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3SBio 6-K 2009

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 November 2009

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 November 12, 2009, regarding that 3SBio Inc. announces unaudited third quarter 2009 results.

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.

 

By:   /S/    DR. JING LOU        
Name:   Dr. Jing Lou
Title:   Chief Executive Officer

Date: November 13, 2009

EXHIBIT INDEX

 

Exhibit No.   

Description

Exhibit 99.1    Press release, dated November 12, 2009, regarding that 3SBio Inc. announces unaudited third quarter 2009 results.


Exhibit 99.1

FOR RELEASE NOVEMBER 12, 2009 5:00 pm Eastern Time

3SBio Inc. Announces Unaudited Third Quarter 2009 Results

Third quarter revenue grew 35.8% year-over-year to RMB92.6 million (US$13.6million); Operating

income grew 37.8% year-over-year to RMB28.5 million (US$4.2 million); Company reiterates FY2009

revenue guidance

SHENYANG, CHINA — November 12, 2009 — 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 third quarter ended September 30, 2009.

Third Quarter 2009 Financial Highlights:

 

   

Total net revenues increased by 35.8% over the third quarter of 2008 to RMB92.6 million (US$13.6 million).

 

   

Operating income increased by 37.8% over the third quarter of 2008 to RMB28.5 million (US$4.2million) on a GAAP basis, and increased by 34.7% over the third quarter of 2008 to RMB29.8 million (US$4.4 million) on a non-GAAP basis.

 

   

Net income increased by 1343.5% over the third quarter of 2008 to RMB26.9 million (US$3.9 million) on a GAAP basis, and increased by 25.6% over the third quarter of 2008 to RMB28.2 million (US$4.1 million) on a non-GAAP basis.

 

   

Net income per American Depositary Share (“ADS”) for the third quarter of 2009 was RMB1.25 (US$0.18) compared with RMB0.09 (US$0.01) for the third quarter of 2008 on a GAAP basis, and RMB1.31 (US$0.19) for the third quarter of 2009 compared with RMB1.03 (US$0.15) for the third quarter of 2008 on a non-GAAP basis.

First Nine Months 2009 Financial Highlights:

 

   

Total net revenues in the first nine months of 2009 increased by 32.5% to RMB242.6 million (US$35.5 million) compared to RMB183.2 million (US$27.0 million) in the first nine months of 2008.

 

   

Operating income increased by 48.6% over the first nine months of 2008 to RMB74.5 million (US$10.9 million) on a GAAP basis, and increased by 44.3% to RMB77.5 million (US$11.4 million) on a non-GAAP basis.

 

   

Net income increased by 70.2% over the first nine months of 2008 to RMB69.8 million (US$10.2 million) on a GAAP basis, and increased by 19.0% over the first nine months of 2008 to RMB75.8 million (US$11.1 million) on a non-GAAP basis.

 

   

Net income per ADS on a fully-diluted basis for the first nine months of 2009 was RMB3.24 (US$0.47) compared with RMB1.89 (US$0.28) for the first nine months of 2008 on a GAAP basis, and RMB3.52 (US$0.52) compared with RMB2.93 (US$0.43) for the first nine months of 2008 on a non-GAAP basis.

Third Quarter 2009 Business Highlights

 

   

EPIAO, the Company’s flagship injectable recombinant human erythropoietin (“EPO”) product, demonstrated strong growth with net revenue from EPIAO in the third quarter of 2009 rising 32.6% to RMB56.6 million (US$8.3 million) compared to RMB42.7 million (US$6.3 million) in the third quarter of 2008.

 

   

Net revenues for TPIAO, the Company’s novel recombinant human thrombopoietin (“TPO”) product, increased by 41.3% to RMB27.9 million (US$4.1 million) in the third quarter of 2009, compared to RMB19.7 million (US$2.9 million) in the third quarter of 2008.

 

   

Construction of the new EPIAO and TPIAO manufacturing plant in Shenyang remains on schedule for completion this year in preparation for validation and certification next year.

