Gross expenditures on research and development expenses for the nine months ended September 30, 2008 were $2.4 million, including trial production costs for Panflu, compared to $611,000 in the same period of 2007.
Operating income was $12.5 million for the nine months ended September 30, 2008, compared to $10.2 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 nine months ended September 30, 2008 included $747,000 of interest and financing expenses, $3.2 million of income taxes, $37,000 of other income and $2.8 million of minority interest. Net income for the same period of 2007 included $295,000 of interest and financing expenses, $1.9 million of income taxes, $301,000 interest and other income and $2.6 million of minority interest. Net income for the nine months ended September 30, 2008 was $5.6 million, or $0.13 per diluted share, compared to $5.7 million, or $0.14 per diluted share, in the same period of 2007.
In September 2008, the Company initiated development of a vaccine against human enterovirus 71 (EV 71), which causes hand, foot, and mouth disease. The development of a vaccine against EV 71 is in compliance with our R&D strategy to develop novel vaccines. Since there is no vaccine against this disease at the moment, the Company expects this vaccine to join Healive(R) as a potential blockbuster product.
|SOURCE Sinovac Biotech Ltd.|
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