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China Biologic Reports Financial Results for the Third Quarter of 2018

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China Biologic Reports Financial Results for the Third Quarter of 2018 3Q18 Total Sales Up 21.9% YoY in RMB terms, or 19.6% YoY in USD terms;

Non-GAAP Adjusted Net Income Down 12.7% YoY in RMB terms;

Net Income Up 4.1% YoY to $32.9 Million

Board of Directors Approves $100 Million Share Repurchase Program

BEIJING, Nov. 2, 2018 /PRNewswire/ -- China Biologic Products Holdings, 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 2018.

*Third Quarter 2018 Financial Highlights*

· *Total sales* in the third quarter of 2018 increased by 21.9% in RMB terms and 19.6% in USD terms to $119.1 million from $99.6 million in the same quarter of 2017.
· *Gross profit* increased by 21.0% to $81.2 million from $67.1 million in the same quarter of 2017. *Gross margin* increased to 68.2% from 67.4% in the same quarter of 2017.
· *Income from operations* decreased by 23.1% in RMB terms, and 24.5% in USD terms to $28.7 million from $38.0 million in the same quarter of 2017. *Operating margin* decreased to 24.1% from 38.2% in the same quarter of 2017. *Excluding TianXinFu, income from operations *decreased by 34.8% in RMB terms and 36.1% in USD terms in the third quarter of 2018 compared to the same quarter of 2017, and *operating margin* decreased to 22.6% from 38.2% in the same quarter of 2017.
· *Non-GAAP adjusted income from operations* decreased by 15.6% in RMB terms and 17.4% in USD terms to $38.5 million from $46.6 million in the same quarter of 2017. *Excluding TianXinFu, non-GAAP adjusted income from operations* decreased by 29.5% in RMB terms and 30.9% in USD terms in the third quarter of 2018 compared to the same quarter of 2017.
· *Net **income** attributable to the Company* increased by 6.3% in RMB terms and 4.1% in USD terms to $32.9 million from $31.6 million in the same quarter of 2017. *Fully **d**iluted **earnings** per share *decreased by 15.3% to $0.94 compared to $1.11 in the same quarter of 2017.* Excluding TianXinFu, net **income** attributable to the Company* decreased by 5.7% in RMB terms and 7.6% in USD terms in the third quarter of 2018 compared to the same quarter of 2017.
· *Non-GAAP adjusted net income attributable to the Company* decreased by 12.7% in RMB terms and 14.5% in USD terms to $33.7 million from $39.4 million in the same quarter of 2017. *Non-GAAP adjusted **earnings* *per share* decreased to $0.96 from $1.38 in the same quarter of 2017. *Excluding TianXinFu, non-GAAP adjusted net income attributable to the Company* decreased by 25.8% in RMB terms and 27.4% in USD terms in the third quarter of 2018 compared to the same quarter of 2017.
· Certain income statement and balance sheet items impacted by the TianXinFu acquisition are presented for comparison purposes.

"In line with our previously revised forecast for the full year 2018, our results in the third quarter reflected the impact of ongoing regulatory changes and intensified competition in China's plasma industry," said China Biologic Chairman David Hui Li. "We were, however, pleased to make significant progress in both attracting industry talent and strengthening our sales and marketing efforts. I am confident that we now have the right corporate direction, product strategy and management team in place to build a world class biopharmaceutical and biotechnology company, with a leading position in key therapeutic areas. Our future growth will benefit from China's rapidly growing health care market, as well as our exploration of opportunities for expansion in international markets."

"In the third quarter, we were excited to announce the appointment of Dr. Bing Li as our new CEO. With Dr. Li's deep industry experience and leadership, China Biologic is well positioned to further improve our governance and management systems as we upgrade our internal capabilities and explore strategic acquisitions to enhance both our portfolio of high growth products and our sales and marketing capabilities."

Dr. Bing Li, CEO of China Biologic, said, "In the third quarter of 2018, we made progress on strengthening China Biologic's commercial capabilities through the recruitment of several industry veterans to our sales and marketing team. As an industry leader, China Biologic will continue to educate Chinese doctors about the benefits of IVIG, PCC and other coagulation products in treating chronic patients across a wide range of clinical indications, as we see strong growth potential in this underdeveloped industry segment. We have also taken further steps to improve the Company's corporate governance and improve important aspects of operation, with new hires in leadership roles expected to be on board by the end of the year. As part of our core strategy, we are actively pursuing suitable M&A targets that will position China Biologic for long-term growth."

"Looking into the fourth quarter and beyond, our new sales and marketing talent will be dedicated to expanding sales coverage and deepening penetration at the hospital level. These efforts will help decrease the inventory position of our products, which is currently at higher than normal levels, both internally and with our distributors."

*Share Repurchase Program*

The company today announced that its Board of Directors has authorized a share repurchase program under which China Biologic may repurchase up to US$100 million worth of shares over the next 6 months.

The Company's repurchases may be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block trades or through other legally permissible means. The timing and extent of any purchases will depend upon market conditions, the trading price of its shares and other factors, and are subject to the restrictions relating to volume, price and timing under applicable law.

