TAIAN CITY, Shandong, China, Aug. 14 /Xinhua-PRNewswire-FirstCall/ --
China Biologic Products, Inc. (OTC Bulletin Board: CBPO) ("China Biologic,"
the "Company"), one of the leading plasma-based pharmaceutical companies in
the People's Republic of China ("PRC"), today reported financial results
for the second quarter ended June 30, 2008.
Second Quarter 2008 Highlights
-- Revenues increased 35.1% year-over-year to $11.9 million
-- Gross profit increased 36.4% to $8.3 million over the second quarter
-- Gross margin improved to 69.5%, from 68.8% for the same period last
-- Operating income totaled $5.0 million, down 1.5% from the previous year
-- Net income totaled $2.0 million, or $0.09 per diluted share
-- Non-GAAP net income was $3.3 million, a 4.2% decline over 2007, or
$0.15 per diluted share*
* Excludes Stock Based Compensation ("SBC"). See Table 1 for a
reconciliation of Net Income and EPS to exclude SBC.
"We are pleased to report solid revenue and profitability in the second
quarter, primarily due to strong demand and price increases for our plasma
based products," said Mr. Chao Ming Zhao, CEO of China Biologic Products,
"During the quarter, we received approvals from the SFDA to produce
Cryoprecipitate and to conduct clinical trials of Human Prothrombin
Complex. We are now one of the few producers offering the widest range of
Human Albumin products available in China. We also received approval during
the period to set up a new plasma collection station in Guangxi Province
due to the relocation of our Fang Cheng Plasma Collection Station, which
represents a significant milestone for our Company and further secures our
During the quarter, the Company achieved the following milestones:
-- Received approval for the production of Cryoprecipitate and clinical
trials of Human Prothrombin Complex
-- Began p
|SOURCE China Biologic Products, Inc.|
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