According to China Biologic Products, the revenue growth was primarily attributable to price increases ranging from 6.2% to 55.8% across the company’s approved product categories, with the exception of human albumin products and human immunoglobulin products, which registered price declines of 4.3% and 11.8%, respectively.
China Biologic has posted a net income of $18.79m for the third quarter 2010, or $0.53 per diluted share, compared to net loss of $2.78m, or $0.29 loss per diluted share, for the comparable period in 2009.
China Biologic’s income from operations was $18.83m, compared to $14.03m for the comparable period in 2009.
The company has posted a revenue of $104.01m for the nine months ended 30 September 2010, compared to $81.37m for the year ago period.
For the nine months ended 30 September 2010, China Biologic posted a net income of $53.05m, or $1.44 per diluted share, compared to $15.77m, or $0.23 per diluted share, for the year ago period.
The company’s income from operations for the nine months ended 30 September 2010 was $54.82m, compared to $40.62m for the year ago period.
China Biologic CEO Chao Ming Zhao said that their 2010 third quarter results were very strong, with 33.2% growth in revenues and 48.7% growth in adjusted net income, driven by robust demand and an overall favorable pricing environment for our plasma-based products.
"During the quarter, we established two new plasma collection stations in Yishui and Ninyang counties in Shandong Province, and we expect to begin trial collections at the Yishui station by the end of the year and at the Ninyang station by early 2011," Zhao said .
"We expect that our strong balance sheet and solid operating cash flow will provide us with the resources to take advantage of opportunities created by rising consumer demand and tight supply conditions based on strict government regulation.
"On the research and development front, we continue to expect our applications for production of Human Prothrombin Complex Conentrate and Human Coagulation Factor VIII to be approved by the SFDA in early 2011."