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China Biologic Products Announces First Quarter 2010 Results
Date:5/17/2010

TAI'AN, China, May 17 /PRNewswire-Asia-FirstCall/ -- China Biologic Products, Inc. (Nasdaq: CBPO) ("China Biologic" or the "Company"), one of the leading plasma-based biopharmaceutical companies in the People's Republic of China ("PRC"), operating through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co. Ltd. ("Taibang") and Guiyang Dalin Biologic Technologies Co., Ltd. ("Dalin") and its equity investment in Xi'an Huitian Blood Products Co., Ltd. ("Huitian"), today reported financial results for its first quarter ended March 31, 2010.

    First Quarter 2010 Highlights

    -- Revenues increased 28.1% year-over-year to $27.1 million
    -- Gross profit rose 35.9% year-over-year to $20.3 million, representing a
       gross margin of 74.9%, as compared to 70.6% a year ago
    -- Operating income grew 31.4% to $13.2 million
    -- GAAP net income attributable to controlling interest was $10.6 million,
       or $0.41 per diluted share, including a $3.8 million non-cash gain from
       change in the fair value of derivative liabilities
    -- Excluding the non-cash gain, interest on convertible notes and non-cash
       employee compensation, non-GAAP adjusted net income was $7.5 million or
       $0.28 per diluted share, a 60.6% increase from $4.7 million or $0.22
       per diluted share a year ago

"We are pleased to report a strong start in 2010 with a robust 28% top-line and 61% adjusted bottom-line growth in the first quarter," said Mr. Chao Ming Zhao, Chief Executive Officer of China Biologic. "In addition to the strong financial performance, we have begun the expansion of our network of plasma collection centers with one acquisition and the approvals to build two new plasma stations. We expect that these opportunities for increased collection capacity, coupled with our advancing new product pipeline, will position us to gain market share and further strengthen the Company's leadership in the PRC plasma market."

First Quarter 2010 Results

Revenue for the first quarter of 2010 increased 28.1% to $27.1 million, from $21.1 million in the same 2009 period. The revenue growth is primarily attributable to a general price increase ranging from 3.1% to 118.3% across the Company's plasma-based product portfolio. The price increase is mainly due to the continued supply shortage in China's plasma industry. The Company anticipates the potential for some modest price increases in the future on select products but has not factored in any price increases in its 2010 guidance and outlook.

Human albumin product continues to be the largest product, accounting for 46.9% of total sales, and has experienced the smallest average price increase of 3.1%. The average price for the Company's most in-demand product, the human immunoglobulin for intravenous injection products, rose 34.2%, and contributed to 19.9% of total revenues, while, the average price for the Company's human immunoglobulin products contributed only 2.4% of total revenues, a 118.3% increase.

Gross profit for the first quarter of 2010 was $20.3 million, up 35.9%, from $14.9 million in the first quarter of 2009. Gross profit margin expanded to 74.9% from 70.6% in the same period a year ago and 72.6% in the fourth quarter of 2009. The gross profit margin expansion was primarily attributable to the increase in the average selling price of the Company's plasma products year-over-year and quarter-over-quarter.

Operating expenses in the first quarter increased 45.2% to $7.1 million, from $4.9 million in the same period last year. Higher expenses primarily reflected the 149.9% increase in research and development spending, mostly related to the development of two late stage pipeline projects, currently awaiting governmental approval. General and administrative expenses rose 29.8% in the 2010 period due to costs associated with the integration of multiple sites after the acquisition of Dalin, which was partially offset by lower legal and accounting expenses associated with the Dalin acquisition. Selling expenses increased 62.7% year-over-year due to higher salaries and promotional expenses associated with the Company's efforts to increase direct sales to hospitals and inoculation centers to drive volume growth. As a percentage of revenue, total operating expenses increased by 3.1% from 23.0% to 26.1% for the same period in 2009.

Income from operations in the 2010 first quarter was $13.2 million, a 31.4% increase from $10.1 million during the same period a year ago. Operating margin rose to 48.8% from 47.6% year-over-year.

Total net other income was $4.7 million in the 2010 first quarter, as compared to net other expense of $0.8 million in the same 2009 period. The increase primarily reflected a $3.8 million gain related to change in the fair value of warrant liabilities.

Income taxes increased to $3.2 million in the 2010 first quarter, from $2.0 million in the prior year. The effective tax rate was 17.9% in the first quarter, as compared to 21.9% same quarter last year.

