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Simcere Pharmaceutical Group Reports Preliminary Unaudited First Quarter 2010 Results
Date:5/18/2010

NANJING, China, May 18 /PRNewswire-Asia/ -- Simcere Pharmaceutical Group ("Simcere" or the "Company") (NYSE: SCR), a leading pharmaceutical company specializing in the development, manufacturing, and marketing of branded generic and proprietary pharmaceuticals in China, today reported preliminary unaudited financial results for the quarter ended March 31, 2010.

    Highlights
    -- Total revenue was RMB458.7 million (US$67.2 million) for the first
       quarter of 2010, compared to RMB442.5 million for the same period in
       2009, representing year-over-year growth of 3.7%.
    -- Gross margin for the first quarter of 2010 decreased to 79.7% compared
       to 82.5% for the same period in 2009.
    -- Income from operations was RMB30.9 million (US$4.5 million) for the
       first quarter of 2010, a decrease of 49.5% from RMB61.1 million for the
       same period in 2009.
    -- Net income attributable to Simcere was RMB20.5 million (US$3.0 million)
       for the first quarter of 2010, a decrease of 57.5% from RMB48.2 million
       for the same period in 2009.

"While the first quarter remained challenging, we saw solid revenue growth for our edaravone products and were encouraged by the continuing sales recovery of Endu," said Mr. Jinsheng Ren, Chairman and Chief Executive Officer of Simcere Pharmaceutical Group. "We believe that we will see additional benefits arising from the restructuring of our sales force for the remainder of 2010."

"Recently we were pleased to announce that Simcere's diosmectite passed EU-GMP inspection and that Endu successfully completed the Phase IV clinical study which verified the positive resu
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SOURCE Simcere Pharmaceutical Group
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