e Certification by the provincial government in
Shandong Province, which allows the Company to be taxed at the
preferential income tax rate of 15% instead of at the regular 25% rate,
for a period of 3 years commencing January 1, 2008.
-- One of China Biologic Products' R&D projects, "High-Purity Human
Albumin," was listed in the National Torch Plan of China.
-- China Biologic Products completed the government approval process for
the transfer of a 35% equity interest in Xi'an Huitian Blood Products
Co., Ltd. in March 2009.
First Quarter of 2009 Results
Revenue for the first quarter of 2009 increased 169.4% to a record $21.1
million compared with $7.8 million in the first quarter of 2008. The increase
in revenues for the first quarter of 2009 is primarily attributable to the
revenue consolidation of Dalin which accounted for approximately 44.6% of the
total revenue, a general increase in the price of plasma-based products, and a
12.4% increase due to the foreign exchange translation. During the first
quarter of 2009, Dalin contributed to approximately $9.5 million in revenue,
and the rest of revenue was generated from Shandong Taibang, which experienced
a 49.3% increase from the first quarter of 2008 to approximately $11.6 million.
All of the Company's approved products, except human hepatitis B
immunoglobulin, recorded price increases ranging from 3.5% to 49.2%.
Sales breakdown of the Company's major plasma-based products, the human
albumin products, accounted for 58.2% of sales in the first quarter of 2009,
as compared to 58.1% in same period a year ago. Sales of human albumin
products increased by 171.1% while the average selling price increased by 3.5%.
The Company's human immunoglobulin for intravenous injection product
represented 25.4% of revenues in the first quarter of 2009, as compared to
21.1% in the first quarter of 2008; its
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|SOURCE China Biologic Products, Inc.|
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