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news.China Medicine, a manufacturer, developer and distributor of Western pharmaceuticals, traditional Chinese medicines (TCM) and other health products, has reported revenues of $17.55m for the third quarter ended 30 September 2010, a decrease of 8.4%, compared to $19.16m for the same period in 2009.
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China Medicine has posted a net income of $2.22m for the third quarter 2010, or $0.06 per diluted share, compared to a net income of $3.22m, or $0.21 per diluted share, for the comparable period in 2009.
Income from operations was $2.49m, compared to $4.54m for the comparable period in 2009.
China Medicine has posted a revenue of $45.31m, for the nine months ended 30 September 2010, compared to $44.31m for the year ago period.
For the nine months ended 30 September 2010, China Medicine has posted a net income of $8.12m, or $0.09 per diluted share, compared to $3.81m, or $0.25 per diluted share, for the year ago period.
Income from operations was $7.52m, compared to $8.08m for the year ago period.
China Medicine chairman and CEO Senshan Yang said that they had a very challenging quarter, impacted by a combination of margin pressure on distributing prescription drugs due to the government’s influence on the drug distribution bidding system, and rising prices of certain raw materials used in their proprietary products.
"We responded to these challenges by continually executing our high-margin focus strategy," Yang said.
"In addition, we expedited the pace of completing the required clinical trials for Zhimu Huangtong, a patented TCM drug used to treat diabetes, and expect to launch this diabetic product in 2012."