SHENYANG, China, Aug. 18 /PRNewswire-Asia-FirstCall/ --
-- 2Q revenues grew 29.5% Y-o-Y to RMB105.5 million
(US$15.6million)
-- 1H revenues grew 34.5% Y-o-Y to RMB201.9 million
(US$29.8 million)
-- Company reiterates FY2010 revenue guidance
-- New plant is granted GMP certification by SFDA
3SBio Inc. (Nasdaq: SSRX) ("3SBio" or "the Company"), a leading China-based biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products, today announced its unaudited financial results for the second quarter ended June 30, 2010.
Second Quarter 2010 Financial Highlights:
-- Total net revenues increased by 29.5% over the second quarter of 2009
to RMB105.5 million (US$15.6 million).
-- Operating income increased by 8.2% over the second quarter of 2009 to
RMB27.9 million (US$4.1 million).
-- Net income decreased by 5.4% over the second quarter of 2009 to RMB25.5
million (US$3.8 million) on a GAAP basis, and increased by 0.6% over
the second quarter of 2009 to RMB25.5 million (US$3.8 million) on a
non-GAAP basis.
-- Net income per American Depositary Share ("ADS") on a fully-diluted
basis for the second quarter of 2010 was RMB1.16 (US$0.17) compared
with RMB1.25 (US$0.18) for the second quarter of 2009 on a GAAP basis,
and RMB1.16 (US$0.17) for the second quarter of 2010 compared with
RMB1.18 (US$0.17) for the second quarter of 2009 on a non-GAAP basis.
First Half 2010 Financial Highlights:
-- Total net revenues in the first half of 2010 increased by 34.5% to
RMB201.9 million (US$29.8 million) compared to RMB150.1 million
(US$22.0 million) in the first half of 2009.
-- Operating income increased by 22.3% over the first half of 2009 to
RMB56.1 million (US$8.3 million).
-- Net income increased by 21.7% over the first half of 2009 to RMB52.2
million (US$7.7 million) on a GAAP basis, and increased by 13.7% over
the first half of 2009 to RMB52.2 million (US$7.7 million) on a
non-GAAP basis.
-- Net income per ADS on a fully-diluted basis for the first half of 2010
was RMB2.37 (US$0.35) compared with RMB1.99 (US$0.29) for the first
half of 2009 on a GAAP basis, and RMB2.37 (US$0.35) for the first half
of 2010 compared with RMB2.13 (US$0.31) for the first half of 2009 on a
non-GAAP basis.
Second Quarter 2010 Business Highlights
-- EPIAO, the Company's flagship injectable recombinant human
erythropoietin ("EPO") product, demonstrated strong growth with net
revenues from EPIAO in the second quarter of 2010 rising 22.9% to
RMB62.8 million (US$9.3 million) compared to RMB51.1 million (US$7.5
million) in the second quarter of 2009. EPIAO accounted for 59.5% of
total revenues in the second quarter of 2010, compared to 62.7% in the
same period of 2009. According to the latest data from IMS Health China,
EPIAO's market share in terms of value reached 43.3% in the first
quarter of 2010.
-- Net revenues for TPIAO, the Company's novel recombinant human
thrombopoietin ("TPO") product, increased by 44.6% to RMB32.1 million
(US$4.7 million) in the second quarter of 2010, compared to RMB22.2
million (US$3.3 million) in the second quarter of 2009. TPIAO
accounted for 30.5% of total revenues in the second quarter of 2010
compared to 27.3% in the same period of 2009.
-- Iron Sucrose sales grew 51.1% in the second quarter to RMB4.5 million
(US$0.7 million), accounting for 4.2% of total revenues, compared to
3.6% in the second quarter of 2009. While still a relatively small
share of total revenues, the strong growth validates our strategy of
introducing new products that are complementary to our core nephrology
franchise.
-- Two novel research products, Feraheme, an IV iron product from AMAG
Pharmaceuticals, and NuPIAO, our long-lasting second generation
erythropoietin product, are waiting for approval to enter clinical
phase III and phase I, respectively. 3SBio continues to work with the
State Food and Drug Administration ("SFDA") to advance the regulatory
approval of the three new product programs submitted in 2008. The
36,000 IU dosage formulation of EPIAO and the TPIAO label extension for
the treatment of ITP are now pending manufacturing license approval,
while Nuleusin, a treatment for late stage metastatic renal cell
carcinoma, is still under review.
