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China Biologic Reports Financial Results for the Third Quarter and First Nine Months of 2012
Date:11/8/2012

BEIJING, Nov. 8, 2012 /PRNewswire-FirstCall/ -- China Biologic Products, Inc. (NASDAQ: CBPO, "China Biologic" or the "Company"), a leading fully integrated plasma-based biopharmaceutical company in China, today announced its unaudited financial results for the third quarter of 2012.

Third Quarter 2012 Financial Highlights

  • Total sales in the third quarter of 2012 increased by 28.6% to $53.1 million from $41.3 million in the same quarter of 2011.
  • Gross profit increased by 31.5% to $36.2 million from $27.5 million in the same quarter of 2011. Gross margin increased to 68.1% in the third quarter of 2012 from 66.7% in the third quarter of 2011.
  • Income from operations was $20.4 million as compared to a loss of $9.4 million in the third quarter of 2011. The operating margin was 38.4% in the third quarter of 2012.
  • Net income attributable to the Company increased to $13.6 million from a loss of $9.4 million in the same quarter of 2011.
  • Non-GAAP adjusted net income attributable to the Company was $14.7 million or $0.54 per diluted share in the third quarter of 2012, representing a 33.2% increase from $11.0 million or $0.42 per diluted share in the same quarter of last year.
  • Mr. David (Xiaoying) Gao, Chairman and Chief Executive Officer of China Biologic, commented, "We're pleased to see continued strong demand for our plasma products in the third quarter, which allowed us to enjoy robust top-line growth. Our efforts to optimize our sales strategy by focusing more on direct sales to hospitals and inoculation centers and to improve profitability have been effective, evidenced by our operating margin increasing to a sizable 38.4% in the third quarter. Thanks to enhanced corporate management initiatives, accounts receivable and inventory levels also noticeably improved with a 10.7% year-over-year decrease in accounts receivable and a 4.3% decrease in inventories.

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    SOURCE China Biologic Products, Inc.
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