Annual Reports

 
Other

  • 15-12B (Jun 10, 2013)
  • SC 13E3 (May 31, 2013)
  • 6-K (May 30, 2013)
  • 25-NSE (May 29, 2013)
  • 6-K (May 24, 2013)
  • 6-K (May 3, 2013)
3SBio 6-K 2008

Documents found in this filing:

  1. 6-K
  2. Graphic
  3. Graphic
Form 6-K

 

 

FORM 6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of February 2008

Commission File Number: 000-33295

 

 

3SBIO INC.

(Translation of registrant’s name into English)

 

 

No. 3 A1, Road 10

Shenyang Economy & Technology Development Zone

Shenyang 110027

People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F      X            Form 40-F              

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes                      No      X    

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

82-      N/A    

 

 

 


3SBIO INC.

FORM 6-K

3SBio Inc. is furnishing under the cover of Form 6-K:

 

Exhibit 99.1

  Press release, dated February 20, 2008, regarding unaudited fourth quarter and fiscal year 2007 results.

 

2


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

3SBIO INC.
By:  

/s/ Kevin Teo

Name:  

Kevin Teo

Title:   Chief Financial Officer

Date: February 21, 2008

 

3


EXHIBIT INDEX

 

Exhibit No.

 

Description

Exhibit 99.1   Press release, dated February 20, 2008, regarding unaudited fourth quarter and fiscal year 2007 results.

 

4


Exhibit 99.1

LOGO

FOR IMMEDIATE RELEASE

3SBIO INC. ANNOUNCES UNAUDITED FOURTH QUARTER AND FISCAL YEAR 2007 RESULTS

 

   

Q4 2007 net revenues grew 29.8%, as compared to Q4 2006, to RMB45.7 million (US$6.3 million)

 

   

Q4 2007 net income grew 152.2%, as compared to Q4 2006, to RMB17.9 million (US$2.5 million)

 

   

2007 fiscal year net revenues increased 41.0% year-over-year to RMB180.2 million (US$24.7 million)

 

   

2007 fiscal year net income grew 167.4% year-over-year to RMB81.5 million (US$11.2 million)

SHENYANG, CHINA — February 20, 2008 — 3SBio Inc. (NASDAQ: SSRX) (“3SBio” or “the Company”), a leading China-based biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2007.

Fourth Quarter 2007 Financial Highlights:

 

 

Total net revenues increased 29.8% over the fourth quarter 2006 to RMB45.7 million (US$6.3 million).

 

 

Net revenue from our flagship injectable recombinant human erythropoietin products, or EPO products, marketed under our EPIAO brand, increased 14.7% over the fourth quarter 2006 to RMB29.8 million (US$4.1 million).

 

 

Net revenue from our protein-based therapeutic recombinant human thrombopoietin products, or TPO products, marketed under our TPIAO brand, increased 99.3% over the fourth quarter 2006 to RMB11.7 million (US$1.6 million).

 

 

Operating income decreased 29.6% compared to the fourth quarter 2006 to RMB6.1 million (US$0.8 million)

 

 

Net income increased 152.2% over the fourth quarter 2006 to RMB17.9 million (US$2.5 million).

 

 

Earnings per American depositary share (“ADS”) for the fourth quarter 2007 were RMB0.82 (US$0.11), compared to RMB0.50 for the fourth quarter 2006.

Fiscal Year 2007 Financial Highlights:

Compared to fiscal year 2006 results,

 

 

Total net revenues increased 41.0% to RMB180.2 million (US$24.7 million).

 

 

Net revenue from EPIAO increased 22.6% to RMB121.2 million (US$16.6 million).

 

- 1 -


LOGO

 

 

Net revenue from TPIAO increased 168.3% to RMB43.1 million (US$5.9 million).

 

 

Revenue from export sales increased 15.4% to RMB6.8 million (US$0.9 million).

 

 

Operating income increased 32.9% to RMB48.5 million (US$6.7 million).

 

 

Net income increased 167.4% to RMB81.5 million (US$11.2 million).

 

 

Earnings per ADS were RMB3.89 (US$0.53) in 2007, compared to RMB2.13 per ADS in 2006.

