UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of Aug 2015

--------------

 

Commission File Number: 001-32371

----------

 

SINOVAC BIOTECH LTD.

 

No. 39 Shangdi Xi Road

Haidian District

Beijing 100085, People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F ___X____ Form 40-F _________

 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):________________

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):________________

 

 

 

  

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

SINOVAC BIOTECH LTD.

 

 

 

 

By: /s/ Weidong Yin                                    

Name: Weidong Yin

Title: Chairman and Chief Executive Officer

 

 

Date: Aug 13, 2015

 

 

 

 

Exhibit Index

 

Exhibit 99.1 – Press Release

Exhibit 99.2 – Press Release

Exhibit 99.3 – Press Release

 

 

 



 

Exhibit 99.1

 

Sinovac to Host Conference Call to Report Second Quarter 2015 Unaudited Financial Results

 

·Date: 2015-08-04
·Pageview: 1308

 

 BEIJING, August 4, 2015 -- Sinovac Biotech Ltd. (Nasdaq: SVA), a leading provider of biopharmaceutical products in China, today announced that it will release its unaudited financial results for the second quarter, ended June 30, 2015, after market close on Wednesday, August 12, 2015. The Company will host a conference call on Thursday, August 13, 2015, at 8:00 a.m. EDT (Thursday, August 13, 2015 at 8:00 p.m. China Standard Time) to review the Company's financial results and provide an update on recent corporate developments.

 

To access the conference call, please dial 1-877-407-9039 (USA) or 1-201-689-8470 (International). A replay of the call will be available from 11 a.m. EDT on August 13, 2015 through August 27, 2015. To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (International) and reference the replay pin number 13616892.

 

A live audio webcast of the call will also be available on the Investor Relations section of the Company’s website at www.sinovac.com. A webcast replay will be available on the Company’s website for 30 days following the call.

 

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
Tel: +86-10-8279-9871
Fax: +86-10-6296-6910
Email: ir@sinovac.com

 

ICR Inc.
Bill Zima
U.S: 1-646-308-1707
Email: william.zima@icrinc.com

 

Katherine Knight

Phone: +1 (646) 277-1276

Email: katherine.knight@icrinc.com

 

 

 

 



 

Exhibit 99.2 Press Release

 

Sinovac Announces Results of 2015 Annual General Meeting of Shareholders

 

·Date: 2015-08-11
·Pageview: 447

 

BEIJING, August 11, 2015 /PRNewswire/ -- Sinovac Biotech Ltd. (NASDAQ:SVA), a leading provider of biopharmaceutical products in China, today announced the results of the Company's 2015 Annual General Meeting of Shareholders held on Tuesday, August 11, 2015 in Beijing, PRC. The required quorum, a majority of the common shares outstanding, was voted by proxy.

 

The Company's shareholders approved the following proposals:

 

·The re-election of Weidong Yin, Yuk Lam Lo, Simon Anderson, Kenneth Lee and Meng Mei as the Company's directors until the next annual meeting of shareholders and or until their successors are duly elected;
·The audited consolidated financial statements of the Company for the financial year ended December 31, 2014 together with the Report of Independent Registered Public Accounting Firm thereon and the notes thereto;
·The appointment of Ernst & Young Hua Ming LLP as the independent auditor of the Company for the fiscal year ending December 31, 2015 and to authorize the directors of the Company to fix such independent auditor's remuneration.

 

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 atwww.Sinovac.com.

 

Contact

 

Sinovac Biotech Ltd. 
Helen Yang 
Tel: +86-10-8279-9871 
Fax: +86-10-6296-6910 
Email: ir@sinovac.com

ICR Inc. 
Bill Zima
U.S: +1-646-308-1707
Email: william.zima@icrinc.com 

 

 



 

Exhibit 99.3 Press Release

 

Sinovac Reports Unaudited Second Quarter Financial Results

-- Conference call scheduled for Thursday, August 13, 2015 at 8:00 AM ET

 

·Date: 2015-08-13
·Pageview: 254

 

BEIJING, Aug.12, 2015 /PRNewswire/ -- Sinovac Biotech Ltd. (SVA), a leading provider of biopharmaceutical products in China, announced today its unaudited second quarter and half year financial results for the period ended June 30, 2015.

