Biostar Pharmaceuticals, Inc. Says Gelatin Scandal Will Cut Q2 Revenues in Half
Published: Aug 09, 2012
August 8, 2012 -- Biostar Pharma of Xianyang warned investors that its second quarter was severely hurt by China’s gelatin scandal, which began in April of this year. Because Biostar was ordered to stop all sales of gelatin products, the company’s Q2 revenues will be cut in half from the nearly $16 million it recorded in Q1. Stressing the positive, Biostar reported the Xianyang SFDA gave permission on July 30 to re-start its production of gelatin-based capsules. The company expects Q3 to be much improved, while it hopes Q4 will see revenues return to normal levels. More details....
Stock Symbol: (NSDQ: BSPM)