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Sinovac Reports Third Quarter 2008 Unaudited Financial Results
Date:11/18/2008

1,000 in the same period of 2007. The increased R&D expenses in the current quarter were mainly incurred for the advancement of its vaccine candidates in the preclinical development pipeline inclusive of its vaccine against human enterovirus 71 (EV 71), which causes hand, foot, and mouth disease (HFMD).

Operating income was $2.3 million for the third quarter of 2008, compared to $4.0 million in the same period of 2007. The year-over-year variance in operating income reflected lower vaccine sales in the current period and moderately higher R&D expenses.

Net income for the third quarter of 2008 included $190,000 of interest and financing expenses, $911,000 of income taxes, $58,000 interest and other income and $530,000 of minority interest. Net income for the same period of 2007 included $116,000 of interest and financing expenses, $758,000 of income taxes, $41,000 interest and other income and $1.0 million of minority interest. Net income for the third quarter of 2008 was $740,000, or $0.02 per diluted share, compared to $2.2 million, or $0.05 per diluted share, in the same period of 2007.

During the third quarter of 2008, Sinovac Beijing continued the preparation of its application to the Chinese government for the High and New Technology Enterprises (HNTE) status. HNTEs are entitled to the preferential income tax rate of 15% compared to the unified income tax rate of 25% effective January 1, 2008. Prior to 2008, Sinovac Beijing was subject to the preferential income tax rate of 15% as a HNTE. Given that it is uncertain whether Sinovac will eventually be approved for HNTE status, Sinovac Beijing account for its current and deferred income tax utilizing the enacted statutory tax rate of 25% as the applicable enterprises income tax rate for 2008.

In the event that Sinovac Beijing reconfirms its HNTE status in accordance with the HNTE guidelines, a 15% corporate income tax rate
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SOURCE Sinovac Biotech Ltd.
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