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Sinovac Reports Unaudited Full Year 2008 and Fourth Quarter Financial Results with Financial Tables

BEIJING, April 9 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (NYSE Amex: SVA), a leading developer and provider of vaccines in China, today announced the Company's unaudited financial results for the three and twelve month periods ended December 31, 2008.

    Full Year 2008 Financial Highlights
    -- Record full year 2008 sales increasing 39% year-over-year to $46.5
    -- Sold 6.93 million doses of Healive(R) in 2008, up from 5.12 million in
    -- Record full year net income growing of 5% to $8.01 million
    -- Full year EPS is $0.19
    -- Cash and cash equivalents increased 93% to $32.9 million, compared to
       the beginning of 2008, due to an increase in operation profits,
       improved accounts receivable collection and raising capital.

    Business Highlights
    -- In 2008, Sinovac initiated the development program of a vaccine against
       enterovirus 71 (EV 71), which causes hand, foot and mouth disease.
       Development is progressing on schedule and good achievements have been
       made to date.  Sinovac expects to file clinical trial application with
       China SFDA in 2009.
    -- Recognizing the sizeable market opportunity for animal vaccines,
       Tangshan Yian, Sinovac's wholly owned subsidiary, is focusing on the
       animal vaccine business to help drive growth.  In January 2009, the
       Company obtained approval from China's Ministry of Agriculture to
       conduct field trials of internally developed inactivated animal rabies
       vaccine.  Sinovac expects the field trials to take approximately nine
       months to complete and to launch the vaccine in China's veterinary
       market in 2010.
    -- Sinovac completed the pre-clinical trial for the Japanese encephalitis
       vaccine in 2008 and filed the clinical trial application with SFDA in
SOURCE Sinovac Biotech Ltd.
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