BEIJING, Jan. 6, 2011 /PRNewswire-Asia/ — Sinovac Biotech Ltd.
(Nasdaq:
SVA), a leading provider of biopharmaceutical products in
China, announced today its preliminary unaudited sales range for
the fourth quarter and full year ended December 31, 2010. A
conference call to discuss these preliminary sales will be held on
January 6, 2011 at 8:00 a.m. Eastern Standard Time (January 6, 2011
at 9:00 pm China Standard Time). The Company will issue its final
unaudited fourth quarter and full year 2010 financial results on or
about March 31, 2011.
Sinovac expects its fourth quarter 2010 preliminary unaudited
sales to be in the range of approximately $7.8 million to $10.8
million and its full year 2010 preliminary unaudited sales to be in
the range of $32 million to $35 million. The shortfall in
sales as compared to the revised total 2010 sales expectations
issued in October 2010 was attributable to the weaker than expected
sales of Anflu and Healive in the private market.
Dr. Weidong Yin, Chairman & CEO, commented, “We faced a
challenging external market environment in 2010, which negatively
impacted vaccine demand in the private market. As the company
grows, we cannot avoid market-related volatility. We believe it is
a great experience for Sinovac’s fast-growing management team to
learn and grow. Recognizing the importance of addressing this
market situation, we are undertaking initiatives to adjust our
sales strategy. Concurrently, we are continuing to advance our
R&D projects with the aim of completing development and
launching our new products. Currently, we have sufficient cash on
hand to support Company’s R&D activities, capacity expansion,
potential M&A and international collaborations, which are the
company’s driving forces for future growth.”
The preliminary sales ranges are preliminary unaudited estimates
for the fourth quarter and full y
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