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Sinovac Reports Unaudited First Quarter 2012 Financial Results
Date:5/15/2012

BEIJING, May 15, 2012 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, announced today its unaudited first quarter financial results for the period ended March 31, 2012.

Financial Highlights (year-over-year comparisons to first quarter 2011)

  • Sales increased 30.3% to $6.0 million, with Bilive vaccines sales up 92.4%.
  • Gross margin was 62.2%, which included higher costs due to planned low production level of the animal vaccine facilities in conjunction with its recent launch. Without these costs gross margin would have been 65.1%.
  • Net loss attributable to common stockholders was $5.6 million, or $0.10 per basic and diluted share.
  • Cash and cash equivalents totaled $94.5 million as of March 31, 2012, compared to $104.3 million as of December 31, 2011.
  • Recent Business Highlights

  • The Phase III trial, which Sinovac commenced in January 2012, is currently being conducted in accordance with the protocol.  Approximately 10,000 healthy volunteers have completed the two-shot inoculation schedule, and blood was collected from all volunteers on the 56th day after the first inoculation. Beginning in early March, Chinese Center for Disease Control and Prevention (China CDC) has set up three laboratories at the clinical sites being used for the Sinovac Phase III clinical trial for its proprietary inactivated EV71 vaccine against HFMD.  China CDC will use these laboratories to conduct HFMD epidemic surveillance and case identification, and the data will be used to evaluate the efficacy of the Company's novel HFMD vaccine candidate. China has entered into the hand, foot and mouth disease (HFMD) epidemic season, and according to data published by the Ministry of Health, as of April 30, 2012, over 420,000 HFMD cases were reported with 112 fat
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  • SOURCE Sinovac Biotech Ltd.
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