"We achieved excellent revenue and net income growth in the second quarter," said Dr. Lequn Huang, Sinobiopharma's Chairman and CEO stated. "The strong growth is largely due to our increased marketing efforts and strong demand for our main product KuTai (cisatracurium besylate). KuTai is replacing older-generation muscle relaxants since it is uniquely differentiated by both its performance profile and its convenience. KuTai is the only muscle relaxant that can be stored at room temperature. We feel confident that KuTai will continue to gain market share."
With that statement being said sales for SNBP increased 120% to $2,137,471 for the three months ended November 30, 2009, from $971,173 for the three months that ended November 30, 2008. Gross margin increased 182% to $1,720,308 (80% of sales) for the three months that ended November 30, 2009, from $610,752 (63% of sales) for the three months that ended November 30, 2008. operating expenses for the three months ended November 30, 2009 were $596,154, representing a 63% decrease as compared to $1,594,819 for the three months that ended November 30, 2008. Research and development expenses increased $189,396 from $33,015 for the three months ended November 30, 2008 to $222,411 for the three months that ended November 30, 2009. And finally other expenses decreased $10,568 from $61,172 for the three months that ended November 30, 2008 to $50,604 for the three months that ended November 30, 2009.
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About Sinobiopharma
SNBP is a fully integrated and highly innovative biopharmaceutical company engaged in the research and development, manufacture and marketing of pharmaceutical products in China
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