Commenting on the results, Dr. Jing Lou, Chief Executive Officer of 3SBio, said, “2007 was a transformative year for 3SBio, driven by the successful and consistent execution of our strategy. We experienced solid growth across our core product portfolio, and delivered on a number of operational initiatives including continued progress on our development pipeline, the introduction of an oncology-focused sales team, the launch of a new product, and the successful groundbreaking on our new manufacturing facility, among others. From a product perspective, we believe our EPIAO products continued to be the market leader in terms of both revenues and sales volume. Our TPIAO products continued their strong growth, accounting for 23.9% of our total net revenues for the year, up from 12.6% for the fiscal year 2006, demonstrating the robust and rapid market acceptance of this product.”

“Our positive results for the fourth quarter and the full year 2007 are consistent with the financial and operational track record that we have achieved since our inception, and I believe we are currently in a stronger position to compete as we have ever been in the history of our company. We continue to focus our efforts on maintaining growth, margins and profitability, and I am confident in our ability to continue to deliver shareholder value.”

Fourth Quarter and Fiscal Year 2007 Unaudited Financial Results

Net revenues. Our net revenues increased by 29.8% to RMB45.7 million (US$6.3 million) in the fourth quarter 2007 from the same period in 2006. This increase was primarily due to the growth in our TPIAO and EPIAO products, which increased by 99.3% and 14.7%, respectively, from the same period in 2006.

Our net revenues increased by 41.0% to RMB180.2 million (US$24.7 million) in 2007 from RMB127.8 million in 2006. This increase was primarily attributed to the continued growth in our leading EPIAO products, sales of which increased by 22.6% from RMB98.8 million in 2006 to RMB121.2 million (US$16.6 million) in 2007. The growth in sales from EPIAO was driven in part by our expanded oncology sales force, which continued to perform well. We also witnessed rapid market adoption of our TPIAO products, which generated revenues of RMB43.1 million (US$5.9 million) in 2007, compared to RMB16.1 million in 2006. TPIAO was our second largest revenue contributor in 2007, accounting for 23.9% of our total net revenues in the period. Sales from our in-licensed Iron Sucrose supplement increased by more than six fold to RMB3.2 million (US$0.4 million) in 2007. Our export sales registered a steady growth of 15.4% to RMB6.8 million (US$0.9 million) in 2007, which accounted for 3.8% of our total net revenue in 2007.

 

- 2 -


LOGO

 

Cost of revenues. Cost of revenues increased by 103.5% in fourth quarter 2007 to RMB5.7 million (US$0.8 million) from RMB2.8 million. This increase was primarily attributed to the increase in direct material costs in connection with the growth in sales and the higher personnel costs and bonuses as compared to the same period in 2006.

Cost of revenues increased by 50.3% to RMB17.4 million (US$2.4 million) in 2007 from RMB11.6 million in 2006. The increase was primarily attributed to costs associated with production increase relating to the increase in sales volume throughout the year.

Gross profit. As a result of the foregoing, gross profit increased by 23.3% to RMB39.9 million (US$5.5 million) in the fourth quarter 2007 from RMB32.4 million for the same period in 2006. Gross margin decreased to 87.4% in the fourth quarter 2007 from 92.0% for the same period in 2006.

In 2007, gross profit grew 40.1% to RMB162.7 million (US$22.3 million) from RMB116.2 million in 2006. However, the gross margin of 90.3% in 2007 remained in line with the gross margin of 90.9% in 2006.

Operating expenses. In the fourth quarter 2007, total operating expenses increased by 42.8% to RMB33.8 million (US$4.6 million) as compared to the same period in 2006, which was primarily attributed to the increase in research and development expenses of TPIAO and higher personnel costs and bonuses. In 2007, our total operating expenses increased by 43.4% to RMB114.2 million (US$15.7 million) from RMB79.6 million in 2006.

 

   

Research and development expense. Our research and development expense increased by 58.4% to RMB3.7 million (US$0.5 million) in the fourth quarter 2007 from RMB2.3 million for the same period in 2006. Research and development expense as a percentage of total net revenues increased to 8.1% in the fourth quarter 2007 from 6.7% for the same period in 2006. Our research and development expense increased by 90.7% to RMB11.6 million (US$1.6 million) in 2007 from RMB6.1 million in 2006. Research and development expense as a percentage of total net revenues increased to 6.5% in 2007 from 4.8% in 2006. The overall increase in research and development expenses for the fourth quarter and fiscal year 2007 was mainly attributable to research and development expenses associated with TPIAO’s phase IV post-marketing clinical tests, the development of our EPIAO pipeline products and the continued development of other pipeline products.

