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Simcere Pharmaceutical Group Reports Unaudited Third Quarter 2008 Results and Announces Share Repurchase

NANJING, China, Nov. 6 /Xinhua-PRNewswire/ -- Simcere Pharmaceutical Group ("Simcere" or the "Company') (NYSE: SCR), a leading manufacturer and supplier of branded generic pharmaceuticals and manufacturer of the patented anti- cancer biotech product Endu in China, today reported unaudited financial results for the quarter ended September 30, 2008 and announced that its Board of Directors has approved a share repurchase program.


-- Total revenue increased to RMB443.4 million (US$65.3 million) for the

third quarter, representing a 37.1% year-over-year growth;

-- Net income was RMB91.2 million (US$13.4 million) for the third quarter,

representing a 24.7% year-over-year growth;

-- Gross margin was 78.3% for the third quarter, which was impacted by a

one-off contract sale transaction involving the resale of generic drugs

for other pharmaceutical companies, which is now ceased; and

-- The board of directors has approved a share repurchase program under

which Simcere Pharmaceutical Group may purchase up to US$50 million

worth of its issued and outstanding American depositary shares

("ADSs") in the following twelve months.

Mr. Jinsheng Ren, Chairman and CEO of Simcere Pharmaceutical Group, commented: "We are pleased to report solid year on year growth for the third quarter. We are encouraged by the continued growth of our edaravone products, although our Endu sales continued to be affected by the sales team restructuring and an expanded program to supply Endu free of charge in clinical studies. Our other branded generic products grew steadily this quarter. In October, we successfully launched Anxin, our first-to-market biapenem

SOURCE Simcere Pharmaceutical Group
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