Sinobiopharma (SNBP) reports strong fiscal year 2010 financials
Posted on: September 21st, 2010Written by:
Share prices for Sinobiopharma, Inc. (OTCBB: SNBP) are up 15.4 percent from last week, to 30 cents a share, after the company announced promising financial results, with solid increases in revenues and profits driven by higher sales of their flagship product, KuTai, a muscle relaxant. The Company is pleased to report 2010 revenue rose 101 percent to $7.7 million, and net income increased approximately $5.1 million year-over-year to $2.9 million, or three cents per diluted share.
Sinobiopharma, a fully integrated and innovative specialty pharmaceutical company engaged the development and distribution of biopharmaceutical products in China, also reported that their gross margin increased 142 percent year-over-year to approximately $6.2 million, or 80 percent of sales from $2.5 million in contrast to $2.5 million, or 66 percent during the same period of 2009. Additionally, net worth increased from $776,831 at May 31, 2009 to $9,752,831 at May 31, 2010. Total assets increased by $5,996,519, from $5,956,443 at May 31, 2009 to $11,952,962 at May 31, 2010.
Dr. Lequn Lee Huang, Sinobiopharma’s Chairman and CEO, commented on the fiscal year 2010 results, “This has been a great year for Sinobiopharma. The market has demonstrated a strong need for our flagship product – KuTai – and the sales increases from this product are expected to continue for the next two years. The cash flow generated organically is expected to fully support ongoing operations.”
Sinobiopharma’s current therapeutic focus is on anesthesia-assisted agents and cardiovascular drugs. The company is known as Dong Ying (Jiangsu) Pharmaceutical Co., Ltd., Sinobiopharma’s wholly-owned subsidiary in China, one of the world’s fastest growing pharmaceutical markets.
