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news.Biostar Pharmaceuticals, a Xianyang-based manufacturer of over-the-counter Hepatitis B medicine Xin Aoxing Oleanolic Acid capsules (Xin Aoxing) and a variety of pharmaceutical products, has reported net sales of $12.4m for the first quarter ended Mar 31, 2010, an increase of 66%, compared to $7.4 m for the comparable period in 2009.
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Biostar Pharma has posted a net income of $2.26m for the first quarter 2010, or $0.08 per diluted share, compared to $1.82m, or $0.08 per diluted share, for the comparable period in 2009. Income from operations was $3.13m, compared to $2.30m for the comparable period in 2009.
Ronghua Wang, chairman and CEO of Biostar Pharma, said: “We are pleased to report another quarter of strong revenue growth, as Biostar gains further brand recognition and awareness for our Xin Aoxing capsules. With momentum in several key markets, we are confident that this flagship product is becoming known as one of the major medical treatments for Hepatitis B in China.
“We are optimistic that with our continued expansion into new markets, supported by comprehensive marketing and distribution strategies, including direct sales, we are in position to leverage our product portfolio for optimal growth.”