 

Second Quarter 2015 Financial Highlights
 (compared to the second quarter of 2014)

 

·Quarterly sales were $18.5 million, an increase of 53.1% from $12.1 million in the prior year period.
·Gross profit was $15.1 million, an increase of 66.6% from $9.1 million in the prior year period.
·Gross margin was 81.6%, compared to 75.0% in the prior year period.
·Net income attributable to common shareholders was $2.3 million, or $0.04 per basic and diluted share, compared to net loss attributable to common shareholders of $2.2 million, or $(0.04) per basic and diluted share, in the second quarter of 2014.

 

Mr. Weidong Yin, Chairman, President and CEO of Sinovac, commented, "I am very pleased to announce our strong sales and profitability during the second quarter. We continue to execute our strategy to drive sales while maintaining tight control over our operating costs. Although the general market environment remains the same as prior quarters, our sales results in the second quarter exemplify our team's ability to adjust to challenging market dynamics."

 

Mr. Yin continued, "Additionally, we continue to move forward in the approval process for our EV71 vaccine candidate. During July and August, CFDA inspectors have been conducting the site and GMP inspections of our manufacturing facility. The site inspection was completed last week and will be followed by sample testing. Our projected timing for EV71 commercialization remains unchanged. "

 

Business Update

 

EV71 vaccine. The China Food and Drug Administration (CFDA) has completed a site inspection and GMP inspection of the Company's EV71 vaccine manufacturing facility, which will be followed by sample testing. Once the results of the inspection are available and the sample vaccine has passed the required testing, the CFDA will conduct a comprehensive review of the vaccine. Upon approval, the CFDA will then issue the new drug certificate, and production and GMP licenses. The Company expects to be able to bring its first commercial batch of the EV71 vaccine to market approximately four months after beginning commercial production. The Company received its site inspection notification in May of 2015.

 

 

 

 

Unaudited Financial Results for Second Quarter 2015

 

   2015 Q2   % of Sales   2014 Q2   % of Sales 
(In USD'000 except percentage data)                    
Hepatitis A vaccine– Healive   8,462    45.7%   5,113    42.3%
Hepatitis A&B vaccine – Bilive   9,216    49.8%   6,439    53.3%
Hepatitis vaccines subtotal   17,678    95.5%   11,552    95.6%
Influenza vaccine- Anflu   526    2.8%   -    - 
Animal Rabies vaccine- Rabend   18    0.1%   18    0.1%
Mumps vaccine   287    1.6%   520    4.3%
Regular sales   18,509    100.0%   12,090    100.0%
H5N1   -    -    -    - 
Total sales   18,509    100.0%   12,090    100.0%
Cost of goods sold   3,407    18.4%   3,025    25.0%
Gross profit   15,102    81.6%   9,065    75.0%

 

In the second quarter of 2015, total sales were $18.5 million, an increase of 53.1% from $12.1 million during the same period of 2014. The sales increase is mainly attributable to increased sales of Healive and Bilive into the private pay market, and supported by increased sales into the public market as well.

 

Gross profit was $15.1 million in the second quarter of 2015, compared to $9.1 million in the prior year period. Gross margin increased to 81.6% from 75.0% in the prior year period. The gross margin expansion was primarily due to higher average selling prices of the Company's hepatitis vaccines in the private pay market and a lower inventory provision compared to the comparative quarter.

 

Selling, general and administrative expenses in the second quarter of 2015 were $9.2 million, compared to $8.6 million in the same period of 2014. This increase was mainly due to increased G&A expenses associated with the trial production of the EV71 vaccine for the site inspection.