Events Subsequent to June 30, 2010
Following the completion of construction of the new EPIAO and TPIAO
plant in the first quarter, the SFDA granted Good Manufacturing
Practice ("GMP") certification in August 2010. GMP certification will
support the future growth of EPIAO and TPIAO in China and serve as an
important step towards exploring global biosimilar opportunities.
-- Dr. Jing Lou, chief executive officer of 3SBio, commented:
"Overall, the business is performing as expected with a strong set of
results this quarter and first half and we reiterate our full-year
revenue guidance of US$56-60 million. EPIAO's market share by value in
the first quarter of 2010 reached an all-time high of 43.3% and for the
first time, TPIAO sales accounted for more than 30% of net revenues,
providing further evidence that we are successfully diversifying our
product mix. We are also pleased to announce that our new EPIAO and
TPIAO plant was inspected by the SFDA in July and has been formally
certified as GMP compliant. This is a significant milestone for us as
we focus on growing our business in China while taking important steps
towards exploring global biosimilar opportunities. "
Three months ended June 30, 2010 Unaudited Financial Results
Net revenues. Net revenues increased by 29.5% to RMB105.5 million (US$15.6 million) for the second quarter of 2010 from RMB81.5 million (US$11.9 million) for the same period in 2009. This increase was largely due to continued strength from EPIAO and TPIAO products which increased by 22.9% and 44.6%, respectively, over the same period in 2009. TPIAO remained the Company's second largest revenue contributor in the quarter, accounting for 30.5% of total net revenues. Export sales declined by 16.9% to RMB2.9 million (US$0.4 million), and revenues from our IV Iron Sucrose supplement rose 51.1% to RMB4.5 million (US$0.7 million).
Gross profit. As a result of continued sales growth from key products, gross profit for the second quarter of 2010 increased by 26.4% to RMB94.8 million (US$14.0 million) from RMB75.0 million (US$11.0 million) for the same period in 2009. Gross margin decreased by 2.2% to 89.8% for the second quarter of 2010 from 92.0% for the same period in 2009. The decrease in gross margin is mainly due to higher depreciation charges attributable to the new production facilities in Shenyang.
Operating expenses. Operating expenses were RMB66.8 million (US$9.9 million) for the second quarter of 2010, or 63.4% of net revenues, compared to operating expenses of RMB49.2 million (US$7.2 million), or 60.3% of net revenue for the same period in 2009. The increase in operating expenses as a percentage of net revenues was largely driven by higher SG&A expenses.
-- Research and development ("R&D") costs. R&D costs for the second
quarter of 2010 were RMB5.7 million (US$0.8 million), or 5.4% of net
revenues, compared to RMB4.3 million (US$0.6 million), or 5.2% of net
revenues for the same period in 2009.
-- Sales, marketing and distribution expense. Sales, marketing and
distribution expenses for the second quarter of 2010 were RMB47.6
million (US$7.0 million), or 45.1% of net revenues, compared to RMB36.2
million (US$5.3 million), or 44.5% of net revenue, for the same period
in 2009. The increase was primarily attributable to higher sales
activities in general and continued investment in building the TPIAO
and EPIAO brands.
-- General and administrative expenses. General and administrative
expenses for the second quarter of 2010 were RMB13.5 million (US$2.0
million), or 12.8% of net revenues representing an increase of 56.0%
from general and administrative expenses of RMB8.7 million (US$1.3
million), or 10.6% of net revenues for the same period in 2009.
Operating income. Operating income was RMB27.9 million (US$4.1 million) for the second quarter of 2010, an increase of 8.2% from operating income of RMB25.8 million (US$3.8 million) for the same period in 2009. Operating margin for the second quarter of 2010 was 26.5% as compared to 31.7% for the same period in 2009.
Interest income. The Company recorded net interest income of RMB2.4 million (US$0.3 million) for the second quarter of 2010, compared to RMB2.5 million (US$0.4 million) for the same period in 2009.
Net income. GAAP net income was RMB25.5 million (US$3.8 million) for the second quarter of 2010, 5.4% lower than net income of RMB27.0 million (US$0.4 million) for the same period in 2009. GAAP net income per ADS on a fully-diluted basis for the second quarter of 2010 increased to RMB1.16 (US$0.17) from RMB1.25 (US$0.18) for the same period in 2009. GAAP net margin for the second quarter of 2010 was 24.2% as compared to 33.1% for the same period in 2009.
