Sinovac To Launch EV71 Vaccine By June 30, 2016; Q4 Net Income Declines

(RTTNews) - Sinovac Biotech Ltd. (SVA) announced its next core product, the EV71 vaccine, is now in commercial production. Sinovac expects to begin the sales of EV71 by June 30, 2016. The China Food and Drug Administration issued the new drug certificate and production license for Sinovac's enterovirus 71, or EV71 vaccine, at the end of December, 2015. The vaccine obtained its new drug certification, production license and GMP certification.

Weidong Yin, CEO of Sinovac, said, "The EV71 vaccine is the first innovative vaccine product successfully developed and commercialized by Sinovac and represents the first of several pipeline product candidates being developed to grow the business in the coming years. We look forward to improving our financial performance and enhancing our market position over the long term upon the commercialization of this product."

For the fourth-quarter of 2015, sales from continuing operations were $23.0 million, an increase of 13.1% from $20.3 million in the prior year period. The company said the sales increase was primarily due to recognition of H5N1 revenue. Excluding H5N1 revenue, quarterly sales from continuing operations were $19.1 million, a decrease of 5.4% from the comparative period.

For the fourth-quarter of 2015, net income attributable to shareholders was $504 thousand, or $0.01 per share, compared to $1.3 million, or $0.02 per share, prior year. Non-GAAP net income from continuing operations in the fourth quarter of 2015 was $2.2 million, a decrease of 15% compared to $2.6 million in the prior year period. Non-GAAP EPS from continuing operations was $0.03, flat with prior year period.