*Third Quarter 2018 Financial Performance*

*Total sales* in the third quarter of 2018 increased by 21.9% in RMB terms, or 19.6% in USD terms, to $119.1 million from $99.6 million in the same quarter of 2017. The increase in total sales was partly attributable to an $11.5 million contribution from TianXinFu, which accounted for approximately 9.7% of total sales for the quarter. Excluding TianXinFu, total sales in the third quarter of 2018 increased by 10.2% in RMB terms, attributable to the sales increases in placenta polypeptide products, human albumin products, coagulation factor products, and certain immunoglobulin products, which was partly offset by the decrease in the sales of IVIG products. For plasma products, total sales in the third quarter of 2018 increased by 6.7% in RMB terms, or 4.6% in USD terms, to $88.4 million from $84.5 million in the same quarter of 2017.

During the third quarter of 2018, human albumin and IVIG products remained the Company's two largest sales contributors. Revenue from human albumin increased by 20.6% in RMB terms, or 18.3% in USD terms, from $32.8 million in the third quarter of 2017 to $38.8 million in the third quarter of 2018. Revenue from IVIG products decreased by 19.6% in RMB terms, or 21.2% in USD terms, from $30.7 million in the third quarter of 2017 to $24.2 million in the third quarter of 2018. As a percentage of total sales, sales from human albumin and IVIG products were 32.6% and 20.3%, respectively, in the third quarter of 2018. Excluding the contribution from TianXinFu, human albumin and IVIG products represented 36.1% and 22.5% of total sales, respectively, compared to 33.0% and 30.9%, respectively, in the third quarter of 2017. The large decrease of IVIG sales' percentage mainly reflected the combined effects of decreased sales volume and sales prices year over year.

The sales volume of human albumin products increased by 28.8% for the third quarter of 2018 compared to the same quarter of 2017, primarily due to increased sales volumes in the distributor and pharmacy channels, which was partly offset by decreased prescription volumes at various hospitals due to the ongoing healthcare regulatory changes in China. The sales volume of IVIG products decreased by 17.6% for the third quarter of 2018 compared to the same quarter of 2017, mainly reflecting decreased prescription volumes at various hospitals with the same effect of policy headwinds to human albumin.

The average prices for human albumin and IVIG products decreased by 6.4% and 2.5%, respectively, in RMB terms in the third quarter of 2018 compared to the same quarter of 2017 because of greater sales volume in the distributor channel and lower prices to certain distributors reflecting intensified market competition for major plasma products. In USD terms, the average price for human albumin and IVIG products decreased by 8.2% and 4.3% year over year, respectively.

Revenue from specialty immunoglobulin products increased by 21.8% in RMB terms, or 19.5% in USD terms, in the third quarter of 2018 compared to the same quarter of 2017, reaching 14.9% of total sales. This increase was mainly due to higher sales volumes of human tetanus immunoglobulin products and human rabies immunoglobulin products.

Revenue from coagulation factor products, including human coagulation factor VIII, human prothrombin complex concentrate, and the newly launched human fibrinogen products, increased by 27.1% in RMB terms, or 24.6% in USD terms, in the third quarter of 2018 compared to the same quarter of 2017, representing 6.4% of total sales. The growth mainly came from the launch of our human fibrinogen products in the beginning of 2018.

Revenue from placenta polypeptide products increased by 30.2% in RMB terms, or 27.7% in USD terms, in the third quarter of 2018 compared to the same quarter of 2017, reaching 16.1% of total sales, which was supported by higher unit selling prices in connection with the wider implementation of the two-invoice policy. However, the sales volume of placenta polypeptide products continued to decline as a result of their inclusion in regional supplemental drug lists, which put pressure on their prescription volume.

*Cost of sales *increased by 17.0% to $37.9 million in the third quarter of 2018 compared to the same quarter of 2017. As a percentage of total sales, cost of sales decreased to 31.8% from 32.6% in the same quarter of 2017. The decrease in cost of sales as a percentage of total sales mainly reflected the higher gross margin of TianXinFu. Excluding TianXinFu, cost of sales increased to 33.4% of total sales, mainly because of lower sales prices for its human albumin and IVIG products, which was partly offset by a higher sales price for the Company's placenta polypeptide product.

*Gross profit* increased by 21.0% to $81.2 million in the third quarter of 2018 from $67.1 million in the same quarter of 2017. *Gross margin* was 68.2% and 67.4% in the third quarters of 2018 and 2017, respectively.

*Total operating expenses* in the third quarter of 2018 was $52.5 million compared to $29.1 million in the same quarter of 2017. As a percentage of total sales, total operating expenses increased to 44.1% in the third quarter of 2018 from 29.2% in the same quarter of 2017. Excluding TianXinFu, total operating expenses increased by $18.3 million, or 62.9%, to $47.4 million in the third quarter of 2018. This increase mainly consisted of an increase of $13.1 million in selling expenses and an increase of $4.1 million in general and administrative expenses, excluding TianXinFu.