Non-GAAP net income for the second quarter of 2010 was RMB25.5 million (US$3.8 million), 0.6% higher than non-GAAP net income of RMB25.4 million (US$3.7 million) for the same period in 2009.
Non-GAAP net income per ADS on a fully-diluted basis for the second quarter of 2010 decreased to RMB1.16 (US$0.17) from RMB1.18 (US$0.17) for the same period in 2009. Non-GAAP net margin for the second quarter of 2010 was 24.2% as compared to 31.1% for the same period in 2009.
Six months ended June 30, 2010 Unaudited Financial Results
Net revenues. Net revenues for the first half of 2010 increased by 34.5% to RMB201.9 million (US$29.8 million), from RMB150.1 million (US$22.0 million) for the same period in 2009. The increase was primarily attributable to increased sales from our EPIAO and TPIAO products, underpinned by continued strong demand in the oncology and nephrology markets.
Net revenues from EPIAO for the first half of 2010 increased by 27.7% to RMB120.0 million (US$17.7 million) from RMB94.0 million (US$13.8 million) for same period in 2009. Net revenues from TPIAO in the first half of 2010 increased by 51.8% to RMB62.1 million (US$9.2 million) from RMB41.0 million (US$6.0 million) for the same period in 2009. In addition, revenue from our export business was RMB6.0 million (US$0.9 million), representing a decrease of 12.7% over the first half of 2009, while revenue from our IV Iron Sucrose supplement was RMB8.6 million (US$1.3 million), representing an increase of 71.6% over the first half of 2009.
Gross profit. Gross profit for the first half of 2010 increased by 33.2% to RMB183.3 million (US$27.0 million) from RMB137.6 million (US$20.1 million) for the same period in 2009. Gross margin decreased by 0.9% to 90.8% for the first half month months of 2010 from 91.7% for the same period in 2009.
Operating income. For the first half ended June 30, 2010, operating income increased by 22.3% to RMB56.1 million (US$8.3 million), compared to RMB45.9 million (US$6.7 million) for the same period in 2009. Operating margin for the first half ended June 30, 2010 was 27.8% as compared to 30.6% for the half months ended June 30, 2010.
Net income. GAAP net income for the first half of 2010 increased by 21.7% to RMB52.2 million (US$7.7 million) compared with RMB42.9 million (US$6.3 million) for the same period in 2009. GAAP net margin for the first half ended June 30, 2010 was 25.8% as compared to 28.6% for the same period in 2009. GAAP net income per ADS on a fully-diluted basis for the first half of 2010 increased to RMB2.37 (US$0.35) from RMB1.99 (US$0.29) for the same period in 2009.
Non-GAAP net income for the first half of 2010 increased by 13.7% to RMB52.2 million (US$7.7 million) compared with RMB45.9 million (US$6.7 million) for the same period in 2009. Non-GAAP net margin for the first half ended June 30, 2010 was 25.8% as compared to 30.6% for the same period in 2009. Non-GAAP net income per ADS for the first half of 2010 increased to RMB2.37 (US$0.35) from RMB 2.13 (US$0.31) for the same period in 2009.
Cash and cash equivalents / Time deposits. 3SBio had positive operating cash flows of RMB34.3 million (US$5.1 million) for the second quarter 2010, and as of June 30, 2010 retained a strong balance sheet with cash, cash equivalents, restricted cash and time deposits of RMB749.3 million (US$110.5 million), a 0.1% increase from RMB740.5 million (US$108.5 million) as of December 31, 2009.
2010 Full Year Guidance
Based on current market conditions and visibility provided during the second quarter, the Company reiterates its total net revenue target for the full year of 2010 of between US$56 million to US$60 million, resulting in a year-over-year increase of approximately 21% to 29%.
Conference Call
3SBio's senior management will host a conference call at 5:00 am (Pacific) / 8:00 am (Eastern) / 8:00 pm (Beijing/Hong Kong) on August 18, 2010 to discuss its 2010 second quarter financial results and recent business activity. The conference call may be accessed using the dial-in numbers below:
Conference ID: 92606068
Local dial-in:
China landline 800-819-0121
China mobile 400-620-8038
Hong Kong 852-2475-0994
International toll-free dial-in:
Hong Kong 800930346
United Kingdom 080-8234-6646
United States 1-866-519-4004
International toll dial-in: 65 6723 9381
Replay- Conference ID: 92606068
A telephone replay will be available two hours after the call until August
24, 2010, at:
International dial-in: 61-2-8235-5000
United States dial-in: 1-866-214-5335
Webcast
A live webcast of the conference will be available on the investor relations page of 3SBio's website at http://bbs.3sbio.com/en/News/xinvestors.aspx and at http://tinyurl.com/3SBio2010Q2 .
