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3SBio Inc. Announces Unaudited First Quarter 2009 Results
Date:5/19/2009

non-GAAP operating expenses measures.

Interest income. The Company recorded net interest income of RMB4.1 million (US$0.6 million) for the first quarter of 2009, as compared RMB7.4 million (US$1.1 million) for the same period in 2008. As experienced last quarter, the decrease in interest income was partially due to the decrease in the prevailing market interest rates in the first quarter of 2009 compared to the same period of last year.

Net income. Non-GAAP net income for the first quarter of 2009 was RMB21.0 million (US$3.1 million), excluding share-based compensation and recognition of an impairment loss of RMB4.6 million (US$0.7 million) on available-for-sale securities. This was comparable to non-GAAP net income of RMB20.2 million (US$2.9 million) for the first quarter of 2008.

GAAP net income was RMB15.9 million (US$2.3 million) for the first quarter 2009, compared to net income of RMB19.8 million (US$2.8 million) for the same period of 2008. GAAP net income was largely impacted by the recognition of an impairment loss on available-for-sale securities. Based on the current market condition and the performance of the available-for-sale securities held by the Company, the Company expects no further impairment losses from the financial instruments currently being held.

Cash and cash equivalents/Time deposits. 3SBio had positive operating cash flows for the first quarter of 2009, and as of March 31, 2009 retained a strong balance sheet with cash, cash equivalents and time deposits of RMB752.3 million (US$110.1 million), an increase from RMB733.0 million (US$107.4 million) as of December 31, 2008 and a slight decline from RMB790.4 million (US$ 112.7 million) as of March 31, 2008.

Full Year 2009 Guidance

Based on current market conditions and visibility provided during the first quarter, the Company maintains its total net revenue target for the full year 20
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SOURCE 3SBio Inc.
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