TAI'AN, Shandong, May 18 /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 strong financial results for the first quarter of 2009.
First Quarter 2009 Highlights -- Revenues increased 169.4% year-over-year to a record $21.1 million -- Gross profit increased 153.1% to $14.9 million compared to the first quarter of 2008, representing a gross margin of 70.6% -- Operating income increased 176.6%, from the first quarter 2008 to $10.1 million, representing an operating margin of 47.6% -- Net income was up 87.8% year-over-year to $4.3 million, or $0.20 per diluted share
"We are pleased to report exceptional revenue and net income results for our first quarter of 2009 as 'The New China Biologic Products'," said Mr. Chao Ming Zhao, CEO of China Biologic Products. "During the first quarter, we completed the government approval process for the transfer of 35% equity interest in Xi'an Huitian Blood Products Co., Ltd. We recently also completed the acquisition of a 90% controlling interest in Chongqing Dalin Biologic Technologies Co., Ltd., which owns 54% of the equity interest in Qianfeng Biologic Products Co., Ltd. Both of these acquisitions combined have transformed China Biologic into the largest non-state-owned plasma-based biopharmaceutical company in China. Our first quarter results reflect the consolidation of these interests and demonstrate the potential for significant earnings power ahead."
During the first quarter of 2009, the Company achieved the following milestones:
-- The Company's indirect majority-owned subsidiary, Shandong Taibang Biological Products Co. Ltd. ("Shandong Taibang") was awarded the High- Technology Enterpris
|SOURCE China Biologic Products, Inc.|
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