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news.Sinovac Biotech, a China-based biopharmaceutical company engaged in research, development, manufacture and commercialization of vaccines, has reported sales of $15.66m for the second quarter ended 30 June 2011, compared to $10.26m for the same period in 2010.
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Sinovac’s net income was $1.88m, compared to $1.56m for the same period in the prior year.
The company’s operating income was $3.13m for the second quarter ended 30 June 2011, compared to $2.6m for the same period in 2010.
For the six months ended 30 June 2011 sales were $20.34m, compared to $14.71m for the same period in 2010.
Net loss was $1.79m for the six months ended 30 June 2011, as compared to $348,000 for the same period prior year.
For the six months ended 30 June 2011, the company’s operating loss were $300,322 as compared to operating income of $1.78m for the same period in 2010.
Sinovac president and CEO Weidong Yin said they are gaining traction in the public market as they recently received two provincial government orders in additional to ongoing public market sales activity in Beijing, Shanghai, Tianjin and part of Jiangsu.
"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," Yin said.