HARBIN, China, Oct. 11 /PRNewswire-Asia-FirstCall/ -- Weikang Bio-Technology Group Co., Inc. (OTC Bulletin Board: WKBT) ("Weikang" or the "Company"), a leading developer, manufacturer and marketer of Traditional Chinese Medicine (TCM), Western prescription and OTC pharmaceuticals and other health and nutritional products in the People's Republic of China, today announced that the Company is reiterating its fiscal 2010 revenue guidance of $55 million, net profit of $21 million and earning per share of $0.75. The company also expects stockholders' equity to be $48 million or $1.71 per share. For fiscal year 2011, Weikang Bio-Technology is targeting revenue growth to be in the range of 30% to 50% over 2010 revenue.
Weikang Bio-Technology plans to launch two new therapeutics in the fourth quarter of 2010 and an additional three new therapeutics in the first quarter of 2011. Combined, the new therapeutics are expected to add approximately $8.8 million in revenue and up to approximately $3.3 million in net income in 2011. In addition, the recent launch of its new Rongrun Good Health Package has the potential to add approximately $8.5 million in revenue and $3.1 million in net income in 2011. In total, the new therapeutics and Good Health Package are expected to add up to $17.3 million in revenue and $6.4 million in net income for 2011.
"We are extremely excited about our growth prospects for 2011 and beyond. We believe that the market for our high-quality therapeutics will continue to expand as China is expected to become the second largest pharmaceutical market by 2020," commented Mr. Yin Wang, Chairman and CEO of Weikang Bio-Technology Group. "Moreover, our research team is focused on developing new therapeutics that address a large number of health problems and have a broad consumer appeal."
About Weikang Bio-Technology Group Co., Inc.
Weikang Bio-Technology Group Co., Inc. is principally engaged in developing, manufacturing and distributing Traditional Chinese Medicine (TCM), and health and nutritional supplements in China, in compliance with requisite Chinese licenses and approvals. The Company is also expanding its business scope to develop, manufacture and distribute Chinese herbal extract products and GMP certified western prescription and OTC pharmaceuticals through its acquisition of Tianfang. For more information, please visit http://www.weikangbio.com.
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Such risks and uncertainties include, among other things, the uncertainties inherent in research and development; decisions by regulatory authorities regarding whether and when to approve the Company's new therapeutics as well as their decisions regarding labeling and other matters that could affect their availability or commercial potential; timing or impact of the introduction of competitive products; issued with the distribution of our products competition from other available therapeutics; and customer acceptance of the Company's new therapeutics. A further list of risks and uncertainties can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2009 and its reports on Form 10-Q and 8-K. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
SOURCE Weikang Bio-Technology Group Co., Inc.