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

irst nine months of 2013 were $160.8 million, representing an increase of 6.6% from $150.8 million in the same period of 2012. The increase in sales was primarily attributable to a combined effect of price and volume increases in certain plasma-based products.

As a percentage of total sales, sales from human albumin products and IVIG products were 43.3% and 39.8%, respectively, for the nine months ended September 30, 2013.

Cost of sales increased slightly to $49.9 million in the first nine months of 2013, from $48.8 million in the same period of 2012. Cost of sales as a percentage of total sales was 31.0%, as compared to 32.3% in the same period of 2012.

Gross profit increased by 8.6% to $110.9 million in the first nine months of 2013 from $102.0 million in the same period of 2012. Gross margin increased to 69.0% in the first nine months of 2013 from 67.7% in the same period of 2012. The improvement of the Company's overall gross margin was mainly due to the improved gross margin of human albumin products as a result of price increases and the improved utilization efficiency of plasma following the launch of Factor VIII products. 

Total operating expenses in the first nine months of 2013 decreased by 12.3% to $36.4 million from $41.5 million in the same period of 2012. The decrease of total operating expenses was mainly due to the decrease in the selling expenses. As a percentage of total sales, total operating expenses decreased to 22.6% for the nine months ended September 30, 2013, from 27.5% in the same period of 2012.

Income from operations for the nine months ended September 30, 2013 was $74.5 million, an increase of 23.0% from $60.6 million in the same period of 2012.

Income tax expense in the first nine months of 2013 was $13.2 million, an increase of 32.4% from $10.0 million in the same period of 2012. The effective income tax rates were 16.9% and 15.2% for the nine months ended September 30, 2013 and 2012, re
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SOURCE China Biologic Products, Inc.
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