 

   

Dr. Jing Lou, chief executive officer of 3SBio, commented:

Overall, the business is performing as expected with a strong set of results this quarter and we reiterate our full-year guidance of US$43-45 million. Construction of our new plant remains on schedule and we look forward to

 

Page 1 of 12


moving to validation and certification next year. We continued to develop our product pipeline and will update the market when we have reached significant milestones in the approval process.”

 

Page 2 of 12


Three months ended September 30, 2009 Unaudited Financial Results

Net revenues. Net revenues increased by 35.8% to RMB92.6 million (US$13.6 million) for the third quarter of 2009 from RMB68.2 million (US$10.0 million) for the same period in 2008. This increase was largely due to continued strength from EPIAO and TPIAO products which increased by 32.6% and 41.3%, respectively, over the same period in 2008. TPIAO remained 3SBio’s second largest revenue contributor in the quarter, accounting for 30.1% of total net revenues. Export sales declined by 6.4% to RMB2.3 million (US$0.3 million), and revenues from our in-licensed IV Iron Sucrose supplement rose 113.7% to RMB3.7 million (US$0.5 million).

Gross profit. As a result of continued sales growth from key products, GAAP gross profit for the third quarter of 2009 increased by 38.3% to RMB86.1 million (US$12.6 million) from RMB62.2 million (US$9.2 million) for the same period in 2008. GAAP gross margin increased by 1.7% to 93.0% for the third quarter of 2009 from 91.3% for the same period in 2008.

Operating expenses. GAAP operating expenses were RMB57.6 million (US$8.4 million) for the third quarter of 2009, an increase of 38.6% from GAAP operating expenses of RMB41.5 million (US$6.1 million) for the same period in 2008. Non-GAAP operating expenses were RMB56.4 million (US$8.3 million) for the third quarter of 2009, an increase of 40.3% from non-GAAP operating expenses of RMB40.2 million (US$5.9 million) for the same period in 2008. The increase in operating expenses was largely driven by higher R&D expenses, particularly at the early stage of the pipeline.

 

   

Research and development (“R&D”) costs. GAAP R&D costs for the third quarter of 2009 were RMB7.6 million (US$1.1 million), or 8.2% of net revenue, compared to RMB4.2 million (US$0.6 million), or 6.2% of net revenue for the same period in 2008.

 

   

Sales, marketing and distribution expense. GAAP sales, marketing and distribution expenses for the third quarter of 2009 were RMB41.6 million (US$6.1 million), or 44.9% of net revenue, compared to RMB29.3 million (US$4.3 million), or 42.9% of net revenue, for the same period in 2008. The increase was primarily attributable to higher sales activities in general and continued investment in building the TPIAO and EPIAO brands.

 

   

General and administrative expenses. GAAP general and administrative expenses for the third quarter of 2009 were RMB8.4 million (US$1.2 million), representing an increase of 4.6% from general and administrative expenses of RMB8.0 million (US$1.2 million) for the same period in 2008. This marked a decline to 9.1% of net revenue for the third quarter of 2009, compared to 11.8% of net revenue for the third quarter of 2008.

Operating income. GAAP operating income was RMB28.5 million (US$4.2 million) for the third quarter of 2009, an increase of 37.8% from operating income of RMB20.7 million (US$3.1 million) for the same period in 2008. Non-GAAP operating income for the third quarter of 2009 grew by 34.7% to RMB29.8 million (US$4.4 million), compared to RMB22.1 million (US$3.3 million) in the third quarter of 2008.

GAAP operating margin for the third quarter of 2009 was 30.8% as compared to 30.4% for the same period in 2008. Non-GAAP operating margin was 32.2% for the third quarter of 2009, as compared to 32.4% in the same period in 2008.

Interest income. The Company recorded net interest income of RMB2.6 million (US$0.4 million) for the third quarter of 2009, compared to RMB5.5 million (US$0.8 million) for the same period in 2008.

