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

rcentage of total sales, sales from human albumin products and IVIG products were 40.2% and 43.5%, respectively, for the six months ended June 30, 2013.

Cost of sales increased slightly to $32.7 million in the first half of 2013, from $31.8 million in the same period of 2012. Cost of sales as a percentage of total sales was 30.4%, as compared to 32.6% in the same period of 2012.

Gross profit increased by 13.7% to $74.9 million in the first half of 2013 from $65.8 million in the same period of 2012. Gross margin increased to 69.6% in the first half of 2013 from 67.4% in the same period of 2012. The improvement of the Company's overall gross margin was mainly due to the improved gross margin of human albumin products as a result of price increases and the improved utilization efficiency of plasma following the launch of Factor VIII products.

Total operating expenses in the first half of 2013 decreased by 8.3% to $23.6 million from $25.7 million in the same period of 2012. The decrease of total operating expenses was mainly due to a significant decrease in the selling expenses, partially offset by an increase in the general and administrative expenses. As a percentage of total sales, total operating expenses decreased to 21.9% for the six months ended June 30, 2013, from 26.3% in the same period of 2012.

Income from operations for the six months ended June 30, 2013 was $51.3 million, an increase of 27.8% from $40.1 million in the same period of 2012.

Income tax expense in the first half of 2013 was $8.4 million, as compared to $6.5 million in the same period of 2012. The effective income tax rates were 15.7% and 14.9% for the six months ended June 30, 2013 and 2012, respectively. The tax rate applicable to the Company's major operating subsidiaries in the PRC for 2012 and 2013 is 15%.

Net income attributable to the Company increased by 20.5% to $31.1 million for the six months ended June 30, 2013, from $25.8 million in the sa
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SOURCE China Biologic Products, Inc.
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