10 August 2012 | Company results | By BioSpectrum Bureau
China Biologic reports 21.1% growth in sales revenue
Total sales in the second quarter touched $50.5 million
Singapore: China Biologic Products, a leading fully integrated plasma-based biopharmaceutical company in China, announced its unaudited financial results for the second quarter of 2012. Total sales in the second quarter of 2012 increased by 21.1 percent to $50.5 million from $41.7 million in the same quarter of 2011.
Gross profit increased by 17.8 percent to $34.3 million from $29.2 million in the same quarter of 2011. Gross margin was 68 percent in the second quarter of 2012 compared with 70 percent in the second quarter of 2011.
Mr David (Xiaoying) Gao, chairman and chief executive officer of China Biologic, commented, "The latest quarter and first half of the year represented periods of positive change and growth at the company. In the second quarter, both sales and income from operations grew over 20 percent. Non-GAAP adjusted net income attributable to the company increased 52.2 percent to $13.3 million."
He added that as of the end of the first half of 2012, "we have achieved over 50 percent of our full-year revenue target". "Our direct sales model allows us to achieve better margins on most of our products and we also experienced increased market demand due to industry supply shortage for most plasma products during the period," he pointed out.
He also mentioned that the manufacturing approval certificate from the SFDA for Human Coagulation Factor VIII in June 2012 is a milestone for China Biologic. Commercial production is expected to commence later in 2012.
Mr Gao continued, "While focused on developing new plasma sources to grow our market penetration, internally China Biologic continues to strengthen its corporate governance structures as well. During the first half of 2012, the Board of Directors implemented key senior personnel changes, including my appointment as Chairman and CEO, and Mr Ming Yang's appointment as CFO. We believe we now have a strong executive team in place with valuable experience in China healthcare industry to implement the Company's business strategies, ensure transparency and increase long-term shareholder value. At the board level, we are also proud to have added industry veteran Mr Albert Yeung as an independent director."