to those in 2012 (new guidance)
 GAAP diluted earnings per ADS of $1.26-$1.30, up 6-9%
 Non-GAAP diluted earnings per ADS of $1.49-$1.53, up
6-9%
 Capital expenditures of about $60 million
16
Second-Quarter 2013 Preview
 Estimated total revenues of $138-$140 million
 Estimated GAAP and Non-GAAP diluted earnings per ADS of
$0.34-$0.35 and $0.39-$0.40, respectively
 Accelerating year-over-year revenue growth in the second half
of 2013 across several business units
17
First-Quarter 2013 Revenue Distribution by Service Offering
1Q12 1Q13
Manufacturing
26.6%
Development**
9.0%
U.S. Lab
Services
17.5%
U.S. Lab
Services
18.8%
Medicinal
Chemistry
And Other
Discovery*
27.3%
Synthetic
Chemistry
18.3%
Manufacturing
26.1%
Development**
13.2%
Medicinal
Chemistry
And Other
Discovery*
26.0%
Synthetic
Chemistry
17.2%
*Includes Medicinal Chemistry, Biology, DMPK/ADME, Biological Reagents and others
**Includes Formulation, Analytical Development, Toxicology, Bioanalytical Services, Biologics,
Clinical, and Genomics
China-Based
Lab Services
18
Synthetic Chemistry
This business (17% of total company revenue now) is
becoming commoditized, with competition from many Chinese
CROs causing pricing pressure
Our advantages of scale and experience will allow us to
achieve single-digit revenue growth in this business in 2013
Our Lean Sigma programs have resulted in significant
improvement in operating efficiency and cost savings
Synthetic chemistry work is increasingly being done at our new
Wuhan facility, which has relatively lower operating costs and
offers customers another pricing option
19
Medicinal Chemistry and
Other Drug Discovery Services
We expect mid-teen revenue growth and stable profitability in
2013, driven by volume growth and improving productivity
New opportunities are available in medicinal chemistry
programs serving Chinese pharmaceutical clients
We expect substantial revenue and profit growth this year in
biology, where WuXi is building a leading technology platform
in oncology, infectious disease, CNS, and other areas
20
Toxicology
 Our toxicology business is growing well despite the
worldwide slump in this business
 We are the #1 toxicology CRO in China
 We more than doubled annual revenues in 2012 and are
targeting an increase of more than 40% in revenues in 2013;
more than 30% of revenues are from domestic Chinese
clients
 This business is now profitable, and profitability will improve
with increasing capacity utilization
 Our Suzhou site is currently at about 60% capacity; we
expect to reach optimum (~80-85%) capacity by year end and
will consider building out the remaining shell space within
the existing facility next year
21
Biologics Services Overview
 WuXi is the partner of choice for biologics services in China, as few CROs or
pharmaceutical companies have biologics facilities here
 Chinese regulations require that biologics used in clinical trials either be approved in
other markets or manufactured in China
 Our project portfolio is mostly novel molecules with some biosimilars from both
multinational and Chinese customers
 We have built a highly capable team of about 350 people, including about 30 returnees
with US/EU industry experience
 We made about $30 million in capital expenditures through the end of 2012, including
construction of discovery and development laboratories in Shanghai and a cGMP drug
substance manufacturing facility in WuXi in 2012, and we plan $16-$18 million more in
capital expenditures in 2013 to build out a fill/finish facility and purchase lab equipment
 We plan to install 2,000 L bioreactors in the second half of 2013 that will enable us to
produce Phase 3 clinical trial materials
 We continue to ramp up revenues with increasing numbers of projects; backlog totals
about $40 million as of the end of March; we are serving about 50 customers worldwide
22
Strategic Partnerships in Drug Development
While WuXi will remain predominantly a CRO, we will help our
partners to develop and commercialize innovative products in
China
Some current medicinal chemistry projects earn bonuses for
success in return for lower FTE rates
Joint venture with MedImmune will develop and commercialize
MEDI5117 for treating rheumatoid arthritis and other
autoimmune diseases in China
Joint venture with PRA will offer a broad platform of Phase 1-4
clinical trial services in China, Hong Kong and Macau
Some biologics contracts include milestone payments and/or
single-digit royalties
23
U.S.-Based Laboratory Services
First-half revenue growth is expected to be slower, due to lower
demand in biologics testing and difficult comparisons caused
by strong growth in the first half of 2012
Second-half growth is expected to be stronger
Profitability continues to improve
We continue to expect broad-based, high-single-digit revenue
growth, with stable margins, in this business in the long term
