Sinovac posts 4Q loss as expenses rise
China vaccine maker Sinovac posts 4th-quarter 2012 loss
Shares of Sinovac Biotech Ltd. slid Thursday after the Chinese vaccine maker posted a loss in last year's fourth quarter compared to 2011, when a government stockpiling program boosted revenue.
The company also said its selling, general and administrative expenses more than doubled in the quarter to $12.8 million as it prepared a factory to make its experimental vaccine for hand, foot and mouth disease.
Overall Sinovac lost $5.4 million, or 10 cents per share, in the quarter that ended Dec. 31. That compares profit of about $2.8 million, or 5 cents per share, in the 2011 quarter.
Revenue fell more than 10 percent to about $19 million.
The company said revenue would have more than doubled, excluding government stockpiling of its Panflu swine flu vaccines in 2011.
For all of 2012, the company lost $15.7 million, or 29 cents per share, on $48.6 million in revenue.
U.S.-traded Sinovac shares fell 42 cents, or 10.2 percent, to close at $3.71.
