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COMPANY NEWS » Contract Research Orgs » Tianjin Institute Of Pharmaceutical Research—Ne back to previous page show list
Tianjin Institute Of Pharmaceutical Research—Ne »28/09/2009
Tianyin Pharma reports 28.2% increase in sales in fiscal 2009

Tianyin Pharmaceutical Co., a developer, manufacturer and supplier of modernized traditional Chinese medicine (TCM) and generic pharmaceuticals in China, reported that for the fiscal year ended June 30, 2009, its revenues have increased 28.2% to $42.9 million from $33.5 million reported for the prior year period.

 
Tianyin Pharmaceutical Co., a developer, manufacturer and supplier of modernized traditional Chinese medicine (TCM) and generic pharmaceuticals in China, reported that for the fiscal year ended June 30, 2009, its revenues have increased 28.2% to $42.9 million from $33.5 million reported for the prior year period. In a release company noted that the expanded sales efforts helped create strong demand for its branded and generic drugs including the introduction of 9 new drugs. Ginkgo Mihuan, one of Tianyin\'s flagship products, contributed approximately $11.6 million or 27.1% to total revenues for the fiscal year 2009, representing 28% year-over-year growth. Revenues generated from the Arpu Shuangxin Oral Liquid were $10.4 million, or 24.2% of total revenues, a 54.3% increase from fiscal 2008. Tianyin\'s top 5 selling products generated revenue of $29.3 million and represented 68.3% of total revenue. Cost of goods sold for fiscal year 2009 was approximately $21.5 million, yielding a gross profit of $21.4 million and gross margins of 49.8%, compared to $14.7 million in gross profit and a gross margin of 43.8% for fiscal year of 2008. The 600 basis point improvement in gross margins was primarily attributable to the growth in revenue, product mix optimisation, enhanced cost control and focus on higher margin products in the company\'s portfolio such as Ginkgo Mihuan Oral Liquid and Arpu Shuangxin Oral Liquid. Operating expenses for fiscal year 2009 were $11.7 million, up 64.5% compared to the same period in 2008. Selling, general and administration expenses for the period increased to approximately $7.8 million from $4.7 million. The increase was primarily due to enhanced marketing efforts including increased sales payrolls and direct marketing expense. Operating income totalled approximately $9.7 million, a 28.4% increase from the $7.6 million reported for fiscal year 2008. Operating margins were 22.7% and 22.6% for the fiscal year 2009 and 2008, respectively. For fiscal 2009, net income was approximately $7.9 million, a 32.4% increase from $6.0 million recorded for fiscal 2008 and surpassed previously announced guidance by approximately 5.3%. Diluted earnings per share were $0.32, compared to $0.31 in the same period 2008, based on 24.8 million and 19.1 million shares for 2009 and 2008, respectively. The increase in the diluted shares was related to preferred stock which carries a fixed conversion price of $1.60. The provision for income taxes was $1.6 million and $1.2 million for fiscal 2009 and 2008 with an effective tax rate was 17.2% and 17.1%, respectively. Dr. Guoqing Jiang, Chief Executive Officer of Tianyin, said, \"China\'s healthcare reform is being implemented to provide basic medical care for its 1.3 billion citizens by 2020 with approximately $126 billion being allocated during the next three years alone. This initiative is well underway as evidenced by the build-out of new Clinics and the publishing of the formal EDL. This creates significant growth opportunities for Chinese pharmaceutical companies like Tianyin which possess a diversified product portfolio and extensive sales and distribution channels. We currently have 17 products in our R&D pipeline which address wide range of chronic and critical conditions. We expect to receive additional SFDA approvals during fiscal 2010 which will further diversify our branded product base with high margin revenue potential while enabling us to further differentiate our company from our competitors. We will leverage the new production capacity to continue the growth momentum in fiscal 2010 and beyond.\"

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