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Genesis Pharmaceuticals Reports Results for the Second Quarter of its Fiscal Year 2009
Date:2/17/2009

f our latest over the counter product, Radix Isatidis Dispersible Tablets, began to contribute to revenue in the second quarter."

Second Quarter of Fiscal Year 2009 Results

Total revenue for the three months ended December 31, 2008 was $32.9 million, an increase of $6.4 million, or 24.1%, from $26.5 million for the three months ended December 31, 2007. Revenue increased mostly because of strong sales for two of the Company's products, Itopride Hydrochloride Granules and Baobaole Chewable Tablets. Sales also grew quickly for Radix Isatidis Dispersible Tablets, a drug launched in the first quarter of the Company's fiscal year 2009. Increased revenue was partially offset by decreased sales of Clarithromycin Sustained-Release Tablets.

Gross profit in the second quarter of the fiscal year 2009 was $25.8 million, an increase of 30.8% from $19.7 million for the prior year's corresponding period. Gross margin increased to 78.3% from 74.3% for the prior year's corresponding period. Gross margin increased because of increased sales of higher margin over the counter products, Baobaole chewable tables and Radix Isatidis Dispersible Tablets, and carefully managed purchases of raw materials.

Research and development costs totaled $1.1 million for the three months ended December 31, 2008, compared to $0.9 million for the three months ended December 31, 2007. Two new cooperative research and development agreements were signed to support university research and development projects in the latter part of fiscal year 2008 for which the Company makes monthly payments.

Selling, general and administrative expenses were $13.3 million for the three months ended December 31, 2008, up 28.8% from $10.3 million in the three months ended December 31, 2007. Salaries, wages and related benefits increased by 46.1% from the three months ended December 31, 2007 to $9.2 million for the three months ended Dec
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SOURCE Genesis Pharmaceuticals Enterprises, Inc.
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