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news.Weikang Bio-Technology Group, a developer, manufacturer and marketer of traditional chinese medicine (TCM), nutritional products, western prescription pharmaceuticals and other health products in the People's Republic of China, has reported a net sales of $13.95m for the first quarter ended Mar 31, 2010, an increase of 38.1%, compared to $10.11m for the comparable period in 2009.
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Weikang Bio-Technology Group has posted a net income of $4.54m for the first quarter 2010, or $0.17 per diluted share, compared to $3.8m, or $0.15 per diluted share, for the comparable period in 2009. Income from operations was $6.36m, compared to $5.01m for the comparable period in 2009.
Weikang intends to continue developing new products and expanding its distribution network throughout 2010. The company has 10 therapeutics in various stages of the SFDA approval process and expects to launch its 10-HDA in the third quarter of 2010 and ShuangBaoGu by the end of 2010.
Yin Wang, chairman and CEO of Weikang Bio-Technology, said: “We are pleased to have achieved a record quarter in terms of revenue and net income. Moreover, we believe the strong quarter demonstrates our solid competitive position with our portfolio of proprietary therapeutics and ability to consistently expand our market penetration. Both Tianfang and Weikang had strong sales growth as a result of our increased distribution network and market coverage.”