 

   

Sales, marketing and distribution expense. Our sales, marketing and distribution expense increased by 27.4% to RMB22.7 million (US$3.1 million) in the fourth quarter 2007 from RMB17.8 million for the same period in 2006. This increase was primarily attributed to increases in marketing and promotional costs related to our TPIAO products and the higher sales activities in general. Sales, marketing and distribution expense as a percentage of total net revenues decreased to 49.7% in the fourth quarter 2007 from 50.6% for the same period in 2006. Our sales, marketing and distribution expense increased 37.4% to RMB84.2 million (US$11.5 million) for 2007 from RMB61.3 million for 2006. This increase was primarily attributable to higher marketing costs, staff costs and bonuses as a result of the increase in headcount. Sales, marketing and distribution expense as a percentage of total net revenues decreased to 46.7% in 2007 from 48.0% in 2006.

 

- 3 -


LOGO

 

   

General and administrative expense. Our general and administrative expense increased by 111.4% to RMB7.4 million (US$1.0 million) in the fourth quarter 2007 from RMB3.5 million for the same period in 2006. General and administrative expense as a percentage of total net revenues increased to 16.2% in the fourth quarter 2007 from 9.9% for the same period in 2006. Our general and administrative expense increased 49.8% to RMB18.4 million (US$2.5 million) in 2007 from RMB12.3 million in 2006. General and administrative expenses as a percentage of net revenues increased to 10.2% in 2007 from 9.6% in 2006. The increase in general and administrative expense in the fourth quarter and fiscal year 2007 was primarily attributable to higher personnel costs and bonuses as a result of the increase in headcount.

Operating income. As a result of the foregoing, operating income decreased by 29.6% to RMB6.1 million (US$0.8 million) in the fourth quarter 2007 from RMB8.7 million for the same period in 2006. Operating margin decreased to 13.4% in the fourth quarter 2007 as compared to 24.8% for the same period in 2006.

Operating income increased by 32.9% to RMB48.5 million (US$6.7 million) in 2007 from RMB36.5 million in 2006. Operating margin decreased to 26.9% in 2007 from 28.6% in 2006.

Other expense/income, net. We recorded other income, net, of RMB9.5 million (US$1.3 million) in fourth quarter 2007 as compared to other expenses, net for the same period in 2006.

We recorded other income, net, of RMB36.5 million (US$5.0 million) in 2007 as compared to other expenses, net, of RMB0.9 million for 2006. We recorded other income, net as compared to other expenses, net due primarily to interest income from the net proceeds we received in our IPO in February 2007 and a decrease in interest expense as our borrowings were fully repaid in 2007.

Income before income tax expense and minority interests. As a result of the foregoing, our income before income tax expense and minority interests increased by 79.2% to RMB15.6 million (US$2.1 million) in the fourth quarter 2007 from RMB8.7 million for the same period in 2006.

Our income before income tax expense and minority interests increased by 138.3% to RMB85.0 million (US$11.7 million) in 2007 from RMB35.7 million in 2006.

Income tax expense. We had an income tax credit of RMB2.2 million (US$0.3 million) in the fourth quarter 2007 as compared to an income tax expense of RMB1.6 million for the same period in 2006. The income tax credit in 2007 was mainly attributable to tax rebate amounted to RMB2.7 million approved by tax authority and recognized in the last quarter in 2007 as discussed below.

Our income tax expense decreased by 34.5% to RMB3.4 million (US$0.5 million) in 2007 from RMB5.2 million in 2006 and our effective tax rate was 4.0% in 2007 as compared to 14.6% in 2006, which was primarily attributable to tax rebate from reinvestment of retained earnings in a subsidiary of RMB2.7 million, as well as more interest income earned from IPO proceeds held by 3SBio Inc, incorporated in Cayman Islands, that was not subject to tax.

 

- 4 -


LOGO

 

Net income. As a result of the foregoing, our net income increased by 152.2% to RMB17.9 million (US$2.5 million) in the fourth quarter 2007 from RMB7.1 million for the same period in 2006.

Our net income increased 167.4% to RMB81.5 million (US$11.2 million) in 2007 from RMB30.5 million in 2006.

Statement Regarding Unaudited Financial Information

The unaudited financial information set forth above is preliminary and subject to adjustments and modifications. The audit of the financial statements and related notes to be included in our annual report on Form 20-F for the year ended December 31, 2007 is still in progress. Adjustments and modifications to the financial statements may be identified during the course of this audit work, which could result in significant differences from this preliminary unaudited financial information.

