| By Liu Yuanyuan, Asia Manufacturing Pharma |
| Wednesday, 28 October 2009 |
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Beijing Double-Crane Pharmaceutical announced its financial results for the third quarter of 2009, according
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to which the company recorded net profits of RMB 112 million (approx. US$16.3 million), an increase of 13 percent when compared with the same period of 2008. Revenues for the third quarter were RMB 1.3 billion (approx. US$190 million), up 2.6 percent year on year.
For the first nine months of the year, the company posted revenues of RMB 3.8 billion (approx. US$557 million), up 1.3 percent, while net profits totaled RMB 352 million (approx. US$51.6 million), a year-on-year growth of 21.6 percent. Beijing Double-Crane Pharmaceutical is a leading generic drugs producer in China.
The company continued to increase investment in optimizing structures of its infusion container and pharmaceutical products. During the reporting period, high growth in sales of plastic infusion bottles helped improve the overall gross margin for the company, while sales and gross margins for Hypertensive No.0, an anti-hypertensive drug, and
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Gliquidone Tablets remained approximately equal to those for the same period of 2008. Beijing Double-Crane Pharmaceutical now is taking advantage of the high growth in the large infusion sector to continue expanding its share in the market. In addition, the company is expected to achieve further improvements in performance, thanks to the expanding market as a result of China’s medical reform. More than 30 of the company’s drugs are included in the 2009 National Basic Medicine List, including its flagship product Hypertensive No.0.
Beijing Double-Crane Pharmaceutical announced on October 23 that the company is planning to invest RMB 435 million (approx. US$63.7 million) in building a solid preparation production facility in its industrial park in Beijing. The facility is expected to be completed and put into production at the end of 2011.
The facility is expected to further improve the company’s production capacity for solid preparations, optimize its product structure and finally enhance the profitability for the company. According to the announcement, the facility is expected to bring Beijing Double-Crane Pharmaceutical remarkable profitability, as it will
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produce pharmaceutical preparations
with obvious curative effectiveness, lower prices and strong demand.
For the first half of 2009, Beijing Double-Crane Pharmaceutical reported operating revenues of RMB 2.5 billion (approx. US$366 million), up 0.8 percent year on year. Net profits for the period grew 25.5 percent, to RMB 240 million (approx. US$35.2 million).
The overall gross margin and net margin for the period rose to 32.9 and 9.7 percent, respectively, 2.6 and 1.9 percentage points higher than a year earlier, mainly driven by a 21.8 percent surge in sales of cardiovascular drugs with higher gross margins, as well as tax preference the company enjoys as a high-tech enterprise.
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