Net income. GAAP net income was RMB26.9 million (US$3.9 million) for the third quarter of 2009, 1343.5% higher than net income of RMB1.9 million (US$0.3 million) for the same period in 2008. GAAP net income per ADS on a fully-diluted basis for the third quarter of 2009 increased to RMB1.25 (US$0.18) from RMB0.09 (US$0.01) for the same period in 2008. GAAP net margin for the third quarter of 2009 was 29.1% as compared to 2.7% for the same period in 2008.

Non-GAAP net income for the third quarter of 2009 was RMB28.2 million (US$4.1 million), 25.6% higher than non-GAAP net income of RMB22.4 million (US$3.3 million) for the same period in 2008. Non-GAAP net income per ADS on a fully-diluted basis for the third quarter of 2009 increased to RMB1.31 (US$0.19) from RMB1.03 (US$0.15) for the same period in 2008. Non-GAAP net margin for the third quarter of 2009 was 30.4% as compared to 32.9% for the same period in 2008.

 

Page 3 of 12


Nine months ended September 30, 2009 Unaudited Financial Results

Net revenues. Net revenues for the first nine months of 2009 increased by 32.5% to RMB242.6 million (US$35.5 million), from RMB183.2 million (US$27.0 million) for the same period in 2008. The increase was primarily attributable to increased sales from our EPIAO and TPIAO products, underpinned by continued strong demand in the oncology and nephrology markets.

Net revenues from EPIAO for the first nine months of 2009 increased by 30.6% to RMB150.5 million (US$22.1 million) from RMB115.2 million (US$17.0 million) for same period in 2008. Net revenues from TPIAO in the first nine months of 2009 increased by 34.4% to RMB68.8 million (US$10.1 million) from RMB51.2 million (US$7.5 million) for the same period in 2008. In addition, revenue from our export business was RMB9.1 million (US$1.3 million), representing an increase of 27.9% over the first nine months of 2008, while revenue from our in-licensed IV Iron Sucrose supplement was RMB8.7 million (US$1.3 million), representing an increase of 67.7% over the first nine months of 2008.

Gross profit. GAAP gross profit for the first nine months of 2009 increased by 33.9% to RMB223.7 million (US$32.8 million) from RMB167.1 million (US$24.6 million) for the same period in 2008. GAAP gross margin increased by 1.0% to 92.2% for the first nine month months of 2009 from 91.2% for the same period in 2008.

Operating income. For the first nine months ended September 30, 2009, GAAP operating income increased by 48.6% to RMB74.5 million (US$10.9 million), compared to RMB50.1 million (US$7.4 million) for the same period in 2008. Non-GAAP operating income increased by 44.3% to RMB77.5 million (US$11.4 million), compared to RMB53.7 million (US$7.9 million) for the same period in 2008.

GAAP operating margin for the first nine months ended September 30, 2009 was 30.7% as compared to 27.3% for the nine months ended September 30, 2008. Non-GAAP operating margin was 31.9% for the nine months ended September 30, 2009, as compared to 29.3% in the same period in 2008.

Net income. GAAP net income for the first nine months of 2009 increased by 70.2% to RMB69.8 million (US$10.2 million) compared with RMB41.0 million (US$6.0 million) for the same period in 2008. GAAP net margin for the first nine months ended September 30, 2009 was 28.8% as compared to 22.4% for the same period in 2008. GAAP net income per ADS on a fully-diluted basis for the first nine months of 2009 increased to RMB3.24 (US$0.47) from RMB1.89 (US$0.28) for the same period in 2008.

Non-GAAP net income for the first nine months of 2009 increased by 19.0% to RMB75.8 million (US$11.1 million) compared with RMB63.7 million (US$9.4 million) for the same period in 2008. Non-GAAP net margin for the first nine months ended September 30, 2009 was 31.2% as compared to 34.8% for the same period in 2008. Non-GAAP net income per ADS for the first nine months of 2009 increased to RMB3.52 (US$0.52) from RMB2.93 (US$0.43) for the same period in 2008.