 

R&D expenses in the second quarter of 2015 were $2.2 million, compared to $3.3 million in the same period of 2014. This decrease is primarily attributable to an entrance fee incurred after the signing of the licensing agreement of sIPV production technology in the second quarter of 2014 and the purchase of the virus seeds for its sIPV candidate during the same period.

 

Net income attributable to common shareholders for the second quarter of 2015 was $2.3 million, or $ 0.04 per basic and diluted share, compared to a net loss attributable to common shareholders of $2.2 million, or $(0.04) per basic and diluted share, in the same period last year.

 

Unaudited Financial Results for First Half of 2015

 

- (In USD'000 except percentage data)  2015 H1   % of Sales   2014 H1   % of Sales 
Hepatitis A vaccine – Healive   11,385    41.0%   11,552    45.1%
Hepatitis A&B vaccine – Bilive   14,271    51.4%   12,437    48.5%
Hepatitis vaccines subtotal   25,656    92.4%   23,989    93.6%
Influenza vaccine - Anflu   1,112    4.0%   61    0.2%
Animal Rabies vaccine - Rabend   80    0.3%   44    0.2%
Mumps vaccine   930    3.3%   1,440    5.6%
Regular sales   27,778    100.0%   25,534    99.6%
                     
H5N1   -    -    102    0.4%
Total sales   27,778    100.0%   25,636    100.0%
Cost of goods sold   5,841    21.0%   6,303    24.6%
                     
Gross profit   21,937    79.0%   19,333    75.4%

 

Total sales for the first half of 2015 were $27.8 million, an increase of 8.4% from $25.6 million in the same period of 2014. The increase is primarily due to increased sales of Bilive into the private pay market.

 

 

 

 

Gross profit in the first half of 2015 was $21.9 million, an increase of 13.5% from $19.3 million in the same period of 2014. Gross margin was 79.0% in the first half of 2015, compared to 75.4% in the same period of 2014.

 

Selling, general and administrative expenses in the first half of 2015 were $16.1 million, consistent with $16.4 million in the same period of 2014.

 

R&D expenses in the first half of 2015 were $4.4 million, compared to $5.0 million in the same period of 2014. In the first half of 2015, the R&D expenses incurred by the Company is mainly attributable to the phase III clinical trial on PPV. Instead, in the first half of 2014, a substantial portion of the Company's R&D expenses were related to its  sIPV program as explained above.

 

Net income attributable to common shareholders in the first half of 2015 was $20,000, or $0.00 per basic and diluted share, compared to a net loss of $2.2 million, or $(0.04) per basic and diluted share, in the same period of 2014.

 

As of June 30, 2015, cash and cash equivalents totaled $64.8 million, compared to $91.5 million as of December 31, 2014. Net cash used in operating activities was $7.8 million in the first half of 2015. Net cash used in investing activities was $2.8 million, which was primarily used for the purchase of property, plant and equipment. Net cash used in financing activities was $16.1 million during the first half of 2015, representing loan proceeds of $12.0 million offset by loan repayments of $28.5 million. As of June 30, 2015, the Company had $32.6 million of bank loans due within one year. When appropriate, the Company will seek new commercial bank loans to finance the commercialization of pipeline products, as well as for other operational purposes.

 

Conference Call Details

 

Sinovac will host a conference call on Thursday, August 13, 2015 at 8:00 a.m. ET (August 13, 2015 at 8:00 p.m. China Standard Time) to review the Company's financial results and provide an update on recent corporate developments. To access the conference call, please dial 1-877-407-9039 (USA) or 1-201-689-8470 (International). A replay of the call will be available from 11:00 a.m. ET on August 13, 2015 through August 27, 2015. To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (International) and reference the replay pin number 13616892.

 

A live audio webcast of the call will also be available on the Investor Relations section of the Company's website at www.sinovac.com. A webcast replay will be available on the Company's website for 30 days following the call.

