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
SOURCE China Biologic Products, Inc.
Copyright©2010 PR Newswire.
All rights reserved
Related medicine technology :
1. China Sky One Medicals CEO Receives Award For "Leadership Excellence In Innovation"
2. China Sky One Medical to Attend Investment Conferences in May
3. China Biologic Products to Build Two New Plasma Stations in Shandong Province
4. China Nepstar Chain Drugstore Reschedules First Quarter 2010 Results to May 18
5. China Yongxin Pharmaceuticals is Selected as one of the Qualified Pharmaceutical Distributors for Jilin Province
6. China Pharma Holdings, Inc. Announces May Investor Conference Participation
7. China Nepstar Chain Drugstore Reports First Quarter 2010 Results on May 19
8. China Medical Technologies to Announce Results for the Fourth Fiscal Quarter and the Fiscal Year Ended March 31, 2010 on June 4, 2010
9. China Pharma Holdings, Inc. Retains CCG Investor Relations
10. China Medical Technologies to Participate in Investor Conferences in May and June 2010
11. Winner Medical Participates in CMEF 2010, China International Medical Equipment Fair, in Shenzhen