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China Biologic Reports Financial Results for the Second Quarter and First Half of 2013
Date:8/6/2013

and 68.0% for the three months ended June 30, 2013 and 2012, respectively. The improvement of our overall gross margin was mainly due to the increased margin of human albumin products and the improved plasma utilization efficiency following the launch of Factor VIII products.

Total operating expenses in the second quarter of 2013 decreased by 6.8% to $12.1 million from $13.0 million in the same quarter of 2012. As a percentage of total sales, total operating expenses decreased to 22.7% from 25.8% in the same quarter of 2012.

Selling expenses in the second quarter of 2013 decreased by 41.4% to $2.4 million from $4.2 million in the same quarter of 2012. As a percentage of total sales, selling expenses were 4.6%, down from 8.3% in the same quarter of 2012. The decrease in selling expenses as a percentage of sales was primarily due to the Company's lower commission rate for certain products, which have been implemented since the second half of 2012. The Company has taken additional steps to further control selling expenses since the second half of 2012. However, the Company carried out a series of promotional activities and conferences for the newly-launched product Factor VIII starting from the second quarter of 2013. As a result, the Company expects selling expenses as a percentage of sales to increase in the following quarters.

General and administrative expenses in the second quarter of 2013 increased by 11.8% to $8.9 million from $7.9 million in the same quarter of 2012. As a percentage of total sales, general and administrative expenses were 16.5% and 15.7% in the second 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 an increase in legal expenses related to the corporate defense against the proposed share acquisition by Shanghai RAAS Blood Products Co., Ltd., a public company listed on the Shenzhen Stock Excha
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SOURCE China Biologic Products, Inc.
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