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China Biologic Reports Financial Results for the First Quarter of 2013
Date:5/8/2013

by 61.9% to $1.8 million from $4.8 million in the same quarter of 2012. As a percentage of total sales, selling expenses were 3.4%, down from 10.2% in the same quarter of 2012. The decrease in selling expenses as a percentage of sales was primarily due to the Company's adjusted sales policy and lower commission rate for certain products during the second half of 2012. The Company has taken additional steps to further control selling expenses during the first quarter of 2013. However, China Biologic does not expect selling expenses as a percentage of sales to stay at first quarter levels as it plans to carry out a series of promotional and conference activities for the newly-launched product Factor VIII beginning in the second quarter of 2013.

General and administrative expenses in the first quarter of 2013 increased by 21.6% to $8.7 million from $7.1 million in the same quarter of 2012. As a percentage of total sales, general and administrative expenses were 16.1% and 15.1% in the first quarter of 2013 and 2012, respectively. The increase in G&A expenses was mainly due to higher payroll expenses and employee benefits, an increase in share-based compensation and legal expenses related to the disputes among Guizhou Taibang shareholders.

Research and development expenses in the first quarter of 2013 were $0.9 million, representing an increase of 28.5% from $0.7 million in the same quarter of 2012. As a percentage of total sales, research and development expenses for the three months ended March 31, 2013 and 2012 were 1.7% and 1.5%, respectively. The increase in R&D expenses was primarily due to the expenditure paid for certain clinical trial programs during the first quarter of 2013.

Income from operations for the three months ended March 31, 2013 was $26.0 million, an increase of 38.0% from $18.8 million in the same period of 2012. Operating margin increased to 48.1% in the reporting quarter from 39.9% in the same quarter of 2012.

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SOURCE China Biologic Products, Inc.
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