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发帖数: 742 | 2 Sinovac Biotech shares fall on outlook cut
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SINOVAC BIOTECH LTD.
Oct 25 (Reuters) - Sinovac Biotech Ltd's (SVA.O) shares fell 10 percent
Monday, a day after the vaccine manufacturer cut its full-year revenue
forecast for the second time, citing continued weakness in Chinese demand
for vaccines.
The China-based company now expects to post full-year revenue of $40-$45
million, compared to its prior view of $60-$67 million, it said in a
statement on Sunday.
The entire vaccine industry in China has been impacted by a media report
earlier this year that said faulty vaccines in northern Shanxi province were
responsible for killing four children and making dozens of others sick.
The country's Health Ministry began an investigation and said bad vaccines
were not to blame.
"2010 has been one of the worst years for the Chinese vaccine market, and we
expect near-term volatility despite our positive view on Sinovac's long-
term value," Piper Jaffray analyst Hongbo Lu said.
Analyst Lu, who has an "overweight" rating on the stock however, expects ex-
China sales and new product launches to drive growth for 2012.
Sinovac's shares, which have lost about 26 percent since the company cut its
outlook earlier in May, were trading down 9 percent at $3.66 Monday on
Nasdaq. They touched a low of $3.58 earlier in the session. (Reporting by
Shailesh Kuber and Krishnakali Sengupta in Bangalore; Editing by Aradhana
Aravindan) |
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