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  • China Pharma Holdings, Inc. (CPHI) Posts Q3 Financial Results, 12% Rev Increase 0 comments
    Nov 11, 2011 5:20 PM | about stocks: CPHI
    China Pharma Holdings Inc., a specialty pharmaceuticals company in China, today announced its financial results for the quarter ended September 30, 2011.

    The company reported a 12 percent increase in third quarter 2011 revenue to $21.0 million compared to $18.7 million in the comparable quarter of 2010.

    Net income for the third quarter of 2011 was $3.3 million, or $0.08 per basic and diluted share, compared to $5.9 million, or $0.14 per basic and diluted share, in the third quarter of 2010.

    China Pharma reported operating income of $3.9 million in the third quarter of 2011, down 37 percent from $6.2 million in the third quarter of 2010.

    “In the third quarter of 2011 we achieved solid sales growth primarily due to strong performances by our Anti-Viro Infection & Respiratory and our Digestive product categories. We continue to face pricing pressures across many of our products during the quarter, but we expect gross margin and revenue to benefit from new product launches in the months and quarters ahead,” Zhilin Li, China Pharma’s chairman and CEO stated in the press release. “In addition to the expected launch of new products such as Candesartan and Rosuvastatin, 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.”

    In terms of gross margins by major categories, the company reported CNS Cerebral & Cardio Vascular category margin at 43.4 percent, a decrease compared to the third quarter 2010 gross margin of 44.5 percent. Gross margin for the company’s Anti-Viro/Infection & Respiratory category decreased to 23.7 percent compared to 28.3 percent in the period one year ago. Gross margin for the Digestive Diseases category decreased to 44.7 percent compared to the prior year third quarter’s 52.5 percent.

    As of September 30, 2011, the company had cash and cash equivalents of $4.9 million compared to $3.7 million as of December 31, 2010.

    As of September 30, 2011, China Pharma had nine pipeline drugs in different stages of active development.

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