Sinovac Provides Preliminary Unaudited Fourth Quarter 2010 Sales Range
BEIJING, Jan. 6, 2011 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (Nasdaq: SVA), a leading provider of biopharmaceutical products in China, announced today its preliminary unaudited sales range for the fourth quarter and full year ended December 31, 2010. A conference call to discuss these preliminary sales will be held on January 6, 2011 at 8:00 a.m. Eastern Standard Time (January 6, 2011 at 9:00 pm China Standard Time). The Company will issue its final unaudited fourth quarter and full year 2010 financial results on or about March 31, 2011.
Sinovac expects its fourth quarter 2010 preliminary unaudited sales to be in the range of approximately $7.8 million to $10.8 million and its full year 2010 preliminary unaudited sales to be in the range of $32 million to $35 million. The shortfall in sales as compared to the revised total 2010 sales expectations issued in October 2010 was attributable to the weaker than expected sales of Anflu and Healive in the private market.
Dr. Weidong Yin, Chairman & CEO, commented, "We faced a challenging external market environment in 2010, which negatively impacted vaccine demand in the private market. As the company grows, we cannot avoid market-related volatility. We believe it is a great experience for Sinovac's fast-growing management team to learn and grow. Recognizing the importance of addressing this market situation, we are undertaking initiatives to adjust our sales strategy. Concurrently, we are continuing to advance our R&D projects with the aim of completing development and launching our new products. Currently, we have sufficient cash on hand to support Company's R&D activities, capacity expansion, potential M&A and international collaborations, which are the company's driving forces for future growth."
The preliminary sales ranges are preliminary unaudited estimates for the fourth quarter and full y