BEIJING, April 20, 2015 /PRNewswire/ -- Sinovac Biotech
Ltd. (Nasdaq: SVA), a leading
provider of biopharmaceutical products in China, today announced its unaudited financial
results for the fourth quarter and full year ended December 31, 2014.
Fourth Quarter 2014 Financial Highlights
(Compared to the fourth quarter 2013)
- Quarterly sales were $20.3 million, a decrease of 11.4% from
$22.9 million in the prior year
period. Excluding revenue recognized from the stockpiling of H5N1
pandemic influenza vaccine of $0.1
million in the fourth quarter of 2014 and $7.2 million in the fourth quarter of 2013, the
Company's fourth quarter 2014 regular product sales were
$20.2 million, an increase of 28.2%
from $15.8 million in the prior year
period.
- Gross profit was $15.1 million,
an increase of 2.9% from $14.7
million in the prior year period. Excluding H5N1 vaccine
sales, gross margin was 75.3% in the fourth quarter of 2014,
compared to 60.4% in the prior year period.
- Net income attributable to common stockholders was $1.3 million, or $0.02 per basic and diluted share for the fourth
quarter of 2014, compared to $5.8
million, or $0.10 per basic
and diluted share, for the fourth quarter of 2013.
Full Year 2014 Financial Highlights
(Compared to the full year 2013)
- Total sales were $63.1 million, a
decrease of 13.0% from $72.5 million
in the prior year. Excluding revenue recognized from the
stockpiling of H5N1 pandemic influenza vaccine of $0.2 million in 2014 and $10.7 million in 2013, the Company's annual sales
of regular products were $62.9
million, an increase of 1.8% from $61.8 million in the prior year.
- Gross profit was $46.6 million, a
decrease of 9.1% from $51.3 million
in the prior year. Excluding H5N1 vaccine sales, gross margin was
74.2% in 2014, compared to 72.6% in 2013.
- Net loss attributable to common stockholders was $0.9 million, or $(0.02) per basic and diluted share in 2014,
compared to a net income attributable to common shareholders of
$7.4 million, or $0.13 per basic and diluted share in
2013.
Mr. Weidong Yin, Chairman,
President and CEO of Sinovac, commented, "Although the overall
vaccine market environment was challenging in 2014, total sales of
our regular products increased by 1.8% year-over-year, which is in
line with our expectations. This growth is primarily due to
increased sales of our hepatitis A&B vaccine, Bilive, in the
private-pay market, as well as our hepatitis A vaccine, Healive,
and seasonal flu vaccine, Anflu, in the public-pay market.
"We continue to make progress on our pipeline vaccines. We have
submitted all required supplementary documentation for our EV71
vaccine candidate and are in the final stages of the approval
process. We had begun clinical trials on our pneumococcal
polysaccharide vaccine (PPV) at the beginning of April 2015. In the fourth quarter of 2014, we
submitted our investigational new drug application for our
proprietary hepatitis B vaccine and a new generation of hepatitis A
& B combination vaccine to the China Food and Drug
Administration (CFDA). Most recently, in January 2015, our pneumococcal conjugate vaccine
(PCV) was approved to begin human clinical trials. We believe the
advancement of our pipeline programs will serve as catalysts for
future growth of the Company."
Fourth Quarter 2014 Business Highlights
Sales Update
Public Tenders. Sinovac has been a supplier of the
seasonal flu vaccines for the Beijing Center for Disease Control
(CDC)'s immunization program for the past eight years. During the
2014-2015 flu season, the Company was one of four suppliers of the
flu vaccines in Beijing and its
share of this tender increased to 40% from 23% in the 2013-2014 flu
season, representing a total tender value of approximately
$1.9 million.
As previously announced, Sinovac was selected by the Tianjin CDC
to be the sole supplier of inactivated hepatitis A vaccines to the
Expanded Immunization Program (EPI) in Tianjin for years from 2015 to 2017. The total
value of this tender is approximately RMB 28
million ($4.6 million) over
three years.
Seasonal Influenza Vaccine Registration License in
Chile. As previously
announced, Sinovac obtained a registration license for its seasonal
influenza vaccine from Chile's
Institute of Public Health. The license is valid until October 2019.
