Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.China-based pharmaceutical and health supplement products manufacturer, Biostar Pharmaceuticals has reported a net loss of $5.94m, or $0.63 per share, for the third quarter ended 30 September 2012 compared to a net income of $4.46m, or $0.47 per share, for the third quarter ended 30 September 2011.
Subscribe to our email newsletter
Net sales for third quarter of 2012 were $9.97m compared to $24.78m for the third quarter of 2011.
The company reported a net loss of $13.25m, or $1.41 per share, for the nine months ended 30 September 2012 compared to a net income of $11.34m, or $1.22 per share, for the nine months ended 30 September 2011.
Net sales of $34.03m were reported for the first nine months of 2012 compared to $65.98m for the first nine months of 2011.
Biostar chief executive officer and chairman Ronghua Wang said although as expected, the company’s 2012 third quarter overall results were below those of the 2011 third quarter, and business has shown signs of recovery and net sales for the current quarter increased by approximately $1.8m, or 22% as compared to the 2012 second quarter.
"Following a temporary industry-wide suspension of gel capsules sales earlier this year by the State Food and Drug Administration (SFDA), on July 30, 2012, we received the "green-light" approval from Xianyang SFDA authorities to restart sales of gel capsule products," Wang added.
"In anticipation of the receipt of the approval, our management team met to design, develop and implement a plan to accelerate the recovery of our business."
The company’s gel capsule product includes Xin Aoxing oleanolic acid capsule, which is an over-the-counter medicine designed for treating chronic hepatitis B, a disease affecting approximately 10% of the Chinese population.