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China Biologic Products Reports Second Quarter 2008 Results
Date:8/14/2008

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

2007

-- Gross margin improved to 69.5%, from 68.8% for the same period last

year

-- 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 plasma supply."

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
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SOURCE China Biologic Products, Inc.
Copyright©2008 PR Newswire.
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