A replay of the webcast will be available within one hour after the conclusion of the call.
Non-GAAP Financial Measures: Reconciliation of GAAP to Non-GAAP
To supplement the Company's financial information presented in accordance with general accepted accounting principles ("GAAP"), the Company has utilized some non-GAAP financial measures to provide investors and management with supplemental measures that facilitate comparisons of operating performance and trends with prior and future operating performance, and that may not otherwise be apparent on a GAAP basis. These non-GAAP financial measures include non-GAAP net income, non-GAAP net income per share, and non-GAAP net income per ADS. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principals, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. These measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. Please see the attached reconciliation of GAAP to non-GAAP for an explanation of the amounts excluded to arrive at non-GAAP financial measures for the three-month periods ended June 30, 2009 and June 30, 2010 and for the half month periods ended June 30, 2009 and June 30, 2010.
Statement Regarding Unaudited Financial Information
The unaudited financial information set forth above is preliminary and subject to adjustments and modifications. The audited financial statements and related notes are to be included in our annual report on Form 20-F for the year ending December 31, 2010. Adjustments and modifications to the financial statements may be identified during the course of the audit work, which could result in significant differences from this preliminary unaudited financial information.
Currency Convenience Translation
For the convenience of readers, certain RMB amounts have been translated into US dollars at the rate of RMB6.7815 to US$1.00, the noon buying rate for US dollars in effect on June 30, 2010 for cable transfers of RMB per US dollar as certified for customs purposes by the Federal Reserve Bank of New York. A rate of 6.8302 was used for comparative purposes as of June 30, 2009.
About 3SBio Inc.
3SBio Inc. is a leading, fully integrated biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products, primarily in China. For more information, please visit 3SBio on the web at http://www.3sbio.com .
Safe Harbor Statement
Certain statements in the disclosures of 3SBio, Inc. (the "Company" or "3SBio") for the second quarter of fiscal 2010 ("Disclosures") that are not purely historical in nature may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Disclosures include the press release, the conference call and any accompanying materials, and any other information issued, released or publicized by the Company with respect to fiscal 2010 and the second quarter.
These forward-looking statements address activities, events, conditions, or developments that we currently expect or anticipate may occur in the future, and include, but may not be limited to, discussions and statements regarding revenue guidance; product development; impact of the government policies and regulation; regulatory approval process; regulatory action as to product pricing; timing of plant certification and production launch; export growth and expansion; product demands; production capacity; capital expense estimate; and future operations and strategies. Forward-looking statements can be identified by such terminology as "believe," "expect," "plans," "strategy," "potential", "prospects," "forecast," "estimate," "project," "anticipate," "aim," "will" or "would", "may" or "might", and words, phrases, expressions, and usages of similar meaning or substance or the negative of such words, phrases, expressions and usages.
Forward-looking statements are based on management's current assumptions, beliefs, expectations, and projections, in light of the information currently available to it, and actual results, performances, or achievements could differ materially from those implied or expressed by the forward-looking statements. Among the factors that could cause 3SBio's actual results to differ from what the Company currently anticipates may include changes in the healthcare industry in PRC, including changes in the healthcare policies, regulations, and regulatory practice, and changes in the healthcare insurance system; competition from other domestic and foreign pharmaceutical companies; market growth for pharmaceutical products in China; the completion of 3SBio's ongoing clinical trials as planned; receipt and timing of regulatory approvals for 3SBio's products; receipt and timing of regulatory certifications; products inclusion in government reimbursement; 3SBio's ability to expand its production, sales and distribution network and other aspects of its operations; effects of partnerships and acquisitions; market acceptance of 3SBio products; actual hospital or patient demand for our products; ability to effectively protect our intellectual properties; and fluctuations in general economic and business conditions in China.
For additional information on factors identified above and other risk factors, uncertainties and assumptions that may affect 3SBio's business, financial conditions and results of operations, please refer to the Company's filings with the Securities and Exchange Commission at http://www.sec.gov , and, in particular, "Introduction - Cautionary Statement concerning Forward Looking Statements", Item 3.D "Risk Factors", Item 5. "Operating and Financial Review and Prospects", and other applicable discussions in 3SBio's annual report on Form 20-F for the year ended December 31, 2009.
