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Sinovac Reports Unaudited Third Quarter 2009 Financial Results

BEIJING, Nov. 15 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (Nasdaq: SVA), a leading developer and provider of vaccines, announced today its unaudited financial results for the three-month and nine-month periods ended September 30, 2009.

Financial Highlights

  • Sales for the third quarter increased 142% to $21.2 million
  • Sales for the nine-month period increased 40% to $47.8 million
  • Operating income for the third quarter rose 436% to $12.4 million
  • Operating income for the nine-month period increased 90% to $23.7 million.
  • Net income attributable to the shareholders increased 606% to $5.2 million in the third quarter, with diluted EPS of $0.12
  • Cash and cash equivalents at September 30, 2009 was $46.6 million.

Business Highlights

  • In August, Sinovac reported positive top-line results from the completed clinical trial for its internally-developed pandemic influenza A (H1N1) vaccine, PANFLU.1(TM). The analysis of the clinical trial results showed that Sinovac's H1N1 vaccine induces good immunogenicity after one dose. The seropositive rate, seroconvertive rate and GMT increasing multiple conform to international criteria for vaccines, which indicated PANFLU.1 has a good safety and immunogenicity profile.
  • In August, Sinovac was selected by the Beijing Public Health Bureau as one of four manufacturers to supply seasonal influenza vaccine to the citizens of Beijing. The Beijing Public Health Bureau completed the bidding process for the purchase of flu vaccines and corresponding services for 2009 on August 26, 2009. Sinovac will supply its seasonal influenza vaccine, Anflu®, pursuant to this agreement.
  • In September, Sinovac's registration application for its pandemic influenza A (H1N1

SOURCE Sinovac Biotech Co., Ltd.
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