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China Biologic Products Announces Strong 2008 Results
Date:4/1/2009

cts decreased by 7.4% while the average selling price increased by 29.7%. The Company's approved human immunoglobulin for intravenous injection product represented 22.0% of revenues in 2008, as compared to 10.3% in 2007, and its sales volume and average selling price increased by 39.2% and 102.8%, respectively. The Company's approved human hepatitis B immunoglobulin product represented 6.9% of revenues in 2008, as compared to 4.7% of revenues in 2007, and had a sales volume decrease of 41.7%.

Gross profit for 2008 was $32.7 million, up 45.7% from $22.5 million in 2007. Gross margin was 70.0% for the period ended December 31, 2008, compared to 69.3% for the 2007 period. The increase in the gross profit margin was primarily due to the increase in selling prices, as well as management's ability to maintain efficiencies in the production process.

Operating expenses for 2008 rose 27.6% to $12.4 million and selling expenses decreased 50.1% to $2.2 million. The substantial decrease in selling expense reflects the normalization of the marketing strategy that the Company initiated in the third quarter of 2007. Due to those marketing efforts in 2007, the Company was able to obtain higher sales with substantially lower selling expenses in 2008. General and administrative expenses increased 65.2% to $7.7 million, as a result of an increase in personnel costs of $0.9 million, an increase in professional expenses related to the costs of being a public reporting company of $0.2 million, and the write off of $0.9 million in bad debt. Research and development expenses increased 91.5% to $1.2 million, as a result of the increase in the cost of research activities and the clinical trial of new products during the 2008 period. The increase in operating expenses was the result of non-cash employee compensation of $1.3 million due to options granted to employees and consultants under the Company's 2008 Equity Incentive Plan. As a resul
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SOURCE China Biologic Products, Inc.
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