*Selling expenses *in the third quarter of 2018 was $27.4 million compared to $10.3 million in the same quarter of 2017. Approximately half of the increase was related to the sales of placenta polypeptide products with the remainder related to the sales of plasma products and TianXinFu's sales of its dura mater products. For placenta polypeptide products and certain hyper-immune products, because certain previous multi-layer distributor channels were disqualified due to the two-invoice regulation, the Company implemented new sales strategies including using an internal sales force and engaging third party contract service organizations to promote its products. For other plasma products, in order to solidify its competitiveness within distributor channel customers, the Company incurred additional promotion and marketing costs. TianXinFu's selling expenses included a $2.0 million amortization expense for the intangible asset of customer relationships associated with the Company's acquisition of TianXinFu. Excluding this intangible asset amortization expense, selling expenses accounted for 21.4% of total sales in the third quarter of 2018 compared to 10.4% in the same quarter of 2017.

*General and administrative expenses* in the third quarter of 2018 was $22.2 million compared to $17.4 million in the same quarter of 2017. As a percentage of total sales, general and administrative expenses were 18.6% and 17.5% in the third quarter of 2018 and the same quarter of 2017, respectively. The increase in general and administrative expenses largely resulted from increased legal fees mainly in relation to the lawsuit filed against the Company in the Cayman Islands by Mr. David (Xiaoying) Gao, the former Chairman and CEO of the Company whose employment with the Company had previously been terminated for cause; Shandong Taibang's increased depreciation expenses and property tax for its new facility; and an increase of one-time provisions in connection with certain fixed assets among certain non-operating collection stations, which was partly offset by a decrease in share-based compensation expenses for the third quarter of 2018 compared to same quarter of 2017.

*Research and development expenses* in the third quarter of 2018 was $2.9 million compared to $1.4 million in the same quarter of 2017. As a percentage of total sales, research and development expenses increased to 2.4% in the third quarter of 2018 from 1.4% in the same quarter of 2017.

*Income from operations* for the third quarter of 2018 decreased by 23.1% in RMB terms, or 24.5% in USD terms, to $28.7 million from $38.0 million in the same quarter of 2017. *Operating margin* decreased to 24.1% in the third quarter of 2018 from 38.2% in the same quarter of 2017. *Excluding TianXinFu,* *income from operations* for the third quarter of 2018 decreased by 34.8% in RMB terms, or 36.1% in USD terms, to $24.3 million, and operating margin decreased to 22.6%.

*Income tax benefit* was $3.6 million for the third quarter of 2018 compared to an income tax expense of $5.7 million in the same quarter of 2017, mainly due to a $7.5 million reversal of U.S. corporate income tax. For the year ended December 31, 2017, we recorded a one-time income tax charge of $40.3 million, which represented the management's estimation of the amount of U.S. corporate income tax based on the deemed repatriation to the United States of the Company's accumulated earnings mandated by the new U.S. income tax law that went into effect on December 22, 2017 (the "U.S. Tax Reform"). Based on several new regulations and rules issued by the U.S. Department of the Treasury in August 2018, the management reassessed the amount and reversed $7.5 million in the third quarter of 2018. Excluding the tax reversal impact, the effective income tax rate was 11.5% and 13.8% for the third quarters of 2018 and 2017, respectively.

*Net income* *attributable to the Company *increased by 6.3% in RMB terms, or 4.1% in USD terms, to $32.9 million in the third quarter of 2018 from $31.6 million in the same quarter of 2017. *Net margin* decreased to 27.6% in the third quarter of 2018 from 31.7% in the same quarter of 2017.* Diluted net earnings per share *decreased to $0.94 in the third quarter of 2018 compared to $1.11 in the same quarter of 2017.* Excluding TianXinFu, net income attributable to the Company *decreased by 5.7% in RMB terms, or 7.6% in USD terms, in the third quarter of 2018 compared to the same quarter of 2017, and *net margin* decreased to 27.1% in the third quarter of 2018 from 31.7% in the same quarter of 2017.

*Non-GAAP adjusted income from operations* decreased by 15.6% in RMB terms, or 17.4% in USD terms, to $38.5 million in the third quarter of 2018 from $46.6 million in the same quarter of 2017.* Excluding TianXinFu, non-GAAP adjusted income from operations* decreased by 29.5% in RMB terms, or 30.9% in USD terms, in the third quarter of 2018 compared to the same quarter of 2017.

*Non-GAAP adjusted net income attributable to the Company *decreased by 12.7% in RMB terms and 14.5% in USD terms, to $33.7 million in the third quarter of 2018 from $39.4 million in the same quarter of 2017. *Non-GAAP net margin* decreased to 28.3% in the third quarter of 2018 from 39.6% in the same quarter of 2017. *Non-GAAP adjusted net income per diluted share *decreased to $0.96 in the third quarter of 2018 from $1.38 in the same quarter of 2017. *Excluding TianXinFu, non-GAAP adjusted net income attributable to the Company *decreased by 25.8% in RMB terms, or 27.4% in USD terms, in the third quarter of 2018 compared to the same quarter of 2017.

