VANCOUVER, March 31 /PRNewswire-FirstCall/ - Dragon Pharmaceutical Inc.
("Dragon" or the "Company" TSX: DDD; OTCBB: DRUG; BBSE: DRP), a leading
international pharmaceutical company, today announced its financial results
for the fiscal year ended December 31, 2007.
2007 Full Year Financial Highlights:
- Sales increased 63.7% to $85.8 million from $52.4 million in 2006
- Chemical Division's sales increased 50.4 % to $68.9 million from
$45.8 million in 2006.
- Pharma Division's sales increased 156% to $16.9 million from
$6.6 million in 2006.
- Gross profit increased 115% to $17.8 million from $8.25 million in
- Gross margin increased to 21% from 16% in 2006.
- Chemical Division's gross margin rose to 28% from 20% in 2006.
- Pharma Division's gross margin was -9%, improved from -13% in
- Net income from continuing operations was $4.9 million or $0.08 per
share, increased from a loss of $0.9 million or ($0.01) per share in
- Net loss from discontinued operations was $2.4 million or ($0.04) per
share, compared to an income of $5.4 million or $0.08 per share in
2007 Full Year Operational Highlights:
- Dragon sold its EPO business to fully focus on its core antibiotic
business that has showed significant growth in the past few years.
- Under the favorable market conditions, the Company further increased
its production level and achieved a utilization rate of 95% for 7-ACA
production and 62% for Clavulanic Acid production.
- An enzymatic technology has been successfully adopted for the
production of 7-ACA, which will lower the production costs by
approximately 10% and additionally reduce the amount of capital
investment pertaining to environment issues.
|SOURCE Dragon Pharmaceutical Inc.|
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