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Simcere Pharmaceutical Group Reports Preliminary Unaudited First Quarter 2013 Results
Date:5/9/2013

NANJING, China, May 9, 2013 /PRNewswire/ -- 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, 2013.

Highlights

  • Total revenue was RMB528.7 million (US$85.1 million) for the first quarter of 2013, compared to RMB487.6 million for the same period in 2012, representing an increase of 8.4%.
  • Gross margin for the first quarter of 2013 was 79.2%, compared to 82.0% for the same period in 2012.
  • Income from operations was RMB50.2 million (US$8.1 million) for the first quarter of 2013, compared to RMB43.3 million for the same period in 2012, representing an increase of 16.0%.
  • Net income attributable to Simcere was RMB29.9 million (US$4.8 million) for the first quarter of 2013, an increase of 4.6% from RMB28.6 million for the same period in 2012.
  • Mr. Hongquan Liu, Executive Director and Chief Executive Officer of Simcere Pharmaceutical Group, commented, "We experienced moderate sales growth in the first quarter despite sustained pricing restrictions from the government and intensifying competition. I am pleased that our overall business performance improved during the quarter and that both Sales and Marketing expenses and General and Administrative expenses as percentages of our total revenue decreased slightly."

    On March 11, 2013, the Company announced that it received a "going private" proposal. Simcere's Board of Directors has formed a special committee to consider the proposed transaction.

    2013 First Quarter Financial Results Total revenue for the first quarter of 2013 was RMB528.7 million (US$85.1 million), compared to RMB487.6
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    SOURCE Simcere Pharmaceutical Group
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