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Sinovac Reports Unaudited Third Quarter 2013 Financial Results
Date:11/12/2013

BEIJING, Nov. 12, 2013 /PRNewswire/ -- Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, announced today its unaudited third quarter financial results for for the three and nine months ended September 30, 2013.

2013 Third Quarter Financial Highlights (period-over-period comparisons to third quarter 2012)

  • Total quarterly sales increased by 54.5% to $22.1 million from $14.3 million. Excluding $3.6 million of H5N1 vaccine revenue recognized in the third quarter of 2013, the sales from regular products increased by 29.5% to $18.5 million from $14.3 million.
  • Gross profit increased by 111.7% to $15.9 million from $7.5 million. Gross margin was 72.1%, compared to 52.6%.
  • Net income attributable to common stockholders was $2.3 million, or $0.04 per basic and diluted share, compared to net loss attributed to common stockholders of $3.0 million, or $0.05 per basic and diluted share.
  • Cash and cash equivalents totaled $89.0 million as of September 30, 2013, compared to $91.2 million as of December 31, 2012.
  • Recent Business HighlightsIn August 2013, Sinovac (the "Company") was selected by the Beijing Health Bureau as one of the four suppliers to supply the Company's seasonal influenza vaccine, Anflu, to the citizens of Beijing. Sinovac has been chosen as one of the suppliers in the Beijing tender on six separate occasions since 2007. The total volume for the 2013 tender is up to 1.8 million doses and the delivery will depend on the actual demand in Beijing. Under the prior year's tender that totaled up to 1.8 million doses, Sinovac delivered approximately 340,000 doses of Anflu to Beijing citizens. 

    In October 2013, Sinovac was selected by the Jiangsu Centers for Disease Control and Prevention as one of the two suppliers of inactivated hepatitis A vaccine to the pediatric population in
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    SOURCE Sinovac Biotech Ltd.
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