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

3,806

26.6%Rabend, Animal rabies vaccine54

0.2%

1

0.0%Mumps vaccine(571)

-2.6%

-

-Regular sales*18,507

83.8%

14,287

100%Panflu (H5N1), avian flu vaccine for human 3,568

16.2%

-

-Total sales22,075

100%

14,287

100%Cost of goods sold6,164

27.9%

6,771

47.4%Gross profit15,911

72.1%

7,516

52.6%*Regular sales represent sales revenue generated by all commercialized products, excluding Panflu (H5N1) vaccine and Panflu.1 (H1N1) vaccine, which are produced when government issues stockpiling orders

Total sales increased by 54.5% to $22.1 million in the third quarter 2013 from $14.3 million in the third quarter of 2012. Excluding the $3.6 million H5N1 vaccine revenue recognized in the third quarter of 2013, regular sales increased by 29.5% to $18.5 million from $14.3 million in the third quarter 2012.

The growth was mainly driven by robust sales of Anflu in the third quarter of 2013 given that Sinovac's seasonal influenza vaccine was commercialized in a timely manner at the beginning of the 2013 flu season compared with the prior year, benefiting from the improved efficiency and expanded capacity of the fully operational Changping filling and packaging line.

Gross profit increased by 111.7% to $15.9 million in the third quarter of 2013 from $7.5 million in the same period of 2012. Gross margin was 72.1% in the third quarter of 2013, compared to 52.6% in the same period of 2012. The higher gross margin was primarily due to increased Anflu gross margin because a lower sales return provision as well as inventory provision was recorded and less excess capacity was charged to cost of goods sold in the third quarter of 2013, compared to the same period of 2012.

SG&A expenses in the third quarter of 2013 were $9.9 million, compared to $7.8 million in the
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SOURCE Sinovac Biotech Ltd.
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