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China Medicine Announces Record Fourth Quarter and 2008 Results
Date:3/26/2009

r top selling drugs for the fourth quarter included Hongjin Xiaojie Capsule, which is used for the treatment of coughs, accounted for 5.66% of revenue; Xueshuantong injection, which is used to improve blood circulation, remove vascular stasis and dilate blood vessels, accounted for about 5.44% of revenues; Cinepazide maleate injection, which is used in the treatment of vascular sclerosis, accounted for 4.11% of revenue. During the quarter, we also received approval from the Guangdong Food and Drug Administration (FDA) to distribute dental and oral surgery equipment, which we view as an attractive market in China as the demand for dental services is expected to grow.

Our gross profit margin fell 4% compared to the fourth quarter of 2007 due to intense competition in the Chinese pharmaceutical industry. We are currently taking steps to improve our gross margin, such as upping our efforts to obtain more exclusive distribution rights on high-margin prescription products. We also plan on developing more specialty pharmaceutical products and increasing our existing product offerings. This will help us strengthen our competitive advantages and diversify business risk,'' said Mr. Yang.

Fourth Quarter Results

China Medicine's total revenues in the fourth quarter of 2008 were $24.4 million, an increase of 51.2% over the fourth quarter of 2007. This was attributable to a 66.2% increase in product sales, primarily driven by an increase in over-the-counter product sales made through the company's increased market share in the municipal and rural areas of Guangdong Province. In addition, an earlier Chinese New Year resulted in many orders being booked prior to December 31, 2008, helping to contribute to the Company's strong top line growth.

Product sales in the fourth quarter of 2008 totaled $24.4 million and accounted for 99.97% of total net revenues. Sales of prescription products accounted for 78
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SOURCE China Medicine Corporation
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