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news.Biostar Pharmaceuticals, a manufacturer of over-the-counter Hepatitis B medicine, Xin Aoxing Oleanolic Acid capsules, and a variety of pharmaceutical products, has reported net sales of $20.18m for the third quarter ended 30 September 2010, an increase of 29.7%, compared to $15.56m for the same period in 2009.
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Biostar Pharma has posted a net income of $3.43m for the third quarter 2010, or $0.13 per diluted share, compared to net income of $3.13m, or $0.13 per diluted share, for the comparable period in 2009.
The company has posted net sales of $51.94m, for the nine months ended 30 September 2010, compared to $36.25m for the year ago period.
For the nine months ended 30 September 2010, Biostar Pharma posted a net income of $11.28m, or $0.41 per diluted share, compared to $8.81m, or $0.37 per diluted share, for the year ago period.
Biostar Pharma chairman and CEO Ronghua Wang said that they were pleased with the balanced growth across several products in the portfolio which resulted in a near 30% revenue growth and strong cash flow.
"The third quarter results are a testament to increased customer acceptance of many of our new products, our growing brand recognition and our ability to leverage the proper distribution channels," Wang said.