August 18, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Biostar Pharmaceuticals, Inc. (NASDAQ: BSPM) said that, for the second quarter ended June 30, its Q2 2010 revenue increased 46.4% to $19.4 million. The company also said that its Q2 2010 Non-GAAP adjusted net income increased 50.9% to $5.8 million, with adjusted EPS of $0.21.

Biostar reiterated its guidance for 2010. The company expects revenue to be between $80.0 to $82.0 million, with net income between $18 to $20 million.

Ronghua Wang, chairman and CEO of Biostar, said that the firm’s revenue growth benefited from a 42% growth in sales of its flagship product, an over-the-counter Hepatitis B drug. He added that Biostar is seeing dividends from resources allocated to expand brand recognition and awareness for the drug, Xin Aoxing Capsules.

China-based Biostar Pharmaceuticals, through its wholly-owned subsidiary and controlled affiliate in China, develops, manufactures and markets pharmaceutical and health supplement products for a range of diseases and conditions.

Biostar currently manufactures two broad-based OTC products, two prescription-based pharmaceuticals, one medical device and five health supplements.

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