2014

China Biologic Reports Financial Results for the Third Quarter and First Nine Months of 2012 3Q12 Total Sales Up 28.6% to $53.1 Million

3Q12 Operating Margin Reaching 38.4%

3Q12 Non-GAAP Net Income Up 33.2% to $14.7 Million

BEIJING, Nov. 8, 2012 /PRNewswire-FirstCall/ -- China Biologic Products, Inc. (NASDAQ: CBPO, "China Biologic" or the "Company"), a leading fully integrated plasma-based biopharmaceutical company in China, today announced its unaudited financial results for the third quarter of 2012.

Third Quarter 2012 Financial Highlights

  • Total sales in the third quarter of 2012 increased by 28.6% to $53.1 million from $41.3 million in the same quarter of 2011.
  • Gross profit increased by 31.5% to $36.2 million from $27.5 million in the same quarter of 2011. Gross margin increased to 68.1% in the third quarter of 2012 from 66.7% in the third quarter of 2011.
  • Income from operations was $20.4 million as compared to a loss of $9.4 million in the third quarter of 2011. The operating margin was 38.4% in the third quarter of 2012.
  • Net income attributable to the Company increased to $13.6 million from a loss of $9.4 million in the same quarter of 2011.
  • Non-GAAP adjusted net income attributable to the Company was $14.7 million or $0.54 per diluted share in the third quarter of 2012, representing a 33.2% increase from $11.0 million or $0.42 per diluted share in the same quarter of last year.

Mr. David (Xiaoying) Gao, Chairman and Chief Executive Officer of China Biologic, commented, "We're pleased to see continued strong demand for our plasma products in the third quarter, which allowed us to enjoy robust top-line growth. Our efforts to optimize our sales strategy by focusing more on direct sales to hospitals and inoculation centers and to improve profitability have been effective, evidenced by our operating margin increasing to a sizable 38.4% in the third quarter. Thanks to enhanced corporate management initiatives, accounts receivable and inventory levels also noticeably improved with a 10.7% year-over-year decrease in accounts receivable and a 4.3% decrease in inventories.

"Due to better-than-expected market success combined with efficient selling expense controls, as of the end of the third quarter of 2012, we have surpassed our full-year non-GAAP adjusted net income target. Looking to the fourth quarter, despite some uncertainty following the recent government announcement on price ceilings for some of our products, we believe China Biologic nevertheless will continue benefitting from strong market demand and expand our market penetration. For the full year of 2012, we are confident that total sales will reach or surpass the high end of our previous guidance of $176 million, representing mid-to-high-teens annual growth. We expect non-GAAP adjusted net income to be in the range of $46 million to $48 million, compared to previous guidance of $38 million to $40 million."

Mr. Gao continued, "We are also proud to announce that we received Good Manufacturing Practice certification for our Human Coagulation Factor FVIII ("FVIII") production facility from the Chinese State Food and Drug Administration in October and have since started commercial production of FVIII. This development rounds out our plasma product portfolio and further strengthens our competitive position as a leading plasma-based biopharmaceutical company in China. Going forward, we intend to continue to develop and manufacture leading life-enhancing, quality-assured products."

Third Quarter 2012 Financial Performances

Total sales in the third quarter of 2012 were $53.1 million, representing an increase of 28.6% from $41.3 million in the same quarter of 2011. Excluding foreign exchange influence, the increase in sales was primarily attributable to a mix of price and volume increases in certain plasma-based products, as well as a substantial increase in sales of placenta polypeptide products. During the three months ended September 30, 2012, most of the Company's approved products recorded price increases. The general price increases for the human albumin products and immunoglobulin product group were primarily attributable to strong market demand and a shortage of supply following the closure of certain plasma stations in Guizhou.

During the three months ended September 30, 2012, human albumin products and human immunoglobulin for intravenous injection ("IVIG") products remained the largest two sales contributors.

  • As a percentage of total sales, human albumin product revenue was 43.3% in the third quarter of 2012 as compared to 54.4% in the same quarter of 2011. During the three months ended September 30, 2012, sales volume of human albumin products declined by 4.8%.
  • As a percentage of total sales, IVIG revenue was 44.1% in the third quarter of 2012 as compared to 31.0% in the same quarter of 2011. Sales volume of IVIG products increased by 68.4% in the reporting quarter, mainly due to the increased market demand and increased inventory level built up in the later part of 2011 in anticipation of the demand increase.

Cost of sales increased by 22.8% to $16.9 million in the third quarter of 2012, from $13.8 million in the same quarter of 2011. The increase was mainly due to the increase in sales volumes and the increase in cost of plasma. Cost of sales as a percentage of total sales was 31.9%, slightly down from 33.3% in the same quarter of 2011. The decrease in cost of sales as a percentage of sales was mainly due to the change of product mix to include higher margin products.

Gross profit increased by 31.5% to $36.2 million in the third quarter of 2012, from $27.5 million in the same quarter of 2011. Gross margin increased to 68.1% from 66.7% in the third quarter of 2011.

Total operating expenses in the third quarter of 2012 decreased by 57.3% to $15.8 million from $36.9 million in the same quarter of 2011, primarily due to decreased impairment loss. The Company incurred an impairment loss of $24.6 million, including both goodwill and abandonment of long-lived assets as a result of the closure of several plasma collection stations in Guizhou in August 2011. No impairment loss was recorded in the third quarter of 2012. As a percentage of total sales, total operating expenses decreased to 29.7% for the three months ended September 30, 2012, from 89.4% in the same quarter of 2011.

Selling expenses in the third quarter of 2012 decreased to $3.5 million from $3.7 million in the same quarter of 2011. As a percentage of total sales, selling expenses was 6.7% in the third quarter of 2012, down from 9.0% in the third quarter of 2011. The decrease in selling expenses as a percentage of sales was primarily due to the decrease in commission expenses paid to distributors as a result of the Company's sales strategy change to focus more on direct sales to hospitals and inoculation centers.

General and administrative expenses in the third quarter of 2012 rose to $11.6 million from $8.1 million in the same quarter of 2011, representing an increase of 43.0%. The increase was mainly due to new business development cost in connection with exploring additional growth opportunity during the three months ended September 30, 2012, as well as higher payroll expenses. As a percentage of total sales, general and administrative expenses was 21.8% in the third quarter of 2012, up from 19.6% in the third quarter of 2011.

Research and development expenses in the third quarter of 2012 increased to $0.6 million from $0.5 million in the same quarter of 2011, representing an increase of 25.2%. The increase in such expenses was primarily due to the expenditure paid to an external research and development institute in relation to a research and development project for the three month ended September 30, 2012. As a percentage of total sales, research and development expenses for the three months ended September 30, 2012 and 2011 were 1.2% and 1.2%, respectively.

Income from operations in the third quarter of 2012 was $20.4 million, compared to a loss of $9.4 million in the same quarter of 2011.

Gain from change in fair value of derivative liabilities for the three months ended September 30, 2012 and 2011 were nil and $2.9 million, respectively. The recognized gain from the change in the fair value of derivative liabilities in the third quarter of 2011 was mainly due to a decrease in the price of the Company's common stock from $10.20 as of June 30, 2011 to $6.81 as of September 30, 2011. The warrants have been fully exercised by the end of June 2012 and there was no warrant outstanding as of September 30, 2012.

Provision for income taxes in the third quarter of 2012 was $3.5 million, as compared to $1.0 million in the same quarter of 2011. The effective income tax rates were 15.9% and negative 17.6% for the three months ended September 30, 2012 and 2011, respectively.

Net income increased to $18.5 million for the three months ended September 30, 2012 from a loss of $6.8 million in the same period of 2011. Net margins were 34.8% and negative 16.6% for the three months ended September 30, 2012 and 2011, respectively.

Net income attributable to the Company was $13.6 million, compared to a loss of $9.4 million in the same quarter of 2011.

Non-GAAP adjusted net income attributable to the Company was $14.7 million or $0.54 per diluted share in the third quarter of 2012 compared with $11.0 million or $0.42 per diluted share in the same quarter of 2011.

Non-GAAP adjusted net income and diluted earnings per share in the third quarter of 2012 excluded $1.1 million of non-cash employee share-based compensation expenses.

First Nine Months 2012 Financial Performances

Total sales in the first nine months of 2012 were $150.8 million, an increase of 28.4% from $117.4 million in the same period of 2011. The increase in sales was primarily attributable to a mix of price and volume increases in plasma-based products, as well as a substantial increase in sales of placenta polypeptide products.

As a percentage of total sales, sales from human albumin products and IVIG products were 45.3% and 39.7%, respectively, for the nine months ended September 30, 2012.

Cost of sales increased to $48.8 million in the first nine months of 2012, from $35.6 million in the same period of 2011. Cost of sales as a percentage of total sales was 32.3%, as compared to 30.3% in the same period of 2011. Volume and percentage increases in cost of sales were mainly due to increased sales activities and higher compensation paid to plasma donors.

Gross profit increased by 24.7% to $102.0 million in the first nine months of 2012 from $81.8 million in the same period of 2011. Gross margin decreased to 67.7% in the first nine months of 2012 from 69.7% in the same period of 2011.

Total operating expenses in the first nine months of 2012 decreased by 30.2% to $41.5 million from $59.5 million in the same period of 2011, primarily due to decreased impairment loss. The Company incurred an impairment loss of $24.6 million in August 2011 related to the closure of several plasma collection stations in Guizhou. There was no impairment loss recorded during the first nine months of 2012. This decrease in impairment loss was partly offset by a 36.4% increase in selling expenses and a 14.8% increase in general and administrative expenses. As a percentage of total sales, total operating expenses decreased to 27.5% for the nine months ended September 30, 2012, from 50.6% in the same period of 2011.

Income from operations for the nine months ended September 30, 2012 was $60.6 million, an increase of 170.7% from $22.4 million in the same period of 2011.

Provision for income taxes in the first nine months of 2012 was $10.0 million, as compared to $10.6 million in the same period of 2011. The effective income tax rates were 15.2% and 30.9% for the nine months ended September 30, 2012 and 2011, respectively.

Net income attributable to the Company increased by 190.9% to $39.4 million for the nine months ended September 30, 2012, from $13.5 million in the same period of 2011. Net margins were 26.1% and 11.5% for the nine months ended September 30, 2012 and 2011, respectively.

Non-GAAP adjusted net income attributable to the Company was $40.7 million or $1.52 per diluted share for the nine months ended September 30, 2012 compared with $27.7 million or $1.04 per diluted share in the same period of 2011.

Non-GAAP adjusted net income and diluted earnings per share in the nine months ended September 30, 2012 excluded an aggregate $1.8 million gain related to the change in the fair value of derivative liabilities, and $3.1 million of non-cash employee share-based compensation expenses.

As of September 30, 2012, the Company had cash and short-term investment of $134.5 million, compared to $89.4 million as of December 31, 2011.

Net cash provided by operating activities for the nine months ended September 30, 2012 was $64.8 million, as compared to $25.8 million for the nine months ended September 30, 2011.

Outlook

For the full year of 2012, the Company now expects sales to reach or surpass the high end of previous guidance of $176 million, representing mid-to-high-teens annual growth. The Company estimates full year non-GAAP adjusted net income to be in the range of $46 million to $48 million, compared to the previous guidance range of $38 million to $40 million.

Conference Call

The Company will host a conference call at 7:30 am, Eastern Time on Friday, November 9, 2012, which is 8:30 pm, Beijing Time on November 9, 2012, to discuss third quarter 2012 results and answer questions from investors.  Listeners may access the call by dialing:

US:

+1 866 549 1292

International:

+852 3005 2050

Hong Kong:

3005 2050

China Domestic:

800 876 8626

China Domestic Mobile:

400 681 6949



Passcode:

674 477#

A telephone replay of the call will be available after the conclusion of the conference all through 11:59 pm, Eastern Time on November 16, 2012. The dial-in details are:

US:

+1 866 753 0743

International:

+852 3005 2020

Hong Kong:

3005 2020

China Domestic:

800 876 5016



Passcode:

138 012#

About China Biologic Products, Inc.

China Biologic Products, Inc. (Nasdaq: CBPO), is a leading fully integrated plasma-based biopharmaceutical company in China. The Company's products are used as critical therapies during medical emergencies and for the prevention and treatment of life-threatening diseases and immune-deficiency related diseases. China Biologic is headquartered in Beijing and manufactures over 20 plasma-based products through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co., Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd. The Company also has an equity investment in Xi'an Huitian Blood Products Co., Ltd. The Company sells its products to hospitals and other healthcare facilities in China. For additional information, please see the Company's website www.chinabiologic.com.

Non-GAAP Disclosure

This news release contains non-GAAP financial measures that exclude non-cash compensation expenses related to options granted to employees and directors under the Company's 2008 Equity Incentive Plan and changes in the fair value of derivative liabilities, including warrants and derivative instruments (including the conversion option) embedded in the Company's Senior Secured Convertible Notes (after adding back interest related to the convertible notes under the if-converted method). To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information excluding the impact of these items in this release. The Company's management believes that these non-GAAP measures provide investors with a better understanding of how the results relate to the Company's historical performance. A reconciliation of the adjustments to GAAP results appears in the table accompanying this news release. This additional non-GAAP information is not meant to be considered in isolation or as a substitute for GAAP financials. The non-GAAP financial information that the Company provides also may differ from the non-GAAP information provided by other companies.

Safe Harbor Statement

This news release may contain certain "forward-looking statements" relating to the business of China Biologic Products, Inc. and its subsidiaries. All statements, other than statements of historical fact included herein, are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect.

Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including its potential inability to achieve the expected operating and financial performance in 2012, potential inability to find alternative sources of plasma, potential inability to increase production at permitted sites, potential inability to mitigate the financial consequences of a temporarily reduced raw plasma supply through cost cutting or other efficiencies, and potential additional regulatory restrictions on its operations and those additional risks and uncertainties discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contact:    

China Biologic Products, Inc.
Mr. Ming Yin
Vice President
Phone: +86-10-6598-3099
Email: ir@chinabiologic.com

ICR Inc.
Mr. Rob Koepp
Phone: +86-10-6583-7516 or +1-646-405-5191
E-mail: robert.koepp@icrinc.com

 

Financial statements follow.

 

CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES

 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME




For the three months ended



For the nine months ended



September 30,
2012



September 30,
2011



September 30,
2012



September 30,
2011

Sales                                                                                        












           External customers

$

53,124,050


$

41,137,473


$

150,817,850


$

117,197,707

           Related party


-



166,228



-



242,274

Total sales


53,124,050



41,303,701



150,817,850



117,439,981













Cost of sales












           External customers


16,921,284



13,741,811



48,767,900



35,531,374

           Related party


-



32,698



-



67,302

Cost of sales


16,921,284



13,774,509



48,767,900



35,598,676













Gross profit


36,202,766



27,529,192



102,049,950



81,841,305













Operating expenses












           Selling expenses


3,545,378



3,703,683



12,536,727



9,191,739

           General and administrative expenses


11,599,779



8,110,693



26,677,945



23,240,140

           Research and development expenses


637,397



509,061



2,277,474



2,439,029

           Impairment loss of goodwill


-



18,064,183



-



18,064,183

           Loss on abandonment of long-lived assets


-



6,536,517



-



6,536,517













Income/(loss) from operations


20,420,212



(9,394,945)



60,557,804



22,369,697













Other (income) / expenses












           Equity in income of equity method investee


(744,976)



(712,320)



(2,219,279)



(1,446,402)

           Change in fair value of derivative liabilities


-



(2,863,870)



(1,769,140)



(15,061,119)

           Interest expense


223,992



404,349



990,190



4,385,872

           Interest income


(561,761)



(473,278)



(1,870,873)



(913,003)

           Other (income) / expenses, net


(449,815)



63,773



(347,029)



1,134,055

Total other income, net


(1,532,560)



(3,581,346)



(5,216,131)



(11,900,597)













Earnings / (loss) before income tax expense


21,952,772



(5,813,599)



65,773,935



34,270,294













Income tax expense


3,479,683



1,022,310



9,990,014



10,602,775













Net income/(loss)


18,473,089



(6,835,909)



55,783,921



23,667,519













Less: Net income attributable to the noncontrolling interest


4,855,939



2,525,768



16,370,694



10,120,516













Net income/(loss) attributable to China Biologic Products, Inc.


13,617,150



(9,361,677)



39,413,227



13,547,003













Net income/(loss) per share:












           Basic

$

0.51


$

(0.37)


$

1.51


$

0.55

           Diluted

$

0.50


$

(0.37)


$

1.41


$

0.08













Weighted average shares used in computation:












           Basic


26,546,929



25,551,125



26,009,707



24,849,403

           Diluted


27,018,904



25,551,125



26,741,713



26,707,840













Other Comprehensive income, net of nil income taxes












Foreign currency translation adjustment


(86,731)



2,064,884



1,226,404



5,890,724













Comprehensive income / (loss)


18,386,358



(4,771,025)



57,010,325



29,558,243













Less: Comprehensive income attributable to the
    noncontrolling interest


4,926,035



3,656,716



16,692,803



11,971,012













Comprehensive income / (loss) attributable to China Biologic
    Products, Inc.


13,460,323



(8,427,741)



40,317,522



17,587,231

 

 

CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES

 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS




September 30,
2012


December 31,
2011







ASSETS                                                                                                    






Current Assets






   Cash

$

131,723,186


$

89,411,835

   Short-term investment


2,727,509



-

   Accounts receivable, net of allowance for doubtful accounts


14,961,521



16,757,368

   Inventories


68,243,398



71,338,590

   Other receivables


1,574,434



2,594,461

   Prepayments and prepaid expenses


2,557,452



1,591,696

   Deferred tax assets


1,905,210



1,999,563

         Total Current Assets


223,692,710



183,693,513

Property, plant and equipment, net


39,153,534



40,546,539

Intangible assets, net


4,279,035



6,520,671

Land use rights, net


5,838,420



5,487,343

Prepayments and deposits for property, plant and equipment


9,391,850



4,287,492

Receivable related to land use right


13,202,220



-

Equity method investment


10,066,951



8,357,017

           Total Assets

$

305,624,720


$

248,892,575







LIABILITIES AND STOCKHOLDERS' EQUITY






Current liabilities






   Short-term bank loans

$

11,081,000


$

11,018,000

   Accounts payable


3,922,947



4,996,463

   Due to related parties


4,047,780



3,319,938

   Other payables and accrued expenses


25,583,002



30,661,794

   Advance from customers


3,941,270



4,365,523

   Advance from customers - a related party


-



486,602

   Income tax payable


5,921,081



5,373,633

   Other taxes payable


2,322,662



2,189,913

   Derivative liabilities - warrants


-



5,410,419

         Total Current Liabilities


56,819,742



67,822,285

Other payable


343,821



343,477

Deferred tax liabilities


1,074,380



1,685,772

         Total Liabilities

$

58,237,943


$

69,851,534







Stockholders' Equity






   Common stock: par value $.0001; 100,000,000 shares authorized; 
        26,568,625 and 25,601,125 shares issued and outstanding at 
        September 30, 2012 and December 31, 2011, respectively

$

2,657


$

2,560

   Additional paid-in capital


60,173,625



48,838,311

   Retained earnings


113,334,038



73,920,811

   Accumulated other comprehensive income


13,654,977



12,750,682

   Total stockholders' equity attributable to China Biologic Products, Inc.


187,165,297



135,512,364







   Noncontrolling interest


60,221,480



43,528,677







         Total Equity

$

247,386,777


$

179,041,041







   Commitments and contingencies


-



-







         Total Liabilities and Equity

$

305,624,720


$

248,892,575

 

CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES

 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS




For the nine months ended



September 30,
2012


September 30,
2011

CASH FLOWS FROM OPERATING ACTIVITIES:





Net cash provided by operating activities

$

64,786,061


$

25,792,830







CASH FLOWS FROM INVESTING ACTIVITIES:






  Dividend received


1,109,115



663,987

  Payment for property, plant and equipment


(7,436,719)



(5,878,973)

  Payment for intangible assets and land use right


(796,707)



(424,971)

  Purchase of short-term investment


(2,731,300)



-

  Payment related to land used right


(13,220,568)



-

Net cash used in investing activities


(23,076,179)



(5,639,957)













CASH FLOWS FROM FINANCING ACTIVITIES:






   Proceeds from warrants exercised


4,500,000



-

   Proceeds from stock option exercised


120,000



100,000

   Proceeds from short term bank loans


11,076,100



18,373,200

   Repayment of short term bank loans


(11,106,200)



(10,871,200)

   Acquisition of noncontrolling interest


-



(7,635,000)

   Dividend paid by subsidiaries to noncontrolling interest shareholders


(4,379,016)



(7,744,100)

Net cash provided by / (used in) financing activities


210,884



(7,777,100)







EFFECTS OF EXCHANGE RATE CHANGE IN CASH


390,585



2,983,158







NET INCREASE IN CASH                                                                                          


42,311,351



15,358,931







Cash at the beginning of period


89,411,835



64,941,368







Cash at the end of period

$

131,723,186


$

80,300,299







Supplemental cash flow information






   Cash paid for income taxes

$

9,988,536


$

11,175,285

   Cash paid for interest expense

$

296,901


$

690,755

   Noncash investing and financing activities:






         Convertible notes conversion

$

-


$

12,972,000

         Utilization of prepayments and deposits to acquire intangible assets

$

-


$

128,861

         Utilization of prepayments and deposits to acquire property, plant and 
            equipment

$

-


$

526,328

         Exercise of warrants that were liability classified

$

3,641,279


$

-

 

CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE THREE MONTHS & NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011



For the three months ended


For the three months ended



  9/30/2012


  9/30/2011



Net Income 


Net Income 

Adjusted Net Income Attributable to the Company - Non GAAP

$

14,698,324


$

11,034,533

Diluted EPS - Non GAAP


$

0.54


$

0.42

Non-cash employee stock compensation


$

(1,081,174)


$

(1,229,968)

Gain from change in fair value of warrants

$

-


$

2,863,870

Impairment loss of goodwill

$

-


$

(18,064,183)

Loss on abandonment of long-lived assets attributable to the Company

$

-


$

(3,529,719)

Written-off of raw material attributable to the Company due to closure of plasma stations

$

-


$

(436,210)

Net Income attributable to the Company

$

13,617,150


$

(9,361,677)

Weighted average number of shares used in computation of Non GAAP diluted EPS


27,018,904



26,419,932










For the nine months ended


For the nine months ended



  9/30/2012


  9/30/2011



Net Income 


Net Income 

Adjusted Net Income Attributable to the Company - Non GAAP

$

40,718,219


$

27,744,418

Diluted EPS - Non GAAP


$

1.52


$

1.04

Non-cash employee stock compensation


$

(3,074,132)


$

(3,648,255)

Impairment loss of goodwill                                                                                           

$

-


$

(18,064,183)

Loss on abandonment of long-lived assets attributable to the Company

$

-


$

(3,529,719)

Written-off of raw material attributable to the Company due to closure of plasma stations

$

-


$

(436,210)

Interest on the Notes


$

-


$

(3,580,167)

Gain from change in fair value of embedded conversion option in the Notes

$

-


$

6,289,661

Gain from change in fair value of warrants

$

1,769,140


$

8,771,458

Net Income attributable to the Company

$

39,413,227


$

13,547,003

Weighted average number of shares used in computation of Non GAAP diluted EPS


26,741,713



26,707,840

SOURCE China Biologic Products, Inc.



RELATED LINKS
http://www.chinabiologic.com

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