[OTC:DRUG] DRAGON PHARMACEUTICALS INC. (USA) > 0.85
VANCOUVER, March 31 /PRNewswire-FirstCall/ - Dragon Pharmaceutical Inc. ("Dragon" or the "Company" TSX: DDD; OTCBB: DRUG; BBSE: DRP), a leading international pharmaceutical company, today announced its financial results for the fiscal year ended December 31, 2007.
2007 Full Year Financial Highlights:
- Sales increased 63.7% to $85.8 million from $52.4 million in 2006
- Chemical Division's sales increased 50.4 % to $68.9 million from $45.8 million in 2006.
- Pharma Division's sales increased 156% to $16.9 million from $6.6 million in 2006.
- Gross profit increased 115% to $17.8 million from $8.25 million in 2006
- Gross margin increased to 21% from 16% in 2006.
- Chemical Division's gross margin rose to 28% from 20% in 2006.
- Pharma Division's gross margin was -9%, improved from -13% in 2006.
- Net income from continuing operations was $4.9 million or $0.08 per share, increased from a loss of $0.9 million or ($0.01) per share in 2006.
- Net loss from discontinued operations was $2.4 million or ($0.04) per share, compared to an income of $5.4 million or $0.08 per share in 2006.
2007 Full Year Operational Highlights:
- Dragon sold its EPO business to fully focus on its core antibiotic business that has showed significant growth in the past few years.
- Under the favorable market conditions, the Company further increased its production level and achieved a utilization rate of 95% for 7-ACA
production and 62% for Clavulanic Acid production.
- An enzymatic technology has been successfully adopted for the production of 7-ACA, which will lower the production costs by approximately 10% and additionally reduce the amount of capital investment pertaining to environment issues.
- Dragon continued to be the third largest producer and largest exporter of 7-ACA and the dominating market leader of Clavulanic Acid in China, with total sales volume of 568 tons for 7-ACA and 39 tons for Clavulanic Acid.
- With a more focused antibiotic product portfolio and effective marketing strategies, the Company has substantially expanded its market share and realized an increase in sales quantity and sales revenue of 128% and 156% respectively for its formulation drugs in the Chinese market.
- Subsequent to the year end of 2007 and as previously announced, the Company increased its annual production capacity for 7-ACA and Clavulanic Acid by 30% and 56% respectively in order to meet rising customer demand.
- Two new antibiotic products, Ceftazidime and Cefalexin, have been successfully launched into the Chinese market.
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