Currency Convenience Translation

For the convenience of readers, certain RMB amounts have been translated into US dollars at the rate of RMB7.2946 to US$1.00, the noon buying rate for US dollars in effect on December 31, 2007 for cable transfers of RMB per US dollar as certified for customs purposes by the Federal Reserve Bank of New York.

Fourth Quarter 2007 Business Highlights

Pipeline. We continued to make progress across our development pipeline during the fourth quarter 2007; however, our original schedule of completing all three current Phase III trials by the end of 2007 has been postponed.

Phase III Products

We completed enrollment and the original protocol for the Phase III trial for high-dosage (36,000 IU) EPIAO with positive results. However, to ensure the safety of the product, the clinical centers have extended the post-treatment observation period due to concerns with higher hemoglobin levels caused by ESAs (Erythropoiesis-Stimulating Agents) in the United States. We fully support the additional observation period and remain confident in the overall safety and efficacy of the product and expect filing with SFDA in Q3 of 2008.

The initial results of the Phase III trial for TPIAO for the treatment of idiopathic thrombocytopenic purpura (ITP) demonstrated excellent efficacy and a high safety profile based on our data to date. Enrollment has been completed, but we experienced a higher than expected drop-off rate (patients left the hospital before the required observation time) due to the protocol setting employed by the clinical centers. As a result, more cases are required. We expect completion of replenished cases in Q3 of 2008 and filing with SFDA in Q4 of 2008.

 

- 5 -


LOGO

 

We completed enrollment for the Phase III trial for NuLeusin, our second generation IL-2, with positive results based on our data to date. During the trial, the number of cases enrolled increased from our original plan and as a result, these additional cases are still in the observation period, which we expect will conclude in the second quarter 2008.

Early Stage Products –

We completed efficacy and pharmacokinetics studies for NuPIAO, our second generation EPO product, with the toxicology study currently underway. We expect to submit the application for clinical trial in the second half of 2008.

Our first humanized monoclonal antibody (mAb) in development, anti-TNF mAb (SSS07), completed characterization of fully humanized clones, and the original potency of the rabbit mAb proved to be more advantageous than all known anti-TNF mAbs currently on the market.

Sales and Marketing. In the fourth quarter 2007, we continued to execute on our sales and marketing strategy, resulting in the entry of our products in 106 new hospitals throughout China. In addition, we experienced more than 51% sales growth in Beijing hospitals, with much of that growth resulting from the successful entry of our EPIAO products in 19 major hospitals in the Beijing military hospital system under management by the Health Administration of the People’s Libration Army.

In addition, demonstrating our leadership in pharmaceutical industry best practice in China and as part of our on going commitment to product quality, we have introduced a new pharmacovigilance program. We also initiated the Phase IV program with our innovative class I product, TPIAO, in 2007. As of the end of the fourth quarter, 2007, we reviewed the interim results of the TPIAO program, with no safety issues detected among the1000 patients who have been treated with TPIAO. We expect to complete the full program for TPIAO phase IV trial by the second quarter of 2009.

In-Licensed Products. We successfully completed all four trials for our in-licensed Iron Sucrose product. As part of our growth strategies, we will continue to analyze additional in-licensing opportunities.

2008 Full Year Guidance

Based on current market and operating conditions, our total net revenue target for the full year 2008 will be between the estimated range of US$30 to US$32 million.

 

- 6 -


LOGO

 

Conference Call

3SBio’s senior management will host a conference call at 5:00 am (Pacific) / 8:00 am (Eastern) / 9:00 pm (Beijing/Hong Kong) on Thursday, February 21, 2008 to discuss its 2007 fourth quarter and full year financial results and recent business activity. The conference call may be accessed by calling (US) +1 480 629 9041 / (UK) + 44 20 8515 2301 / (HK) + 852 3009-5027. A telephone replay will be available shortly after the call until March 6, 2008 at (US) +1 303 590 3030 / (UK) + 44 207 154 2833, Passcode: 3839328 / (HK) + 852 2287 4304, Passcode: 104110#.

A live webcast of the conference call and replay will be available on the investor relations page of 3SBio’s website at www.3sbio.com

About 3SBio Inc.

