WuXi PharmaTech ($WX) reported fourth-quarter results on Friday that showed how it would spend recent borrowings of $165 million in an aggressive plan of building and financial targets in 2015. The NYSE-listed company handles pharmaceutical, biopharmaceutical and medical device operations in China and the United States.
|WuXi CEO Ge Li|
"Capital spending will be in the range of $180-$200 million in 2015. We expect to complete construction of new small-molecule manufacturing facilities in Changzhou in late 2015/early 2016," said CEO Ge Li in the earnings release.
"We will begin construction of commercial-scale biologics manufacturing facilities in Wuxi City adjacent to our existing clinical facilities in 2015 and complete construction in late 2016. Each of these manufacturing facilities will cost nearly $150 million and support strong growth in demand in these businesses. Two new cell therapy manufacturing facilities in Philadelphia, to be completed in 2015 and 2016, respectively, will cost an additional $40 million in total and expand our capabilities in this rapidly developing field."
The company, which provides contract services in drug and medical device R&D, also outlined 2015 financial guidance of net revenues of $790 million to $800 million. During the fourth quarter, net revenues increased 21.3% year to year to $190.6 million. For 2014 net revenues increased 16.6% year to year to $674.3 million.
- here is the full release