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Press Release

Sinovac Reports Unaudited Third Quarter 2016 Financial Results

Posted on: 29 Nov 16

BEIJING, Nov. 28, 2016 /PRNewswire/ -- Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, announced today its unaudited third quarter ended September 30, 2016.

Mr. Weidong Yin, Chairman, President and CEO of the Sinovac, commented, "Our third quarter revenue rebounded from a slower first half of the year, increasing 71.4% to $28.7 million from $16.8 million from the same period of 2015. The sales improvement was mainly attributable to the newly introduced EV71 vaccine product sales, which contributed approximately $16.5 million to our quarterly revenue, partially offset by Bilive and Anflu revenue decreases."

"Vaccine deliveries resumed in the third quarter after the interpretation of new government regulation was issued in June, however we expect the market for conventional vaccines to take longer to fully recover. Our Bilive sales decline was due to increased sales returns as the delayed supply reduced the shelf life of the vaccine in the channel, while our Anflu sales decline was a result of less vaccine produced during this challenging environment."

"We continued to make progress on our pipeline programs with the continuation of clinical trials of our varicella vaccine, Sabin IPV (sIPV) and pneumococcal polysaccharide vaccine (PPV). Heading into the fourth quarter, we expect EV71 vaccine sales to remain our leading revenue contributor," concluded Mr. Yin.

Third Quarter 2016 Business Highlights

Marketing and Sales

As in prior years, Sinovac submitted bids of its Healive in Beijing, Shanghai, and Jiangsu Province, and Anflu in Beijing. Sinovac won the tenders to supply Beijing with Healive over the course of 2016 to 2018 and Anflu for 2016. The total value of the tenders was RMB 32 million ($4.8 million) for Healive and RMB 6.6 million ($1.0 million) for Anflu. Sinovac was selected to be the sole supplier of Healive to Shanghai for 2016 and the value of the contract is RMB 14.1 million ($2.1 million). Sinovac won the tender to supply Healive to Jiangsu for 2016 and the total value of the tender was RMB 13.2 million ($2.0 million).

Research and Development

Varicella - The vaccine candidate was approved to commence human clinical trials in 2015. The phase I trial was completed and the results demonstrated a positive safety profile of the vaccine candidate. The phase III trial commenced in the third quarter. A phase III trial measures efficacy and immunogenicity with a randomized, double-blind, parallel-treatment, placebo-controlled study in addition to safety. Over 6,000 subjects aged one to twelve years old were enrolled as volunteers for the phase III clinical trial. We expect the phase III clinical trial to be completed in the third quarter of 2017, after which the production license application will be filed with the CFDA.

sIPV - The Company initiated the phase I clinical trial in October 2016. The preliminary results show a positive safety profile of the vaccine candidate. After the results were collected, Sinovac recently commenced the phase II trial, which is designed to study the immunogenicity of vaccine candidates with different levels of dosage content for the dose selection, and to further observe the safety of the vaccine. The phase II clinical trial is expected to be completed in the third quarter of 2017.

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Editor's Details

Mike Wood

Last updated on: 29/11/2016

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