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

.94% of total net revenues, and over-the-counter medicines accounted for 17.9% of total revenues during the quarter. Sales of dietary supplements, medical equipment and others accounted for 1.12%, 1.87% and 0.14% respectively. Medical formula sales accounted for 0.03% of total revenues, totaling $7,254, down 99.5% from the fourth quarter of 2007. The decline was due to stricter regulations by the State Food and Drug Administration (SFDA) in China, where approvals for new medical formulas were limited since the process has become more complex due to concerns over food and pharmaceutical safety.

Gross profit in the fourth quarter of 2008 was $5.8 million, an increase of 30.4% over the fourth quarter of 2007. Gross margin was 24% of total revenues, down from 28% of total revenues in the fourth quarter of 2007. The decline in gross margin was due to lower selling prices for some of the pharmaceutical products the Company distributes as the Chinese government set a price ceiling on certain generic drugs. To counter this situation, China Medicine is adjusting its portfolio to increase pharmaceutical products with exclusive distribution rights, which have a higher margin.

Operating expenses in the fourth quarter of 2008 were $1.6 million, up 48.1% from $1.1 million in the fourth quarter of 2007. This increase was due to higher selling, general and administrative expenses related to increase in revenues for the fourth quarter of 2008.

Operating expenses represented 6.7% of total revenues in the fourth quarter of 2008, slightly down from 6.9% in the fourth quarter of 2007.

The Company recorded $0.36 million in research and development expenses in the fourth quarter of 2008, compared to $0.21 million in the fourth quarter of 2007. The increase in R&D expense was due to the pre-clinical study of Yutian Capsule, a traditional Chinese medicine developed for use in the treatment of lung cancer.'/>"/>

SOURCE China Medicine Corporation
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