NEW YORK, April 7 /PRNewswire-Asia-FirstCall/ -- Biostar Pharmaceuticals, Inc. ("Biostar" or the "Company") (OTC Bulletin Board: BSPM) today reported financial results for the 12 months ended December 31, 2008.
Highlights for Year Ended December 31, 2008: -- Total net sales for the year were $33.9 million, up from $15.9 million for 2007. -- Net Income for the year increased 69% to $6,690,542 as compared to $3,963,524 in 2007. -- Completed acquisition of 8.6 acres land in Xi'an. Construction of on-site raw material processing plant to commence in Q2. -- Launched the China Hepatitis Internet Hospital (http://www.zggbyy.com ), a multi-purpose site providing quality care, products and support to patients afflicted with hepatitis.
The Company reported revenue of $33,910,922 for the year ended December 31, 2008 as compared to $15,887,486 for 2007. Net Income for 2008 was $6,690,542, or $0.22 per share on a fully diluted basis, versus $3,963,524 and $0.19 per share, respectively, for 2007.
This increase in revenue and net income reflects an increase in sales of all five of Biostar's State Food and Drug Administration ("SFDA") approved drugs, most notably the Xin Aoxing Oleanolic Acid Capsule, the only SFDA- approved, over-the-counter (OTC) treatment for hepatitis B. The increase in sales is also attributed to the continued implementation of the Company's "Blue Sea" project, which markets products directly to consumers in rural China through retail pharmacies at higher retail prices. Domestic PRC customers account for 100% of Biostar's sales.
Ronghua Wang, Chairman and Chief Executive Officer of the Company, stated,
"I am quite pleased with the Company's performance in 2008. Our targeted
marketing programs and strategic pricing increases resulted in
|SOURCE Biostar Pharmaceuticals, Inc.|
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