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Simcere Pharmaceutical Group Reports Preliminary Unaudited Third Quarter 2012 Results


11/15/2012 8:02:35 AM

NANJING, China, Nov. 15, 2012 /PRNewswire/ -- Simcere Pharmaceutical Group ("Simcere" or the "Company") (NYSE: SCR), a leading pharmaceutical company specializing in the development, manufacturing, and marketing of branded generic and proprietary pharmaceuticals in China, today reported preliminary unaudited financial results for the quarter ended September 30, 2012.

Highlights

  • Total revenue was RMB526.5 million (US$83.8 million) for the third quarter of 2012, compared to RMB501.0 million for the same period in 2011, representing an increase of 5.1%. For the first nine months of 2012, total revenue was RMB1,542.8 million (US$245.5 million), representing an increase of 0.9% from RMB1,529.5 million for the same period in 2011.
  • Gross margin for the third quarter of 2012 was 83.6%, compared to 84.6% for the same period in 2011. For the first nine months of 2012, gross margin was 83.2%, compared to 84.5% for the first nine months of 2011.
  • Income from operations was RMB32.9 million (US$5.2 million) for the third quarter of 2012, compared to RMB32.4 million for the same period in 2011, representing an increase of 1.6%. For the first nine months of 2012, income from operations was RMB117.7 million (US$18.7 million), which represented a decrease of 17.1% from RMB141.9 million for the same period in 2011.
  • Net income attributable to Simcere was RMB22.2 million (US$3.5 million) for the third quarter of 2012, a decrease of 34.8% from RMB34.0 million for the same period in 2011. For the first nine months of 2012, net income attributable to Simcere was RMB77.8 million (US$12.4 million), which represented a decrease of 42.7% from RMB135.6 million for the same period in 2011.

"In the third quarter of 2012, Simcere's revenue and gross margin fundamentally remained stable," commented Mr. Jinsheng Ren, Chairman of Simcere Pharmaceutical Group. "While sales of edaravone continued to face challenges, we were encouraged to see growth from our generic drugs such as Zailin. I am also pleased that Hongquan Liu, our new Chief Executive Officer, is leading Simcere's management team to improve Simcere's overall operations. I am confident that Simcere will benefit from Hongquan's experience and leadership."

Mr. Hongquan Liu, Executive Director and Chief Executive Officer of Simcere Pharmaceutical Group, commented, "With Simcere's robust product portfolio and leading R&D capabilities, I am confident that Simcere has significant potential for future growth. Moving forward, in order to improve profitability, Simcere's strategic priorities will include focusing on key products, optimizing our sales and marketing organization, strengthening cost control, and in particular reducing sales and marketing expense as a percentage of revenue."

2012 Third Quarter Financial Results

Total revenue for the third quarter of 2012 was RMB526.5 million (US$83.8 million), compared to RMB501.0 million for the same period in 2011, representing an increase of 5.1%. For the first nine months of 2012, total revenue was RMB1,542.8 million (US$245.5 million), representing an increase of 0.9% from RMB1,529.5 million for the same period in 2011.

The tables below set forth the Company's top 10 products by revenue for the three months ended September 30, 2012 and nine months ended September 30, 2012:

In Thousands  



Three months ended
September 30, 2012

Three months ended
September 30, 2011



RMB  

USD       

% of total  

RMB                 

% of total 

Change

Products   

Therapeutic Area        



revenue  


revenue


Edaravone 

Neuroscience

179,368

28,540

34.1%

192,001

38.3%

(6.6%)

Endu

Oncology

70,519

11,221

13.4%

77,992

15.6%

(9.6%)

Zailin        

Infectious Disease 

53,999

8,592

10.2%

28,971

5.8%

86.4%

Yintaiqing  

Inflammation

52,123

8,293

9.9%

42,364

8.5%

23.0%

Sinofuan    

Oncology           

40,667

6,471

7.7%

53,002

10.6%

(23.3%)

Jiebaishu   

Oncology           

19,047

3,031

3.6%

19,827

4.0%

(3.9%)

Biqi  

Gastroenterology                  

17,900

2,848

3.4%

28,432

5.7%

(37.0%)

Anxin        

Infectious Disease            

15,385

2,448

2.9%

9,374

1.9%

64.1%

Faneng      

Osteoporosis              

11,564

1,840

2.2%

10,705

2.1%

8.0%

Anqi

Infectious Disease                  

9,767<

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