Yesterday, Weikang Bio-Technology released a statement targeting 2011 revenue growth to be 30% to 50% over 2010 revenue. The Chinese developer and manufacturer of traditional Chinese medicine products, Western prescription and over the counter pharmaceuticals and related health products also announced a 2010 revenue guidance of $55 million, a net profit of $21 million and earnings per share of $0.75. The company expects stockholders’ equity to be $1.71 per share ($48 million).
Weikang is preparing to launch five new therapeutics – two in the fourth quarter of 2010 and three in the first quarter of 2011. These are expected to add approximately $8.8 million in revenue and up to $3.3 million net income in 2011.
The launch of Weikangs’ new Rongrun Good Health package could also add $8.5 million in revenue and $3.1 million in net income in 2011. The combined new products – therapeutics and Good Health package – are expected to add approximately $17.3 million in revenue and $6.4 million in net income for 2011.
“We are extremely excited about our growth prospects for 2011 and beyond. We believe that the market for our high-quality therapeutics will continue to expand as China is expected to become the second largest pharmaceutical market by 2020,” commented Mr. Yin Wang, Chairman and CEO of Weikang Bio-Technology Group. “Moreover, our research team is focused on developing new therapeutics that address a large number of health problems and have a broad consumer appeal.”
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