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China Biologic Products Reports Strong Third Quarter 2008 Results

TAI'AN, China, Nov. 12 /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 third quarter ended September 30, 2008.

Third Quarter 2008 Highlights

-- Revenues increased 54.4% year-over-year to $13.8 million

-- Gross profit increased 45.1% to $9.7 million over the third quarter


-- Gross margin was 70%, compared 74.5% for the same period last year

-- Operating income totaled $7.0 million, up 97.3% from the previous year

-- Net income totaled $4.5 million, or $0.21 per diluted share

"We are pleased to report strong revenue and net income results in the third quarter, primarily due to price increases for our plasma-based products and lower operating expenses," said Mr. Chao Ming Zhao, CEO of China Biologic Products, "During the quarter, the SFDA renewed our GMP certification for our newly constructed plasma-based products facility that has 700 tons of annual production capacity. We also received approval to commence clinical trials of Human Coagulation Factor VIII. More recently, we were pleased to announce two proposed acquisitions that will transform China Biologic into the largest non- state-owned plasma-based biopharmaceutical company in China."

During the quarter, the Company achieved the following milestones:

-- Received renewal of its certification of compliance with Good

Manufacturing Practices ("GMP") set by the PRC's State Food and Drug

Administration (the "SFDA")

-- Received approval to commence clinical trial of Human Coagulation

Factor VIII product ("FVIII"), a coagulation treatment for hemophilia

and mass hemorrhaging

Third Quarter 2008 Results

Revenues for the third quarter of 2008 were $13.8 million, up

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

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