R&D Update
EV71 vaccine. In January
2015, the Company submitted supplementary documentation to
the CFDA, as required following review of the new drug application
(NDA) by an expert panel in November
2014. Currently, Sinovac is waiting for the results of the
review by CFDA regarding supplementary documentations.
Pneumococcal 23-valent polysaccharide vaccine (PPV). The
Company obtained its clinical trial license in May 2014. Sinovac had started trials at the
beginning of April 2015.
Varicella vaccine. The Company is currently preparing
supplementary materials for the clinical trial application,
following review by an expert panel in November 2014. The Company expects to receive its
clinical trial approval in 2015.
Pneumococcal 13-valent conjugate vaccine (PCV). The
Company obtained its clinical trial license in January 2015, having filed its application with
the CFDA in March 2011.
Sabin-inactivated polio vaccine (sIPV). The
clinical trial application for the sIPV vaccine was accepted by
Beijing Food and Drug Administration in October 2014 and the vaccine is currently under
review by the CFDA .
Hepatitis B vaccine and new generation of hepatitis A & B
vaccine. The Company has completed pre-clinical studies for its
proprietary hepatitis B vaccine and filed a clinical trial
application in December 2014.
Simultaneously, Sinovac is developing a new generation of its
hepatitis A & B combination vaccine based on its monovalent
hepatitis A and hepatitis B vaccines.
Rubella vaccine. The Company obtained the clinical trial
license in December 2014, and expects
to develop this vaccine as a measles, mumps and rubella (MMR)
combination vaccine.
Unaudited
Financial Results for Fourth Quarter
2014
|
|
|
2014
Q4
|
% of
Sales
|
2013
Q4
|
% of
Sales
|
(In USD'000 except
percentage data)
|
Hepatitis A --
Healive
|
|
10,997
|
54.2%
|
7,970
|
34.7%
|
Hepatitis
A&B -- Bilive
|
|
6,321
|
31.1%
|
2,846
|
12.4%
|
Influenza
vaccine
|
|
2,423
|
11.9%
|
3,409
|
14.9%
|
Animal
vaccine
|
|
22
|
0.1%
|
617
|
2.7%
|
Mumps
vaccine
|
|
456
|
2.2%
|
934
|
4.1%
|
Regular
sales
|
|
20,219
|
99.5%
|
15,776
|
68.8%
|
H5N1
vaccine
|
|
100
|
0.5%
|
7,169
|
31.2%
|
Total
sales
|
|
20,319
|
100.0%
|
22,945
|
100.0%
|
Cost of goods
sold
|
|
5,204
|
25.6%
|
8,255
|
36.0%
|
Gross
profit
|
|
15,115
|
74.4%
|
14,690
|
64.0%
|
Quarterly sales were $20.3
million, a decrease of 11.4% from $22.9 million in the fourth quarter of 2013.
Excluding revenue of the Company's H5N1 vaccine under the
government stockpiling program, regular sales were $20.2 million in the fourth quarter of 2014, an
increase of 28.2% over $15.8 million
in the prior year period. The increase was primarily driven by
increased sales of the Company's hepatitis vaccines, due to
increased demand in the private-pay market as well as an increase
in average selling price .
Gross profit was $15.1 million, an
increase of 2.9% from $14.7 million
in the prior year period. Excluding the impact from H5N1 vaccine
revenue, gross margin was 75.3%, compared to 60.4% in the prior
year period. The increase in gross margin was primarily driven by
the improved efficiency in the Company's manufacturing processes,
which resulted in lower unit costs, as well as increased selling
prices of some of the Company's products.
Selling, general and administrative expenses for the fourth
quarter of 2014 were $9.9 million,
compared to $7.9 million in the same
period of 2013. The increase was primarily due to the trial
production of EV71 as well as foreign exchange loss due to the
appreciation of the US dollar against the Chinese RMB.
R&D expenses for the fourth quarter of 2014 were
$3.5 million, a $1.1 million increase over the same period in
2013. This increase was attributable to the continued advancement
of Sinovac's pipeline products, including preclinical development
and milestone payment of sIPV and trial production of PPV.
