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

would be retroactive to January 1, 2008, according to the newly enacted Enterprises Income Tax Law. Assuming HNTE is received, the impact on the results of operations for the nine months ended September 30, 2008 would include a $1,667,726 decrease in the provision of the current income tax with a corresponding reduction in the income tax liability and a $905,687 increase in deferred income tax expense with an offset to deferred income tax assets. The change of rate will be recorded in the period that changes occur.

As of September 30, 2008, Sinovac's cash and cash equivalents totaled $20.5 million, compared to $18.8 million as of June 30, 2008. The 9% increase in cash and cash equivalents compared to the second quarter of 2008 was primarily attributable to improved accounts receivables collection.

Nine Months Ended September 30, 2008

For the nine months ended September 30, 2008, sales reached $34.1 million, compared to $24.3 million for the same period of 2007, representing a 40% growth rate.

During the nine months ended September 30, 2008, Sinovac sold 5.3 million doses of Healive(R), compared to 4.1 million doses for the same period of 2007. The Company sold 234,000 doses of Bilive(R) during the 2008 period, compared to nil doses in the prior year period. As mentioned previously, the year- over-year change in sales was in line with the Company's sales and marketing strategy. For the first nine months of 2008, Healive, Anflu, and Bilive as a percentage of sales represented 91%, 5% and 4%, respectively.

Gross profit for nine months ended September 30, 2008 was $28.8 million, with a gross margin of 84.4%, compared to $20.7 million and 85.2% for the same period of 2007. The change in gross margin as a percentage of sales was primarily attributable to the product sales mix during the 2008 period.

Total operating expenses for the nine months ended September 30,
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SOURCE Sinovac Biotech Ltd.
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