Boston, MA, 03/20/2014 – Sinovac Biotech Ltd (NASDAQ:SVA) a leading biopharmaceutical company in China has reported its fourth quarter and full year unaudited results for the period ending December 31, 2013.
Fourth quarter financials
Sinovac Biotech saw its fourth quarter sales grow by 17.1% clocking in at a high of $22.9 million up from $19.6 million reported for the same period in 2012. The growth in sales was as a result of revenue growth of Panflu (H5N1) which is under the government stock piling program.
Gross profit margin for the quarter surged to a high of 64% up from 55.6% reported in the fourth quarter of 2012. Improvement in operational management has been cited as the reason behind the growth in gross margin as well as increase in selling prices of some of the products
Selling, General and Administrative expenses increased by $1.2 million compared to the same period the prior year coming in at $2.5million. The increase in expenses in this front was as a result of the continued advancement of pipeline vaccine candidates.
The company’s net income for the quarter surged to a high of $5.8 million or $0.10 per basic share up from a net loss of $4.6 million or $0.08 per diluted share.
Full year results
Sinovac Biotech full year sales were up by 47.4% clocking in at an impressive $72.5 million up from a low of $49.2 million reported in 2012. Gross profit for the year grew by 70.2% coming in at $51.3 million up from $30.1 million reported in 2012. Gross margin for the year was at an impressive 70.7% up from 61.2% reported in 2012.
Full year selling General and Administrative expenses on the other hand came in at $32.4 million up from $31.7 million reported as of close of business on December 31, 2012. Research and development expenses decreased to $8.4 million down from a high of $17 million reported in 2012
Full year net income clocked at a high of $7.4 million or 0.13 per diluted share up from a net loss of $14.9 million or $0.27 reported in 2012
Sinovac Biotech cash and cash equivalent as of close of business on December 31, 2013 stood at $107.2 million compared to $91.2 million in 2012 .