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news.China Biologic Products (China Biologic), a plasma-based biopharmaceutical company, has reported revenues of $37.63m for the fourth quarter ended December 31, 2009, an increase of 185.6%, compared to $13.17m for the same period in 2008.
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Gross profit increased 208.6% year-over-year to $27.3m, representing a gross margin of 72.7% as compared to 67.2% a year ago. The gross profit and margin increases were primarily attributable to the consolidation of Dalin and price increases implemented during the year.
Operating income grew 342.3% year-over-year to $20.8m, representing an operating margin of 55.2%.
GAAP net loss attributable to controlling interest was $3.8m, or $0.17 per share, including a $14.7m charge related to change in the fair value of derivative liabilities.
Non-GAAP adjusted net income was $11.1m or $0.44 per diluted share, a 242.4% increase from $3.2m or $0.15 per diluted share in the fourth quarter of 2008
For the full year 2009, revenues increased 154.5% year-over-year to $119m, exceeding our guidance of $90 to $100m. Excluding the acquisition of Dalin, revenues grew 43.1 % year-over-year to $66.9m.
Gross profit rose 164.1% to $86.4m, representing a gross margin of 72.6% as compared to 70.0% a year ago.
Operating income increased 201.8%, to $61.4m, representing an operating margin of 51.6%.
GAAP net income attributable to controlling interest was $1.3m, or $0.07 per diluted share, including a $29.6m charge related to change in the fair value of derivative liabilities.
Non-GAAP adjusted net income was $31.3m or $1.38 per diluted share, a 135% increase from $13.3m or $0.62 per diluted share in 2008.
Chao Ming Zhao, CEO of China Biologic, said: “With our successful integration of Dalin, China Biologic achieved record top and bottom line results and significant growth in fiscal 2009. Fiscal 2009 was also a special year for us and our shareholders as the Company’s common stock began trading on the NASDAQ Global Market.
“We estimate our current market share is at approximately 18%. We plan to continue our marketing efforts to increase public awareness of plasma donation, as well as provide appropriate nutritional supplement compensation to plasma donor, and apply for the construction of additional plasma collection stations.”