Mr. Yin concluded, "Advancing our research and development pipeline of proprietary vaccines continues to be a critical component of our growth strategy. Through our Sinovac Dalian joint venture, we have already submitted a clinical trial application for the mumps vaccine to the SFDA, exemplifying our commitment to building our pipeline and expanding our portfolio of commercialized vaccines. During the quarter, we further strengthened our R&D team, adding specialists both at our headquarters and at our joint venture. Through our in-house development and in collaboration with domestic and international partners, we are advancing our robust pre-clinical development pipeline that encompasses pneumococcal conjugated vaccine, rabies vaccine, HIB vaccine, meningitis vaccine, chickenpox (varicella) vaccine, and rubella vaccine."
Financial Review for Three Months Ended March 31, 2010
First quarter 2010 results included the consolidation of the financial results from the 30%-owned joint venture, Sinovac Dalian, following its formation in January 2010.
Sales for the first quarter of 2010 were $4.4 million, down 32% from $6.6
million for the first quarter of 2009. The lower sales in the first quarter
2010 were attributable to the lower demand in the private pay market based on
concerns over product safety given the recent media reports linking the
improper storage of vaccines by a distributor to a few cases of serious
adverse events in China's Shanxi province. The media reports, which were not
related to Sinovac a
|SOURCE Sinovac Biotech Ltd.|
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