CHENGDU, China, Dec. 3 /PRNewswire-Asia/ --
-- Management expects to report revenues of approximately $113.3 million and net income of approximately $19.6 million for the Fiscal Year which ends June 30, 2011, representing approximately 78.1% and 73.5% growth over fiscal 2010 guidance
Tianyin Pharmaceutical, Co., Inc., (NYSE Alternext: TPI), a manufacturer and supplier of modernized traditional Chinese medicine ("TCM") based in Chengdu, China, today announced financial guidance for fiscal year 2011. The forecasted revenue of $113.3 million for fiscal 2011 will represent a 78.1% increase over the projected fiscal year 2010 revenues of $63.6 million, while the forecasted net income of $19.6 million will represent a 73.5% increase over the projected net income of $11.3 million for fiscal 2010.
Growth will be driven by increased revenues from the Company's existing product portfolio and new products commercialized from its pipeline, in addition to the wholesale initiative for branded specialty products, which are collectively expected to contribute approximately $90.8 in revenues and $18.2 in net income. The recently announced Sichuan Jiangchuan Pharmaceutical Co. Ltd. joint venture for macrolide antibiotic API production is expected to contribute approximately $22.5 million in revenues and $1.4 million in net income.
These forecasts do not include any potential future acquisitions or joint venture agreements. The company is currently evaluating several acquisition opportunities, including companies with complementary product portfolios, and those which would accelerate the macrolide antibiotic business growth strategy.
"It's important for our shareholders to understand the management's vision for building a successful pharmaceutical company through both organic growth and accretive acquisitions. My previous CEO experience building Kehlun Pharmaceuticals into a $1 Billion IV solution product company in China has helped me gain the necessary management skill sets and business network to accomplish these goals. The current favorable growth dynamics in the pharmaceutical industry and the rapid surge in China's domestic consumption give us confidence that our timing for accelerating Tianyin's expansion is just right and we are very optimistic about our Company's future," commented Dr. Guoqing Jiang, Chairman and CEO of Tianyin Pharmaceutical, Inc.
"We are very pleased to report that growth in our core business is accelerating as demand for key products, including Ginko Mihuan, underscores the importance of having a portfolio of branded pharmaceuticals which address large market opportunities. The recent SFDA approval for these 2 new products are expected to be meaningful contributors and complement the 10 products we launched in the past year to further diversify our product base. Enhanced capacity, supported by our new production facility, and broader distribution channels provide the foundation for significant long term revenue growth," Dr. Jiang concluded.
About Tianyin Pharmaceuticals
Tianyin is a manufacturer and supplier of modernized Traditional Chinese Medicine ("TCM") in China. It was established in 1994 and acquired by the current management team in August 2003. It has a comprehensive product portfolio of 39 products, 22 of which are listed in the highly selective National Medicine Catalog of the National Medical Insurance program. Tianyin owns and operates two GMP manufacturing facilities and an R&D platform supported by leading Chinese academic institutions. The Company has a pipeline of 17 pharmaceutical products pending approval. Tianyin has an extensive nationwide distribution network throughout China with a sales force of 720 salespeople. Tianyin is headquartered in Chengdu, Sichuan Province with two manufacturing facilities and a total of 1,365 employees. For more information about Tianyin, please visit http://www.tianyinpharma.com .
Safe Harbor Statement
The Statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
For more information, please contact:
For the Company:
Allen Tang, Ph.D., MBA, Assistant to the CEO
Tel: +158-2122-5642 (China)
Email: Allen.y.tang@gmail.com
Investors:
HC International, Inc.
Matt Hayden
Tel: +1-561-245-5155 (US)
Email: Matt.hayden@hcinternational.net