*Non-GAAP adjusted income from operations* for the third quarter of 2018 excludes $7.8 million in non-cash employee share-based compensation expenses, and $2.0 million in amortization expense of intangible assets and land use rights related to the acquisition of TianXinFu.

*Non-GAAP adjusted net income and diluted earnings per share* for the third quarter of 2018 exclude $6.9 million in non-cash employee share-based compensation expenses, $1.4 million in amortization expense of intangible assets and land use rights related to the acquisition of TianXinFu, and an income tax benefit of $7.5 million related to U.S. Tax Reform.

*First Nine Months 2018 Financial Performance*

*Total sales* in the first nine months of 2018 increased by 20.4% in RMB terms, or 25.5% in USD terms, to $351.9 million from $280.3 million in the same period of 2017. This includes a $35.9 million contribution from TianXinFu, which accounts for approximately 10.2% of total sales for the first nine months of 2018. Excluding TianXinFu, total sales in the first nine months of 2018 increased by 8.1% in RMB terms as a result of increases in the sales of placenta polypeptide products, human albumin products, and certain immunoglobulin products, which was partly offset by decreases in the sales of IVIG products. For plasma products, total sales in the first nine months of 2018 increased by 2.8% in RMB terms, or 7.3% in USD terms, to $263.7 million from $245.8 million in the same period of 2017. As a percentage of total sales, sales from human albumin products and IVIG products accounted for 31.5% and 23.9%, respectively, for the first nine months of 2018. Excluding the contribution from TianXinFu, human albumin and IVIG products were 35.0% and 26.6% of total sales, respectively.

*Cost of sales* increased by 15.2% to $109.2 million in the first nine months of 2018 compared to $94.8 million in the same period of 2017. As a percentage of total sales, cost of sales decreased to 31.0% from 33.8% in the same period of 2017. The decrease in cost of sales as a percentage of total sales mainly reflected the higher gross margin of TianXinFu. Excluding TianXinFu, cost of sales decreased to 33.1% of total sales, mainly due to the higher sales price of the Company's placenta polypeptide product, which was partly offset by lower sales prices for its human albumin and IVIG products.

*Gross profit* increased by 30.8% to $242.7 million in the first nine months of 2018 from $185.5 million in the same period of 2017. *Gross margin* was 69.0% and 66.2% in the first nine months of 2018 and 2017, respectively.

*Total operating expenses* in the first nine months of 2018 was $139.3 million compared to $69.3 million in the same period of 2017. As a percentage of total sales, total operating expenses increased to 39.6% in the first nine months of 2018 from 24.7% in the same period of 2017. Excluding TianXinFu, total operating expenses increased by $54.6 million, or 78.8%, to $123.9 million in the first nine months of 2018. This increase mainly consisted of an increase of $42.9 million in selling expenses and an increase of $11.3 million in general and administrative expenses.

*Income from operations* for the first nine months of 2018 decreased by 15.1% in RMB terms, or 11.0% in USD terms, to $103.5 million from $116.3 million in the same period of 2017. *Excluding TianXinFu,* *income from operations* for the first nine months of 2018 decreased by 28.1% in RMB terms, or 24.5% in USD terms, in the first nine months of 2018 compared to the same period of 2017.

*Income tax expense *in the first nine months of 2018 decreased to $9.8 million from $19.5 million in the same period of 2017. The decrease was mainly because of a reversal of $7.5 million U.S. corporate income tax based on the deemed repatriation to the United States of the Company's accumulated earnings mandated by the U.S. Tax Reform, according to new regulations and rules issued by the U.S. Department of the Treasury in August 2018. Excluding the tax reversal impact, the effective income tax rate was 14.6% and 15.7% for the first nine months of 2018 and 2017, respectively.

*Net income* *attributable to the Company *decreased by 3.5% in RMB terms, and increased slightly by 0.5% in USD terms, to $93.1 million in the first nine months of 2018 from $92.6 million in the same period of 2017. *Net margin* decreased to 26.5% in the first nine months of 2018 from 33.0% in the same period of 2017.* Diluted earnings per share* for the first nine months of 2018 decreased to $2.66 from $3.25 for the same period of 2017. *Excluding TianXinFu, net income attributable to the Company *decreased by 17.1% in RMB terms, or 13.6% in USD terms, in the first nine months of 2018 compared to the same period of 2017, and *net margin* decreased to 25.3%.

*Non-GAAP adjusted income from operations* decreased by 6.7% in RMB terms, or 2.3% in USD terms, to $137.8 million in the first nine months of 2018 from $141.0 million in the same period of 2017.* Excluding TianXinFu, non-GAAP adjusted income from operations* decreased by 21.9% in RMB terms, or 18.2% in USD terms in the first nine months of 2018 compared to the same period of 2017.

*Non-GAAP adjusted net income attributable to the Company *decreased by 4.5% in RMB terms, or remained stable in USD terms, at $115.3 million in the first nine months of 2018 compared with the same period of 2017. *Non-GAAP adjusted net income per diluted share *decreased to $3.29 in the first nine months of 2018 from $4.05 in the same period of 2017. *Excluding TianXinFu, non-GAAP adjusted net income attributable to the Company *decreased by 19.1% in RMB terms, or 15.4% in USD terms, in the first nine months of 2018 compared to the same period of 2017.