All the statements in the Disclosures speak as of the date of the initial release, even if subsequently made available on the 3SBio website or otherwise. 3SBio undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, subsequent events or otherwise, after the date of this press release.
For more information, please contact:
Investor Contacts
Bo Tan
Chief Financial Officer
3SBio Inc.
Phone: +86-24-2581-1820
Email: ir@3SBio.com
Tom Folinsbee
Director of Investor Relations
3SBio Inc.
Phone: +852-8191-6991
Email: ir@3SBio.com
3SBio Inc.
Unaudited consolidated balance sheets
(expressed in thousands)
December 31, June 30, June 30,
2009 2010 2010
RMB RMB US$
(audited) (unaudited)(unaudited)
Assets
Current assets
Cash and cash equivalents 262,767 145,637 21,476
Restricted cash 9,300 661 97
Time deposits with financial institutions 468,451 602,948 88,911
Notes receivable 31,265 38,259 5,642
Accounts receivable, less allowance for
doubtful accounts:
December 31, 2009 - RMB2,915;
June 30, 2010 - RMB2,695 (US$397) 54,661 80,037 11,802
Inventories 15,406 17,820 2,628
Prepaid expenses and other receivables 8,705 16,029 2,364
Deferred tax assets 2,079 2,106 311
Total current assets 852,634 903,497 133,231
Available-for-sale securities 11,407 11,570 1,706
Long-term equity investment -- 1,874 276
Property, plant and equipment, net 165,120 181,931 26,828
Lease prepayments 8,541 8,364 1,233
Non-current deposits 10,067 8,112 1,196
Intangible assets, net 4,125 3,575 527
Long term receivable -- 3,352 494
Deferred tax assets 1,567 2,516 371
Total assets 1,053,461 1,124,791 165,862
Liabilities
Current liabilities
Accounts payable 2,736 3,080 454
Deferred grant income 374 374 55
Accrued expenses and other payables 33,421 38,198 5,633
Income tax payable 1,914 4,117 607
Total current liabilities 38,445 45,769 6,749
Deferred grant income 2,778 2,590 382
Total liabilities 41,223 48,359 7,131
Commitments and contingencies -- -- --
Shareholders' equity
Share capital -ordinary shares US$0.0001
par value, 500,000,000 shares
authorized, 150,641,461 and 151,053,710
issued and outstanding as of December
31, 2009 and June 30, 2010, respectively 121 121 18
Additional paid-in capital 915,267 929,144 137,012
Accumulated other comprehensive loss (100,608) (102,466) (15,110)
Retained earnings 197,458 249,633 36,811
Total shareholders' equity 1,012,238 1,076,432 158,731
Total liabilities and shareholders'
equity 1,053,461 1,124,791 165,862
3SBio Inc.
Unaudited quarterly consolidated statements of income
(expressed in thousands, except per share , per ADS and other share and
ADS data)
For the Three For the Three
Months Ended Months Ended
June 30, 2009 June 30, 2010
RMB US$ RMB US$
(unaudited) (unaudited) (unaudited) (unaudited)
Net Revenues:
EPIAO 51,081 7,479 62,797 9,260
TPIAO 22,217 3,253 32,135 4,739
Intefen 1,289 189 1,236 182
Inleusin 425 62 500 74
Iron sulcrose 2,951 432 4,459 658
Export 3,520 515 2,926 431
Others -- -- 1,439 212
Total net revenues 81,483 11,930 105,492 15,556
Cost of revenues (6,518) (954) (10,734) (1,583)
Gross profit 74,965 10,976 94,758 13,973
Operating expenses
Research and development
costs (4,252) (623) (5,741) (847)
Sales, marketing and
distribution expenses (36,242) (5,306) (47,585) (7,017)
General and administrative
expenses (8,662) (1,268) (13,516) (1,993)
Total operating expenses (49,156) (7,197) (66,842) (9,857)
Operating income 25,809 3,779 27,916 4,116
Other income
Interest income 2,454 359 2,357 348
Grant income 93 14 93 14
Net realized gain on
available-
for-sale securities 1,611 236 -- --
Others 1,681 246 881 130
Total other income 5,839 855 3,331 492
Income before income
tax expense 31,648 4,634 31,247 4,608
Income tax expense (4,670) (684) (5,723) (844)
Net income 26,978 3,950 25,524 3,764
Net income per share:
Basic and diluted 0.18 0.03 0.17 0.02
Basic weighted average
number of shares
outstanding 150,586,455 150,586,455 150,849,065 150,849,065
Diluted weighted
average number
of shares outstanding 150,719,313 150,719,313 154,426,639 154,426,639
Net income per ADS:
Basic 1.25 0.18 1.18 0.17
Diluted 1.25 0.18 1.16 0.17
Basic weighted
average number of
ADSs outstanding 21,512,351 21,512,351 21,549,866 21,549,866
Diluted weighted
average number
of ADSs outstanding 21,531,330 21,512,330 22,060,948 22,060,948
3SBio Inc.
