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

upervision of WHO experts.
  • In May 2012, Sinovac announced the appointment of Mr. Danny Chung as Chief Financial Officer.  Ms. Nan Wang, who has served as interim Chief Financial Officer since August 2011, will continue as the Company's Vice President.
  • In February 2012, Tangshan Yi'an, the subsidiary company of Sinovac which focuses on animal vaccines, obtained approval from the Ministry of Agriculture to commence the field trial for its swine Japanese encephalitis vaccine.
  • Dr. Weidong Yin, Chairman, President and CEO of Sinovac, commented, "The positive vaccine sales trend continued in the first quarter of 2012, which represented a good start for the year as the domestic vaccine market remains favorable.  The positive effects of this market can be seen especially in the sales of Bilive, our combined hepatitis A and B vaccine, which increased by 92% year over year.  We attribute this increase primarily to our sales and marketing experience and capabilities accumulated and improved in the private sector of the Chinese vaccine market over the past few years.  We believe our increased strength in sales and marketing in the private market will also benefit the commercialization of other key products in our pipeline.  Additionally, we are pleased to see that approximately 9% of our sales this quarter were generated from international markets.  As our international sales team grows and the GMP standard in China improves, the Company is well positioned to take advantage of the opportunities across international markets.  In general, our team will continue executing on its strategies to expand commercialized vaccine product sales."

    Dr. Yin continued, "We are committed to advancing the development of our vaccine pipeline, which we believe will contribute to the Company's future growth.  In the first quarter of 2012, we have substantially completed the key steps of the Phase III clinical trial for
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    SOURCE Sinovac Biotech Ltd.
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