Cash and cash equivalents / Time deposits. 3SBio had positive operating cash flows of RMB61.6 million (US$9.0 million) for the first nine months of 2009, and as of September 30, 2009 retained a strong balance sheet with cash, cash equivalents and time deposits of RMB731.5 million (US$107.2 million), a 0.2% decrease from RMB733.0 million (US$107.4 million) as of December 31, 2008.

2009 Full Year Guidance

Based on current market conditions and visibility provided during the third quarter, the Company reiterates its total net revenue target for the full year of 2009 of between US$43 million to US$45 million, resulting in a year-over-year increase of approximately 21% to 26%.

 

Page 4 of 12


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 November 13, 2009 to discuss its 2009 third quarter financial results and recent business activity. The conference call may be accessed using the dial-in numbers below:

Conference ID: 38479039

Local dial-in:

China - landline 800-819-0121

China - mobile 400-620-8038

International toll-free dial-in:

Hong Kong 800930346

United Kingdom 080-8234-6646

United States 1-866-519-4004

International toll dial-in: 65-6735-7955

Replay- Conference ID: 38479039

A telephone replay will be available two hours after the call until November 20, 2009, at:

International dial-in: +61-2-8235-5000

United States dial-in: 1-866-214-5335

Webcast

A live webcast of the conference will be available on the investor relations page of 3SBio’s website at

http://bbs.3sbio.com/en/News/xinvestors.aspx and at http://tinyurl.com/yf93ntk. A replay of the webcast will be available within one hour after the conclusion of the call.

Non-GAAP Financial Measures: Reconciliation of GAAP to Non-GAAP

To supplement the Company’s financial information presented in accordance with general accepted accounting principles (“GAAP”), the Company has utilized some non-GAAP financial measures to provide investors and management with supplemental measures that facilitate comparisons of operating performance and trends with prior and future operating performance, and that may not otherwise be apparent on a GAAP basis. These non-GAAP financial measures include non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per share, and non-GAAP net income per ADS. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principals, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP. These measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. Please see the attached reconciliation of GAAP to non-GAAP for an explanation of the amounts excluded to arrive at non-GAAP financial measures for the three-month periods ended September 30, 2009 and September 30, 2008 and for the nine month periods ended September 30, 2009 and September 30, 2008.

Statement Regarding Unaudited Financial Information

The unaudited financial information set forth above is preliminary and subject to adjustments and modifications. The audited financial statements and related notes are to be included in our annual report on Form 20-F for the year ending December 31, 2009. Adjustments and modifications to the financial statements may be identified during the course of the 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 RMB6.8262 to US$1.00, the noon buying rate for US dollars in effect on September 30, 2009 for cable transfers of RMB per US dollar as certified for customs purposes by the Federal Reserve Bank of New York. A rate of 6.7899 was used for comparative purposes as of September 30, 2008.

 

Page 5 of 12


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

Certain statements in the disclosures of 3SBio, Inc. (the “Company” or “3SBio”) for the third quarter of fiscal 2009 (“Disclosures”) that are not purely historical in nature may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The Disclosures include the press release, the conference call and any accompanying materials, and any other information issued, released or publicized by the Company with respect to the third quarter of fiscal 2009.

These forward-looking statements address activities, events, conditions, or developments that we currently expect or anticipate may occur in the future, and include, but may not be limited to, discussions and statements regarding revenue guidance, product development, timing of plant construction completion, testing and certification, impact of the government policies and regulations, regulatory approval process, production capacity, capital expense estimate, future operations, investment portfolio management, and future strategies. Forward-looking statements can be identified by such terminology as “believe,” “expect,” “plans,” “strategy,” “potential”, “prospects,” “forecast,” “estimate,” “project,” “anticipate,” “aim,” “will” or “would”, “may” or “might”, and words, phrases, expressions, and usages of similar meaning or substance or the negative of such words, phrases, expressions and usages.

