Full Press Release Details
Sinovac Announces Preliminary
Unaudited Third Quarter 2010 Sales Range and Revises Full Year 2010 Sales
Press Release Source: Sinovac Biotech Ltd. On Sunday October 24, 2010, 5:00 pm
/PRNewswire-Asia-FirstCall/ Sinovac Biotech Ltd. (Nasdaq:SVA - News), a
leading provider of biopharmaceutical products in China, announced today its
preliminary unaudited sales range for the third quarter ended September 30,
2010 and revised sales guidance for full year 2010. A conference call to
discuss these preliminary results and revised sales guidance will be held on October 25,
2010 at 8:00 a.m. Eastern Time (October 25, 2010 at 8:00 pm China
Standard Time). The Company will issue its final unaudited 2010 third quarter
and nine months financial results on or about November 15, 2010.
Sinovac expects its third quarter 2010 sales to
be in the range of approximately $9 million to $10 million. The Company revises
its total 2010 sales expectations to be in the range of approximately $40
million to $45 million compared to previous expectations in the range of $60
million to $67 million. The Company has provided this revised outlook based on
the following factors:
1. The vaccine market in China is experiencing a much longer than originally
expected demand weakness in the market following the unfounded media reports
about vaccine safety in China s Shanxi province.
2. A large-scale measles vaccination campaign was conducted in September 2010
that delayed administration of routine vaccinations, including the seasonal
influenza vaccine. The campaign concluded in September 2010.
Sinovac vaccine product portfolio is comprised
of five commercialized products and a number of pipeline products. The Company
is advancing the development of its portfolio and pursuing opportunities to add
products. Currently the R&D process for our pipeline products is
progressing well on schedule.
Dr. Weidong Yin, Chairman, President and
CEO of Sinovac, stated, We are well positioned to leverage our competitive
strengths as we deliver mid to long term growth to our shareholders. We have
proven research and development capabilities and a robust vaccine development
pipeline with promising market potential. With stringent quality assurance
programs in place at our manufacturing facilities, we are poised to benefit
from new China GMP standards that are anticipated to be issued in the coming
year. We are on track with our capacity expansion initiatives in advance of the
commercialization of our pipeline products. Moreover, we are actively seeking
international collaborations and potential expansion opportunities.
The preliminary sales range is a preliminary
unaudited estimate for the quarter ended September 30, 2010. The Company s
financial results for third quarter of 2010 have not been finalized, and remain
subject to the completion of its normal quarter-end closing procedures and
Conference Call Details
The Company will host a conference call on
Monday, October 25, 2010 at 8:00 a.m. EDT (October 25, 2010 at
8:00 pm China Standard Time) to review the Company s selected preliminary
unaudited sales range for the third quarter ended September 30, 2010 and
revised full year 2010 sales expectations. To access the conference call,
please dial 1-877-407-4018 (USA) or 1-201-689-8471 (international). A replay of
the call will be available from 11:00 a.m. EDT on October 25, 2010 to
November 8, 2010 at midnight. To access the replay, please dial
1-877-870-5176 (USA) or 1-858-384-5517 (international) and the replay pin
A live audio webcast of the call will also be
available from the Investors section on the corporate web site at
http://www.sinovac.com. A webcast replay can be accessed on the corporate
website beginning October 25, 2010 and the replay will remain available
Sinovac Biotech Ltd. is a China-based
biopharmaceutical company that focuses on the research, development,
manufacture and commercialization of vaccines that protect against human
infectious diseases including hepatitis A, seasonal influenza, H5N1 (bird flu)
pandemic influenza and H1N1 influenza. In 2009, Sinovac was the first company
worldwide to receive approval for its H1N1 influenza vaccine, PANFLU.1 and has
received the orders from the Chinese Central Government pursuit to the
government stockpiling program. The company is currently developing a number of
new vaccine products, including pneumococcal conjugate vaccine, EV71
inactivated vaccine (against Hand, Foot &
Mouth Disease), Japanese Encephalitis vaccine, animal and human rabies vaccine,
HIB and epidemic meningitis, chickenpox, mumps and rubella vaccines. Its wholly
owned subsidiary, Tangshan Yian, is focusing on the research, development,
manufacturing and commercialization of animal vaccines and currently has
completed the field trials for an independently developed inactivated animal
rabies vaccine, which is anticipated to be launched into market in 2011.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by words or phrases such as will, expects, anticipates,
future, intends, plans, believes, estimates and similar statements.
Among other things, the business outlook and quotations from management in this
press release contain forward-looking statements. Statements that are not
historical facts, including statements about Sinovac s beliefs and
expectations, are forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties. A number of important factors could
cause actual results to differ materially from those contained in any
forward-looking statement. Sinovac does not undertake any obligation to update
any forward-looking statement, except as required under applicable law.
For further information, please contact:
Sinovac Biotech Ltd.
Tel: +86-10-8279-9871
Fax: +86-10-6296-6910
Email: info@sinovac.com
Stephanie Carrington/Amy Glynn
Tel: +1-646-536-7017/7023
Email: scarrington@theruthgroup.com
Tel: +1-646-536-7025
Email: jrando@theruthgroup.com