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Sinovac Reports Record Second Quarter 2008 Unaudited Financial Results
Date:8/13/2008

-- Conference Call on Wednesday, August 13, 2008 at 9:00 a.m. ET --

BEIJING, Aug. 13 /Xinhua-PRNewswire/ -- Sinovac Biotech Ltd. (Amex: SVA), a leading developer and provider of vaccines in China, today announced the Company's financial results for the six and three-month periods ended June 30, 2008.

Second Quarter Highlights

-- Sales increased 73% year-over-year to $16.5 million

-- Sold 2.72 million doses of Healive(R), up 55%, and 180,000 doses of

Bilive(R) based on increased demand following the May 12th earthquake

in Sichuan Province.

-- Gross profit grew 69% year-over-year to $13.9 million, with 84% gross

margin

-- Operating income rose 50% year-over-year to $7.0 million

-- Net income increased to $3.3 million with diluted EPS of $0.08

Year to Date Highlights

-- Sales increased 88% to $25.4 million

-- Operating income rose 66% year-over-year to $10.2 million

-- Net income increased to $4.9 million with diluted EPS of $0.12

Mr. Weidong Yin, Chairman, President and CEO, commented, "We are pleased to announce our record performance for this quarter, which can be attributed to Healive sales that exceeded market expectation. The devastating May 2008 earthquake in the Sichuan province resulted in health challenges presented by the destruction of clean water and sanitation infrastructure. In the face of this tragedy, we are proud to have been able to meet the increased demand for the hepatitis A vaccine after Sinovac was selected by Ministry of Health and provincial governments as the sole supplier of hepatitis A vaccine to the region. This illustrates the government's trust in the quality of our vaccines and our capability to provide comprehensive marketing and sales service and support to the local CDC and demonstrates that we have the production capacity and reliable delivery channel to fulfill urgent demand on a timely basis. We believe the experienc
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SOURCE Sinovac Biotech Ltd.
Copyright©2008 PR Newswire.
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