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

s decreased by 9.4% in the reporting quarter compared to the same quarter of 2013, which was primarily due to the decreased sales volume at Guizhou Taibang, partially offset by increased sales volume at Shandong Taibang. The decrease in the sales volume at Guizhou Taibang was primarily due to the depletion of inventory of finished products as most of newly produced albumin products were still awaiting government batch approval after Guizhou Taibang resumed production in March 2014.
  • As a percentage of total sales, IVIG revenue was 44.0% in the second quarter of 2014 as compared to 39.4% in the same quarter of 2013. The sales volume of IVIG products increased by 28.2% in the reporting quarter, mainly due to increased sales through distributors in tier-one cities. In addition, the outbursts of Hand-Foot-and-Mouth Disease, or HFMD, also contributed to the increase in the sales volume of IVIG during the reporting quarter.
  • Cost of sales was $18.9 million in the second quarter of 2014 compared to $16.1 million in the same quarter of 2013. As a percentage of total sales, cost of sales was 31.5%, as compared to 30.1% in the same quarter of 2013. The increase in cost of sales was largely in line with the increases in sales volume and plasma collection costs.

    Gross profit increased by 9.9% to $41.2 million in the second quarter of 2014 from $37.5 million in the same quarter of 2013. Gross margin was 68.5% and 69.9% for the three months ended June 30, 2014 and 2013, respectively.

    Total operating expenses in the second quarter of 2014 increased slightly by 1.7% to $12.3 million from $12.1 million in the same quarter of 2013. As a percentage of total sales, total operating expenses decreased to 20.4% in the second quarter of 2014 from 22.7% in the same quarter of 2013.

    Selling expenses in the second quarter of 2014 increased by 37.5% to $3.3 million from $2.4 million in the same quarter of 2013. As a percentage of total sales, selling exp
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    SOURCE China Biologic Products, Inc.
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