Sinovac Reports Unaudited Third Quarter 2009 Financial Results
Three months ended September 30,
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2009
|
2008
|
|
(000 doses)
-----------
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(000 doses)
-----------
|
Healive
|
989
|
1,087
|
Bilive
|
215
|
28
|
Anflu
|
4,312
|
512
|
Panflu(H5N1)
|
20
|
0
|
PANFLU.1(H1N1)
|
586
|
0
|
Nine months ended September 30,
|
2009
|
2008
|
|
(000 doses)
-----------
|
(000 doses)
-----------
|
Healive
|
5,024
|
5,313
|
Bilive
|
708
|
234
|
Anflu
|
4,448
|
498
|
Panflu(H5N1)
|
20
|
0
|
PANFLU.1(H1N1)
|
586
|
0
|
SINOVAC BIOTECH LTD.
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|||||||||
Consolidated Statements of Income and Comprehensive Income
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|||||||||
Three Months and Nine Months Ended September 30, 2009 and 2008
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|||||||||
(Unaudited)
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|||||||||
(Expressed in U.S. Dollars)
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|
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|
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Three months ended
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Nine months ended
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||||
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September 30
|
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September 30
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||||
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2009
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|
2008
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|
|
2009
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|
2008
|
|
|
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|||||||
Sales
|
$
|
21,224,685
|
$
|
8,753,671
|
$
|
47,809,111
|
$
|
34,137,101
|
|
Cost of sales - (exclusive of depreciation of land-use rights and amortization of licenses and permits of $104,732 (2008 - $102,742) for three months and $314,081 (2008-$202,575) for nine months
|
|
3,675,695
|
|
1,658,862
|
|
|
8,886,251
|
|
5,320,667
|
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|
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|||||||
Gross profit
|
|
17,548,990
|
|
7,094,809
|
|
|
38,922,860
|
|
28,816,434
|
Selling, general and administrative expenses
|
3,519,977
|
3,791,916
|
11,927,879
|
|
13,408,452
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||||
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|||||||||
Research and development expenses - net of
|
1,443,834
|
811,901
|
2,753,009
|
2,408,745
|
|||||
$133,176 (2008- $16,829) for three months and $261,861 (2008- $147,958) for nine months in government research grants
|
|||||||||
Depreciation of property, plant and equipment and amortization of licenses and permits
|
|
179,962
|
|
178,404
|
|
|
511,835
|
|
526,117
|
|
|
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|||||||
Total operating expenses
|
|
5,143,773
|
|
4,782,221
|
|
|
15,192,723
|
|
16,343,314
|
|
|
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|||||||
Operating income
|
12,405,217
|
2,312,588
|
23,730,137
|
12,473,120
|
|||||
Interest and financing expenses
|
(246,036)
|
(189,935)
|
(571,349)
|
(747,496)
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|||||
Interest income and other income (expenses)
|
|
77,300
|
|
58,456
|
|
|
243,451
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(36,685)
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|
|
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Income before income taxes and non-controlling interest
|
12,236,481
|
2,181,109
|
23,402,239
|
11,688,939
|
|||||
Income taxes recovery (expense)
|
|||||||||
- Current
|
(3,230,985)
|
(1,005,174)
|
(5,026,902)
|
(4,229,613)
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|||||
- Deferred
|
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(551,478)
