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China Biologic Products Announces Strong First Quarter 2009 Results
Date:5/18/2009

sales and average selling price increased by 224.6% and 14.7%, respectively. The Company's human tetanus immunoglobulin products represented 4.9% of revenues in the first quarter of 2009, as compared to 1.4% of revenues in the first quarter of 2008, and it sales and average selling price increased 823.1% and 34.3%, respectively.

Gross profit for the first quarter of 2009 was $14.9 million, up 153.1% from $5.9 million in the first quarter of 2008. Gross margin was 70.6% for the period ended March 31, 2009, compared to 75.2% for the first quarter of 2008. The decrease in the gross profit margin was primarily due to the increase in the cost of raw materials associated with the increased compensation fee for donors.

Operating expenses in the first quarter of 2009 rose 115.3% to $4.9 million. Selling expenses increased 17.2% to $0.6 million. As a percentage of sales, selling expenses in the first quarter of 2009 was 2.7%, down from 6.3% a year ago. General and administrative ("G&A") expenses increased 141.3% to $3.8 million. As a percentage of sales, the G&A expenses decreased to 18.1% for the first quarter of 2009, from 20.2% for the same period in 2008. The dollar increase in the G&A expenses was mainly due to the consolidation of Dalin, the increase in personnel-related costs, extra depreciation and amortization expenses in connection with the acquisition of Dalin as result of fair value adjustments as well as additional professional service charges related to the acquisition of Dalin. Research and development expenses increased 154.5% to $0.5 million, or 2.2% of total revenue compare to $0.2 million in the first quarter of 2008 or 2.3% of total revenue. The dollar increase was due primarily to the consolidation of Dalin and increased costs from continuing clinical trial on new products.

Total other expenses in the first quarter of 2009 was $0.8 million, as the Company recognized of
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SOURCE China Biologic Products, Inc.
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