 

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
Tel: +86-10-8279-9871
Fax: +86-10-6296-6910
Email: ir@sinovac.com

 

ICR Inc.
Bill Zima
U.S: +1 (646) 308-1707
Email: william.zima@icrinc.com

 

Katherine Knight
Phone: +1 (646) 277-1276
Email: katherine.knight@icrinc.com

 

 

 

 

SINOVAC BIOTECH LTD.
Consolidated Balance sheets
As of June 30, 2015 and December 31, 2014
(Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data)

 

         
Current assets  June 30, 2015   December 31,2014 
           
Cash and cash equivalents   64,756    91,518 
Accounts receivable – net   44,144    40,757 
Inventories   23,228    18,832 
Prepaid expenses and deposits   1,154    1,430 
Deferred tax assets   1,669    2,266 
Total current assets   134,951    154,803 
           
Property, plant and equipment   67,814    68,417 
Prepaid land lease payments   10,275    10,405 
Long-term inventories   2,650    2,648 
Long-term prepaid expenses   -    3 
Prepayments for acquisition of equipment   1,398    1,387 
Deferred tax assets   445    515 
Licenses   176    352 
Total assets   217,709    238,530 
           
Current liabilities          
Short-term bank loans and current portion of long-term debt   32,640    47,375 
Loan from a non-controlling shareholder   2,595    2,595 
Accounts payable and accrued liabilities   19,565    23,237 
Income tax payable   750    1,101 
Deferred revenue   3,893    4,996 
Deferred government grants   904    530 
Total current liabilities   60,347    79,834 
           
Deferred government grants   6,463    7,494 
Long-term debt   -    1,803 
Deferred revenue   7,197    7,191 
Other non-current liabilities   479    482 
Total long term liabilities   14,139    16,970 
           
Total liabilities   74,486    96,804 
           
Commitments and contingencies          
Equity          
Preferred stock   -    - 
Common stock   56    56 
Additional paid-in capital   109,073    108,243 
Accumulated other comprehensive income   12,065    12,022 
Statutory surplus reserves   12,627    12,627 
Accumulated deficit   (6,364)   (6,384)
Total shareholders' equity   127,457    126,564 
           
Non-controlling interests   15,766    15,162 
Total equity   143,223    141,726 
Total liabilities and equity   217,709    238,530 

 

 

 

 

 

 SINOVAC BIOTECH LTD. 
 Consolidated Statements of Comprehensive Income (loss) 
For the three and six months ended June 30, 2015 and 2014
 (Unaudited) 
(Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data)

 

                 
   Three months ended June 30   Six months ended June 30 
   2015   2014   2015   2014 
 Sales   18,509    12,090    27,778    25,636 
 Cost of sales   3,407    3,025    5,841    6,303 
 Gross profit   15,102    9,065    21,937    19,333 
                     
 Selling, general and administrative expenses   9,172    8,589    16,093    16,381 
 Provision for doubtful accounts   173    132    84    294 
 Research and development expenses   2,221    3,265    4,433    4,967 
 Loss (gain) on disposal and impairment of property, plant and
     equipment
   (24)   29    (24)   29 
 Government grants recognized in income   (437)   -    (443)   - 
 Total operating expenses   11,105    12,015    20,143    21,671 
 Operating income (loss)   3,997    (2,950)   1,794    (2,338)
                     
 Interest and financing expenses   (421)   (832)   (1,009)   (1,582)
 Interest income   288    765    715    1,545 
 Other income   28    71    103    217 
 Income (loss) before income taxes and non-controlling
     interests
   3,892    (2,946)   1,603    (2,158)
 Income tax expense   (440)   (76)   (991)   (423)
 Net Income (loss)   3,452    (3,022)   612    (2,581)
 Less: (Income) loss attributable to the non-controlling interests   (1,181)   774    (592)   337 
 Net Income (loss) attributable to shareholders of 
     Sinovac
   2,271    (2,248)   20    (2,244)
                     
