Press release
Sinovac Reports Unaudited Fourth Quarter 2019 Financial Results and Files 2019 Annual Report on Form 20-F
BEIJING, China--(BUSINESS WIRE)-- Sinovac Biotech Ltd. (NASDAQ:SVA) (“Sinovac” or the “Company”), a leading provider of biopharmaceutical products in China,
About this update from Sinovac Biotech, Ltd.
[{"type":"text","content":" BEIJING, China--(BUSINESS WIRE)--\nSinovac Biotech Ltd. (NASDAQ:SVA) (“Sinovac” or the “Company”), a leading provider of biopharmaceutical products in China, has filed its 2019 annual report on Form 20-F with the U.S. Securities and Exchange Commission for the year ended December 31, 2019. The Company also reported its unaudited financial results for the fourth quarter ended December 31, 2019.\n\n\nFourth Quarter and Full Year 2019 Financial Summary\n\n\n\nSales for the fourth quarter of 2019 were $81.1 million, an increase of 52.4% from $53.2 million in the prior year period.\n\n\nSales in 2019 were $246.1 million, an increase of 7.1% from $229.7 million in the prior year.\n\n\nOperating income for the fourth quarter increased 10,451% from the prior year period due to higher revenue and lower selling, general and administrative expenses.\n\n\nOperating income in 2019 increased 51.3% from the prior year period due to higher revenue and lower selling, general and administrative expenses.\n\n\nThe Company posted $21.7 million of net income attributable to common shareholders, or $0.22 per basic and $0.20 per diluted share, in the fourth quarter, compared to net loss attributable to common shareholders of $1.2 million, or $0.02 per basic and diluted share, in the prior year period.\n\n\nThe Company posted $39.8 million of net income attributable to common shareholders, or $0.42 per basic and $0.41 per diluted share, in 2019, compared to net income attributable to common shareholders of $21.8 million, or $0.34 per basic and diluted share, in the prior year.\n\n\n\nMr. Weidong Yin, Chairman, President, and CEO of Sinovac, commented, “Sinovac delivered strong performance in 2019 with growth in sales and net earnings. We are pleased to report that during the fourth quarter of 2019, Anflu, the seasonal influenza vaccine, was relaunched to the market after a one-year absence due to the manufacturing disruption orchestrated by the minority shareholder of Sinovac Beijing in 2018. Furthermore, our varicella vaccine was granted market authorization in December 2019, and today the batch release approval was obtained for our first batch varicella vaccines.”\n\n\n“Our research and development team has had a busy year. In addition to our varicella vaccine being approved to market in China, we made good progress on the development and regulatory...