Sinovac Reports 118% Revenue Growth for 2007

Sinovac Biotech (SVA) reported that revenues jumped 118% in 2007 to $33.5 million while net profit came in at $7.7 million against a small loss a year ago. The profit is equal to 19 cents per share.

The company markets Healive, an inactivated hepatitis A vaccine, and Anflu, a seasonal influenza vaccine that is also promoted by GSK China (GSK). With GSK’s help and a larger advertising campaign, sales of Anflu jumped from 77,000 doses in 2006 to 1.6 million doses in 2007. Sales for Healive almost doubled, moving up from 2.6 million doses in 2006 to 5.1 million doses in 2007. The company did not break out revenues for Bilive, a vaccine that combines coverage for hepatitis A and hepatitis B that has been having difficulty making an impact in the marketplace.

Sinovac also announced that it has submitted its whole viron vaccine for pandemic flu (H5N1) to the SFDA for approval following a successful Phase II trial of the vaccine last year. The split viron version of the vaccine is in Phase I and Phase II trials.

Sinovac announced a gross margin of 80.6% and a profit margin of 23%. At the end of 2007, Sinovac held $17.1 million of cash. In January 2008, Sinovac raised another $9.75 million in a private placement.

Disclosure: none.