Net income attributable to controlling interest for the 2010 first quarter was $10.6 million, or $0.41 per diluted share, and included a $3.8 million non-cash gain related to change in the fair value of derivative liabilities. Net income during the 2009 first quarter was $4.3 million, or $0.20 per diluted share, which included a non-cash $0.4 million charge related to change in the fair value of warrants.

Excluding non-cash employee compensation expenses, change in the fair value of derivative liabilities and interest related to the convertible notes under the if-converted method, non-GAAP adjusted net income for the three months ended March 31, 2010 was $7.5 million, or $0.28 per diluted share, up 60.6% from $4.7 million, or $0.22 per diluted share, in the same 2009 period.

Financial Condition

As of March 31, 2010, the Company had $51.2 million in cash and cash equivalents, approximately $49.2 million in working capital, and a current ratio of 2.0x. Total stockholder's equity at the end of the quarter was $66.6 million, up from $50.5 million at the end of 2009.

The Company generated $2.1 million in net cash from operating activities in the first quarter of 2010, as compared to $7.1 million in the same period of 2009. The decline in operating cash flow was primarily due to an increase in inventory and accounts receivable and income taxes paid. Higher inventory reflected increased plasma collection and timing of SFDA approval of finished plasma goods, while higher accounts receivable reflects increased end-user sales to hospitals.

Recent Events and Updates

On April 5, 2010, Shandong Taibang, the Company's subsidiary was recognized by the Shandong Province Department of Science and Technology as a National Center of Excellence for New Drug and Technology Development. The award indicates provincial expectation that Shandong Taibang will serve as an industry model and help drive the development of the pharmaceutical industry in Shandong province. As a result of the award, Shandong Taibang along with other National Centers of Excellence companies, will have increased opportunities to collaborate on research and development opportunities and will be eligible for government funding and other support programs for use in new drug development efforts.

On May 12, 2010, China Biologic announced the achievement of a significant milestone with the receipt of Shandong provincial government approval to build two new plasma stations in Shandong. Once the new plasma stations are operational, the Company will have 18 total plasma stations and expects the two new plasma stations will increase aggregate plasma collection capacity by up to an additional to 80 metric tons over the next few years.

2010 Guidance and Business Outlook

China Biologic is guiding to 2010 revenues in the range of $142 million and $149 million and 2010 adjusted net income in the range of $34 million and $36 million. The first quarter of each year is typically the slowest period for the Company, mainly due to the Chinese New Year holiday that temporarily reduces customer purchase volume and slows the SFDA approval for the release of finished goods. In the first quarter of 2010, the Company saw the same pattern with a limited supply of certain plasma products due to the timing of government approval of new batches of products for commercialization. Management is confident in continuing strong growth for the remainder of 2010.

Guidance for 2010 adjusted net income excludes any non-cash gain or loss related to change in the fair value of derivative liabilities, stock-based compensation expense and any adjustments in the U.S. federal income tax provision in 2010 related to the expiration of the look-through exception for Subpart F income on December 31, 2009, and excluded any acquisitions, new product approvals or operational impact from new plasma stations. The guidance also does not assume any material price or volume increases during the year. As a matter of policy, the Company does not intend to update this guidance during the year.

China Biologic's applications for Human Prothrombin Complex Concentrate and Human Coagulation Factor VIII remain under SFDA review. Management expects to commercially launch these two products in late 2010 or early 2011. The new products will enrich the Company's product portfolio and enhance its competitive position in the plasma-based product market.

Mr. Zhao added, "Supply in China's plasma industry remains tight due to high government standards. At China Biologic, we are actively evaluating opportunities to expand our plasma market share by increasing the capacity of our existing plasma stations, expanding the target population of potential plasma donors and acquiring or building new plasma stations. Our acquisition of Yuncheng Ziguang Biotech earlier this year and the recent approval to build two new plasma stations in Shandong demonstrate the Company's commitment to growing the business for the long-term. We are off to a strong start in 2010 and we look forward to sharing our exciting development in the coming quarters."

Conference Call

China Biologic will host a conference call at 8:00 a.m. EDT on Monday, May 17, 2010, to discuss the first quarter of 2010 financial results. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 877-409-5468. International callers should dial +1-702-894-2400. The pass code for the call is 74929602. If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Monday, May 17, 2010 at 9:00 a.m. EDT. To access the replay, dial 800-642-1687, international callers should dial +1-706-645-9291. The conference pass code is 74929602.

