Sinovac Biotech Ltd (SVA)

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Sinovac Reports Unaudited Second Quarter 2011 Financial Results
- Conference call scheduled for Friday, August 12, 2011 at 8:00 AM EDT -
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Press Release Source: Sinovac Biotech Ltd. On Friday August 12, 2011, 6:38 am EDT

BEIJING, Aug. 12, 2011 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (NASDAQ:SVA - News), a leading provider of biopharmaceutical products in China, announced today its unaudited second quarter financial results for the period ended June 30, 2011.

Second Quarter 2011 Financial Highlights

Sales increased 52.5% year-over-year to $15.7 million, compared to $10.3 million.
Net income attributable to shareholder reached $1.32 million and EPS was $0.02 per share.
Cash and cash equivalents and short-term investments, which the principal and income were guaranteed, totaled $92.7 million at June 30, 2011, compared to $103.1 million at December 31, 2010.


Recent Business Highlights

In July 2011, Sinovac was selected by the Xinjiang Centers for Disease Control and Prevention (Xinjiang CDC) to supply 568,700 doses of Healive, its inactivated hepatitis A vaccine. The bidding result was subject to a public notification period from August 1 to August 8, and the delivery is anticipated to be commenced before the end of this year.
In April and July 2011, Sinovac received the official bidding notices from the Hunan Department of Health that it was selected to supply 100,000 doses of Anflu, its seasonal flu vaccine and 40,000 doses of Healive, respectively.
In August 2011, Sinovac obtained the GMP certificate for both of its Healive and Anflu from COFEPRIS, the regulatory authority of Mexico's Ministry of Health.
In May 2011, Sinovac unblinded the Phase I clinical trial results for its proprietary inactivated vaccine against human enterovirus 71 (EV71), which causes hand, foot, and mouth disease (HFMD). The safety observation results for the EV71 vaccine for all three age groups (adult, children and infant) showed good safety and tolerance profiles and the preliminary immunogenicity study results showed the vaccines can induce good immune responses.
In June 2011, Sinovac commenced the Phase II clinical trial for its proprietary inactivated EV71 vaccine against hand, foot and mouth disease. The Phase II clinical trial is designed as a single center, randomization, double blinded, and placebo controlled study. The objective of the Phase II clinical trial is to determine the dosage level by evaluating the immunogenicity and safety with different level of dosages of Sinovac's EV71 vaccine candidate, and to provide reference data for Phase III clinical trial.


Dr. Weidong Yin, Chairman, President and CEO of Sinovac, commented, "Demand for our hepatitis vaccines is rebounding in China as demonstrated by our second quarter sales. We are gaining traction in the public market as we recently received two provincial government orders in additional to our ongoing public market sales activity in Beijing, Shanghai, Tianjin and part of Jiangsu. This shows that our revised sales strategy focused on the public market and restructured sales team is producing favorable results. We will continue to strengthen our efforts in public market presence, and stabilize sales in the private market."

Dr. Yin continued, "Over the past quarter, we have made substantial progress with our vaccine development pipeline. Our Phase II trial for our EV71 vaccine is progressing on schedule as dosing is underway and is on track to be completed within the year as planned. We are optimistic about the potential for this vaccine as inquiries are increasing across Asia in the face of the current epidemic in Vietnam. The registration for animal rabies vaccine is moving forward on schedule, which is anticipated to be launched within the year."

Dr. Yin continued, "We are excited to obtain the Mexico GMP certificate for our seasonal flu and hepatitis A vaccines. This is the significant milestone as we advance our global commercialization strategy to register our vaccines. We anticipate that the Certificate of Approval for Anflu will be granted in the coming months as we prepare for the commercial launch of the vaccine in Mexico."

Dr. Yin concluded, "We are encouraged by the second quarter sales activity and public market orders received in recent months. We believe that the ongoing execution of our revised sales strategy and seasonal flu vaccine sales that typically take place in the second half of the year will enable continued revenue growth. We look forward to updating you on the continued progress across our vaccine development pipeline."

Financial Review for the Second Quarter Ended June 30, 2011

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