3SBio Inc. is a leading, fully integrated biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products, primarily in China. For more information, please visit 3SBio on the web at www.3sbio.com

Safe Harbor Statement

Statements in this release regarding certain anticipated business prospects resulting from the approval constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon 3SBio management’s current expectations, and actual results could differ materially. Among the factors that could cause 3SBio’s actual results to differ from what the company currently anticipates may include competition from other domestic and foreign pharmaceutical companies; the expected market growth for pharmaceutical products in China; market acceptance of 3SBio products; expected hospital or patient demand for our products; 3SBio’s ability to expand its production, sales and distribution network and other aspects of its operations; its ability to develop and commercialize additional products or additional indications for existing products; its ability to analyze additional in-licensing opportunities; its ability to effectively protect its intellectual property; changes in the healthcare industry in China, including changes in the healthcare policies and regulations of the PRC government and changes in the healthcare insurance sector in the PRC; and fluctuations in general economic and business conditions in China. For additional information on these and other factors that may affect the 3SBio’s financial results, please refer to the company’s filings with the Securities and Exchange Commission at www.sec.gov. 3SBio undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.

 

- 7 -


LOGO

 

Contact:

 

China:

 

Kevin Teo, Chief Financial Officer

3SBio Inc.

+86 (24) 2581 1820

IR@3sbio.com

  

US:

 

Mahmoud Siddig, Director

Taylor Rafferty

+1 (212) 889-4350

3sbio@taylor-rafferty.com

  

Hong Kong:

 

Ruby Yim, Managing Director

Taylor Rafferty

+852 3196 3712

3sbio@taylor-rafferty.com

  

Media Contact (US):

 

John Dooley

Taylor Rafferty

+1 (212) 889-4350

3sbio@taylor-rafferty.com

  

 

- 8 -


LOGO

 

3SBio Inc. and subsidiaries

Unaudited consolidated balance sheets

(expressed in thousands)

 

     December 31
2006
    December 31
2007
    December 31
2007
 
     RMB     RMB     US$  

Assets

      

Current assets

      

Cash and cash equivalents

   25,372     811,026     111,182  

Accounts receivable, less allowance for doubtful accounts:

      

December 31, 2006 – RMB4,871; December 31, 2007 – RMB5,257 (US$721)

   37,402     55,186     7,565  

Inventories

   8,682     6,882     943  

Prepaid expenses and other receivables

   14,872     12,074     1,655  

Structured deposit

   —       3,527     484  

Deferred tax assets

   2,154     2,335     320  
                  

Total current assets

   88,482     891,030     122,149  

Available-for-sale securities

   —       15,196     2,083  

Property, plant and equipment, net

   43,142     49,465     6,781  

Lease prepayments

   9,600     9,247     1,268  

Non-current deposits

   —       6,124     840  

Income tax receivable

   —       556     76  

Deferred tax assets

   1,251     1,857     254  
                  

Total assets

   142,475     973,475     133,451  
                  

Liabilities

      

Current liabilities

      

Short-term bank loans

   15,000     —       —    

Accounts payable

   1,769     1,693     232  

Deferred grant income

   611     374     51  

Accrued expenses and other payables

   16,318     22,626     3,102  

Income tax payable

   1,167     —       —    

Amounts due to related parties

   4,225     —       —    

Other current liabilities

   92     67     9  
                  

Total current liabilities

   39,182     24,760     3,394  

Long-term bank loans

   25,000     —       —    

Deferred grant income

   3,900     3,526     483  

Other liabilities

   585     848     116  
                  

Total liabilities

   68,667     29,134     3,993  
                  

Commitments and contingencies

      

Minority interests

   474     549     75  
                  

Shareholders’ equity

      

Share capital - ordinary shares US$0.0001 par value, 500,000,000 shares authorized, 100,000,998 and 152,099,155 shares issued and outstanding as of December 31, 2006 and 2007, respectively

   80     122     17  

Additional paid-in capital

   80,286     917,527     125,782  

Accumulated other comprehensive loss

   —       (48,338 )   (6,627 )

(Accumulated deficits)/retained earnings

   (7,032 )   74,481     10,211  
                  

Total shareholders’ equity

   73,334     943,792     129,383  
                  

Total liabilities and shareholders’ equity

   142,475     973,475     133,451  
                  

 

- 9 -


LOGO

 

3SBio Inc. and subsidiaries

Unaudited quarterly consolidated statements of income

(expressed in thousands, except per share , per ADS and other share and ADS data)

 

     For the Three Months Ended December 31,  
     2006     2007     2007  
     RMB     RMB     US$  

Net Revenues:

      

EPIAO

   25,984     29,798     4,085  

TPIAO

   5,880     11,718     1,606  

Intefen

   1,527     1,128     155  

Inleusin

   310     251     34  

Export

   1,209     1,625     223  

Iron

   150     970     133  

Others

   148     193     26  
                  

Total

   35,208     45,683     6,262  

Cost of revenues

   (2,819 )   (5,737 )   (786 )
                  