Use of Non-GAAP Financial Measures

This press release contains non-GAAP financial measures that exclude non-cash compensation expenses related to options granted to employees and directors under the Company's 2008 Equity Incentive Plan and changes in the fair value of derivative liabilities, including warrants and derivative instruments (including the conversion option) embedded in the Company's Senior Secured Convertible Notes. To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information excluding the impact of this item in this release. The Company's management believes that these non-GAAP measures provide investors with a better understanding of how the results relate to the Company's historical performance. A reconciliation of the adjustments to GAAP results appears in the table accompanying this press release. This additional non-GAAP information is not meant to be considered in isolation or as a substitute for GAAP financials. The non-GAAP financial information that the Company provides also may differ from the non-GAAP information provided by other companies.

About China Biologic Products, Inc.

China Biologic Products, Inc., through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co. Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd, and its equity investment in Xi'an Huitian Blood Products Co., Ltd., is currently the largest non-state-owned plasma- based biopharmaceutical company in China. The Company is a fully integrated biologic products company with plasma collection, production and manufacturing, research and development, and commercial operations. The Company's plasma- based biopharmaceutical products are irreplaceable during medical emergencies, and are used for the prevention and treatment of various diseases. The Company sells its products to hospitals and other healthcare facilities in China. Please see the Company's website http://www.chinabiologic.com for additional information.

Safe Harbor Statement

This release may contain certain "forward-looking statements" relating to the business of China Biologic Products, Inc. and its subsidiaries. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the ability of the Company to achieve the financial guidance provided by the management; the ability of the Company to win SFDA approval for its research and development pipeline projects, and commercially launch new products; the Company's ability to build new or expand existing plasma collection stations and increase plasma collection capacity; the Company's ability to otherwise achieve its commercial objectives, including its ability to gain market share and further strengthen the Company's leadership in the PRC plasma market; the business strategy, plans and objectives of the Company and its subsidiaries; 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, and 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.


                               FINANCIAL TABLES FOLLOW



                 CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES

                  RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
                 FOR THE THREE MONTHS ENDED March, 2010 AND 2009

                                            Three Months      Three Months
                                                Ended             Ended
                                           March 31, 2010    March 31, 2009
                                            Net    Diluted     Net   Diluted
    Net Income (Loss) Diluted EPS          Income    EPS     Income    EPS

    Adjusted Net Income  - Non GAAP    $7,516,077    $0.28  $4,678,714   $0.22

    Non-cash employee
     compensation (1)                    $571,893    $0.02     $27,373   $0.00
    Income in fair value of
     derivative liabilities (2)       ($3,833,577)  ($0.14)   $393,023   $0.02
    Net Income attributable to
     controlling interest for
     diluted EPS (3)                  $10,777,761    $0.41  $4,258,318   $0.20

    Interest add back on Convertible
     Notes                               $172,121                   --
    Net Income attributable to
     controlling interest             $10,605,640           $4,258,318
    Weighted average number of
     shares - diluted                  26,471,425           21,434,942

    (1) Non-cash compensation expenses related to options granted to employees
        and directors under the Company's 2008 Equity Incentive Plan
    (2) Adoption of a new accounting rule effective January 1, 2009 requires
        changes in the fair value of derivative liabilities to be recognized
        in earnings each quarter.
    (3) Net Income attributable to controlling interest for calculating
        diluted earnings per share includes interest add back on Convertible
        Notes.



                 CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES

        CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
          FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND MARCH 31, 2009
                                   (Unaudited)

                                                   2010              2009
    REVENUES:
        Revenues                               $26,861,522       $20,905,869
        Revenues - related party                   237,031           242,729
             Total revenues                     27,098,553        21,148,598

    COST OF REVENUES:
        Cost of revenues                         6,798,854         6,214,930

    GROSS PROFIT                                20,299,699        14,933,668

    OPERATING EXPENSES:
        Selling expenses                           942,908           579,496
        General and administrative
         expenses                                4,962,252         3,822,907
        Research and development expenses        1,168,655           467,727
           Total operating expenses              7,073,815         4,870,130

    INCOME FROM OPERATIONS                      13,225,884        10,063,538

    OTHER EXPENSE (INCOME):
        Equity in income of
         unconsolidated affiliate                 (188,541)          (40,247)
        Change in fair value of
         derivative liabilities                 (3,833,577)          393,023
        Interest expense, net                      181,053           370,853
        Other income - related party              (914,289)                0
        Other expense, net                          94,320            51,315
           Total other expense (income),
            net                                 (4,661,034)          774,944

