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Article Excerpt
In the news release, "Sinovac Reports Unaudited Full Year 2008 and Fourth Quarter Financial Results with Financial Tables," issued earlier today by Sinovac Biotech Ltd. over PR Newswire Asia, we are advised by the company that the last sentence of the second paragraph from the section titled "Three Months Ended December 31, 2008" should read, "For the fourth quarter of 2008, Healive, Bilive and Anflu as a percentage of sales represented 78.8%, 1.5% and 19.7%, respectively," rather than, "For the fourth quarter of 2008, Healive, Anflu and Bilive as a percentage of sales represented 78.8%, 1.5% and 19.7%, respectively," as originally issued inadvertently. Full, corrected version follows:
Sinovac Reports Unaudited Full Year 2008 and Fourth Quarter Financial Results with Financial Tables
- Conference call scheduled for Thursday, April 9, 2009 at 9:00 a.m. ET -
- Provides full year 2009 sales guidance of $55 million to $60 million -
BEIJING, April 9 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (NYSE Amex: SVA), a leading developer and provider of vaccines in China, today announced the Company's unaudited financial results for the three and twelve month periods ended December 31, 2008.
Full Year 2008 Financial Highlights -- Record full year 2008 sales increasing 39% year-over-year to $46.5 million -- Sold 6.93 million doses of Healive(R) in 2008, up from 5.12 million in 2007 -- Record full year net income growing of 5% to $8.01 million -- Full year EPS is $0.19 -- Cash and cash equivalents increased 93% to $32.9 million, compared to the beginning of 2008, due to an increase in operation profits, improved accounts receivable collection and raising capital. Business Highlights -- In 2008, Sinovac initiated the development program of a vaccine against enterovirus 71 (EV 71), which causes hand, foot and mouth disease. Development is progressing on schedule and good achievements have been made to date. Sinovac expects to file clinical trial application with China SFDA in 2009. -- Recognizing the sizeable market opportunity for animal vaccines, Tangshan Yian, Sinovac's wholly owned subsidiary, is focusing on the animal vaccine business to help drive growth. In January 2009, the Company obtained approval from China's Ministry of Agriculture to conduct field trials of internally developed inactivated animal rabies vaccine. Sinovac expects the field trials to take approximately nine months to complete and to launch the vaccine in China's veterinary market in 2010. -- Sinovac completed the pre-clinical trial for the Japanese encephalitis vaccine in 2008 and filed the clinical trial application with SFDA in January of 2009. -- In an effort to enhance the competitiveness and improve efficiency of the sales force, Sinovac increased headcount and modified the marketing and sales organizational structure. -- Sinovac continues to focus on expanding its product export opportunities by moving forward on product registration outside of China. In late 2008, Sinovac entered into exclusive distribution agreements for Healive in Nepal and India, and for Anflu in the Philippines. The local distribution partners in Nepal and Philippines filed applications with local authorities in 2008. The registration process for Anflu in Mexico and Healive in Ukraine are progressing on schedule. Sinovac sold 11,000 doses of Healive to the Mongolian market in 2009 and is currently negotiating a long-term distribution agreement. -- In March 2009, Sinovac received GMP certification for its new filling and packaging production facility, increasing the Company's annual production capacity to 20 million doses, with the potential for 40 million doses -- In October 2008, the Company established a wholly-owned subsidiary, Sinovac Biotech (Hong Kong) Ltd, which is focused on registering and distributing commercialized vaccines and those under development in Hong Kong and then will be responsible for product exports. The subsidiary will also help to facilitate opportunities for R&D collaboration in Hong Kong. -- Sinovac has made progress in completing the clinical application to import and commercialize LG Life Sciences' hepatitis B vaccine, Euvax-B(TM), pursuant to the previously disclosed exclusive distribution agreement. Sinovac expects to obtain approval from the SFDA to conduct clinical trials for Euvax-B in China in 2009.
Mr. Weidong Yin, Chairman, President and CEO, commented, "We are pleased with our results...
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