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China Biologic Reports Financial Results for the Second Quarter and First Half of 2012
Date:8/9/2012

products remained the largest two sales contributors.

  • As a percentage of total sales, human albumin product revenue decreased to 38.7% in the second quarter of 2012 from 51.3% in the same quarter of 2011. During the three months ended June 30, 2012, sales volume of human albumin products declined by 18.4%, mainly due to decreased production volumes resulting from reduced raw material supply brought on by the closure of several plasma collection stations in Guizhou in 2011.
  • As a percentage of total sales, IVIG revenue increased to 42.1% in the second quarter of 2012 from 38.6% in the same quarter of 2011. Sales volume of IVIG products increased by 15.2% in the reporting quarter, mainly due to the increased production volume and access to higher inventory levels built up in the later part of 2011 in anticipation of the seasonal demand associated with Hand-Foot-and-Mouth Disease outbreaks.

    • Cost of sales increased by 28.9% to $16.1 million in the second quarter of 2012, from $12.5 million in the same quarter of 2011. Cost of sales as a percentage of total sales was 32.0%, slightly up from 30.0% in the same quarter of 2011. Volume and percentage increases in cost of sales were mainly due to increased sales activities and higher compensation paid to plasma donors, which brought the company's donor compensation amounts in line with the industry norm and helped the Company expand its plasma collection volume and donor base.

    Gross profit increased by 17.8% to $34.3 million in the second quarter of 2012, from $29.2 million in the same quarter of 2011. Gross margin decreased slightly to 68.0% from 70.0% in the second quarter of 2011, due to the increase in raw material costs.

    Total operating expenses in the second quarter of 2012 increased by 9.3% to $13.0 million from $11.9 million in the same quarter of 2011, primarily attributable to a 37.1% increase in selling expenses, which was partly offset by a 23.7% decrease in research and
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    SOURCE China Biologic Products, Inc.
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