    INCOME BEFORE PROVISION FOR INCOME
     TAXES AND NONCONTROLLING INTEREST          17,886,918         9,288,594

    PROVISION FOR INCOME TAXES                   3,196,066         2,030,194

    NET INCOME BEFORE NONCONTROLLING
     INTEREST                                   14,690,852         7,258,400

    Less: Net income attributable to
     noncontrolling interest                     4,085,212         3,000,082

    NET INCOME ATTRIBUTABLE TO
     CONTROLLING INTEREST                       10,605,640         4,258,318

    OTHER COMPREHENSIVE INCOME:
        Foreign currency translation
         adjustments                                (4,654)          445,939
    COMPREHENSIVE INCOME                       $10,600,986        $4,704,257

    BASIC EARNINGS PER SHARE:
        Weighted average number of shares       23,386,893        21,434,942
        Earnings per share                           $0.45             $0.20

    DILUTED EARNINGS PER SHARE:
        Weighted average number of shares       26,471,425        21,434,942
        Earnings per share                           $0.41             $0.20



                 CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS
                   AS OF MARCH 31,2010 and DECEMBER 31, 2009

                                ASSETS
                                                 March 31,       December 31,
                                                   2010              2009
                                               (Unaudited)
    CURRENT ASSETS:
     Cash and cash equivalents                 $51,190,425       $53,843,951
     Notes receivable                              550,125                 0
     Accounts receivable, net of
      allowance for doubtful accounts of
      $1,255,629 and $1,254,955 as of
      March 31,2010 and December
      31, 2009, respectively                     3,764,123         1,767,076
     Accounts receivable - related party           270,086           222,617
     Other receivables                           2,177,594         2,186,441
     Inventories, net of allowance for
      obsolete of $717,960 and $519,333
      as of March 31,2010 and December 31,
      2009, respectively                        39,175,405        35,132,724
     Prepayments and deferred expense            1,672,261         1,299,125
     Deferred tax assets                           785,081         1,053,771
      Total current assets                      99,585,100        95,505,705

    PLANT AND EQUIPMENT, net                    31,867,690        28,873,413

    OTHER ASSETS:
     Investment in unconsolidated
      affiliate                                  6,815,961         6,627,355
     Prepayments - non-current                   3,362,943         3,223,960
     Intangible assets, net                     20,335,295        21,180,322
     Goodwill                                   12,425,589        12,425,589
      Total other assets                        42,939,788        43,457,226

        Total assets                          $174,392,578      $167,836,344

           LIABILITIES AND EQUITY

    CURRENT LIABILITIES:
     Accounts payable                           $3,520,975        $3,701,843
     Notes payable                                       0            48,598
     Short term loans - bank                     7,408,350         4,474,350
     Short term loans - holder of
      noncontrolling interest                    3,652,500         3,652,500
     Other payables and accrued
      liabilities                               17,282,264        19,246,814
     Other payable - related parties             3,087,527         3,087,527
     Accrued interest - holder of
      noncontrolling interest                    1,154,687         2,068,526
     Customer deposits                           4,553,560         3,868,577
     Taxes payable                               7,519,268         8,774,079
     Investment payable                          2,195,365         2,195,365
      Total current liabilities                 50,374,496        51,118,179

    OTHER LIABILITIES:
     Other payable - land use right                323,390           323,687
     Notes payable, net of discount of
      $7,325,349 and $8,464,380
      as of March 31, 2010 and December
      31, 2009, respectively                       174,651            89,760
     Derivative liability - conversion
      option                                    15,275,245        19,960,145
     Fair value of derivative instruments        9,177,262        12,701,262
      Total other liabilities                   24,950,548        33,074,854

        Total liabilities                       75,325,044        84,193,033

    COMMITMENTS AND CONTINGENCIES

    EQUITY:
     Common stock, $0.0001 par value,
      100,000,000 shares authorized,
      23,500,803 and 23,056,442 shares
      issued and outstanding at March
      31, 2010 and December 31, 2009,
      respectively                                   2,349             2,305
     Additional paid-in-capital                 28,024,808        22,517,077
     Statutory reserves                         19,831,853        17,414,769
     Retained earnings                          13,491,161         5,302,605
     Accumulated other comprehensive
      income                                     5,272,137         5,276,791
      Total shareholders' equity                66,622,308        50,513,547

    NONCONTROLLING INTEREST                     32,445,226        33,129,764

      Total equity                              99,067,534        83,643,311

        Total liabilities and equity          $174,392,578      $167,836,344



                 CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009
                                   (Unaudited)

