China Pharma Holdings, a specialty bio-pharmaceutical company that develops, manufactures and markets Western and Chinese medicines, has announced its financial results for the third quarter 2007 ended September 30, 2007.
China Pharma's revenue in the third quarter of 2007 was $8.3 million, up 65.36% compared to $5.01 million in the third quarter of 2006. Andrographolide has increased by 135.07% yoy, Cefaclor has increased by 99.63% yoy, Neurotrophicpetide increased by 72.58% yoy, Buflomedil has increased by 64.12% yoy. Newly launched Granisetron hydrochloride has increased by $0.779 million, and Alginic Sodium Diester has increased by $0.58 million. Gross profit increased 55.59% to $3.88 million from $2.49 million in the third quarter of 2006. The growth of gross profit benefits from the high growth of revenue. Net income was $3.08 million, up 80.73% as compared to the same period a year ago. Fully diluted earnings per share were $0.08, a 68.57% increase from the third quarter of 2006.
"Our increased market penetration for our existing portfolio and the wide acceptance of our newly launched products Granisetron hydrochloride and Alginic Sodium Diester has contributed to the strong growth of our revenue. Our strong performance is the result of building an extensive and diversified portfolio of therapeutics which allows us not to depend on any one product for revenue growth," commented Ms. Zhilin Li, President and CEO of China Pharma.
The Seventeenth National Congress of the Communist Party of China has confirmed the basic policies of the health care reform. The government has committed to expand its rural cooperative medical system (CMS) to cover more rural areas in the country, and will spend $1.3 billion in this program on an annual basis. CMS is currently covering about 51% rural areas, and by 2010, the whole country will be covered by this program. China Pharma expects to greatly benefit from the CMS program.