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Simcere Pharmaceutical 1st-quarter profit jumps 68 percent

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May 6, 2008

NEW YORK—Chinese generic drug developer Simcere Pharmaceutical Group said Tuesday its first-quarter profit jumped 68 percent, led by strong sales of its anti-cancer and anti-stroke drugs.

For the quarter ended March 31, the company reported income of $16 million, or 25 cents per American Depository Share, compared with earnings of $8.7 million, or 17 cents per ADS, in the year-ago period. Each ADS represents two ordinary shares.

Analysts polled by Thomson Financial, on average, estimated earnings of 18 cents per ADS on sales of $58.8 million.

Revenue rose 26 percent to $56.3 million from $40.4 million in the first quarter of 2007.

Sales from Endu, the company's anti-cancer drug, rose 64 percent in the quarter to $9.1 million. Revenue from the Simcere's anti-stroke injection products Bicun and Yidasheng totaled $21.7 million, an 89 percent increase over the first quarter of last year.

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