NEW YORK (AP) – Chinese drugmaker Simcere Pharmaceutical Group said its profit fell 38% in the third quarter after China’s government reduced prices for branded generic drugs.
Simcere said its net income fell to 34 million yuan ($5.3 million), or 10 cents per American Depositary Share, from 54.7 million yuan ($8.6 million). Its revenue fell 9 percent, to 501 million yuan ($78.6 million) from 550.1 million yuan ($86.3 million).
Simcere said revenue from branded generic drugs like its infection treatment Zailin fell 20 percent. Sales of its cancer drugs Endu and Sinofuan both increased, as Endu revenue rose 22 percent and Sinofuan revenue grew 10 percent.
Date: November 14, 2011
Source: Associated Press