24
Small Molecule Manufacturing Services
Overall small molecule manufacturing revenue to grow at mid-
teen rate in 2013, driven by strong growth in research
manufacturing
Commercial manufacturing revenue will be relatively flat year-
over-year in 2013 as we continue to diversify our portfolio
beyond one large product
We currently manufacture advanced intermediates for six
commercial products
We also manufacture supplies (intermediates and APIs) of
seven additional products currently in Phase 3, including some
with large commercial revenue potential for WuXi
25
Building Our Capabilities Will Drive Growth
 Continued revenue growth across China-based Laboratory
Services, driven by our ability to deliver high-quality services and
drug candidates for our customers
 Increasing utilization of our integrated drug development services
for API manufacturing, IND-enabling toxicology studies and IND
filings with the China SFDA and global regulatory authorities
 Continuing growth in Manufacturing Services driven by research
manufacturing and, beginning in 2014, a growing commercial-
manufacturing pipeline
 Ramp-up of biologics drug discovery, development, and
manufacturing services
 Expansion of our clinical development platform with the WuXi/PRA
joint venture
26
Appendix
GAAP to Non-GAAP Reconciliation
Share Count Information
ADS Shares for Earnings-per-ADS Calculation
27
1Q2013
(US$ in millions)
GAAP
Share-Based
Compensation
Expenses
Amortization of
Acquired Intangible
Assets and Deferred
Tax Impact Non-GAAP
Net revenues 131.9 131.9
Cost of revenues (84.5) 1.0 0.1 (83.4)
Selling & marketing expense (3.9) (3.9)
General & administrative expense (18.2) 2.6 (15.6)
Research & development expense (2.3) (2.3)
Other income/(exp.), net 4.4 4.4
Income tax expense (5.7) (5.7)
Net income 21.7 3.6 0.1 25.4
First-Quarter 2013 GAAP to Non-GAAP Reconciliation
28
Share Count Information
(As of March 31, 2013)
ADS Shares
ADS issued and outstanding 70,961,529
Share options and equivalents granted and outstanding 2,986,228
ADS available for future grants under employee incentive plan 3,806,752
29
ADS Shares for Earnings-per-ADS Calculation
Date Activities
Weighted
Average ADS
Shares
January 1, 2013 Ordinary share balance1
67,794,840
January 1, 2013 RSUs vested and not exercised 2,345,285
First Quarter 2013 Share options exercised and RSUs vested 229,413
First Quarter 2013 Share repurchase program (922)
March 31, 2013 ADSs outstanding – basic 70,368,616
March 31, 2013 Share options and equivalents 1,546,453
March 31, 2013 ADSs outstanding – diluted 71,915,069
1 542,358,719 ordinary shares, with each ADS representing eight ordinary shares

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WuXi Pharma Tech First Quarter 2013 Earnings Presentation

  • 1. 0 First Quarter 2013 Earnings Presentation Dr. Ge Li, Chairman and CEO Edward Hu, COO/CFO
  • 2. 1 Cautionary Note Regarding Forward-Looking Statements  This presentation contains "forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead are predictions about future events. Examples of forward-looking statements in this presentation include statements about our second-quarter and full-year 2013 guidance, the goals of our various service offerings and the prospects of our strategic partnerships. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, our ability to increase volume for our chemistry service offerings, to meet timelines for the expansion of our biologics service offerings, to realize the anticipated benefits of our strategic partnerships, to protect our clients’ intellectual property and to compete effectively. Additional information about these and other relevant risks can be found in our Annual Report on Form 20-F for the year ended December 31, 2012. The forward-looking statements in this presentation speak only on the date that they are made, and we assume no obligation to update any forward-looking statements except as required by law.
  • 3. 2 Use of Non-GAAP and Pro-Forma Financial Measures  We have provided the first-quarter 2012 and 2013 gross profit, gross margin, operating income, operating margin, net income, net margin, and earnings per ADS on a non-GAAP basis, which excludes share-based compensation expenses and the amortization and deferred tax impact of acquired intangible assets. We believe both management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and liquidity and when planning and forecasting future periods. These non-GAAP operating measures are useful for understanding and assessing underlying business performance and operating trends. We expect to continue to provide net income and earnings per ADS on a non-GAAP basis using a consistent method on a quarterly basis.  You should not view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP measures to non-GAAP measures for the indicated periods attached hereto.
