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Sinovac Reports Fourth Quarter and Full Year 2007 Financial Results
Date:3/30/2008

the submission with the SFDA during the first quarter of 2008. Most recently during the first quarter of 2008, the Phase I trial for the split inactivated vaccine was completed.''

Mr. Weidong Yin, Chairman, President and CEO, continued, ''The fourth quarter results marked our third sequential profitable quarter. Our quarterly sales reflected the continued demand for our lead product, Healive(R), our inactivated hepatitis A vaccine. Healive(R) was recently selected by the Beijing Centers for Disease Control and Prevention for the hepatitis A vaccination program.''

Full Year 2007

For twelve months ended December 2007, sales increased 118% to $33.5 million, compared to $15.4 million for 2006. The growth was attributable to strong sales of the Company's inactivated hepatitis A vaccine, Healive(R), and ongoing marketing initiatives in support of the Company's seasonal influenza vaccine, Anflu(R).

Gross profit for 2007 was $27.0 million, with a gross margin of 80.6%, compared to $11.1 million and 72.4%, respectively, for 2006. The higher gross margin resulted from the increased economies of scale and lower average unit costs associated with Healive(R) production and reflected normalized Anflu(R) production expenses.

Total operating expenses for the full year 2007 increased to $13.6 million, compared to $10.7 million in the same period of 2006. Selling, general and administrative (''SG&A'') expenses for 2007 were $12.0 million, compared to $9.8 million for 2006. The year-over-year increase in SG&A expenses reflected increased selling expense that is in line with the increase in sales, offset by decreased bad debt provision due to improvement in accounts receivable collection, decreased lower stock-based compensation and reduced consulting fees.

Aggregated research and development expenses for the full year 2007 were $1.8 million, compared to $1.2 million for 2006. The Company's net R&D expenses were $965,000 for 2007, compared to $
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SOURCE Sinovac Biotech Co., Ltd.
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