NANJING, China, Jan. 12 /PRNewswire-Asia/ -- Simcere Pharmaceutical Group (NYSE: SCR), a leading manufacturer and supplier of branded generic pharmaceuticals and manufacturer of the patented anti-cancer biotech product Endu (also known as Endostar) in China, today announced preliminary revenue and earnings for the full year of 2008.
Based upon preliminary data for the fourth quarter, Simcere expects the total revenue for the full year 2008 to be approximately RMB1.72 billion, within the previously stated range of RMB1.7 billion to RMB1.8 billion. The company now expects the range for the net income for the full year 2008 to be approximately 10% below the previously stated range of RMB390.0 million and RMB400.0 million.
The company noted that based on the available information, the lower than expected earnings were primarily due to: (1) the demand for drugs not covered by China's national, and some provincial, medical insurance declined in the fourth quarter as macro economic conditions impacted the ability of self-pay patients to afford such treatments. (2) the company's interest income and foreign exchange gain declined materially as compared to previous quarters.
The company noted that its normal year end financial reporting closing process is still underway and management will provide more information to investors during its regular quarterly conference call in March 2009.
About Simcere Pharmaceutical Group
Simcere Pharmaceutical Group (NYSE: SCR, Simcere) is a leading manufacturer and supplier of branded generic pharmaceuticals and manufacturer of the patented anti-cancer biotech product Endu in the rapidly growing China market. In recent years, Simcere has focused its strategy on the development of first-to-market generic and innovative pharmaceuticals, and has introduced a first-to-market generic stroke management medication under the brand name Bicun and an innovative anti-cancer medication under the brand name Endu. Simcere currently manufactures and sells more than 50 pharmaceutical products including antibiotics, anti-cancer medication and stroke management medication and is the exclusive distributor of three additional pharmaceuticals that are marketed under its brand names. Simcere concentrates its research and development efforts on the treatment of diseases with high incidence and/or mortality rates and for which there is a clear demand for more effective pharmacotherapy such as cancer, strokes, osteoporosis and infectious diseases and currently has more than 12 pipeline products. For more information about Simcere Pharmaceutical Group, please visit http://www.simcere.com .
|SOURCE Simcere Pharmaceutical Group|
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