HAIKOU CITY, China, Nov. 11, 2010 /PRNewswire-Asia-FirstCall/ —
China Pharma Holdings, Inc. (NYSE Amex:
CPHI) (“China Pharma” or the “Company”), a leading
fully-integrated specialty pharmaceuticals company in China, today
announced financial results for the third quarter ended September
30, 2010.
ThirdQuarter Highlights
Revenue increased 20% to $18.7 million from $15.5 million in the
third quarter of fiscal year 2009 Excluding an adjustment for a
one-time non-cash change in bad debt estimate in third quarter
2009, net income increased 29% from $4.3 million in the year ago
period to $5.5 million this quarter Company completed phase I
clinic trials for novel cephalosporin-based combination
antibiotic
“Our well-balanced pharmaceutical portfolio continues to
demonstrate healthy organic growth this quarter, led by Digestive
Diseases and Other products. In particular, incremental sales of
Omeprazole favorably impacted Digestive Diseases, while Granistron
and Vitamin B6 drove Other product revenues during the reporting
period,” said China Pharma’s President and CEO, Ms. Zhilin Li. “We
also are very pleased with the successful completion of Phase I
clinical trials of our novel cephalosporin-based combination
antibiotic during third quarter 2010. Exciting new drugs such as
this, along with other first-to-market generic medicines will
enhance China Pharma’s strong growth and profitability.”
Third Quarter ResultsThird quarter 2010 total revenues grew
20% to $18.7 million from $15.5 million in third quarter 2009.
Digestive Diseases product sales for the third quarter 2010 grew by
51% year-over-year to $2.4 million, primarily due to continued
strong sales of Omeprazole, the Company’s generic gastroesophageal
reflux disease (GERD) drug launched in fourth quarter 2009.
In the third quarter of 2010, the Company’s Other Prod
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