*Non-GAAP adjusted **income from operations* for the first nine months of 2018 excludes $27.7 million in non-cash employee share-based compensation expenses, $6.6 million in amortization expense of intangible assets and land use rights related to the acquisition of TianXinFu.

*Non-GAAP adjusted net income and diluted earnings per share* for the first nine months of 2018 exclude $25.1 million in non-cash employee share-based compensation expenses, $4.5 million in amortization expense of intangible assets and land use rights related to the acquisition of TianXinFu, and an income tax benefit of $7.5 million related to U.S. Tax Reform.

As of September 30, 2018, the Company had $186.4 million in cash on hand and demand deposits, $595.6 million in time deposits, and $171.2 million in financial instruments.

*Net cash provided by operating activities* for the first nine months of 2018 was $71.0 million, including a $14.2 million contribution from TianXinFu, compared to $72.6 million for the same period of 2017. Excluding TianXinFu, the $15.8 million decrease in net cash provided by operating activities was a combined result of: 1) the negative impact from a decrease in net income, an increase in accounts receivable, an increase in prepayments and deferred expenses, and decreases in income tax payable; and 2) the positive impact from an increase of other payables and accrued liabilities, and a slowdown of increase in inventory compared to the first nine months of 2017.

Excluding TianXinFu, accounts receivable increased by $47.7 million during the first nine months of 2018 compared to $37.8 million in the same period of 2017. The accounts receivable turnover days for plasma products increased to 94 days during the first nine months of 2018 from 55 days in the same period of 2017, reflecting longer credit terms to hospitals as a result of the nationwide healthcare regulation changes and intensified competition in the distributor channel.

Excluding TianXinFu, inventories increased by $32.4 million in the first nine months of 2018. This is slightly lower than a $34.0 million inventory increase in the same period of 2017, when Shandong Taibang stockpiled raw material and WIP during the planned temporary production suspension.

Excluding TianXinFu, other payables and accrued liabilities increased by $28.6 million in the first nine months of 2018 compared to an increase of $9.9 million in the first nine months of 2017. The increase mainly reflected more marketing activities carried out by third party contract service organizations that the Company engaged to promote its placenta polypeptide and certain plasma products in compliance with the two-invoice policy.

*Net cash used in investing activities *for the first nine months of 2018 was $686.2 million compared to $28.4 million for the same period of 2017. Net cash used in investing activities in the first nine months of 2018 mainly consisted of a $1,680.5 million payment for the purchase of time deposits and financial instruments and a $26.9 million payment for the acquisition of property, plant, and equipment, intangible assets, and land use rights. This was partly offset by $97.7 million in cash received upon acquisition of TianXinFu and the maturity of $923.4 million in time deposits and financial instruments. In the same period of 2017, the Company paid $28.5 million for the acquisition of property, plant, and equipment and land use rights for Shandong Taibang and Guizhou Taibang.

*Net cash provided by financing activities *for the first nine months of 2018 was $581.3 million compared to net cash used in financing activities of $18.4 million for the same period of 2017. Net cash provided by financing activities in the first nine months of 2018 represented $590.3 million proceeds from the issuance and sale of an aggregate of 5,850,000 ordinary shares of the Company to certain investors in late third quarter of 2018, and $1.2 million from stock options exercised, partially offset by a dividend of $10.1 million paid by Shandong Taibang to its noncontrolling interest shareholders. Net cash used in financing activities in the first nine months of 2017 mainly consisted of $18.8 million dividends paid by Shandong Taibang to its noncontrolling interest shareholders.

*Financial Outlook*

The Company reiterates its previously revised full year 2018 forecast. The Company expects non-GAAP adjusted income from operations to increase by 0% to 2% in RMB terms and non-GAAP adjusted net income to decrease by 2% to 4% in RMB terms over full year 2017 financial results. Excluding TianXinFu, full year 2018 non-GAAP adjusted income from operations is expected to decrease by 16% to 18% in RMB terms and non-GAAP adjusted net income to decrease by 19% to 21% in RMB terms over full year 2017 financial results.

This guidance does not factor in any potential foreign currency translation impact. Having previously adopted an exchange rate of approximately RMB6.76 = $1.00 based on weighted average quarterly exchange rates in 2017 in translating 2017 financial results, the Company expects that the non-GAAP adjusted income from operations and non-GAAP adjusted net income in USD terms in 2018 could be affected by the foreign currency translation impact.

This guidance excludes potential acquisitions, and necessarily assumes no significant adverse product price changes during 2018. This forecast reflects the Company's current and preliminary views, which are subject to change.

*Conference Call*

The Company will host a conference call at 7:30 am Eastern Time on November 2, 2018, which is 7:30 pm Beijing Time on November 2, 2018, to discuss its third quarter 2018 results and answer questions from investors. Listeners may access the call by dialing:

US: 

1 888 346 8982

International:

1 412 902 4272

Hong Kong:

852 301 84992

China:

4001 201203

A telephone replay will be available one hour after the conclusion of the conference through November 9, 2018. The dial-in details are:

US: 

1 877 344 7529

International:  

1 412 317 0088

Passcode: 

10125875

A live and archived webcast of the conference call will be available through the Company's investor relations website at http://chinabiologic.investorroom.com.

