logo
Plus   Neg
Share
Email

China Pharma Posts Narrower Loss In FY18; Revenue Down 6.7% - Quick Facts

China Pharma Holdings, Inc. (CPHI) reported a net loss of $10.8 million in fiscal year 2018 compared to a loss of $19.3 million in fiscal year 2017. Loss per common share was $0.25 compared to a loss of $0.44.

Full year 2018 revenue decreased 6.7% to $12.3 million from $13.2 million, previous year. The company said the decrease was mainly due to the negative impact associated with health insurance cost controls as well as government policies targeted at reducing drug costs as a proportion of total health-care spending, in conjunction with the company's efforts in controlling bad debts by more rigorous screening customers and more stringent policies on payment terms.

Ms. Zhilin Li, China Pharma's CEO, said: "We experienced certain market fluctuations in 2018, but through the continued implementation of sales promotions, our sales revenue of 2018 was comparable to the same period a year ago. Management will continue to vigorously promote sales through active participation in recent provincial market openings to solicit new drug tender offers and allow China Pharma to expand its presence in these markets. In addition, we continued experiencing sustained pressure from the more stringent requirements of drug registration standards, consistency evaluations, and the rising costs of clinical trials in 2018. In this challenging environment, the company actively evaluated the technical difficulty, investment demand, time requirements, and investment return rate of all applicable marketed and pipeline products, and actively advanced the compliance process for several key products in 2018."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
British luxury car giant Aston Martin unveiled its first SUV at an event in Los Angeles and at a simultaneous event in Beijing. The DBX SUV comes with an aluminium body with a typical Aston Martin grille flanked by LED headlights with LED DRLs. "I can't emphasize enough how incredibly exciting... Google has rolled out an audio news service for Google Assistant, called 'Your News Update,' which will read out a user's customized news feed. According to the tech giant, 'Your News Update' is a smarter way to listen to the news hosted by the Google Assistant. The customized news feed will deliver stories from a variety of media partners, including CBS, Politico, Fox News and CNN. The U.S. Securities and Exchange Commission said it has filed an emergency action and received a temporary restraining order and asset freeze against two Florida residents as well as the two companies controlled by them for an alleged $6 million Ponzi scheme. The Ponzi scheme by Neil Burkholz of Boca Raton, Florida, and Frank Bianco of Pembroke Pines, Florida, defrauded at least 55 investors.
RELATED NEWS
Follow RTT
>