Forward-looking statements are based on management’s current assumptions, beliefs, expectations, and projections, in light of the information currently available to it, and actual results, performances, or achievements could differ materially from those implied or expressed by the forward-looking statements. 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; the completion of 3SBio’s ongoing clinical trials as planned; receipt and timing of regulatory approvals for 3SBio’s new products and uses; 3SBio’s ability to expand its production, sales and distribution network and other aspects of its operations; 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 factors identified above and other risk factors, uncertainties and assumptions that may affect 3SBio’s business, financial conditions and results of operations, please refer to the Company’s filings with the Securities and Exchange Commission at www.sec.gov, and, in particular, “Introduction – Cautionary Statement concerning Forward Looking Statements”, Item 3.D “Risk Factors”, Item 5. “Operating and Financial Review and Prospects”, and other applicable discussions in 3SBio’s annual report on Form 20-F for the year ended December 31, 2008.

All the statements in the Disclosures speak as of the date of the initial release, even if subsequently made available on the 3SBio website or otherwise. 3SBio undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, subsequent events or otherwise, after the date of this press release.

Investor Contacts

Bo Tan

Chief Financial Officer

3SBio Inc.

Tel: + 86 24 2581-1820

ir@3SBio.com

Tom Folinsbee

Director of Investor Relations

3SBio Inc.

Tel: + 852 8191-6991

ir@3SBio.com

 

Page 6 of 12


3SBio Inc. and subsidiaries

Consolidated balance sheets

(expressed in thousands)

 

    

December 31

2008

   

September 30

2009

   

September 30

2009

 
                    
     RMB     RMB     US$  
           (unaudited)     (unaudited)  

Assets

      

Current assets

      

Cash and cash equivalents

   439,237      334,196      48,958   

Time deposits with financial institutions

   293,809      397,306      58,203   

Accounts receivable, less allowance for doubtful accounts:

      

December 31, 2008 – RMB4,503 ;September 30, 2009 – RMB3,439 (US$504)

   48,927      71,495      10,474   

Notes receivable

   24,840      30,278      4,436   

Inventories

   7,748      12,130      1,777   

Prepaid expenses and other receivables

   8,249      9,260      1,357   

Deferred tax assets

   1,802      2,581      378   
                  

Total current assets

   824,612      857,246      125,583   

Available-for-sale securities

   26,700      14,682      2,151   

Property, plant and equipment, net

   78,185      139,263      20,401   

Lease prepayments

   8,894      8,629      1,264   

Non-current deposits

   8,521      15,596      2,285   

Intangible assets, net

   5,225      4,400      645   

Deferred tax assets

   781      106      16   
                  

Total assets

   952,918      1,039,922      152,345   
                  

Liabilities

      

Current liabilities

      

Accounts payable

   1,939      3,062      449   

Deferred grant income

   374      374      55   

Accrued expenses and other payables

   25,273      35,569      5,211   

Income tax payable

   1,256      3,323      487   

Other current liabilities

   57      —        —     
                  

Total current liabilities

   28,899      42,328      6,202   

Deferred grant income

   3,152      2,871      421   

Other liabilities

   472      —        —     
                  

Total liabilities

   32,523      45,199      6,623   
                  

Commitments and contingencies

   —        —        —     

Shareholders’ equity

      

Share capital - ordinary shares US$0.0001 par value, 500,000,000 shares authorized, 150,575,955 and 150,635,189 issued and outstanding as of December 31, 2008 and September 30, 2009, respectively.

