Saturday, April 18, 2009

Sinovac Biotech Q4 Net Income Increases Slightly

Sinovac Biotech, a China-based biopharmaceutical company, has reported a net income of $2.4 million, or $0.06 per diluted share, for the fourth quarter of 2008, compared to $2 million, or $0.05 per diluted share, in the same period of 2007.

For the fourth quarter of 2008, sales were $12.4 million, compared to $9.2 million for the fourth quarter of 2007. For the 12 months ended December 31, 2008, sales reached $46.5 million, compared to $33.5 million for the full year 2007, representing 39% growth.

The year-over-year increase in sales reflected Sinovac's strategy to continue to devote significant resources to marketing Healive to the private pay market in China, as compared to the market created by government purchasing initiatives under the Expanded Immunization Program that may include the lower priced, live hepatitis A vaccine produced by state owned entities.

Net income for the 12 months ended December 31, 2008 was $8 million, or $0.19 per diluted share, compared to $7.7 million, or $0.19 per diluted share, for the same period of 2007.

Weidong Yin, chairman, president and CEO, of Sinovac, said: "We are pleased with our results for the quarter and the year, with full year 2008 sales up 39%, in line with our expectations. The sales of our vaccines continue to grow as awareness of the benefits of inoculations for hepatitis A and seasonal influenza increases across China.

"Although we are feeling the effect of the financial crisis, the healthcare industry is not very sensitive to the economic cycle. Sinovac has accumulated resources of technological expertise, operation management experiences, and investment capability, which positions the company well to execute our sales growth strategy in 2009 and achieve our full year sales increase of 20% over 2008 levels."

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