Net income attributable to common stockholders was $1.3 million, or $0.02 per basic and diluted share, compared to
$5.8 million, or $0.10 per basic and diluted share, for the fourth
quarter of 2013.
Unaudited
Financial Results for Full Year 2014
|
|
|
2014
|
% of
Sales
|
2013
|
% of
Sales
|
(In USD'000 except
percentage data)
|
Hepatitis A --
Healive
|
|
26,515
|
42.0%
|
26,420
|
36.4%
|
Hepatitis
A&B -- Bilive
|
|
21,935
|
34.8%
|
20,782
|
28.7%
|
|
|
|
|
|
|
Influenza
vaccine
|
|
12,131
|
19.2%
|
12,156
|
16.8%
|
Animal
vaccine
|
|
169
|
0.3%
|
750
|
1.0%
|
Mumps
vaccine
|
|
2,150
|
3.4%
|
1,680
|
2.3%
|
Regular
sales
|
|
62,900
|
99.7%
|
61,788
|
85.2%
|
H5N1
vaccine
|
|
201
|
0.3%
|
10,736
|
14.8%
|
Total
sales
|
|
63,101
|
100.0%
|
72,524
|
100.0%
|
Cost of goods
sold
|
|
16,493
|
26.1%
|
21,273
|
29.3%
|
Gross
profit
|
|
46,608
|
73.9%
|
51,251
|
70.7%
|
Total sales in 2014 were $63.1
million, a decrease of 13.0% from $72.5 million. Excluding the impact from one-time
H5N1 vaccine revenue recognition in 2013, the Company's annual
sales of regular products increased by 1.8% year over year. The
growth was mainly due to the sales of hepatitis A&B vaccines in
the private-pay market, as well as sales of hepatitis A vaccines
and the seasonal flu vaccine in the public-pay market.
Gross profit of 2014 was $46.6
million, a decrease of 9.1% from $51.3 million in 2013. Gross margin was 73.9%,
compared to 70.7% in the prior year period. Excluding the impact
from H5N1 vaccine, gross margin was 74.2% in 2014, compared to
72.6% in 2013.The increase in gross margin was primarily driven by
the improved efficiency in the Company's manufacturing processes,
which resulted in lower unit costs.
Selling, general and administrative expenses for 2014 were
$34.8 million, consistent with
expenses of $34.5 million in
2013.
R&D expenses for 2014 were $11.0
million, compared to $8.4
million in 2013. The increase in the R&D expenses was
primarily related to the continued development of the Company's
pipeline vaccine candidates, including the preclinical development
and milestone payment for sIPV, and trial production of PPV.
Net loss attributable to stockholders in 2014 was $0.9 million or $(0.02) per basic and diluted share, compared to
net income of $7.4 million, or
$0.13 per basic and diluted share in
2013.
Balance Sheet Highlights
As of December 31, 2014, cash,
cash equivalents totaled $90.0
million, compared to $107.2
million as of December 31,
2013. Net cash used in operating activities was $8.6 million in 2014. Net cash used in investing
activities was $12.5million, which
was primarily used for payment of property, plant and equipment for
the Company's PPV and varicella production facilities. Net cash
provided by financing activities was $5.2
million in 2014, including proceeds from loans of
$17.8 million which were offset by
repayment of loans of $16.6 million,
as well as $3.5 million in government
grant received. As of December 31,
2014, the Company had $47.4
million of bank loans due within one year. Sinovac's cash
and cash equivalents and time deposit position of $91.5 million are sufficient to meet both these
loan repayment obligations and the Company's operational
requirements.
When appropriate, the Company will seek new commercial
bank loans to finance the commercialization
of pipeline products.
About Sinovac
Sinovac Biotech Ltd. is a China-based biopharmaceutical company that
focuses on the research, development, manufacturing, and
commercialization of vaccines that protect against human infectious
diseases. Sinovac's product portfolio includes vaccines against
hepatitis A and B, seasonal influenza, H5N1 pandemic influenza
(avian flu), H1N1 influenza (swine flu), mumps and canine rabies.
