American Oriental Bioengineering 4Q profit falls

NEW YORK (AP) — Pharmaceutical company American Oriental Bioengineering Inc. said Monday its fourth-quarter profit plunged on higher costs and charges, although revenues rose sharply.

The company earned $8 million, or 10 cents per share, for the three months ended Dec. 31 compared with $21.1 million, or 20 cents per share, in the prior-year period. Revenue rose 68 percent to $96.3 million from $57.3 million.

Excluding charges, such as those associated with the buyout of GuangXi HuiKe, the company earned 25 cents per share. Analysts polled by Thomson Reuters expected profit of 25 cents per share on revenue of $88.1 million.

Pharmaceutical product sales rose 70 percent to $81.2 million, with prescription drugs making up the bulk of sales.

The China-based company makes a range of products including treatments for influenza and upper respiratory infections, as well as over-the-counter incontinence products and common cold medications.

For the full year, the company earned $60.6 million, or 61 cents per share, compared with profit of $53.4 million, or 61 cents per share, in 2007. Revenue rose to $264.6 million from $160.5 million.

Shares of American Oriental rose 28 cents, or 8 percent, to $3.68 in afternoon trading. The stock has traded between $3.29 and $12.28 over the last 52 weeks.