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

2008 were $16.4 million, compared to $10.6 million for the same period 2007. Selling, general and administrative expenses for the nine months ended September 30, 2008 were $13.4 million, compared to $9.5 million in the same period of 2007. SG&A expenses as a percentage of sales represented 39% in the 2008 period, compared to 41.0% in the same period in the prior year.

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.

Recent Developments

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.

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SOURCE Sinovac Biotech Ltd.
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