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China Pharma Holdings, Inc. Reports Full Year 2010 Financial Results
Date:3/3/2011

ased to $79 million in 2010 from $61 million in 2009 and the current ratio rose to 7.1 times from 6.8 times.

Accounts receivable balance rose to $61.9 million in 2010 from $51.2 million at the end of 2009. The Company's management team continues to be sharply focused on improving accounts receivable collection and expects to make further progress in the quarters to come.

For the year ended December 31, 2010, cash flow from operating activities was $7.8 million, as compared to $10.7 million in 2009.  Most of this decline was due to higher working capital usage from higher advances to suppliers and inventory levels in 2010 compared to 2009. The Company believed the current market for raw materials was fairly tight and used the opportunity in late 2010 to stock up its warehouses.

"In 2011, we anticipate adding new higher-margin revenue streams to our upcoming new products, which should help offset pockets of margin pressure coming from higher raw material costs and more competitive pricing due to government reform policies.   Overall we are very optimistic that we have the right mix of products and pipeline opportunities to position China Pharma to benefit from China's unprecedented $124 billion healthcare reform program," said Ms. Li.  "We believe our success in 2011 and beyond will be defined by our high-quality manufacturing facilities and promising pipeline, strong distribution relationships, and commercialization expertise."

Pipeline UpdateAs of December 31, 2010, China Pharma had nine pipeline drugs in different stages of active development.  The development of three of such products is highlighted below:

  • The Company completed clinical trials of Candesartan, a front-line drug therapy for the treatment of hypertension. The Company has completed all testing procedures and currently awaits final SFDA production approval.
  • The Company completed clinical trials of Rosuvastatin, a generic form of Cre
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  • SOURCE China Pharma Holdings, Inc.
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