Sinovac Biotech Ltd (SVA)

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Sinovac 2Q profit rises 26 pct on flu vaccine
Sinovac Biotech 2nd quarter profit climbs 26 percent as flu vaccine sales rise

The Associated Press, On Friday August 12, 2011, 8:06 am

Chinese vaccine maker Sinovac Biotech Ltd.'s second quarter net income climbed more than 26 percent, as influenza vaccine sales boosted revenue.

The company also said Friday that Chief Financial Officer Jacob Ho has resigned for personal reasons and will leave the company on Tuesday. It named Vice President Nan Wang interim chief financial officer and has started searching for a permanent replacement.

Sinovac reported that its net income rose to $1.3 million, or 2 cents per share, in the quarter that ended June 30, up from $1 million, or 2 cents per share, a year ago.

Revenue jumped 53 percent to $15.7 million from $10.3 million.

Sinovac recorded more than $7 million in revenue in the quarter from prior-year pandemic influenza vaccine sales.

The company also saw operating expenses climb to $7.6 million from $5.9 million.