Sinovac Biotech Q4 Profit Decreases - Quick Facts

(RTTNews) - Sinovac Biotech Ltd. (SVA), a leading provider of biopharmaceutical products in China, reported fourth-quarter net income to stockholders of $1.30 million or $0.02 per share, compared to $5.82 million or $0.10 per share, prior year.

Analysts polled by Thomson Reuters expected the company to report profit per share of $0.01 for the quarter. Analysts' estimates typically exclude special items.

Sales were $20.32 million compared to $22.95 million last year. Excluding revenue recognized from the stockpiling of H5N1 pandemic influenza vaccine of $0.1 million in the fourth quarter of 2014 and $7.2 million in the fourth quarter of prior year, fourth quarter regular product sales were $20.2 million, an increase of 28.2% from prior year period. The company said the increase was primarily driven by increased sales of the hepatitis vaccines, due to increased demand in the private-pay market as well as an increase in average selling price.

Selling, general and administrative expenses were $9.9 million, compared to $7.9 million in the same period of 2013. The company said the increase was primarily due to the trial production of EV71 as well as foreign exchange loss due to the appreciation of the US dollar against the Chinese RMB.