BioStar Pharmaceuticals 2008 net income up

BioStar Pharmaceuticals, a developer and manufacturer of pharmaceutical and medical nutrient products, has reported a net income of $6.69m, or $0.22 per diluted share, for 2008, compared to $3.96m, or $0.19 per diluted share, for 2007.

The company reported net sales of $33.91m for the year ended December 31, 2008, as compared to $15.89m for the year ended December 31, 2007.

The company said that the increase in revenue and net income reflects an increase in sales of all five of Biostar’s State Food and Drug Administration (SFDA) approved drugs, most notably the Xin Aoxing oleanolic acid capsule, reportedly the only SFDA-approved, over-the-counter treatment for hepatitis B.

The increase in sales is also attributed to the continued implementation of the company’s ‘Blue Sea’ project, which markets products directly to consumers in rural China through retail pharmacies at higher retail prices.

Ronghua Wang, chairman and CEO of BioStar, said: I am quite pleased with the company’s performance in 2008. Our targeted marketing programs and strategic pricing increases resulted in the doubling of revenues on existing products. We continue to strengthen our sales and marketing efforts, particularly for high-demand products such as our oleanlic acid capsule.