By Ben Otto
Sino Biopharmaceutical Ltd.'s net profit for the first nine months of the year fell 18% on year as revenue declined, partly due to lower selling prices for some products under a new centralized drug-procurement program.
Net profit was 1.85 billion yuan (US$281.3 million), down from CNY2.26 billion in the same period a year earlier, the Chinese drug maker said Monday.
Revenue fell 6.2% to CNY18.13 billion, it said.
The company said it has gradually resumed work on sales of pharmaceutical products during the quarter as the Covid-19 situation improved globally and the number of hospitalized patients rose.
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
11-30-20 0419ET