Sinovac Biotech Ltd. (Nasdaq: SVA) a leading developer and provider of vaccines, announced recently its unaudited financial results for the three-month and nine-month periods ended September 30, 2009.During the third quarter of 2009, sales were $21.2 million, up 142% from $8.7 million in the third quarter of 2008. During the nine months ended September 30, 2009, sales were $47.8 million, up 40% from $34.1 million for the same period in 2008. Sinovac recorded strong revenues growth in the second and third quarters, which greatly improved the Company's performance for the year to date.
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Mr. Weidong Yin, Chairman, President and CEO of Sinovac, commented, "We are very proud that Sinovac was the first company in the world to develop a vaccine for the H1N1 pandemic flu virus. This achievement was made possible by the Company's focus on its mission to provide Chinese children with the best vaccines in the world, and let children in the world benefit from vaccines made in
In the current year, Sinovac expects to generate significant revenues from the sale of its H1N1 vaccine; this is expected to be a short-term initiative that will extend through to the end of the influenza season in the spring of 2010. These sales are not expected to be recurring, but demonstrate the Company's ability to develop, manufacture and distribute vaccines on short notice. At the same time, the outbreak of H1N1 pandemic flu appears to have increased the demand for seasonal flu vaccines. It is expected that increasing sales of Anflu will benefit the company over the long-term.
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