   121      121      18   

Additional paid-in capital

   908,377      911,562      133,539   

Accumulated other comprehensive loss

   (102,126   (100,768   (14,762

Retained earnings

   114,023      183,808      26,927   
                  

Total shareholders’ equity

   920,395      994,723      145,722   
                  

Total liabilities and shareholders’ equity

   952,918      1,039,922      152,345   
                  

 

Page 7 of 12


LOGO

3SBio Inc. and subsidiaries

Consolidated statements of income

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

 

Three Months Ended September 30,2009   

GAAP

RMB

   

GAAP

US$

   

Adjust-

ment

RMB

   

Non-GAAP

RMB

   

Non-GAAP

US$

 
     (unaudited)     (unaudited)     (unaudited)     (unaudited)     (unaudited)  

Net Revenues:

          

EPIAO

   56,558      8,285      —        56,558      8,285   

TPIAO

   27,893      4,086      —        27,893      4,086   

Intefen

   1,633      239      —        1,633      239   

Inleusin

   473      69      —        473      69   

Iron

   3,703      542      —        3,703      542   

Export

   2,282      334      —        2,282      334   

Others

   21      3      —        21      3   
                          

Total net revenues

   92,563      13,558      —        92,563      13,558   

Cost of revenues

   (6,473   (948   123  (1)    (6,350   (930
                          

Gross profit

   86,090      12,610      —        86,213      12,628   

Operating expenses

          

Research and development costs

   (7,616   (1,116   121  (1)    (7,495   (1,098

Sales, marketing and distribution expenses

   (41,551   (6,087   169  (1)    (41,382   (6,062

General and administrative expenses

   (8,386   (1,229   820  (1)    (7,566   (1,108
                          

Total operating expenses

   (57,553   (8,432     (56,443   (8,268

Operating income

   28,537      4,178        29,770      4,360   

Other income /(expenses), net

          

Interest income

   2,637      386      —        2,637      386   

Grant income

   94      14      —        94      14   

Others

   124      18      —        124      18   
                          

Total other income, net

   2,855      418        2,855      418   
                          

Income before income tax expense

   31,392      4,596        32,625      4,778   

Income tax expense

   (4,471   (655   —        (4,471   (655
                          

Net income

   26,921      3,941        28,154      4,123   
                          

Net income per share:

          

Basic and diluted

   0.18      0.03        0.19      0.03   
                          

Basic weighted average number of shares outstanding

   150,621,780      150,621,780        150,621,780      150,621,780   

Effect of dilutive potential shares

   608,488      608,488        608,488      608,488   
                          

Diluted weighted average number of shares outstanding

   151,230,268      151,230,268        151,230,268      151,230,268   
                          

Net income per ADS:

          

Basic and diluted

   1.25      0.18        1.31      0.19   
                          

Basic weighted average number of ADSs outstanding

   21,517,397      21,517,397        21,517,397      21,517,397   

Effect of dilutive potential ADSs

   86,927      86,927        86,927      86,927   
                          

Diluted weighted average number of ADSs outstanding

   21,604,324      21,604,324        21,604,324      21,604,324   
                          

 

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3SBio Inc. and subsidiaries

Consolidated statements of income

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

 

Three Months Ended September 30,2008   

GAAP

RMB

   

GAAP

US$

   

Adjust-

ment

RMB

   

Non-GAAP

RMB

   

Non-GAAP

US$

 
     (unaudited)     (unaudited)     (unaudited)     (unaudited)     (unaudited)  

Net Revenues:

          

EPIAO

   42,650      6,282      —        42,650      6,282   

TPIAO

   19,736      2,907      —        19,736      2,907   

Intefen

   1,398      206      —        1,398      206   

Inleusin

   186      27      —        186      27   

Iron

   1,733      255      —        1,733      255   

Export

   2,439      359      —        2,439      359   

Others

   8      1      —        8      1   
                          

Total net revenues

   68,150      10,037        68,150      10,037   

Cost of revenues

   (5,923   (872   111  (1)    (5,812   (856
                          

Gross profit

   62,227      9,165        62,338      9,181   

Operating expenses

          

Research and development costs

   (4,242   (625   154  (1)    (4,088   (602

Sales, marketing and distribution expenses

   (29,260   (4,309   297  (1)    (28,963   (4,266

General and administrative expenses

   (8,018   (1,181   838  (1)    (7,180   (1,057
                          

Total operating expenses

   (41,520   (6,115     (40,231   (5,925

Operating income

   20,707      3,050        22,107      3,256   

Other income /(expenses), net

          

