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China Medicine Reports Third Quarter 2010 Financial Results
Date:11/10/2010

iled with the Securities and Exchange Commission. China Medicine Corporation undertakes no duty to revise or update any forward-looking statement to reflect events or circumstances after the date of this release.Contact InformationICR, Inc.In New York: Ms. Christine Duan: 1-203-682-8200In Beijing: Ms. Wen Lei Zheng: 86-10-6599-7968China Medicine CorporationIn Guangzhou: Ms. Gavin Chen: 86-20-8737-2102CHINA MEDICINE CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME(amounts in thousands, except per share data)(UNAUDITED)$ amounts in thousandsFor Three Months Ended September 30,For Nine Months Ended September 30,2010200920102009REVENUESDistribution products

$

15,093

$

18,314

$

39,802

$

42,514Proprietary products2,4574765,3611,429Medical technology-366150366Total revenues17,55019,15645,31344,309COST OF REVENUESDistribution products10,33813,09527,13031,267Proprietary products1,4082273,024900Medical technology----Total cost of revenues11,74613,32230,15432,167GROSS PROFIT5,8045,83415,15912,14233.1%30.5%33.5%27.4%OPERATING EXPENSESResearch and development 1,2523621,9611,128Selling, general and administrative expenses2,0669355,6772,932Total operating expenses3,3181,2977,6384,060INCOME  FROM OPERATIONS2,4864,5377,5218,082OTHER INCOME (EXPENSE):Other income (expense), net32(48)(135)(69)Change in fair value of warrant liabilities564(142)3,045(2,114)INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS3,0824,34710,4315,899PROVISION FOR INCOME TAXES9411,2162,5432,331NET INCOME (CHINA MEDICINE CORPORATION ANDNONCONTROLLING INTERESTS)2,1413,1317,8883,568Add: Net loss attributable to noncontrolling interests8288236243NET INCOME ATTRIBUTABLE TO CHINA MEDICINE CORPORATION2,2233,2198,1243,811OTHER COMPREHENSIVE INCOMEForeign currency translation adjustment1,221631,5164Foreign currency translation attributable to
noncontrolling interests616-COMPREHENSIVE INCOME

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SOURCE China Medicine Corporation
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