TAIAN, Shandong, China, Oct. 16 /Xinhua-PRNewswire-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"), issues preliminary guidance following the recently announced acquisitions which will transform the Company into the largest non-state-owned producer of plasma based products in China.
"We expect the acquisitions of a 90% controlling interest in Chongqing Dalin Biologic Technologies Co., Ltd. ("Dalin") and a 35% equity interest in Xi'an Huitian Blood Products Co., Ltd. ("Huitian") will accelerate our geographical expansion, diversify our customer base, enhance our technological capabilities or competitive advantages and serve to transform our company into the leading biopharmaceutical producer in China," said Mr. Chao Ming Zhao, CEO of China Biologic Products. "We believe the two acquisitions position China Biologic to significantly grow our revenues and profitability in 2009, while affording us the ability to increase our supply of plasma and achieve higher utilization levels over time across our expanded geographic platform."
China Biologic has targeted combined revenue for 2008 to be in the range of $48 million to $50 million and combined net income to be between $9 million to $10 million, including only a portion of the 4th quarter operations from the two acquisitions. Assuming the full year consolidation of the two acquisitions, management estimates revenues for 2009 will be in the range of $90 million to $100 million with net income between $18 million to $22 million. Management will continue to evaluate the potential synergies that may emerge from the two acquisitions.
About China Biologic Products, Inc.
Through its indirect majority-owned subsidiary Shandong Taibang Biological Products CO. Ltd., China Biologic Products, Inc. (the "Company"), is principally engaged in the research, development, production and manufacturing and sale of plasma-based biopharmaceutical products to hospitals and other health care facilities in China. The Company's human albumin products are mainly used to increase blood volume and its immunoglobulin products are used for the treatment and prevention of diseases.
Safe Harbor Statement
This release may contain certain "forward-looking statements" relating
to the business of China Biologic Products, Inc. and its subsidiary
companies. All statements, other than statements of historical fact
included herein are "forward-looking statements," including statements
regarding: the impact of the acquisitions of Chongqing Dalin Biologic
Technologies Co., Ltd. and Xi'an Huitian Blood Products Co., Ltd.; the
ability of the Company to achieve its commercial objectives; the business
strategy, plans and objectives of the Company and its subsidiaries;
statements about expected future revenues and earnings; and any other
statements of non-historical information. These forward-looking statements
are often identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions, involve known and unknown
risks and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are reasonable,
they do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place undue
reliance on these forward-looking statements, which speak only as of the
date of this press release. The Company's actual results could differ
materially from those anticipated in these forward-looking statements as a
result of a variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange Commission
and available on its website ( http://www.sec.gov ). All forward-looking
statements attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these factors. Other than as
required under the securities laws, the Company does not assume a duty to
update these forward-looking statements.
For more information, please contact:
Mr. Chao Ming Zhao
China Biologic Products, Inc.
Investor Relations Contact:
Mr. Crocker Coulson
CCG Investor Relations
Tel: +1-646-213-1915 (NY office)
|SOURCE China Biologic Products, Inc.|
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