China Biologic Products, the largest non-state-owned plasma based biopharmaceutical company in China, has reported record sales and net income for the year ended December 31, 2010.
Sales for the Shandong Province based company increased 17.4% to $139.7 million for the year, compared to $119.0 million in 2009. Non-GAAP adjusted net income was $39.0 million for 2010, compared with $31.5 million for 2009.
The company indicated that the revenue increase was due primarily to a general increase in the price and volume of plasma based products. Sales from human albumin product increased approximately 13.4% to $67.1 million, accounting for approximately 48.0% of the total sales in 2010, compared to 49.7% in 2009.
Selling expenses increased 108.9% to $7.4 million in 2010, from $3.5 million in 2009, representing an increase in selling expenses as a percentage of total sales from 3.0% in 2009 to 5.3% in 2010. The increase came from a general increase in marketing and from a strengthening of the company’s institutional sales approach.
China Biologic CEO, Mr. Chao Ming (Colin) Zhao, said of the results: “We are pleased with our progress and good operating and financial results for 2010. We believe our acquisitions from 2008 and 2009 are starting to deliver the expected good performance. We believe that our strategy of direct institutional sales remains the good long-term model for serving our customers for our products and markets in China.” He added, “We expect to continue to grow our business, primarily by internal growth and, when appropriate, by prudent acquisitions that can enlarge our geographic operations or provide natural extensions of our current product lines.”
China Biologic Products operates through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co. Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd, and its equity investment in Xi’an Huitian Blood Products Co., Ltd. The company does plasma collection and production, as well as research and development. Products are sold to hospitals and other healthcare facilities in China.
For additional information, visit the company’s website at www.ChinaBiologic.com