                                                   2010              2009
    CASH FLOWS FROM OPERATING ACTIVITIES:
     Net income attributable to
      controlling interest                     $10,605,640        $4,258,318
     Net income attributable to
      noncontrolling interest                    4,085,212         3,000,082
     Consolidated net income                    14,690,852         7,258,400
     Adjustments to reconcile net income
      to cash
      provided by operating activities:
       Depreciation                                793,657           759,072
       Amortization                                869,251           838,459
       Loss on disposal of equipment                 3,019              (276)
       Recovery of bad debt previously
        reserved                                        --                --
       Allowance for bad debt - accounts
        receivables                                 23,329            26,581
       Allowance for bad debt - other
        receivables and prepayments                     --                --
       Allowance for obsolete inventories          198,559                --
       Deferred tax assets                         214,583                --
       Stock based compensation                    571,893            27,373
       Change in fair value of derivative
        liabilities                             (3,833,577)          393,023
       Amortization of deferred note
        issuance cost                               86,790                --
       Amortization of discount on
        convertible notes                           99,318                --
       Equity in income of unconsolidated
        affiliate                                 (188,541)          (40,246)
     Change in operating assets and
      liabilities:
       Notes receivable                           (549,938)         (468,832)
       Accounts receivable                      (1,997,040)          (97,007)
       Accounts receivable - related
        party                                      (47,452)         (212,367)
       Other receivables                             8,847           (18,487)
       Inventories                              (4,283,720)       (3,513,011)
       Prepayments and deferred expenses          (512,690)         (124,944)
       Accounts payable                           (180,806)         (252,850)
       Other payables and accrued
        liabilities                             (2,383,690)          307,916
       Accrued interest - holder of
        noncontrolling interest                   (913,840)          305,966
       Customer deposits                           684,750         2,872,712
       Taxes payable                            (1,260,708)         (979,190)
        Net cash provided by operating
         activities                              2,092,846         7,082,292

    CASH FLOWS FROM INVESTING ACTIVITIES:
     Cash acquired through acquisition                 334        11,938,784
     Payments made for acquisition              (1,476,781)               --
     Purchase of plant and equipment            (1,443,043)         (986,640)
     Additions to intangible assets                (24,484)          (88,845)
     Advances on non-current assets               (569,626)         (474,736)
        Net cash (used in) provided by
         investing activities                   (3,513,600)       10,388,563

    CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from warrants conversion             689,160                --
     Proceeds from short term loans -
      bank                                       5,924,660                --
     Payments on short term loans - bank        (2,962,330)        7,647,822
     Payments on notes payables                    (48,582)               --
     Distribution paid to noncontrolling
      interest shareholders                     (4,780,790)               --
        Net cash (used in) provided by
         financing activities                   (1,177,882)        7,647,822

    EFFECTS OF EXCHANGE RATE CHANGE IN
     CASH                                          (54,890)           72,655

    (DECREASE) INCREASE IN CASH                 (2,653,526)       25,191,332

    CASH and CASH EQUIVALENTS, beginning
     of year                                    53,843,951         8,814,616

    CASH and CASH EQUIVALENTS, end of
     year                                      $51,190,425       $34,005,948

    SUPPLEMENTAL DISCLOSURE OF CASH FLOW
     INFORMATION
     Income taxes paid                          $3,806,691        $1,783,619
     Interest paid (net of capitalized
      interest)                                    $62,286          $236,649
     Non-cash investing and financing
      activities:
      Reclassification of derivative
       liability to equity related to
       conversion of convertible notes          $1,809,771               $--
      Reclassification of derivative
       liability to equity related to
       exercise of warrants                     $2,436,907               $--
      Distribution paid by offsetting
       accounts receivable - related
       party                                           $--        $3,735,243
      Net assets acquired with
       prepayments made in prior periods               $--       $14,240,772
      Net assets addition with unpaid
       commitment                                 $395,540       $14,240,772
      Plant and equipment acquired with
       prepayments made in prior periods          $424,858           $87,305



    For more information, please contact:

    Company Contact:
     Mr. Y. Tristan Kuo
     Chief Financial Officer
     China Biologic Products, Inc.
     Phone: +86-538-6202206
     Email: IR@chinabiologic.com
     Web:   http://www.chinabiologic.com

    Investor Relations Contact:
     Ms. Lei Huang, Account Manager
     CCG Investor Relations
     Phone: +1-646-833-3417
     Email: lei.huang@ccgir.com
     Web:   http://www.ccgirasia.com

     Mr. Crocker Coulson, President
     Phone: +1-646-213-1915
     Email: crocker.coulson@ccgir.com


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SOURCE China Biologic Products, Inc.
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