NANTONG CITY, China, Jan. 19 /PRNewswire-Asia-FirstCall/ -- Sinobiopharma, Inc. (OTC Bulletin Board: SNBP, "Sinobiopharma" or the "Company"), a fully integrated and highly innovative biopharmaceutical company engaged in the research and development, manufacture and marketing of pharmaceutical products in China, today announced financial results for the second quarter ended November 30, 2009.
Second Quarter 2010 Highlights -- Total revenue increased by 120% year over year to approximately $2.1 million. -- Gross margin increased 182% year over year to approximately $1.7 million, or 80% of sales. -- Net income increased $2.1 million from a net loss of approximately $1.0 million in the second quarter of 2009 to net income of approximately $1.1 million in the second quarter of 2010. -- The Company scaled up of production and marketing to launch Sinobiopharma's new drug YiTai (perindopril).
"We achieved excellent revenue and net income growth in the second quarter," said Dr. Lequn Huang, Sinobiopharma's Chairman and CEO stated. "The strong growth is largely due to our increased marketing efforts and strong demand for our main product KuTai (cisatracurium besylate). KuTai is replacing older-generation muscle relaxants since it is uniquely differentiated by both its performance profile and its convenience. KuTai is the only muscle relaxant that can be stored at room temperature. We feel confident that KuTai will continue to gain market share."
Second Quarter 2010 Results -- Sales increased 120% to $2,137,471 for the three months ended November 30, 2009, from $971,173 for the three months that ended November 30, 2008. The increase in sales was due largely to the continuing growth
|SOURCE Sinobiopharma, Inc.|
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