|
|
94,028
|
|
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(1,399,428)
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|
991,461
|
|
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|||||||
Consolidated net income for the period
|
8,454,018
|
1,269,963
|
16,975,909
|
8,450,787
|
|||||
Less: net income attributable to non-controlling interest
|
|
(3,228,659)
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(530,084)
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|
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(5,917,215)
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(2,814,703)
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Net income attributable to the stockholders
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$
|
5,225,359
|
$
|
739,879
|
|
$
|
11,058,694
|
$
|
5,636,084
|
Net income for the period
|
$
|
8,454,018
|
1,269,963
|
16,975,909
|
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8,450,787
|
|||
Other comprehensive income
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|||||||||
Foreign currency translation adjustment
|
|
64,108
|
|
33,637
|
|
|
90,728
|
|
2,358,956
|
Total comprehensive income
|
8,518,126
|
1,303,600
|
17,066,637
|
|
10,809,743
|
||||
Less: comprehensive income attributable to non-controlling interest
|
|
3,229,599
|
|
522,960
|
|
|
5,932,451
|
|
2,889,658
|
Comprehensive income attributable to stockholders
|
$
|
5,288,527
|
$
|
780,640
|
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$
|
11,134,186
|
$
|
7,920,085
|
Earnings per share – basic and diluted
|
$
|
0.12
|
$
|
0.02
|
$
|
0.26
|
$
|
0.13
|
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Weighted average number of shares
|
|
|
|
|
|
|
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|
|
of common stock outstanding
|
|||||||||
- Basic
|
42,428,755
|
42,873,511
|
42,574,921
|
42,299,187
|
|||||
- Diluted
|
|
43,631,572
|
|
43,142,788
|
|
|
42,758,104
|
|
42,638,584
|
SINOVAC BIOTECH LTD.
|
||||||||||
Consolidated Statements of Cash Flows
|
||||||||||
Three Months and Nine Months Ended September 30, 2009 and 2008
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||||||||||
(Unaudited)
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||||||||||
(Expressed in U.S. Dollars)
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Three Months ended September 30
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Nine Months ended September 30
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|||||||
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|
2009
|
|
2008
|
|
2009
|
|
2008
|
||
Cash flows from (used in) operating activities
|
|
|
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|||||||
Net Income for the period
|
$
|
8,454,018
|
$
|
1,269,963
|
$
|
16,975,909
|
$
|
8,450,787
|
||
Adjustments to reconcile net income to net cash
|
||||||||||
used by operating activities:
|
||||||||||
- deferred income taxes
|
551,478
|
(94,028)
|
1,399,428
|
(991,461)
|
||||||
- loss (income) on disposal fixed assets
|
641
|
2,249
|
(6,708)
|
2,249
|
||||||
- stock-based compensation
|
180,152
|
16,635
|
308,195
|
49,907
|
||||||
- provision for doubtful debts
|
(1,595,787)
|
408,289
|
717,137
|
1,968,207
|
||||||
- depreciation of property, plant and equipment, and amortization of licenses
|
529,957
|
517,751
|
1,394,064
|
1,298,314
|
||||||
- research and development expenditures qualified for government grant
|
(133,176)
|
(16,829)
|
(261,861)
|
(147,677)
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||||||
Change in other assets and liabilities
|
||||||||||
- accounts receivable
|
(3,545,198)
|
4,718,247
|
(18,088,750)
|
(8,650,832)
|
||||||
- inventories
|
(4,063,146)
|
(1,620,126)
|
(9,198,785)
|
(3,934,756)
|
||||||
- income tax refundable (payable)
|
3,482,345
|
-
|
3,309,317
|
-
|
||||||
- prepaid expenses and deposits
|
(197,728)
|
273,079
|
58,098
|
188,789
|
||||||
- advance from stockpiling program
|
147,160
|
-
|
9,791,728
|
-
|
||||||
