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China Biologic Reports Financial Results for the Third Quarter and First Nine Months of 2013
Date:11/5/2013

BEIJING, Nov. 5, 2013 /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 2013.

Third Quarter 2013 Financial Highlights

  • Total sales in the third quarter of 2013 were $53.2 million, compared to $53.1 million in the same quarter of 2012.
  • Gross profit decreased slightly to $36.0 million from $36.2 million in the same quarter of 2012. Gross margin was 67.7% in the third quarter of 2013, compared to 68.1% in the third quarter of 2012.
  • Income from operations increased by 13.4% to $23.2 million from $20.4 million in the same quarter of 2012. Operating margin increased to 43.6% in the third quarter of 2013 from 38.4% in the same quarter of 2012.
  • Net income attributable to the Company increased by 7.9% to $14.7 million from $13.6 million in the same quarter of 2012. Fully diluted net income per share was $0.53 in the third quarter of 2013 as compared to $0.50 in the same quarter of 2012.
  • Non-GAAP adjusted net income attributable to the Company was $15.5 million, representing a 5.8% increase from $14.7 million in the same quarter of 2012. Non-GAAP adjusted net income per share was $0.56, compared to $0.54 in the same quarter of 2012.
  • Mr. David (Xiaoying) Gao, Chairman and Chief Executive Officer of China Biologic, commented, "We are pleased with our solid financial performance and sound operational execution in the third quarter, particularly in comparison with the third quarter in the prior year, which was also a strong quarter. Our Shandong facility experienced a double-digit sales increase in the third quarter and, as anticipated, our Guizhou facility suspended production since June 1, 2013. The financial impact associated with our Guizhou facility remains in-line with our internal forecast and
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    SOURCE China Biologic Products, Inc.
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