American Oriental Bioengineering, Inc, (NYSE:AOB) announced today that its fourth quarter 2008 revenues were up a whopping 68% to $96.3 million. Net income for the same period was up 43% to $21.7 million. The good news reflects the continued demand for the companyâ€™s pharmaceutical and nutritional products in the Chinese marketplace.
American Oriental, based in China, is engaged in the development and production of plant based products, both pharmaceutical and nutritional. The products are produced from the leaves and roots of various plants. In the case of PBPs (Plant Based Pharmaceuticals), they are used to treat illnesses or associated symptoms and are available in China by prescription and over-the-counter. PBNs (Plant Based Nutraceuticals) are also produced from plant leaves and roots, but are used as preventatives and for general health, and are all sold over-the-counter.
Tony Liu, company Chairman and CEO, commented on the companyâ€™s success, in spite of the overall economy, and the focus for the future: “In 2008, we strengthened our leading brands, enhanced our product portfolio, and diversified our operations in a way that lends flexibility to our business model, so that we can navigate China’s rapidly changing regulatory environment. We achieved these successes despite the increasingly challenging economic environment worldwide, and we are cautiously optimistic that China’s healthcare industry remains somewhat insulated from the global economic crisis. Going into 2009 and 2010, we’ll continue to strengthen our core competencies in production, sales and marketing and distribution reach, as well as focus on R&D efforts and our infrastructure, to ensure that we are well-prepared to capitalize on the many opportunities we see in China’s healthcare sector.”
American Oriental has seven pharmaceutical manufacturers, two health food manufacturing plants, one plant based pharmaceutical research center, a commercial company, and a marketing and sales headquarters. It has established management, manufacturing, financial, and information headquarters in New York, and in Shenzhen, Harbin and Hong Kong in China.
The company states that it has a simple but far-reaching goal to be the perpetual global leader in modern plant-based products.