Interest income

   5,461      804      —        5,461      804   

Grant income

   94      14      —        94      14   

Impairment loss on available-for-sale securities

   (19,144   (2,819   19,144  (2)    —        —     

Others

   (1,058   (156   —        (1,058   (156
                          

Total other income, net

   (14,647   (2,157     4,497      662   
                          

Income before income tax expense and minority interests

   6,060      893        26,604      3,918   

Income tax expense

   (4,272   (629   —        (4,272   (629
                          

Income before minority interests

   1,788      264        22,332      3,289   

Minority interests, net of tax

   77      11      —        77      11   
                          

Net income

   1,865      275        22,409      3,300   
                          

Net income per share:

          

Basic and diluted

   0.01      0.00        0.15      0.02   
                          

Basic weighted average number of shares outstanding

   151,862,722      151,862,722        151,862,722      151,862,722   

Effect of dilutive potential shares

   7,222      7,222        7,222      7,222   
                          

Diluted weighted average number of shares outstanding

   151,869,944      151,869,944        151,869,944      151,869,944   
                          

Net income per ADS:

          

Basic and diluted

   0.09      0.01        1.03      0.15   
                          

Basic weighted average number of ADSs outstanding

   21,694,675      21,694,675        21,694,675      21,694,675   

Effect of dilutive potential ADSs

   1,032      1,032        1,032      1,032   
                          

Diluted weighted average number of ADSs outstanding

   21,695,707      21,695,707        21,695,707      21,695,707   
                          

 

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3SBio Inc. and subsidiaries

Consolidated statements of income

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

 

Nine Months Ended September 30,2009   

GAAP

RMB

   

GAAP

US$

   

Adjust-
ment

RMB

    Non-GAAP
RMB
    Non-GAAP
US$
 
     (unaudited)     (unaudited)     (unaudited)     (unaudited)     (unaudited)  

Net Revenues:

          

EPIAO

   150,549      22,055      —        150,549      22,055   

TPIAO

   68,820      10,082      —        68,820      10,082   

Intefen

   4,188      614      —        4,188      614   

Inleusin

   1,166      171      —        1,166      171   

Iron

   8,700      1,275      —        8,700      1,275   

Export

   9,133      1,338      —        9,133      1,338   

Others

   88      13      —        88      13   
                          

Total net revenues

   242,644      35,548      —        242,644      35,548   

Cost of revenues

   (18,990   (2,782   365  (1)    (18,625   (2,728
                          

Gross profit

   223,654      32,766      —        224,019      32,820   

Operating expenses

          

Research and development costs

   (14,325   (2,099   366  (1)    (13,959   (2,045

Sales, marketing and distribution expenses

   (110,742   (16,223   471  (1)    (110,271   (16,154

General and administrative expenses

   (24,137   (3,536   1,808  (1)    (22,329   (3,271
                          

Total operating expenses

   (149,204   (21,858     (146,559   (21,470

Operating income

   74,450      10,908        77,460      11,350   

Other income /(expenses), net

          

Interest income

   9,163      1,342      —        9,163      1,342   

Grant income

   281      41      —        281      41   

Disposal gain on available-for-sale securities

   1,611      236      (1,611 ) (2)    —        —     

Impairment loss on available-for-sale securities

   (4,624   (677   4,624  (2)    —        —     

Others

   1,463      214      —        1,463      214   
                          

Total other income, net

   7,894      1,156        10,907      1,597   
                          

Income before income tax expense

   82,344      12,064      —        88,367      12,947   

Income tax expense

   (12,559   (1,840   —        (12,559   (1,840
                          

Net income

   69,785      10,224        75,808      11,107   
                          

Net income per share:

          

Basic and diluted

   0.46      0.07        0.50      0.07   
                          

Basic weighted average number of shares outstanding

   150,598,359      150,598,359        150,598,359      150,598,359   

Effect of dilutive potential shares

   114,151      114,151        114,151      114,151   
                          

Diluted weighted average number of shares outstanding

   150,712,510      150,712,510        150,712,510      150,712,510   
                          

Net income per ADS:

