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news.3SBio, a China-based biotechnology company focused on manufacturing, researching, developing and marketing biopharmaceutical products, has reported total net revenues of RMB96.37m for the first quarter ended March 31, 2010, an increase of 40.5%, compared to RMB68.6m for the comparable period in 2009.
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3SBio posted a net income of RMB26.65m, or RMB0.17 per diluted share, compared to RMB15.88m, or RMB0.11 per diluted share, for the prior year period. Income from operations was RMB28.2m, compared to RMB20.1m for the year ago period.
3SBio said that this increase in revenues was largely due to continued strong sales of EPIAO and TPIAO which grew by 33.3% and 60.3%, respectively, over the same period in 2009.
Jing Lou, CEO of 3SBio, said: “Overall, we remain on track to achieve our key sales, manufacturing and product development objectives for 2010. Our core products, EPIAO and TPIAO, performed well in the first quarter and we have increased our full year net revenues guidance from $56-58m to $56-60m.
“We continue to consistently execute our sales and marketing strategy and build on 3SBio’s strong branding among physicians and patients. In line with our long-term growth objectives, the recently announced strategic partnerships with Panacor Bioscience and Ascentage Pharma will strengthen 3SBio’s early and mid-stage pipeline and further solidify our leading position in China’s nephrology and oncology markets.”