Dragon Pharmaceutical Inc. (TSX: DDD; OTC BB: DRUG) announced results for the three-month period ending March 31, 2003. During the quarter, the Company posted revenues of $664,322 from the sales of rHu Erythropoietin (EPO), which is currently approved and marketed for use in the treatment of anemia related to chronic renal failure and surgery patients in China, India, Egypt, Peru and Brazil.
Revenues of $454,347 were generated from sales in China and $209,975 from sales in other countries compared to $525,308 in China and $847,500 sales outside of China, which included one-time revenue of $700,000 bulk EPO for the same period in 2002.
The gross profit margin was 70% for the first quarter of 2003 compared to 86% for the same period in 2002 due to the fact that the Company sold some products with short-term expiry dates at a reduced price.
Operating expenses for the quarter in 2003 were $1.2 million, down from $2.2 million from the same period last year reflecting the results of our continued efforts to streamline our operations.
Net loss for the quarter in 2003 was $734,027, or $0.04 per share, compared to a loss of $937,878, or $0.05 per share, for the first quarter of 2002.
“Subsequent to the quarter end, the Company has received market approval from the Chinese State Drug Administration (SDA) for the use of our EPO in surgical patients in China and a new dosage presentation of 6000 IU. This will expand the market opportunities for our products in the existing approved countries”, said Dr. Alexander Wick, President of Dragon Pharmaceutical Inc. “Given the seasonality nature of the business which is typically slower in the first quarter than the rest of the year, we are confident that the company is still on track to achieve break-even in 2003.”
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