*About China Biologic Products Holdings, Inc.*

China Biologic Products Holdings, 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 different dosage forms of plasma products through its indirect majority-owned subsidiary, Shandong Taibang Biological Products Co., Ltd. and its wholly owned subsidiary, Guizhou Taibang Biological Products Co., Ltd. The Company also has an equity investment in Xi'an Huitian Blood Products Co., Ltd. The Company sells its products to hospitals, distributors 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 and restricted shares granted to employees and directors under the Company's 2008 Equity Incentive Plan, amortization of acquired intangible assets and land use rights, and an income tax benefit related to U.S. Tax Reform. To supplement the Company's unaudited 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 its presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. 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.

In addition, as the Company evaluates certain key items of its financial results on a local currency basis (i.e., in RMB) in addition to the reporting currency (i.e., in USD), this news release contains local currency information that eliminates the impact of fluctuations in foreign currency exchange rates. The Company believes that, given its operations primarily based in China, providing local currency information on such key items enhances the understanding of its financial results and evaluation of performance in comparison to prior periods. Changes in local currency percentages are calculated by comparing financial results denominated in RMB from period to period.

*Safe Harbor Statement*

This news release may contain certain "forward-looking statements" relating to the business of China Biologic Products Holdings, 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 "intend,""believe,""expect,""are expected to,""will," or similar expressions, and involve known and unknown risks and uncertainties. Among other things, the Company's plans regarding the construction and operation of plasma collection stations, the commercial launch of pipeline products and the integration with TianXinFu, as well as the management's quotations and forecast of the Company's financial performance in this news release contain forward-looking statements. 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, without limitation, quality of purchased source plasma, potential delay or failure to complete construction of new collection facilities, potential inability to pass government inspection and certification process for existing and new facilities, potential inability to achieve the designed collection capacities at the new collection facilities, potential inability to achieve the expected operating and financial performance, 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 Holdings, Inc.
Mr. Ming Yin
Senior Vice President
Phone: +86-10-6598-3099
Email: ir@chinabiologic.com

The Foote Group
Mr. Philip Lisio
Phone: +86-135-0116-6560
Email: phil@thefootegroup.com

 

 

 

*(Financial statements on the following pages)*

 

*CHINA BIOLOGIC PRODUCTS HOLDINGS, INC. AND SUBSIDIARIES*

*UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME*





For the Three Months Ended


For the Nine Months Ended  September 30, 2018


September 30, 2017


September 30, 2018


September 30, 2017 USD


USD


USD


USD

Sales:

119,106,754


99,561,251


351,948,937


280,292,260

           Human Albumin

38,820,347


32,814,153


110,750,427


102,047,466

           Human Immunoglobulin for Intravenous Injection

24,231,787


30,724,570


84,128,156


92,141,052

           Other Immunoglobulin products

17,754,624


14,855,226


46,180,028


35,858,831

           Placenta Polypeptide

19,203,232


15,037,482


52,311,027


34,510,237

           Artificial Dura Mater

9,976,001


-


32,735,840


-

           Others

9,120,763


6,129,820


25,843,459


15,734,674







Cost of sales

37,874,952


32,424,522


109,205,180


94,750,267

Gross profit

81,231,802


67,136,729


242,743,757


185,541,993







Operating expenses









           Selling expenses

27,441,971


10,311,284


72,489,297


17,696,435

           General and administrative expenses

22,195,036


17,369,133


60,165,137


46,890,375

           Research and development expenses

2,898,115


1,409,226


6,560,990


4,691,260

Income from operations

28,696,680


38,047,086


103,528,333


116,263,923







Other income (expenses)









            Equity in income of an equity method investee

521,213


1,114,784


2,019,767


2,998,886

            Interest expense

(64,563)


(129,787)


(200,236)


(478,655)

            Interest income

3,705,168


1,781,576


9,946,304


5,022,469

            Fair value changes of financial instruments

1,181,400


-


3,807,865


-

Total other income, net

5,343,218


2,766,573


15,573,700


7,542,700







Income before income tax expense

34,039,898


40,813,659


119,102,033


123,806,623







Income tax expense

(3,614,695)


5,650,621


9,836,443


19,468,594







Net income

37,654,593


35,163,038


109,265,590


104,338,029







Less: Net income attributable to noncontrolling interest

4,733,252


3,597,923


16,116,303


11,750,581







Net income attributable to China Biologic Products Holdings, Inc.

32,921,341


31,565,115


93,149,287


92,587,448







Earnings per share of ordinary share: 









             Basic

0.94


1.11


2.67


3.28

             Diluted

0.94


1.11


2.66


3.25

Weighted average shares used in computation:









             Basic

33,973,834


27,430,784


33,937,057


27,277,823

             Diluted

34,077,426


27,657,806


34,078,243


27,535,624







Net income

37,654,593


35,163,038


109,265,590


104,338,029







Other comprehensive income:









Foreign currency translation adjustment, net of nil income taxes

(52,258,441)


11,305,814


(64,060,220)


24,719,100







Comprehensive income

(14,603,848)


46,468,852


45,205,370


129,057,129







Less: Comprehensive income attributable to noncontrolling interest

(1,294,335)


4,836,621


8,578,116


14,347,082







Comprehensive income attributable to China Biologic Products Holdings, Inc.

(13,309,513)


41,632,231


36,627,254


114,710,047

 

 

 

*CHINA BIOLOGIC PRODUCTS HOLDINGS, INC. AND SUBSIDIARIES*

*UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS*



September 30, 2018


December 31, 2017
USD


USD

ASSETS 






Current Assets 






   Cash and cash equivalents


186,415,243


219,336,848

   Time deposits


595,605,010


22,895,200

   Financial instruments


171,181,058


-

   Accounts receivable, net of allowance for doubtful accounts 


117,768,996


77,267,275

   Loan receivable - current


-


45,912,000

   Inventories 


234,106,644


209,570,835

   Prepayments and other current assets, net of allowance for doubtful
accounts


29,513,540


18,139,453

      Total Current Assets 


1,334,590,491


593,121,611




Property, plant and equipment, net 


177,737,929


166,812,749

Intangible assets, net


54,341,019


536,338

Land use rights, net 


27,400,023


24,853,163

Equity method investment 


15,041,973


14,903,908

Loan receivable - non-current


40,991,531


-

Goodwill


312,878,547


-

Other non-current assets 


11,386,252


8,829,648

           Total Assets 


1,974,367,765


809,057,417




LIABILITIES AND SHAREHOLDERS' EQUITY 






Current Liabilities 






   Accounts payable 


7,152,500


7,548,909

   Income tax payable 


11,848,817


14,258,544

   Other payables and accrued expenses 


105,296,794


75,827,864

      Total Current Liabilities 


124,298,111


97,635,317




Deferred income


2,939,018


3,476,877

Non-current income tax payable


26,899,038


37,067,138

Other liabilities 


12,946,520


6,553,088

           Total Liabilities 


167,082,687


144,732,420




Shareholders' Equity 






   Ordinary share:






      par value $0.0001;






      100,000,000 shares authorized;






      41,616,020 and 29,866,545 shares issued at September 30, 2018 and
December 31, 2017, respectively;






      39,361,316 and 27,611,841 shares outstanding at September 30, 2018 and
December 31, 2017, respectively


4,162


2,987

   Additional paid-in capital 


1,194,258,324


140,230,395

   Treasury share: 2,254,704 shares at September 30, 2018 and December31,
2017, respectively, at cost


(56,425,094)


(56,425,094)

   Retained earnings


599,575,723


506,426,436

   Accumulated other comprehensive income


(48,564,729)


7,957,304

            Total equity attributable to China Biologic Products Holdings, Inc. 


1,688,848,386


598,192,028




   Noncontrolling interest 


118,436,692


66,132,969




            Total Shareholders' Equity 


1,807,285,078


664,324,997




   Commitments and contingencies 


-


-




            Total Liabilities and Shareholders' Equity 


1,974,367,765


809,057,417







Note: "Ordinary share" when used with respect to a date before July 21, 2017 refers to the common stock of our predecessor, China Biologic
Products, Inc.

 

 

 

*CHINA BIOLOGIC PRODUCTS HOLDINGS, INC. AND SUBSIDIARIES*

*UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS *



For the Nine Months Ended
September 30,


September 30,
2018


2017
USD


USD

*CASH FLOWS FROM OPERATING ACTIVITIES: *






Net income 


109,265,590


104,338,029

Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation 


10,809,288


9,154,528

Amortization


7,391,494


948,945

Loss on sale of property, plant and equipment


119,658


136,496

Fair value changes of financial instruments


(3,807,868)


-

Allowance for doubtful accounts - accounts receivable, net


1,125,569


23,783

Write-down of obsolete inventories 


428,741


-

Impairment for non-current assets


777,946


-

Deferred tax benefit


(6,119,956)


(1,770,326)

Share-based compensation 


27,694,079


24,715,534

Equity in income of an equity method investee 


(2,019,767)


(2,998,886)

Change in operating assets and liabilities: 






Accounts receivable


(47,682,569)


(37,784,029)

Inventories


(34,667,723)


(34,030,811)

Prepayments and other current assets 


(11,583,687)


(1,840,311)

Accounts payable 


2,611,758


(88,625)

Income tax payable 


(2,717,011)


2,690,364

Other payables and accrued expenses 


30,565,526


9,432,501

Deferred income


(384,334)


(367,750)

Non-current income tax payable


(10,769,674)


-

*Net cash provided by operating activities *


71,037,060


72,559,442




*CASH FLOWS FROM INVESTING ACTIVITIES:*






Cash acquired from acquisition of Tianxinfu


97,702,278


-

Purchase of time deposit


(1,116,354,557)


-

Maturity of time deposit


536,098,566


-

Purchase of financial instruments


(564,125,165)


-

Maturity of financial instruments


387,319,807


-

Payment for property, plant and equipment


(26,193,022)


(27,755,853)

Payment for intangible assets and land use rights


(700,458)


(733,513)

Proceeds from sale of property, plant and equipment 


26,785


46,264

*Net cash used in investing activities *


(686,225,766)


(28,443,102)




*CASH FLOWS FROM FINANCING ACTIVITIES: *






Proceeds from stock option exercised 


1,180,854


836,897

Proceeds from short-term bank loans


-


23,009,280

Repayment of short-term bank loan


-


(23,412,060)

Proceeds from the issuance and sale of ordinary shares


590,265,000


-

Dividend paid by subsidiaries to noncontrolling interest shareholders


(10,145,395)


(18,789,152)

*Net cash provided by (used in ) financing activities *


581,300,459


(18,355,035)




EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH


966,642


6,918,216




NET (DECREASE)INCREASE  IN CASH AND CASH EQUIVALENTS


(32,921,605)


32,679,521




Cash and cash equivalents at beginning of period 


219,336,848


183,765,533




Cash and cash equivalents at end of period


186,415,243


216,445,054




Supplemental cash flow information 






Cash paid for income taxes 


30,691,960


18,767,908

Noncash investing and financing activities: 






Acquisition of property, plant and equipment included in payables 


4,781,628


3,374,860

Issuance of ordinary shares in connection with the Tianxinfu acquisition


434,889,170


-

 

 

 

*CHINA BIOLOGIC PRODUCTS HOLDINGS, INC. AND SUBSIDIARIES*

*RECONCILIATION OF NON-GAAP FINANCIAL MEASURES *





For the Three Months Ended

September 30,


September 30,

2018


2017

USD


USD

Income from Operations



28,696,680


38,047,086

Non-cash employee share-based compensation


7,847,253


8,514,344

Amortization of acquired intangible assets and land use rights


1,985,958


-

Adjusted Income from Operations - Non GAAP


38,529,891


46,561,430





Net Income Attributable to the Company



32,921,341


31,565,115

Non-cash employee share-based compensation


6,949,127


7,798,705

Amortization of acquired intangible assets and land use rights


1,350,452


-

Income tax benefit related to U.S. Tax Reform


(7,519,674)


-

Adjusted Net Income Attributable to the Company - Non GAAP


33,701,246


39,363,820

Diluted EPS - Non GAAP



0.96


1.38





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


34,077,426


27,657,806





For the Nine Months Ended

September 30,


September 30,

2018


2017

USD


USD

Income from Operations



103,528,333


116,263,923

Non-cash employee share-based compensation


27,694,079


24,715,534

Amortization of acquired intangible assets and land use rights


6,615,610


-

Adjusted Income from Operations - Non GAAP


137,838,022


140,979,457





Net Income Attributable to the Company



93,149,287


92,587,448

Non-cash employee share-based compensation


25,125,971


22,712,507

Amortization of acquired intangible assets and land use rights


4,498,615


-

Income tax benefit related to U.S. Tax Reform


(7,519,674)


-

Adjusted Net Income Attributable to the Company - Non GAAP


115,254,199


115,299,955

Diluted EPS - Non GAAP



3.29


4.05





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


34,078,243


27,535,624

 

View original content:http://www.prnewswire.com/news-releases/china-biologic-reports-financial-results-for-the-third-quarter-of-2018-300742192.html

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https://www.eventbrite.co.uk/o/sands-films-cinema-and-events-3135066918
*www.sandsfilms.co.uk *https://www.eventbrite.co.uk/o/sands-films-cinema-and-events-3135066918
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The Bladensburg World War I Veterans Memorial is a cross-shaped memorial erected in 1925 by local Gold-Star mothers and a local post of The American Legion to honor 49 Prince George’s County men who gave their lives while serving in WWI.  The Gold-Star mothers who designed the memorial in 1919 chose a cross shape to recall the cross-shaped grave markers standing over the countless American graves on the Western Front of that war. One mother referred to the memorial as her son’s “grave stone.”

In 2015, the U.S. District Court for the District of Maryland ruled the memorial was constitutional, citing the use of crosses to mark the graves of fallen American servicemen overseas.  Later, the U.S. Court of Appeals for the Fourth Circuit reversed the District Court’s decision, declaring the cross shape of the memorial violates the Establishment Clause of the First Amendment to the U.S. Constitution.

To learn more, visit https://firstliberty.org/cases/bladensburg/.

Reporters: The proper reference to our clients is with the article, it’s part of the proper noun: “The American Legion” and, the correct style of the case is, “The American Legion v. American Humanist Association” not “American Legion….”

*About First Liberty Institute *
First Liberty Institute is a non-profit public interest law firm and the largest legal organization in the nation dedicated exclusively to defending religious freedom for all Americans.

To arrange an interview, contact Lacey McNiel at media@firstliberty.org or by calling 972-941-4453.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c26915de-7f5c-4edf-b90e-ddd02d02bf95 Reported by GlobeNewswire 4 hours ago.
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