Simcere Pharmaceutical Group (SCR) Shares Down 2% On Earnings News
March 16, 2010 5:22 PM
Shares of Simcere Pharmaceutical Group (NYSE: SCR) fell 2.14% on Tuesday, after rising costs led to the company missing Wall Street's profit estimates.
Simcere Pharmaceutical Group reported that its 4th quarter profit fell 66% to $2.6 million, or 5 cents per share, on revenue of $79 million, which was up 16% over the previous year's 4th quarter.
The unexpected rise in revenue cushioned the earnings blow.
A poll of analysts by Thomson Reuters showed an average estimate of earnings of 7 cents per share, on $73.9 million in revenue.
Simcere Pharmaceutical Group blamed the lower profits on increased expenses from research and development, which rose 48% from a year earlier, and sales, marketing and distribution expenses, which were up 32%.
Simcere Pharmaceutical Group ended trading on Tuesday at $8.68.
