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news.Biostar Pharmaceuticals (Biostar), a manufacturer of over-the-counter Hepatitis B medicine, has reported net sales of $53.3m for the fiscal year ended December 31, 2009, an increase of 57.2%, compared to $33.9m for the same period in 2008.
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FY 2009 gross profit increased 96% to $39m, compared to $19.9m for FY2008 and gross margin increased 1,470 basis points to 73.2%.
Operating expenses were $23.9m, up 97.7% compared to the same period in 2008. Selling, general and administration expenses for the period increased to approximately $22.9m from $12.1m, primarily due to enhanced marketing efforts including increased sales payrolls and direct marketing expenses.
Operating income totaled approximately $15.1m, a 94.6% increase from 2008 operating income of $7.8m.
Biostar has posted a net income of $10.49m, or $0.32 per diluted share, for the fiscal year, compared to $6.69m, or $0.22 per diluted share, for the prior year period. Operating income was $15.1m, compared to $7.76m for the year ago period.
Ronghua Wang, chairman and CEO of Biostar, said: “We are very pleased to report our fiscal 2009 results which included strong revenue growth. Our marketing strategy for our flagship Xin Aoxing Capsule was successful and was complemented by the expansion of our rural network, which enabled us to achieve record sales and earnings for the year.
“We have established a solid foundation which optimizes revenue opportunities for both our flagship and new products in major metropolitan and rural areas, and leverages support from both the government’s health care reform under the New Rural Cooperative Medical System, and the consumers’ desire to improve their quality of life.”