TAI'AN, China, April 1 /PRNewswire-Asia-FirstCall/ -- China Biologic Products, Inc. (OTC Bulletin Board: CBPO) ("China Biologic" or the "Company"), one of the leading plasma-based pharmaceutical companies in the People's Republic of China ("PRC"), reported financial results for the year ended December 31, 2008.
2008 Highlights -- Revenues increased 44.3% year-over-year to a record $46.8 million -- Gross profit increased 45.7% to $32.7 million over 2007, representing a gross margin of 70.0% -- Operating income increased 59.4%, from 2007 to $20.3 million, representing an operating margin of 43.5% -- Net income was up 46.5% year-over-year to $12.0 million, or $0.56 per diluted share
"We are pleased to report strong revenue and net income results for 2008," said Mr. Chao Ming Zhao, CEO of China Biologic Products. "We believe that our significant operating leverage demonstrate the success of the marketing strategies that we implemented last year. More recently, we were pleased to announce that our subsidiary, Shandong Taibang Biological Products Co. Ltd., has completed the government approval process for the transfer of 35% equity interest in Xi'an Huitian Blood Products Co., Ltd. We expected to close the Huitian acquisition, as well as the previously announced Qianfeng acquisition, in the near term. We expect that both of these acquisitions combined will transform China Biologic into the largest privately-held plasma-based biopharmaceutical company in China."
During the fourth quarter of 2008, the Company achieved the following milestones:
-- Entered into agreement to acquire 90% controlling interest in Chongqing Dalin Biologic Technologies Co., Ltd., which owns approximately 54% of the equity interest in Qianfeng Biological Products Co., Ltd., one of the largest plasma-based biopharmaceutical companies in Guiyan
|SOURCE China Biologic Products, Inc.|
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