In 2009, Sinovac was the first company worldwide to receive
approval for its H1N1 influenza vaccine, which it has supplied to
the Chinese Government's vaccination campaign and stockpiling
program. The Company is also the only supplier of the H5N1 pandemic
influenza vaccine to the government stockpiling program. Sinovac
has filed a new drug application with the China Food & Drug
Administration for its proprietary enterovirus 71 vaccine, having
been proven effective in preventing hand, foot and mouth disease in
infants and children during its Phase III clinical trial. The
Company is currently developing a number of new products including
a Sabin-strain inactivated polio vaccine, pneumococcal
polysaccharides vaccine, pneumococcal conjugate vaccine and
varicella vaccine. Sinovac primarily sells its vaccines in
China, while also exploring growth
opportunities in international markets. The Company has exported
select vaccines to Mexico,
Mongolia, Nepal, and the
Philippines, and was recently granted a license to
commercialize its hepatitis A vaccine in Chile. For more information, please visit the
Company's website at www.sinovac.com.
Contact
Sinovac Biotech Ltd.
Helen Yang / Chris Lee
Tel: +86-10-8279-9659 / 9696
Fax: +86-10-6296-6910
Email: ir@sinovac.com
ICR Inc.
Bill Zima
U.S: 1-646-308-1707
Email: william.zima@icrinc.com
SINOVAC BIOTECH
LTD.
|
|
|
Consolidated
Balance sheets
|
|
|
As of December 31,
2014 and 2013
|
|
|
(Expressed in
thousands of U.S. Dollars, except for numbers of shares and per
share data)
|
|
|
|
Current
assets
|
December 31,
2014
|
December 31,
2013
|
|
|
|
Cash and cash
equivalents
|
90,018
|
107,242
|
Time
deposit
|
1,500
|
-
|
Accounts
receivable -- net
|
40,757
|
31,927
|
Inventories
|
18,832
|
14,329
|
Prepaid expenses and
deposits
|
1,430
|
1,150
|
Deferred tax
assets
|
2,266
|
2,602
|
Total current
assets
|
154,803
|
157,250
|
|
|
|
Property, plant and
equipment
|
68,417
|
67,963
|
Prepaid land lease
payments
|
10,405
|
10,948
|
Long-term
inventories
|
2,648
|
2,781
|
Long-term prepaid
expenses
|
3
|
154
|
Prepayments for
acquisition of equipment
|
1,387
|
708
|
Deferred tax
assets
|
515
|
117
|
Licenses
|
352
|
772
|
Total
assets
|
238,530
|
240,693
|
|
|
|
Current
liabilities
|
|
|
Bank loans and
current portion of long-term debt
|
47,375
|
16,217
|
Loan from a
non-controlling shareholder
|
2,595
|
3,324
|
Accounts payable and
accrued liabilities
|
23,237
|
28,037
|
Income tax
payable
|
1,101
|
246
|
Deferred
revenue
|
4,996
|
875
|
Deferred government
grants
|
530
|
458
|
|
|
|
Total current
liabilities
|
79,834
|
49,157
|
|
|
|
Deferred government
grants
|
7,494
|
4,746
|
Long-term
debt
|
1,803
|
32,146
|
Deferred
revenue
|
7,191
|
11,005
|
Other non-current
liabilities
|
482
|
-
|
Total long term
liabilities
|
16,970
|
47,897
|
|
|
|
Total
liabilities
|
96,804
|
97,054
|
|
|
|
Commitments and
contingencies
|
|
|
Equity
|
|
|
Preferred
stock
|
-
|
-
|
Common
stock
|
56
|
56
|
Additional paid-in
capital
|
108,243
|
107,393
|
Accumulated other
comprehensive income
|
12,022
|
14,141
|
Statutory surplus
reserves
|
12,627
|
11,808
|
Accumulated
deficit
|
(6,384)
|
(4,714)
|
Total
stockholders' equity
|
126,564
|
128,684
|
|
|
|
Non-controlling
interests
|
15,162
|
14,955
|
Total
equity
|
141,726
|
143,639
|
Total liabilities
and equity
|
238,530
|
240,693
|
SINOVAC
BIOTECH LTD.