 Other comprehensive income (loss), net of tax of nil                    
 Foreign currency translation adjustments   (11)   (319)   55    (2,403)
 Total comprehensive income (loss)   3,441    (3,341)   667    (4,984)
 Less: comprehensive (income) loss attributable to non-controlling 
     interests
   (1,186)   738    (604)   638 
 Comprehensive income (loss) attributable to
     shareholders of Sinovac
   2,255    (2,603)   63    (4,346)
                     
 Weighted average number of shares of common stock
     outstanding
                    
  Basic   56,019,451    55,663,566    55,974,252    55,625,509 
  Diluted   56,187,591    55,663,566    56,219,495    55,625,509 
                     
 Earning (loss) per share                    
  Basic   0.04    (0.04)   0.00    (0.04)
  Diluted   0.04    (0.04)   0.00    (0.04)

 

 

 


SINOVAC BIOTECH LTD.
Consolidated Statements of Cash Flows
For the three and six months ended June 30, 2015 and 2014
(Unaudited)
(Expressed in thousands of U.S. Dollars)

 

   Three months ended   Six months ended 
   June 30   June 30 
   2015   2014   2015   2014 
Cash flows provided by (used in) operating activities                    
Net income (loss)  $3,452   $(3,022)  $612   $(2,581)
 Adjustments to reconcile net income (loss) to net cash                    
Used in operating activities:                    
 - deferred income taxes   165    58    699    369 
 - stock-based compensation   208    71    321    143 
 - inventory provision   521    321    566    542 
 - provision for doubtful accounts   173    132    84    294 
 - loss (gain) on disposal and impairment of equipment   (24)   29    (24)   29 
 - government grants recognized in income   (437)   -    (443)   - 
 - depreciation of property, plant and equipment and amortization of license   1,759    1,903    3,451    4,534 
 - amortization of the prepaid land lease payments   68    65    137    132 
 - accretion expenses   30    28    59    55 
Changes in:                    
 - accounts receivable   (1,770)   1,327    (3,613)   (3,654)
 - inventories   (3,544)   (4,905)   (5,086)   (7,784)
 - income tax payable   (382)   -    (382)   - 
 - prepaid expenses and deposits   (143)   234    521    (348)
 - deferred revenue   (1,104)   33    (1,104)   (685)
 - accounts payable and accrued liabilities   1,446    (1,889)   (3,578)   (2,459)
                     
Net cash provided by (used in) operating activities   418    (5,615)   (7,780)   (11,413)
                     
Cash flows provided by (used in) financing activities                    
 - Proceeds from bank loans   11,154    3,182    11,956    8,917 
 - Repayments of bank loans   (9,138)   (6,084)   (28,541)   (8,542)
 - Proceeds from issuance of common stock,                    
  net of share issuance costs   237    147    500    252 
 - Proceeds from shares subscribed   9    31    9    80 
 - Government grants received   6    185    9    185 
                     
Net cash provided by (used in) financing activities   2,268    (2,539)   (16,067)   892 
                     
Cash flows used in investing activities                    
 - Acquisition of property, plant and equipment   (1,064)   (3,479)   (2,845)   (5,683)
                     
Net cash used in investing activities   (1,064)   (3,479)   (2,845)   (5,683)
                     
Exchange gain (loss) on cash and cash equivalents   64    (385)   (70)   (1,404)
                     
Increase (decrease) in cash and cash equivalents   1,686    (12,018)   (26,762)   (17,608)
                     
Cash and cash equivalents, beginning of period   63,070    101,652    91,518    107,242 
                     
Cash and cash equivalents, end of period  $64,756   $89,634   $64,756   $

89,634

 

 

 

 

Sinovac Biotech (NASDAQ:SVA)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Sinovac Biotech Charts.
Sinovac Biotech (NASDAQ:SVA)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Sinovac Biotech Charts.