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Biostar Pharmaceuticals, Inc. Announces Record Third Quarter 2009 Financial Results
Date:11/12/2009

ion for the third quarter of 2008. The company maintains an effective tax rate of 24.0% at September 30, 2009. Diluted earnings per share were $0.13 for the third quarter of 2009 compared to $0.02 for the third quarter of 2008, based upon 23.7 million and 23.2 million shares.

"We are very pleased to report another quarter of strong revenue growth and improved profitability. The success of our marketing strategy, strong sales of our Hepatitis B product, the Xin Aoxing Capsule, and expansion of rural supply network enabled us to achieve record breaking sales and earnings for the quarter," commented Ronghua Wang, Chairman and Chief Executive Officer of Biostar. "The Chinese government's stimulus plan includes $126 billion in health care reform and support of the New Rural Cooperative Medical System, which is providing the means to improve health care services for all Chinese citizens. This provides a solid foundation for sustained growth of the Chinese pharmaceutical industry and will benefit our company. We are confident that our strong product portfolio, proven sales team, experienced and committed management team will enable us to continue to execute our growth plan and capitalize on these long-term, secular growth opportunities."

Nine Month Results

For the nine months ended September 30, 2009, revenues increased approximately 52.5% to $36.2 million compared to $23.8 million in the same period of 2008. Gross profits were $26.5 million for the first nine months of 2009, representing an increase of 98.5% from the first nine months of 2008. Gross margins increased 30% to 73.1% for the first nine months of 2009 compared to 56.2% for the same period in 2008.

Income from operations increased 147.9% year over year to $11.9 million for the first nine months of 2009. Operating margins were 32.8% and 20.2% for the first nine month of 2009 and 2008, respectively.

Net income was $8.8 million
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SOURCE Biostar Pharmaceuticals, Inc.
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