China Pharma Holdings, Inc. Reports Second Quarter 2011 Financial Results
HAIKOU CITY, China, Aug. 11, 2011 /PRNewswire-Asia-FirstCall/ -- China Pharma Holdings, Inc. (NYSE AMEX: CPHI ) ("China Pharma" or the "Company"), a specialty pharmaceuticals company in China, today announced financial results for the quarter ended June 30, 2011.
Second Quarter 2011 HighlightsRevenue increased 18% to $19.6 million from $16.6 million in the Second quarter of 2010. Cashflow from operations rose 10% to $3.6 million from $3.3 million in first six months of 2010. Net income, excluding the impact of change in fair value of derivative liability, fell 9% to $4.8 million, compared to $5.3 million in the second quarter of 2010 due to lower gross margins and higher tax rate in 2011.
"In the second quarter of 2011 we achieved solid sales growth primarily due to strong performances by our Anti-Viro Infection & Respiratory and our CNS Cerebral and Cardio Vascular product categories. We continue to face pricing pressures across several of our product categories during the quarter, but we expect gross margin and revenue to benefit from anticipated launches of Candesartan and Rosuvasatin in the months ahead," said Ms. Zhilin Li, China Pharma's Chairman and CEO. "In addition to the expected launch of these two higher margin products, we continue to advance our novel cephalosporin-based combination antibiotic through Phase II clinical trials. Commercializing exciting new drugs like this, along with first-to-market generic medicines, is an important part of our strategy to enhance China Pharma's growth and profitability."
Second Quarter 2011 ResultsRevenues for the quarter ended June 30, 2011 were $19.6 million, up 18% from revenues of $16.6 million for the quarter ended June 30, 2010. Sales growth in the second quarter was led by the Anti-Viro Infection & Respiratory and also the C