  • 4. 3 Overview  We are achieving double-digit, broad-based revenue growth, led by China-based Laboratory Services and research manufacturing  Commercial manufacturing is building a pipeline of products to reaccelerate growth in 2014 and beyond  We are effectively controlling our costs with strategies such as our Wuhan chemistry facility and our Lean Sigma programs  By continuing to control our costs, we expect to maintain flat year- over-year margins throughout 2013  As a result of our revenue growth and progress on margins, we are reconfirming our full-year 2013 revenue and EPS guidance
  • 5. 4 Overview  We continue to invest in capabilities and capacity across our business units to sustain strong revenue and earnings growth  Our free cash flow is growing substantially, and we plan to return much of it to shareholders through share purchases  To leverage our partners’ knowledge and experience, we are entering into strategic partnerships to create more long-term value, such as our JVs with MedImmune for novel biologics development in China and with PRA for clinical trial services in China
  • 6. 5 First-Quarter 2013 Performance Versus Guidance Actual Guidance Total Revenues $131.9 million $129-131 million GAAP Diluted EPS $0.30 $0.26-$0.27 NonGAAP Diluted EPS $0.35 $0.31-$0.32  We exceeded our revenue guidance for the quarter mainly due to better than expected performance by Manufacturing Services  We exceeded our EPS guidance for the quarter as a result of better revenues, improvements in operational efficiency, and a $1.2 million mark-to-market gain on foreign exchange forward contracts
  • 7. 6 First-Quarter 2013 Revenue Summary (US$ in millions) First Quarter 2013 2012 Δ Total Net Revenue $131.9 $118.0 11.7% China-Based Laboratory Services $74.5 $64.4 15.5% U.S.-Based Laboratory Services $23.0 $22.2 3.8% Total Laboratory Services $97.5 $86.6 12.5% Manufacturing Services $34.4 $31.4 9.6%
  • 8. 7 Total Net Revenues (US$ in Millions) 1Q12 2Q12 3Q12 4Q12 1Q13 Manufacturing Services China-Based Laboratory Services Revenue Performance by Service U.S.-Based Laboratory Services $118.0 22.2 64.4 31.4 $130.4 70.3 23.3 36.8 77.0 21.9 26.9 $125.8 81.5 22.3 21.9 $125.7 74.5 23.0 34.4 $131.9  Overall, the company achieved record revenues and double- digit year-over-year revenue growth in the first quarter  China-based Laboratory Services experienced its typical sequential decline in first- quarter revenues and strong year-over-year growth  U.S.-based Laboratory Services achieved steady, but modest growth in a more mature market  Manufacturing Services benefited from strong sequential growth in both research and commercial manufacturing
  • 9. 8 First-Quarter 2013 GAAP Financial Summary (US$ in millions) First Quarter 2013 2012 % Growth Net Revenue $131.9 $118.0 11.7% Gross Profit 47.4 41.9 13.2% Gross Margin 36.0% 35.5% Operating Income 23.0 20.6 11.4% Operating Margin 17.4% 17.5% Net Income 21.7 21.0 3.4% Effective Tax Rate 20.8% 16.3% Weighted Average ADS Outstanding—Diluted 71,915,069 74,543,632 (3.5%) Diluted Net Earnings Per ADS 0.30 0.28 7.2%
  • 10. 9 (US$ in Millions) 1Q12 2Q12 3Q12 4Q12 1Q13 Gross Profit/ Margin Revenues Operating Income/ Margin GAAP Revenues/Gross Profit/Operating Income $118.0 20.6 41.9 35.5% 17.5% $130.4 46.5 23.8 35.7% 18.2% $125.8 21.5 46.1 36.6% 17.0% $125.7 23.6 48.8 38.8% 18.7% 23.0 47.4 $131.9 36.0% 17.4%  Aside from one-time benefits in 4Q12, 1Q13 margins were generally in line with those of prior quarters  We expect flat year- over-year GAAP gross margin and operating margin in 2013
  • 11. 10 First-Quarter 2013 Non-GAAP* Financial Summary *Excludes the impact of share-based compensation expenses and amortization and the deferred tax impact of acquired intangible assets in both periods (US$ in millions) First Quarter 2013 2012 % Growth Net Revenue $131.9 $118.0 11.7% Gross Profit 48.6 43.5 11.6% Gross Margin 36.8% 36.8% Operating Income 26.7 24.3 9.8% Operating Margin 20.2% 20.6% Net Income 25.4 24.5 3.7% Weighted Average ADS Outstanding—Diluted 71,915,069 74,543,632 (3.5%) Effective Tax Rate 18.5% 14.9% Diluted Net Earnings Per ADS 0.35 0.33 7.5%
  • 12. 11 (US$ in Millions) 1Q12 2Q12 3Q12 4Q12 1Q13 Gross Profit/ Margin Revenues Operating Income/ Margin Non-GAAP Revenues/Gross Profit/Operating Income 24.3 43.5 $118.0 36.8% 20.6% $130.4 21.0% 36.8%48.0 27.4 $125.8 26.6 47.6 37.8% 21.2% $125.7 50.0 27.4 21.8% 39.8% $131.9 48.6 26.7 36.8% 20.2%  We also expect flat year-over-year non- GAAP gross margin and operating margin in 2013
