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China Pharma Holdings, Inc. Reports First Quarter 2009 Financial Results and Corporate Updates
Date:5/15/2009

HAIKOU CITY, China, May 15 /PRNewswire-Asia-FirstCall/ -- China Pharma Holdings, Inc. ("China Pharma") (OTC Bulletin Board: CPHI), which develops, manufactures, and markets specialty pharmaceutical products in China, today announced financial results for the first quarter ended March 31, 2009.

    First Quarter 2009 Financial Highlights

    -- Revenue increased 10.9% to $13.0 million from $11.7 million in the
       first quarter of 2008
    -- Gross profit increased to $5.9 million from $5.8 million in the first
       quarter of 2008
    -- Gross margin was 45.6% from 49.6% in the first quarter of 2008
    -- EPS was $0.09, compared to $0.11 in the first quarter of 2008

    First Quarter 2009 Business Updates

    -- Appointed Mr. Frank Waung to Chief Financial Officer, and nominated Ms.
       Heung Mei Tsui to the Board of Directors.
    -- Initiated clinical trials for the generic version of the leading
       hypertension drug Candesartan.
    -- Received the SFDA's approval to produce Tiopronin Enteric-Coated
       Capsules, which is listed in the National Medical Insurance Program,
       thus allowing patients to obtain reimbursement.
    -- Dried powder production line expansion completed and production
       commenced.

Revenues for the first quarter of 2009 increased approximately 10.9% to $13.0 million, from $11.7 million in the first quarter of 2008. The increase in revenues was due to an increase in sales of existing products as well as sales from recently-launched products. Revenue performance was offset by uncertainty related to China's healthcare reform plan, as bulk buyers delayed purchase orders in anticipation of lower pricing and subsidies from the new insurance catalogue and essential drug list, which are not yet published.

Gross profit for the first quarter of 2009 grew to $5.9 million from $5.8 million in the first quarter of 2008. Gross margin was 45.6
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SOURCE China Pharma Holdings, Inc.
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