Simcere Pharmaceutical 3Q profit falls on costs - News Wires

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Simcere Pharmaceutical 3Q profit falls on costs

By: The Associated Press | 16 Nov 2009 | 04:44 PM ET

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NEW YORK - Chinese drugmaker Simcere Pharmaceutical Group said Monday its profit plunged in the third quarter due to growing expenses, nearly flat sales of key products.

Simcere said it earned 16.4 million yuan ($2.4 million), or 4 cents per American depositary share, down 77 percent from 91.2 million yuan a year ago. Revenue rose slightly to 443.7 million yuan ($65 million) from 443.4 million yuan.

Analysts polled by Thomson Reuters expected profit of 9 cents per American Depositary Share and $69.1 million in revenue.

Simcere's research and development costs rose about 55 percent. Sales, marketing, and distribution costs jumped 27 percent, and general and administrative expenses grew 25 percent.

Revenue from edaravone, which is a stroke management medication, rose 20 percent. The company said sales of its cancer drug Endu fell 60 percent and generic drug sales were down 12 percent.

American depository shares rose 20 cents, or 2.7 percent, to close at $7.64.

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