Sinovac Reports Fourth Quarter and Full Year 2007 Financi... ( -- Third Sequential ...)

Sinovac Reports Fourth Quarter and Full Year 2007 Financial Results

Date:3/30/2008

-- Third Sequential Profitable Quarter --

-- Conference Call on Monday, March 31, 2008 at 9:00 a.m. ET --

BEIJING, March 31 /Xinhua-PRNewswire/ -- Sinovac Biotech Ltd. (Amex: SVA), a leading provider of vaccines in China, today announced unaudited financial results for the three months and twelve months ended December 31, 2007.

Highlights

-- Record full year 2007 sales of $33.5 million, up 118% year-over-year

-- Record full year 2007 net income of $7.7 million, or $0.19 per share

-- Fourth quarter 2007 sales increased 49% year-over-year to $9.2 million

-- Fourth quarter 2007 operating income rose 460% year-over-year to

$3.3 million

-- Fourth quarter 2007 net income increased to $2.0 million, or $0.05

per share

-- Reported positive preliminary Phase II results for pandemic influenza

(H5N1) whole viron vaccine

-- Sold 5.12 million doses of Healive(R) in 2007, up from 2.6 million

in 2006

-- Sold 1.59 million doses of Anflu(R) in 2007, up from 77,000 doses in

in 2006

Mr. Weidong Yin, Chairman, President and CEO, stated, ''2007 was a record year for Sinovac from a commercialization and a clinical development standpoint. Exceeding our internal projections for year-over-year sales growth, our 2007 sales increased 118%, due to higher than anticipated sales of our lead products, Healive(R), our inactivated hepatitis A vaccine, and Anflu(R), our seasonal influenza vaccine, based on the proactive efforts of our sales organization across China. In addition, we entered a promotion agreement with GSK China for our seasonal influenza vaccine, Anflu(R), and successfully launched a marketing campaign that yielded sales in the second half of the year. We advanced the clinical development of our pandemic influenza vaccine formulations. We successfully completed the Phase II trial of our whole viron vaccine in 2007 that led to
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Sinovac Reports Fourth Quarter and Full Year 2007 Financi...( -- Third Sequential ...)