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

e improvement of account receivables and lower consulting fees.

Aggregated research and development expenses for the fourth quarter of 2007 were $756,000, compared to $300,000 in the same period of 2006. The Company's net R&D expenses were $354,000 for the fourth quarter of 2007, compared to $162,000 in the same period of 2006. The R&D expenses recognized as a reduction to government grants were $755,726 in the fourth quarter of 2007, compared to $299,776 in the same period of 2006.

Operating income was $3.3 million for the fourth quarter of 2007, compared to $588,000 in the same period of 2006. The year-over-year increase in operating income reflected the significant increase in vaccine sales and the lower operating expenses.

Net income for the fourth quarter of 2007 was $2.0 million, or $0.05 per diluted share, compared to $181,000, or $0.005 per diluted share, in the same period of 2006. Net income for the fourth quarter of 2007 included $294,000 of interest and financing expenses, $42,000 of income taxes, and $965,000 of minority interest. Net income for the same period of 2006 included $95,000 of interest and financing expenses, $405,882 of income taxes, and $559,000 of minority interest.

Sales and Marketing

During the twelve months ended December 31, 2007, Sinovac sold total 5.12 million doses of Healive(R), up from 2.6 million doses in 2006. During the fourth quarter of 2007, Sinovac sold approximately 1.14 million doses of Healive(R), up from 1.07 million for the same period of 2006. During the fourth quarter, the higher sales reflected Sinovac's ongoing marketing activities. The initiation of the government paid market for the hepatitis A vaccine in China is expected to impact the seasonality of Healive(R) sales established in previous years.

For the twelve months ended December 31, 2007, Sinovac sold 1.59 million doses of Anflu(R), which accounted for 14.3% of full year sales. During the fourth quarter of 2007, Sin
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SOURCE Sinovac Biotech Co., Ltd.
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