- accounts payable and accrued liabilities
|
|
3,646,229
|
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(2,168,844)
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|
2,362,439
|
|
1,973,562
|
||
Net cash provided by operating activities
|
|
7,456,945
|
|
3,306,386
|
|
8,760,211
|
|
207,089
|
||
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|
||||||||
Cash flows from (used in) financing activities
|
||||||||||
Loan proceeds
|
-
|
(3,572,010)
|
16,074,281
|
-
|
||||||
Loan repayment
|
(4,384,356)
|
2,143,206
|
(4,384,356)
|
(3,572,010)
|
||||||
Proceeds from issuance of common stock
|
693,285
|
-
|
693,285
|
2,143,206
|
||||||
Repurchase of common shares
|
-
|
-
|
(335,831)
|
9,854,560
|
||||||
Loan repayment from non-controlling shareholder of Sinovac Beijing
|
1,461,298
|
-
|
-
|
-
|
||||||
Proceeds from shares subscribed
|
4,035
|
20,060
|
4,035
|
20,060
|
||||||
Dividends paid to non-controlling shareholder of Sinovac Beijing
|
(3,846,501)
|
-
|
(3,846,501)
|
(2,947,877)
|
||||||
Government grant received
|
|
171,326
|
|
143,626
|
|
171,326
|
|
214,321
|
||
Net cash provided by (used in) financing activities
|
|
(5,900,913)
|
|
(1,265,118)
|
|
8,376,239
|
|
5,712,260
|
||
|
|
|
||||||||
Cash flows from (used in) investing activities
|
||||||||||
Restricted cash
|
-
|
434,196
|
-
|
(725)
|
||||||
Acquisition of property, plant and equipment
|
|
(1,718,443)
|
|
(1,046,849)
|
|
(3,480,444)
|
|
(3,283,424)
|
||
Net cash used in investing activities
|
|
(1,718,443)
|
|
(612,653)
|
|
(3,480,444)
|
|
(3,284,149)
|
||
Exchange effect on cash and equivalents
|
|
37,748
|
|
303,614
|
|
29,681
|
|
845,803
|
||
Increase (decrease) in cash and cash equivalents
|
|
(124,663)
|
|
1,732,229
|
|
13,685,687
|
|
3,481,003
|
||
|
|
|
|
|||||||
Cash and cash equivalents, beginning of period
|
|
46,704,452
|
|
18,820,271
|
|
32,894,102
|
|
17,071,497
|
||
|
|
|
||||||||
Cash and cash equivalents, end of period
|
$
|
46,579,789
|
$
|
20,552,500
|
$
|
46,579,789
|
$
|
20,552,500
|
||
|
||||||||||
Cash paid for interest, net of interest capitalized
|
$
|
285,423
|
$
|
150,657
|
$
|
615,691
|
$
|
456,665
|
||
Cash paid (received) for income taxes
|
$
|
(251,359)
|
$
|
1,502,166
|
$
|
1,717,585
|
$
|
2,812,129
|
Sinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company that focuses on the research, development, manufacturing, and commercialization of vaccines that protect against human infectious diseases.
SINOVAC's product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected Hand-Foot-Mouth disease (HFMD), hepatitis A and B, seasonal influenza, pneumococcal disease, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu), varicella, mumps, and poliomyelitis.
SINOVAC's COVID-19 vaccine, CoronaVac®, has been approved for use in more than 60 countries and regions worldwide. The Healive®, a hepatitis A vaccine manufactured by the Company, passed the assessment under WHO prequalification procedures in 2017. The EV71 vaccine, Inlive®, is an innovative vaccine, that was commercialized in China in 2016. In 2022, SINOVAC's Sabin-strain inactivated polio vaccine (sIPV) was prequalified by WHO.
SINOVAC was the first company that granted approval for its H1N1 influenza vaccine Panflu.1®, which has supplied to the Chinese Government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine, Panflu®, to the Chinese government stockpiling program.
SINOVAC has been continually dedicating itself to new vaccine research and development, with more combination vaccine products in the pipeline, and constantly exploring opportunities in the international market. SINOVAC looks forward to conducting more extensive and in-depth trade and cooperation with more countries, enterprises, and professional institutions.
For more information, please see the Company’s website at www.sinovac.com.
Contacts
Sinovac Biotech Ltd.
Helen Yang
+86-10-8279-9871 or
+86-10-5693-1897
Fax: +86-10-6296-6910
ir@sinovac.com
ICR Inc.
Bill Zima
U.S.: 1-646-308-1707
william.zima@icrinc.com