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Sinovac Reports Unaudited Second Quarter 2011 Financial Results
Date:8/12/2011

ior year. Excluding pandemic flu vaccine sales, SG&A as a percentage of sales were 62.5% and 46.0% for the current quarter and prior year quarter, respectively. The increased SG&A was mainly related to the sales team expansion and increased spending on sales promotion in the private pay market.  

Net research and development expenses for the second quarter 2011 were $2.3 million, compared to $1.7 million in the same period in 2010. The increased R&D expenses in the second quarter 2011 were primarily related to the continued development of the pipeline vaccines, including the expenses for the EV71 vaccine with the Phase II clinical trial underway, 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 second quarter 2011 were $462,000, compared to $262,000 for the same period of last year.  The change compared to 2010 was primarily attributable to amortization on the Changping production facility, which started to amortize in September 2010 and higher depreciation for Tangshan Yian's new animal production line.

Total operating expenses for the second quarter of 2011 were $7.6 million, compared to $5.9 million in the comparative period in 2010.

The operating income for the three months ended June 30, 2011 was $3.1 million, compared to $2.6 million for the same period of the prior year.  The increased operating income in the second quarter of 2011 was primarily attributable to the revenue recognition for the prior order on pandemic flu vaccine in current reported quarter.

Net income for the second quarter 2011 included $510,000 of interest income, $343,000 of interest and financing expenses, $41,000 gain on disposal of equipment, $14,000 of other income and $1.5 million of income tax expenses. Net income for the same period of 2010 included $374,000 of interest income, $42
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SOURCE Sinovac Biotech Ltd.
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