Simcere Pharmaceutical Group (NYSE:SCR), a Chinese pharmaceutical company, said Tuesday it turned a fourth quarter profit as revenues grew and impairment charges shrunk.
For the quarter ended December 31, net income attributable to Simcere was RMB58.7million (US$8.9 million). That compared to a loss of RMB75.4 million (US$11.4 million) for the same period in 2009, when the company recorded large goodwill impairment charges and acquisition losses.
Fourth quarter revenue was RMB587.7million (US$89.1 million), up 7.6% from RMB546.5 million (US$82.9 million) for the year-ago period. Gross margin also expanded to 84.1% from 83.6%.
On a per diluted share basis, earnings attributable to Simcere were about 8 American cents.
While revenues for the quarter topped analyst estimates of $85 million, earnings fell short of analyst expectations of 9 cents.
Revenue from edaravone injection products, which accounted for 37.9% of the company's revenue for the quarter, rose 5.1% to RMB222.4million (US$33.7million).
The company’s cancer products, Endu and Sinofuan, had revenues of RMB67.9million (US$10.3million) and RMB36.1 million (US$5.5million), respectively, for the quarter.
Meanwhile, other branded products, the company’s largest segment, had revenues of RMB255.4 million (US$38.7million).
At quarter end, the company had cash, cash equivalents and restricted cash of RMB278.7million (US$42.2million
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