  • 13. 12 Factors Impacting First Quarter 2013 Diluted Earnings Per ADS $0.28 $0.30 $.06 ($.01) ($.02) 1Q12 Diluted EPS 1Q13 Diluted EPS Foreign Exchange Business Growth Investment* Share Purchases Labor Inflation $.01 * Investment includes losses from biologics R&D, biologics manufacturing facilities, JVs with MedImmune and risk sharing projects $0.33 $0.35 GAAP Non-GAAP Non-GAAP GAAP($.02)
  • 14. 13 Capital Resources and Cash Flow  Cash and short-term investments of $265.7 million at March 31, 2013  Total debt of $67.9 million at March 31, 2013  Operating cash flow of $39.4 million for first-quarter 2013  Capital expenditures of $6.0 million for first-quarter 2013; we continue to expect full-year capital expenditures of about $60 million
  • 15. 14 (US$ in Millions) Capital Expend- itures Operating Cash Flow Free Cash Flow Cash Flow and Share Purchases $101.1 $131.0 $63.9 $37.1 $67.8 $63.2 Cash Flow Share Purchases $67.0 $100.0 20122012 3/2013- 3/2015 Est. 2011  While making the investments necessary to sustain business growth, we are returning much of our free cash flow to investors
  • 16. 15 We Reconfirm Full-Year 2013 Financial Guidance  Total revenues of $565-$575 million, up 13-15% year over year  GAAP and non-GAAP gross margin and operating margin comparable to those in 2012 (new guidance)  GAAP diluted earnings per ADS of $1.26-$1.30, up 6-9%  Non-GAAP diluted earnings per ADS of $1.49-$1.53, up 6-9%  Capital expenditures of about $60 million
  • 17. 16 Second-Quarter 2013 Preview  Estimated total revenues of $138-$140 million  Estimated GAAP and Non-GAAP diluted earnings per ADS of $0.34-$0.35 and $0.39-$0.40, respectively  Accelerating year-over-year revenue growth in the second half of 2013 across several business units
  • 18. 17 First-Quarter 2013 Revenue Distribution by Service Offering 1Q12 1Q13 Manufacturing 26.6% Development** 9.0% U.S. Lab Services 17.5% U.S. Lab Services 18.8% Medicinal Chemistry And Other Discovery* 27.3% Synthetic Chemistry 18.3% Manufacturing 26.1% Development** 13.2% Medicinal Chemistry And Other Discovery* 26.0% Synthetic Chemistry 17.2% *Includes Medicinal Chemistry, Biology, DMPK/ADME, Biological Reagents and others **Includes Formulation, Analytical Development, Toxicology, Bioanalytical Services, Biologics, Clinical, and Genomics China-Based Lab Services
  • 19. 18 Synthetic Chemistry This business (17% of total company revenue now) is becoming commoditized, with competition from many Chinese CROs causing pricing pressure Our advantages of scale and experience will allow us to achieve single-digit revenue growth in this business in 2013 Our Lean Sigma programs have resulted in significant improvement in operating efficiency and cost savings Synthetic chemistry work is increasingly being done at our new Wuhan facility, which has relatively lower operating costs and offers customers another pricing option
  • 20. 19 Medicinal Chemistry and Other Drug Discovery Services We expect mid-teen revenue growth and stable profitability in 2013, driven by volume growth and improving productivity New opportunities are available in medicinal chemistry programs serving Chinese pharmaceutical clients We expect substantial revenue and profit growth this year in biology, where WuXi is building a leading technology platform in oncology, infectious disease, CNS, and other areas
  • 21. 20 Toxicology  Our toxicology business is growing well despite the worldwide slump in this business  We are the #1 toxicology CRO in China  We more than doubled annual revenues in 2012 and are targeting an increase of more than 40% in revenues in 2013; more than 30% of revenues are from domestic Chinese clients  This business is now profitable, and profitability will improve with increasing capacity utilization  Our Suzhou site is currently at about 60% capacity; we expect to reach optimum (~80-85%) capacity by year end and will consider building out the remaining shell space within the existing facility next year