          

Basic and diluted

   3.24      0.47        3.52      0.52   
                          

Basic weighted average number of ADSs Outstanding

   21,514,051      21,514,051        21,514,051      21,514,051   

Effect of dilutive potential ADSs

   16,307      16,307        16,307      16,307   
                          

Diluted weighted average number of ADSs Outstanding

   21,530,358      21,530,358        21,530,358      21,530,358   
                          

 

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3SBio Inc. and subsidiaries

Consolidated statements of income

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

 

Nine Months Ended September30,2008   

GAAP

RMB

   

GAAP

US$

   

Adjust-

ment

RMB

   

Non-GAAP

RMB

    Non-GAAP
US$
 
     (unaudited)     (unaudited)     (unaudited)     (unaudited)     (unaudited)  

Net Revenues:

          

EPIAO

   115,244      16,972      —        115,244      16,972   

TPIAO

   51,212      7,542      —        51,212      7,542   

Intefen

   3,790      558      —        3,790      558   

Inleusin

   564      83      —        564      83   

Iron

   5,188      764      —        5,188      764   

Export

   7,141      1,052      —        7,141      1,052   

Others

   42      6      —        42      6   
                          

Total net revenues

   183,181      26,977        183,181      26,977   

Cost of revenues

   (16,119   (2,374   260  (1)    (15,859   (2,336
                          

Gross profit

   167,062      24,603        167,322      24,641   

Operating expenses

          

Research and development costs

   (10,038   (1,478   359  (1)    (9,679   (1,425

Sales, marketing and distribution expenses

   (81,441   (11,994   691  (1)    (80,750   (11,893

General and administrative expenses

   (25,498   (3,756   2,271  (1)    (23,227   (3,421
                          

Total operating expenses

   (116,977   (17,228     (113,656   (16,739

Operating income

   50,085      7,375        53,666      7,902   

Other income /(expenses), net

          

Interest income

   18,037      2,656      —        18,037      2,656   

Grant income

   281      41      —        281      41   

Impairment loss on available-for-sale securities

   (19,144   (2,819   19,144  (2)    —        —     

Others

   2,761      407      —        2,761      407   
                          

Total other income, net

   1,935      285        21,079      3,104   
                          

Income before income tax expense and minority interests

   52,020      7,660        74,745      11,006   

Income tax expense

   (11,192   (1,648   —        (11,192   (1,648
                          

Income before minority interests

   40,828      6,012        63,553      9,358   

Minority interests, net of tax

   172      25      —        172      25   
                          

Net income

   41,000      6,037        63,725      9,383   
                          

Net income per share:

          

Basic and diluted

   0.27      0.04        0.42      0.06   
                          

Basic weighted average number of shares outstanding

   152,019,769      152,019,769        152,019,769      152,019,769   

Effect of dilutive potential shares

   7,222      7,222        7,222      7,222   
                          

Diluted weighted average number of shares outstanding

   152,026,991      152,026,991        152,026,991      152,026,991   
                          

Net income per ADS:

          

Basic and diluted

   1.89      0.28        2.93      0.43   
                          

Basic weighted average number of ADSs outstanding

   21,717,110      21,717,110        21,717,110      21,717,110   

Effect of dilutive potential ADSs

   1,032      1,032        1,032      1,032   
                          

Diluted weighted average number of ADSs outstanding

   21,718,142      21,718,142        21,718,142      21,718,142   
                          

 

Page 11 of 12


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Notes to reconciliation of our GAAP statements of income to our adjusted statements of income:

 

(1) To exclude share-based compensation expenses from its non-GAAP measures primarily because they are non-cash expenses that the Company does not believe are reflective of ongoing operating results.
(2). To exclude the impact caused by the impairment and / or disposal losses on available-for-sale securities from its non-GAAP measures, which is one-off in nature.

 

Page 12 of 12

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