3SBio Inc. Announces Unaudited Fourth Quarter and Fiscal Year 20...(in line with the gross margin of 90.3% i...)

Operating income/loss. Adjusted non-GAAP operating income for the fourth quarter was RMB6.1 million (US$0.9 million), excluding share-based compensation expense of RMB1.4 million (US$0.2 million) and a RMB6.9 million (US$1.0 million) recognition of the upfront payment related to the licensing deal with AMAG Pharmaceuticals. Adjusted non-GAAP operating income for the full year was RMB59.7 million (US$8.8 million), an increase of 20.6% over year 2007. Adjusted non-GAAP operating income was RMB49.5 million (US$6.8 million) for 2007.

GAAP operating loss was RMB2.3 million (US$0.3 million) in the fourth quarter 2008, down from operating income of RMB6.1 million (US$0.8 million) for the same period in 2007. Operating income decreased by 1.6% to RMB47.8 million (US$7.0 million) in 2008 from RMB48.5 million (US$6.7 million) in 2007.

Operating expenses. Adjusted non-GAAP operating expenses were RMB48.5 million (US$7.1 million) in the fourth quarter and RMB162.1 million (US$23.8 million) in the full year of 2008. This was an increase of 44.3% and 43.2% from adjusted non-GAAP operating expenses of RMB33.6 million (US$4.6 million) and RMB113.2 million (US$15.5 million) in the fourth quarter and full year of 2007 respectively.

    -- Research and development cost (non-GAAP). Adjusted R&D cost for the
       fourth quarter was RMB5.3 million (US$0.8 million) and RMB15.0 million
       (US$2.2 million) for the full year, excluding the one-time upfront
       payment for the license fee of RMB6.9 million (US$1.0 million) and
       share-based compensation expense. This was an increase of 43.4% and
       29.0% from adjusted R&D cost of RMB3.7 million (US$0.5 million) and
       RMB11.6 million (US$1.6 million) in the fourth quarter and full year of
       2007 respectively. The overall increase in R&D cost for the fourth
       quarter and fisc
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SOURCE  3SBio Inc.
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