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China Biologic Reports Financial Results for the Second Quarter of 2014
Date:8/5/2014

r the remainder of the year. First, we expect the growth momentum we experienced in the first half of 2014 to continue in the second half. Second, Chinese authorities recently issued a notice to reduce the value added tax ("VAT") rate on a wide range of products, effective July 1, 2014. We believe the reduction in the VAT rate from 6% to 3% will have a favorable impact on the sales of all plasma-based products in the second half. We also expect our plasma utilization efficiency to further improve in the second half of the year with the expected launch of our human prothrombin complex concentrate ("PCC") products in the fourth quarter of 2014."

"Finally, we are pleased to announce the completion of our follow-on offering which raised net proceeds of approximately $33.2 million for our Company. Through this transaction, we further broadened our shareholder base and improved liquidity in our stock. We are encouraged with our opportunities for continued growth as we move forward," concluded Mr. Gao.

Second Quarter 2014 Financial PerformanceTotal sales in the second quarter of 2014 were $60.1 million, an increase of 12.1% from $53.6 million in the same quarter of 2013. Excluding foreign exchange translation effect, the increase in sales was primarily attributable to the volume increases in certain plasma-based products and placenta polypeptide product.

During the second quarter of 2014, human albumin products and IVIG products remained the largest two sales contributors. The average price for both products declined 1.4% and 2.7% respectively, during the quarter, mainly as a result of the Company's efforts to increase the market share of human albumin products and IVIG products in tier one cities through distributors by lowering sales prices.

  • As a percentage of total sales, human albumin product revenue was 34.1% in the second quarter of 2014 as compared to 42.5% in the same quarter of 2013. The sales volume of human albumin product
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  • SOURCE China Biologic Products, Inc.
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