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

enses were 5.5%, up from 4.6% in the same quarter of 2013. Volume and percentage increases in selling expenses were primarily due to increased sales of placenta polypeptide products. Compared with other products, placenta polypeptide has a relatively higher per unit selling expenses.

General and administrative expenses in the second quarter of 2014 decreased by 20.2% to $7.1 million from $8.9 million in the same quarter of 2013. As a percentage of total sales, general and administrative expenses were 11.8% and 16.5% in the second quarter of 2014 and 2013, respectively. The decrease in general and administrative expenses was mainly due to a decrease in legal expenses. During the second quarter of 2013, the Company incurred legal expenses in relation to the take-over defense against a direct competitor in China. In addition, the Company incurred amortization expenses in the three months ended June 30, 2013 with respect to the GMP certificates and certain other intangible assets which were part of the acquisition of Guizhou Taibang in 2008. Because such intangible assets had been fully amortized by the end of 2013, the Company did not incur corresponding expenses in the three months ended June 30, 2014.

Research and development expenses in the second quarter of 2014 were $1.8 million, compared to $0.8 million in the same quarter of 2013. As a percentage of total sales, research and development expenses for the three months ended June 30, 2014 and 2013 were 3.1% and 1.6%, respectively. The increase in research and development expenses was primarily due to the expenditure paid for certain clinical trial programs and the engagement of external experts for select pipeline products.

Income from operations for the three months ended June 30, 2014 was $28.9 million, an increase of 14.2% from $25.3 million in the same period of 2013. Operating margin increased to 48.1% in the reporting quarter from 47.2% in the same quarter of 2013.

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SOURCE China Biologic Products, Inc.
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