  • 22. 21 Biologics Services Overview  WuXi is the partner of choice for biologics services in China, as few CROs or pharmaceutical companies have biologics facilities here  Chinese regulations require that biologics used in clinical trials either be approved in other markets or manufactured in China  Our project portfolio is mostly novel molecules with some biosimilars from both multinational and Chinese customers  We have built a highly capable team of about 350 people, including about 30 returnees with US/EU industry experience  We made about $30 million in capital expenditures through the end of 2012, including construction of discovery and development laboratories in Shanghai and a cGMP drug substance manufacturing facility in WuXi in 2012, and we plan $16-$18 million more in capital expenditures in 2013 to build out a fill/finish facility and purchase lab equipment  We plan to install 2,000 L bioreactors in the second half of 2013 that will enable us to produce Phase 3 clinical trial materials  We continue to ramp up revenues with increasing numbers of projects; backlog totals about $40 million as of the end of March; we are serving about 50 customers worldwide
  • 23. 22 Strategic Partnerships in Drug Development While WuXi will remain predominantly a CRO, we will help our partners to develop and commercialize innovative products in China Some current medicinal chemistry projects earn bonuses for success in return for lower FTE rates Joint venture with MedImmune will develop and commercialize MEDI5117 for treating rheumatoid arthritis and other autoimmune diseases in China Joint venture with PRA will offer a broad platform of Phase 1-4 clinical trial services in China, Hong Kong and Macau Some biologics contracts include milestone payments and/or single-digit royalties
  • 24. 23 U.S.-Based Laboratory Services First-half revenue growth is expected to be slower, due to lower demand in biologics testing and difficult comparisons caused by strong growth in the first half of 2012 Second-half growth is expected to be stronger Profitability continues to improve We continue to expect broad-based, high-single-digit revenue growth, with stable margins, in this business in the long term
  • 25. 24 Small Molecule Manufacturing Services Overall small molecule manufacturing revenue to grow at mid- teen rate in 2013, driven by strong growth in research manufacturing Commercial manufacturing revenue will be relatively flat year- over-year in 2013 as we continue to diversify our portfolio beyond one large product We currently manufacture advanced intermediates for six commercial products We also manufacture supplies (intermediates and APIs) of seven additional products currently in Phase 3, including some with large commercial revenue potential for WuXi
  • 26. 25 Building Our Capabilities Will Drive Growth  Continued revenue growth across China-based Laboratory Services, driven by our ability to deliver high-quality services and drug candidates for our customers  Increasing utilization of our integrated drug development services for API manufacturing, IND-enabling toxicology studies and IND filings with the China SFDA and global regulatory authorities  Continuing growth in Manufacturing Services driven by research manufacturing and, beginning in 2014, a growing commercial- manufacturing pipeline  Ramp-up of biologics drug discovery, development, and manufacturing services  Expansion of our clinical development platform with the WuXi/PRA joint venture
  • 27. 26 Appendix GAAP to Non-GAAP Reconciliation Share Count Information ADS Shares for Earnings-per-ADS Calculation
  • 28. 27 1Q2013 (US$ in millions) GAAP Share-Based Compensation Expenses Amortization of Acquired Intangible Assets and Deferred Tax Impact Non-GAAP Net revenues 131.9 131.9 Cost of revenues (84.5) 1.0 0.1 (83.4) Selling & marketing expense (3.9) (3.9) General & administrative expense (18.2) 2.6 (15.6) Research & development expense (2.3) (2.3) Other income/(exp.), net 4.4 4.4 Income tax expense (5.7) (5.7) Net income 21.7 3.6 0.1 25.4 First-Quarter 2013 GAAP to Non-GAAP Reconciliation
  • 29. 28 Share Count Information (As of March 31, 2013) ADS Shares ADS issued and outstanding 70,961,529 Share options and equivalents granted and outstanding 2,986,228 ADS available for future grants under employee incentive plan 3,806,752
  • 30. 29 ADS Shares for Earnings-per-ADS Calculation Date Activities Weighted Average ADS Shares January 1, 2013 Ordinary share balance1 67,794,840 January 1, 2013 RSUs vested and not exercised 2,345,285 First Quarter 2013 Share options exercised and RSUs vested 229,413 First Quarter 2013 Share repurchase program (922) March 31, 2013 ADSs outstanding – basic 70,368,616 March 31, 2013 Share options and equivalents 1,546,453 March 31, 2013 ADSs outstanding – diluted 71,915,069 1 542,358,719 ordinary shares, with each ADS representing eight ordinary shares