|
Consolidated
Statements of Comprehensive Income (loss)
|
For the
three and twelve months ended December 31, 2014 and
2013
|
(Unaudited)
|
(Expressed
in thousands of U.S. Dollars, except for numbers of shares and per
share data)
|
|
|
|
|
|
|
|
|
|
Three months
ended December 31
|
|
Twelve
months ended December 31
|
|
|
2014
|
2013
|
|
2014
|
2013
|
Sales
|
|
20,319
|
22,945
|
|
63,101
|
72,524
|
Cost of
sales
|
|
5,204
|
8,255
|
|
16,493
|
21,273
|
Gross
profit
|
|
15,115
|
14,690
|
|
46,608
|
51,251
|
|
|
|
|
|
|
|
Selling,
general and administrative expenses
|
|
9,891
|
7,894
|
|
34,787
|
34,538
|
Provision
(recovery) for doubtful accounts
|
|
(170)
|
(1,561)
|
|
329
|
(504)
|
Research and
development expenses
|
|
3,522
|
2,461
|
|
11,034
|
8,384
|
Loss on
disposal and impairment of property, plant
and equipment
|
|
44
|
91
|
|
74
|
88
|
Government grants
recognized in income
|
|
(104)
|
-
|
|
(104)
|
-
|
Total
operating expenses
|
|
13,183
|
8,885
|
|
46,120
|
42,506
|
Operating
income
|
|
1,932
|
5,805
|
|
488
|
8,745
|
|
|
|
|
|
|
|
Interest and
financing expenses
|
|
(920)
|
(863)
|
|
(3,407)
|
(3,031)
|
Interest
income
|
|
565
|
600
|
|
2,685
|
2,168
|
Other
income
|
|
1,177
|
121
|
|
1,356
|
263
|
Income
before income taxes and non-controlling
interests
|
|
2,754
|
5,663
|
|
1,122
|
8,145
|
Income tax
benefit (expense)
|
|
(616)
|
2,287
|
|
(1,458)
|
2,225
|
|
|
|
|
|
|
|
Net Income
(loss)
|
|
2,138
|
7,950
|
|
(336)
|
10,370
|
Less: (Income)
attributable to the non-controlling interests
|
(834)
|
(2,129)
|
|
(515)
|
(2,928)
|
Net Income
(loss) attributable to stockholders of Sinovac
|
|
1,304
|
5,821
|
|
(851)
|
7,442
|
|
|
|
|
|
|
|
Other
comprehensive income (loss), net of tax of nil
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
(988)
|
1,086
|
|
(2,427)
|
2,686
|
Total
comprehensive income (loss)
|
|
1,150
|
9,036
|
|
(2,763)
|
13,056
|
Less:
comprehensive (income) attributable to non-controlling
interests
|
|
(699)
|
(2,279)
|
|
(207)
|
(3,244)
|
Comprehensive income (loss) attributable to
stockholders of Sinovac
|
|
451
|
6,757
|
|
(2,970)
|
9,812
|
|
|
|
|
|
|
|
Weighted
average number of shares of
|
|
|
|
|
|
|
Basic
|
|
55,749,040
|
55,497,357
|
|
55,681,076
|
55,301,276
|
Diluted
|
|
56,106,941
|
56,057,462
|
|
55,681,076
|
55,802,338
|
|
|
|
|
|
|
|
Earning
(loss) per share
|
|
|
|
|
|
|
Basic
|
|
0.02
|
0.10
|
|
(0.02)
|
0.13
|
Diluted
|
|
0.02
|
0.10
|
|
(0.02)
|
0.13
|
SINOVAC BIOTECH
LTD.