Gross profit

   32,389     39,946     5,476  

Operating expenses

      

Research and development expense

   (2,346 )   (3,715 )   (509 )

Sales, marketing and distribution expense

   (17,832 )   (22,712 )   (3,114 )

General and administrative expense

   (3,491 )   (7,379 )   (1,012 )
                  

Total operating expenses

   (23,669 )   (33,806 )   (4,635 )
                  

Operating income

   8,720     6,140     841  

Other (expense)/ income, net

      

Interest income

   127     9,048     1,240  

Interest expense

   (858 )   (70 )   (10 )

Grant income

   732     199     27  

Others

   (9 )   299     43  
                  

Total other (expense)/income, net

   (8 )   9,476     1,300  
                  

Income before income tax expense and minority interests

   8,712     15,616     2,141  

Income tax (expense)/credit

   (1,643 )   2,163     297  
                  

Income before minority interests

   7,069     17,779     2,438  

Minority interests, net of tax

   27     116     15  
                  

Net income

   7,096     17,895     2,453  
                  

Net income per share:

      

Basic and diluted

   0.07     0.12     0.02  
                  

Basic weighted average number of shares outstanding

   100,000,998     152,099,155     152,099,155  

Effect of dilutive potential shares

   3,722     323,897     323,897  
                  

Diluted weighted average number of shares outstanding

   100,004,720     152,423,052     152,423,052  
                  

Net income per ADS:

      

Basic and diluted

   0.50     0.82     0.11  
                  

Basic weighted average number of ADSs outstanding

   14,285,857     21,728,451     21,728,451  

Effect of dilutive potential ADSs

   532     46,271     46,271  
                  

Diluted weighted average number of ADSs outstanding

   14,286,389     21,774,722     21,774,722  
                  

 

- 10 -


LOGO

 

3SBio Inc. and subsidiaries

Unaudited full year consolidated statements of income

(expressed in thousands, except per share, per ADS and other share and ADS data)

 

     Year Ended December 31,  
     2006     2007     2007  
     RMB     RMB     US$  

Net Revenues:

      

EPIAO

   98,836     121,220     16,618  

TPIAO

   16,056     43,074     5,905  

Intefen

   4,995     4,123     565  

Inleusin

   1,132     1,027     141  

Export

   5,878     6,784     930  

Iron

   413     3,206     440  

Others

   470     739     101  
                  

Total

   127,780     180,173     24,700  

Cost of revenues

   (11,598 )   (17,427 )   (2,389 )
                  

Gross profit

   116,182     162,746     22,311  

Operating expenses

      

Research and development expense

   (6,100 )   (11,635 )   (1,595 )

Sales, marketing and distribution expense

   (61,280 )   (84,187 )   (11,541 )

General and administrative expense

   (12,269 )   (18,379 )   (2,520 )
                  

Total operating expenses

   (79,649 )   (114,201 )   (15,656 )
                  

Operating income

   36,533     48,545     6,655  

Other (expense)/ income, net

      

Interest income

   436     36,015     4,937  

Interest expense

   (4,245 )   (825 )   (113 )

Grant income

   3,146     1,067     146  

Others

   (192 )   205     28  
                  

Total other (expense)/income, net

   (855 )   36,462     4,998  
                  

Income before income tax expense and minority interests

   35,678     85,007     11,653  

Income tax expense

   (5,217 )   (3,419 )   (469 )
                  

Income before minority interests

   30,461     81,588     11,184  

Minority interests, net of tax

   28     (75 )   (10 )
                  

Net income

   30,489     81,513     11,174  
                  

Net income per share:

      
                  

Basic and diluted

   0.30     0.56     0.08  
                  

Basic weighted average number of shares outstanding

   100,000,998     146,646,049     146,646,049  

Effect of dilutive potential shares

   3,722     68,993     68,993  
                  

Diluted weighted average number of shares outstanding

   100,004,720     146,715,042     146,715,042  
                  

Net income per ADS:

      

Basic and diluted

   2.13     3.89     0.53  
                  

Basic weighted average number of ADSs outstanding

   14,285,857     20,949,436     20,949,436  

Effect of dilutive potential ADSs

   532     9,856     9,856  
                  

Diluted weighted average number of ADSs outstanding

   14,286,389     20,959,292     20,959,292  
                  

 

- 11 -

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki