Sino Biopharmaceutical : January-September Net Profit Fell 18%

By Ben Otto

Sino Biopharmaceutical Ltd.'s net profit for the first nine months of the year fell 18% on year as revenue declined, partly due to lower selling prices for some products under a new centralized drug-procurement program.

Net profit was 1.85 billion yuan (US$281.3 million), down from CNY2.26 billion in the same period a year earlier, the Chinese drug maker said Monday.

Revenue fell 6.2% to CNY18.13 billion, it said.

The company said it has gradually resumed work on sales of pharmaceutical products during the quarter as the Covid-19 situation improved globally and the number of hospitalized patients rose.

Write to Ben Otto at [e-mail]

(END) Dow Jones Newswires

11-30-20 0419ET