|
Consolidated
Statements of Cash Flows
|
For the three and
twelve months ended December 31, 2014 and 2013
(Unaudited)
|
(Expressed in
thousands of U.S. Dollars)
|
|
Three months
ended
|
|
Twelve months
ended
|
|
December
31
|
|
December
31
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
Cash flows
provided by (used in) operating activities
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
2,138
|
$
|
7,950
|
|
$
|
(336)
|
$
|
10,370
|
Adjustments to
reconcile net income (loss) to net cash
|
|
|
|
|
|
|
|
|
|
provided by
(used in) operating activities:
|
|
|
|
|
|
|
|
|
|
- deferred
income taxes
|
|
(707)
|
|
(2,287)
|
|
|
(162)
|
|
(2,225)
|
- stock-based
compensation
|
|
72
|
|
72
|
|
|
287
|
|
281
|
- inventory
provision
|
|
689
|
|
629
|
|
|
1,273
|
|
1,399
|
-
provision(recovery) for doubtful accounts
|
|
(170)
|
|
(1,561)
|
|
|
329
|
|
(504)
|
- loss (gain)
on disposal and impairment of equipment
|
|
44
|
|
(349)
|
|
|
74
|
|
88
|
- deferred
government grant recognized in income
|
|
(104)
|
|
-
|
|
|
(104)
|
|
-
|
- depreciation
of property, plant and equipment and amortization of
licenses
|
2,872
|
|
1,706
|
|
|
8,142
|
|
6,433
|
- amortization
of the prepaid land lease payments
|
|
80
|
|
-
|
|
|
278
|
|
311
|
- accretion
expenses
|
|
29
|
|
47
|
|
|
114
|
|
100
|
Changes
in:
|
|
|
|
|
|
|
|
|
|
- accounts
receivable
|
|
(284)
|
|
8,197
|
|
|
(9,691)
|
|
(7,256)
|
-
inventories
|
|
638
|
|
(1,624)
|
|
|
(6,170)
|
|
(7,547)
|
- income tax
payable
|
|
602
|
|
-
|
|
|
899
|
|
7
|
- prepaid
expenses and deposits
|
|
277
|
|
415
|
|
|
(496)
|
|
242
|
- deferred
revenue
|
|
1,217
|
|
4,037
|
|
|
601
|
|
(675)
|
- accounts
payable and accrued liabilities
|
|
(374)
|
|
2,684
|
|
|
(4,167)
|
|
4,552
|
- other
non-current liablitites
|
|
482
|
|
-
|
|
|
482
|
|
-
|
Net cash provided
by (used in) operating activities
|
|
7,501
|
|
19,916
|
|
|
(8,647)
|
|
5,576
|
|
|
|
|
|
|
|
|
|
|
Cash flows
provided by (used in) financing activities
|
|
|
|
|
|
|
|
|
|
- Proceeds from
bank loan
|
|
-
|
|
2,942
|
|
|
17,837
|
|
16,800
|
- Repayments of
bank loan
|
|
(5,957)
|
|
(3,927)
|
|
|
(15,962)
|
|
(4,089)
|
- Proceeds from
issuance of common stock,
|
|
|
|
|
|
|
|
|
|
net of
share issuance costs
|
|
176
|
|
281
|
|
|
512
|
|
848
|
- Proceeds from
shares subscribed
|
|
45
|
|
(196)
|
|
|
51
|
|
18
|
- Government
grants received
|
|
91
|
|
149
|
|
|
3,520
|
|
842
|
- Repayment of
loan from a non-controlling shareholder
|
|
(649)
|
|
-
|
|
|
(649)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
(used in) by financing activities
|
|
(6,294)
|
|
(751)
|
|
|
5,309
|
|
14,419
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in
investing activities
|
|
|
|
|
|
|
|
|
|
- Acquisition
of property, plant and equipment
|
|
(3,696)
|
|
(1,739)
|
|
|
(11,003)
|
|
(5,176)
|
- Time deposit
placed with financial institution
|
|
(1,500)
|
|
-
|
|
|
(1,500)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(5,196)
|
|
(1,739)
|
|
|
(12,503)
|
|
(5,176)
|
|
|
|
|
|
|
|
|
|
|
Exchange gain
(loss) on cash and cash equivalents
|
|
(347)
|
|
790
|
|
|
(1,383)
|
|
1,182
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents
|
|
(4,336)
|
|
18,216
|
|
|
(17,224)
|
|
16,001
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of year
|
|
94,354
|
|
89,026
|
|
|
107,242
|
|
91,241
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of year
|
$
|
90,018
|
$
|
107,242
|
|
$
|
90,018
|
$
|
107,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sinovac-reports-unaudited-fourth-quarter-and-full-year-2014-financial-results-300068342.html
SOURCE Sinovac Biotech Ltd.