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Sinovac Reports Unaudited First Quarter 2011 Financial Results
Date:5/13/2011

or the same period of 2010. After deducting depreciation of land use rights, amortization of licenses, permits, the gross margin was 63.5% and 77.8% for the first quarter of 2011 and 2010, respectively. The gross profit margin was adversely affected by lower plant utilization in the first quarter of 2011 as reduced demand caused the Company to scale back production.

Selling, general and administrative expenses for the first quarter 2011 were $4.1 million, compared to $3.1 million in the same period of 2010. SG&A expenses as a percentage of first quarter 2011 sales were 87.75%, compared to 69.9% during the first quarter of the prior year.  The SG&A expenses as a percentage of revenue was in line with the increased sales in private pay market in the first quarter of 2011. However, the overall increase was resulted from an increase in selling expenses due to the adding of new sales personnel in the first quarter 2011.

Net research and development expenses for the first quarter 2011 were $2.1 million, compared to $1.1 million in the same period of 2010. The increased R&D expenses in the first quarter of 2011 were primarily related to the continued development of the pipeline vaccines, including the expenses on EV71 vaccine, which has entered the Phase I clinical trial, the trial production of the animal rabies vaccine and mumps vaccine, and other R&D projects.

Depreciation of property, plant and equipment and amortization of license and permits for the first quarter 2011 were $384,000, compared to $250,000 for the same period of last year.  The change compared to 2010 was primarily attributable to the Sinovac Dalian assets acquired in January 2010, with an additional 25% interest acquired in December 2010 for a majority interest of 55%, and Changping facility acquired in February 2010.

Total operating expenses for the first quarter of 2011 were $6.5 million, compared to $4.4 million in the comparative period in
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SOURCE Sinovac Biotech Ltd.
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