3SBio Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Revenue Guidance for the 2012
3SBio Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. Total net revenues in the fourth quarter of 2011 increased by 38.2% to RMB 139.9 million compared to RMB 101.2 million in the fourth quarter of 2010. GAAP operating income in the fourth quarter of 2011 increased by 563.2% to RMB 26.0 million, compared to GAAP operating income of RMB 3.9 million in the fourth quarter of 2010. Non-GAAP operating income increased by 87.5% to RMB 26.0 million compared to non-GAAP operating income of RMB 13.9 million in the fourth quarter of 2010. GAAP net income attributable to 3SBio Inc. in the fourth quarter of 2011 increased by 234.1% to RMB 22.3 million, compared to GAAP net income attributable to 3SBio Inc. of RMB 6.7 million in the fourth quarter of 2010. Non-GAAP net income attributable to 3SBio Inc. in the fourth quarter of 2011 increased by 34.3% to RMB 22.3 million compared to non-GAAP net income of RMB 16.6 million in the fourth quarter of 2010. GAAP net income attributable to 3SBio Inc. per ADS on a fully-diluted basis in the fourth quarter of 2011 was RMB 0.99 compared to a GAAP net income attributable to 3SBio Inc. per ADS on a fully-diluted basis of RMB 0.30 for the fourth quarter of 2010. Non-GAAP net income attributable to 3SBio Inc. per ADS on a fully-diluted basis in the fourth quarter of 2011 was RMB 0.99 compared to non-GAAP net income attributable to 3SBio Inc. per ADS on a fully-diluted basis of RMB 0.74 in the fourth quarter of 2010. Income before income tax expense was RMB 28.396 million against RMB 9.667 million a year ago.
For the year, the company reported total net revenues in 2011 increased by 29.4% to RMB 541.6 million compared to RMB 418.6 million in 2010. GAAP operating income in 2011 increased by 38.3% to RMB 120.1 million compared to RMB 86.8 million in 2010. Non-GAAP operating income in 2011 increased by 24.0% to RMB 120.1 million compared to RMB 96.8 million in 2010. GAAP net income attributable to 3SBio Inc. increased by 33.6% to RMB 108.6 million, compared to RMB 81.3 million in 2010. Non-GAAP net income attributable to 3SBio Inc. increased by 19.0% to RMB 108.6 million, compared to RMB 91.2 million in 2010. GAAP net income attributable to 3SBio Inc. per American Depositary Share on a fully-diluted basis was RMB 4.84 compared to RMB 3.69 in 2010. Non-GAAP net income attributable to 3SBio Inc. per ADS on a fully-diluted basis in 2011 was RMB 4.84 compared to RMB 4.14 in 2010. Income before income tax expense was RMB 136.370 million against RMB 103.058 million a year ago.
The company expects 2012 net revenue growth in the range of 15%-25%, or between $99 million and $108 million.