Unaudited quarterly consolidated statements of income
(expressed in thousands, except per share , per ADS and other share and
ADS data)
For the Six For the Six
Months Ended Months Ended
June 30, 2009 June 30, 2010
RMB US$ RMB US$
(unaudited)(unaudited)(unaudited)(unaudited)
Net Revenues:
EPIAO 93,991 13,761 120,009 17,697
TPIAO 40,927 5,992 62,120 9,160
Intefen 2,555 374 2,573 379
Inleusin 693 101 1,033 152
Iron sulcrose 4,997 732 8,577 1,265
Export 6,851 1,003 5,982 882
Others 67 10 1,574 232
Total net revenues 150,081 21,973 201,868 29,767
Cost of revenues (12,517) (1,833) (18,594) (2,742)
Gross profit 137,564 20,140 183,274 27,025
Operating expenses
Research and
development costs (6,709) (982) (10,423) (1,537)
Sales, marketing and
distribution
expenses (69,191) (10,130) (90,136) (13,291)
General and
administrative
expenses (15,751) (2,306) (26,573) (3,918)
Total operating expenses (91,651) (13,418) (127,132) (18,746)
Operating income 45,913 6,722 56,142 8,279
Other income /(expenses), net
Interest income 6,526 955 5,499 811
Grant income 187 27 187 28
Net realized gain on
available-for-sale
securities 1,611 236 -- --
Impairment loss on
available-for-sale
Securities (4,624) (677) -- --
Others 1,339 196 1,032 152
Total other (expenses)/
income, net 5,039 737 6,718 991
Income before income
tax expense 50,952 7,459 62,860 9,270
Income tax expense (8,088) (1,184) (10,685) (1,576)
Net income 42,864 6,275 52,175 7,694
Net income per share:
Basic 0.28 0.04 0.35 0.05
Diluted 0.28 0.04 0.34 0.05
Basic weighted average
number of
shares outstanding 150,586,455 150,586,455 150,788,700 150,788,700
Diluted weighted
average number
of shares outstanding 150,694,273 150,694,273 153,878,594 153,878,594
Net income per ADS:
Basic 1.99 0.29 2.42 0.36
Diluted 1.99 0.29 2.37 0.35
Basic weighted average
number of
ADSs outstanding 21,512,351 21,512,351 21,541,243 21,541,243
Diluted weighted
average number
of ADSs outstanding 21,527,753 21,527,753 21,982,656 21,982,656
Reconciliations of GAAP net income to non-GAAP net income for the first
quarter of 2009 and 2010
(in RMB thousands, unaudited)
Three months ended Three months ended
June 30, 2009 June 30, 2010
GAAP Adjust- Non-GAAP GAAP Adjust- Non-GAAP
ment ment
RMB US$ RMB RMB US$ RMB US$ RMB RMB US$
Net
income 26,978 3,950 (1,611) 25,367 3,714 25,524 3,764 -- 25,524 3,764
The adjustment for the three months ended June 30, 2009 is for the
exclusion of the gain of RMB1, 611,000 on disposal of available-for-sale
securities.
Reconciliations of GAAP net income to non-GAAP net income for the first
half of 2009 and 2010
(in RMB thousands, unaudited)
Six months ended Six months ended
June 30, 2009 June 30, 2010
GAAP Adjust- Non-GAAP GAAP Adjust- Non-GAAP
ment ment
RMB US$ RMB RMB US$ RMB US$ RMB RMB US$
Net income 42,864 6,275 3,013 45,877 6,716 52,175 7,694 -- 52,175 7,694
The adjustment for the six months ended June 30, 2009 is for the exclusion
of the impairment loss of RMB 4,624,000 on available-for-sale securities
and gain of RMB1, 611,000 on disposal of available-for-sale securities.
Source: 3SBio Inc.
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