China Biologic Products 2008 net income up 46%

China Biologic Products, a plasma-based biopharmaceutical company, has reported a net income of $11.98m, or $0.56 per diluted share, for 2008, an increase of 46.5%, compared to $8.18m, or $0.37 per diluted share, for 2007.

Revenue for the full year 2008 increased 44.3% to $46.75m from $32.4m in 2007. The increase in revenues for 2008 is primarily attributable to a general increase in the price of plasma-based products which was partially offset by the sales volume decrease except for human immunoglobulin, and the foreign exchange translation, which accounted for 12.5% of the increase.

Chao Ming Zhao, CEO of China Biologic Products, said: We are pleased to report strong revenue and net income results for 2008. We believe that our significant operating leverage demonstrates the success of the marketing strategies that we implemented in 2008. More recently, we were pleased to announce that our subsidiary, Shandong Taibang Biological Products, has completed the government approval process for the transfer of 35% equity interest in Xi’an Huitian Blood Products.

We expect to close the Huitian acquisition, as well as the previously announced Qianfeng acquisition, in the near term. We expect that both of these acquisitions combined will transform China Biologic into the largest privately held plasma-based biopharmaceutical company in China.