Sinovac's sales breakdown by product was as follows. Three months ended March 31 2010 2009 Sales Healive $2,539,634 $4,902,315 Bilive 541,059 1,196,177 Anflu 31,796 467,607 Panflu.1 (H1N1) 1,331,410 -- Total $4,443,899 $6,566,099
Sales of the Panflu.1 (H1N1) vaccine represented 29.96% of total sales for the three months ended March 31, 2010. The H1N1 vaccine was sold to the Chinese government in accordance with the government purchase program.
Gross profit for the first quarter of 2010 was $3.6 million, with a gross margin of 80%, compared to $5.1 million and a gross margin of 78% for the same period of 2009. The gross margin for the first quarter of 2010 increased due to the product mix during the current year quarter.
Selling, general and administrative expenses for the first quarter of 2010
were $3.1 million, compared to $3.5 million in the same period of 2009. SG&A
expenses as a percentage of first quarter 2010 sales were 70%, compared to 54%
during the first quarter of the prior year. The higher SG&A expenses as a
percentage of revenue resulted from the additional G&A expenses associated
with the 30%-owned joint venture, partly offsettin
|SOURCE Sinovac Biotech Ltd.|
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