Statistics

China Pharma Holdings Q2 profit rises 23%

(Agencies)
Updated: 2010-08-11 11:55

China Pharma Holdings Inc said Tuesday its net income rose 23 percent in the second quarter on sales of a newly launched generic heartburn drug.

China Pharma Holdings started selling a version of omeprazole in the fourth quarter of 2009. Omeprazole is the active ingredient in heartburn drugs like Prilosec and Zegerid. The company said sales of digestive disease treatments more than doubled to $2.3 million.

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Profit grew to $5.3 million, or 12 cents per share, from $4.3 million, or 10 cents per share, a year ago. Revenue increased 22 percent to $16.6 million from $13.6 million.

Sales of anti-infection and respiratory products rose 21 percent to $6.3 million, the company said, because of increased sales of antibiotic products. Sales of central nervous system and cardiovascular drugs fell 5 percent to $4.9 million, but the company posted better sales of vitamin B6.

The results topped the average estimate of analysts polled by Thomson Reuters who had forecast a profit of 11 cents per share on $16.4 million in revenue.

China Pharma Holdings backed its outlook for revenue growth of 20 percent to 25 percent this year, implying revenue of $74 million to $77.1 million in 2010. Analysts, on average, expect $74.2 million in sales.