China Biologic Reports Financial Results for the Second Quarter and First Half of 2013

China Biologic Reports Financial Results for the Second Quarter and First Half
                                   of 2013

2Q13 Total Sales Up 6.2% / 1H Total Sales Up 10.2%

2Q13 Operating Margin Up to 47.2% / 1H Operating Margin Up to 47.7%

2Q13 Non-GAAP Net Income Up 30.8% / 1H Non-GAAP Net Income Up 29.9%

Agrees to Repurchase 1.48 Million Shares

PR Newswire

BEIJING, Aug. 6, 2013

BEIJING, Aug. 6, 2013 /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 second quarter of 2013.

Second Quarter 2013 Financial Highlights

  oTotal sales in the second quarter of 2013 increased by 6.2% to $53.6
    million from $50.5 million in the same quarter of 2012.
  oGross profit increased by 9.1% to $37.5 million from $34.3 million in the
    same quarter of 2012. Gross margin increased to 69.9% in the second
    quarter of 2013 from 68.0% in the second quarter of 2012.
  oIncome from operations increased by 18.8% to $25.3 million from $21.3
    million in the same quarter of 2012. Operating margin increased to 47.2%
    in the second quarter of 2013 from 42.2% in the same quarter of 2012.
  oNet income attributable to the Company increased by 25.9% to $16.2 million
    from $12.8 million in the same quarter of 2012. Fully diluted net income
    per share was $0.57 in the second quarter of 2013 as compared to $0.46 in
    the same quarter of 2012.
  oNon-GAAP adjusted net income attributable to the Company was $17.4
    million, representing a 30.8% increase from $13.3 million in the same
    quarter of 2012. Non-GAAP adjusted net income per share was $0.62,
    compared to $0.50 in the same quarter of 2012.

Mr. David (Xiaoying) Gao, Chairman and Chief Executive Officer of China
Biologic, commented, "We were pleased with our second quarter improvement in
the quality of our business highlighted by steady sales growth, improved
margins and several operational accomplishments. In the past quarter, market
demand for our plasma-based products remained strong, which led to increased
human albumin product revenue. In the first half of 2013, despite increased
import levels in China of foreign human albumin, domestic pricing across our
plasma portfolio remained largely stable as the overall market continues to
show steady signs of growth, however we will continue to closely monitor
market trends related to albumin import volume, and will adjust our pricing
and product shipments accordingly. In the coming quarters, we aim to preserve
our margins through transitioning to a more profitable product mix and
implementing efficient cost control measures. We were glad to achieve improved
plasma utilization efficiency following the launch of Factor VIII products.
For the second quarter, sales of Factor VIII contributed approximately 2% of
total sales and we expect its sales contribution to gradually increase in the
long run."

"During the second quarter, our new plasma station in Cao County, Shandong
Province commenced plasma collection operations. Additionally, our Shandong
Taibang production facility obtained renewed GMP certification from the China
Food and Drug Administration ("CFDA") at the end of June, ahead of schedule.
Additionally, in Guizhou, we halted production at this facility on June 1^st
as planned and remain on track with the facility upgrade plan. We currently
expect to resume production at Guizhou Taibang in the first quarter of 2014."

Mr. Gao concluded, "The Company announced that it is has entered into a
redemption agreement with Ms. Lin Ling Li, an individual shareholder of the
Company and her spouse, pursuant to which the Company agreed to redeem
1,479,704 shares of its common stock, representing approximately 5.49% of the
total common stock outstanding on August 2, 2013. The redemption price is
$20.00 per share, and the redemption shares will become treasure stock of the
Company upon closing of the redemption. We believe this share redemption will
improve China Biologic's shareholder structure, enhance shareholder value and
benefit other existing shareholders of the company. "

Second Quarter 2013 Financial Performance

Total sales in the second quarter of 2013 were $53.6 million, an increase of
6.2% from $50.5 million in the same quarter of 2012. Excluding foreign
currency influence, the increase in sales was primarily attributable to a mix
of price and volume increases in certain plasma-based products. During the
three months ended June 30, 2013, the prices all of the Company's approved
products either increased or remained stable. The price increase for the human
albumin products was primarily attributable to the increase of the retail
price ceiling announced by the NDRC in January 2013, which came into effect at
the beginning of February, enabling the Company to have more flexibility in
pricing and to raise ex-factory prices in certain regional markets. The
average price for human immunoglobulin for intravenous injection ("IVIG")
products remained stable as compared to the prior year period.

During the second quarter of 2013, human albumin products and IVIG products
remained the largest two sales contributors.

  oAs a percentage of total sales, human albumin product revenue was 42.5% in
    the second quarter of 2013 as compared to 38.7% in the same quarter of
    2012. Sales volume of human albumin products increased slightly by 3.9% in
    the reporting quarter, primarily due to strong market demand.
  oAs a percentage of total sales, IVIG revenue was 39.4% in the second
    quarter of 2013 as compared to 42.1% in the same quarter of 2012. Sales
    volume of IVIG products decreased by 1.6% in the quarter, mainly due to
    the Company's decision to reduce sales in order to smooth out the impact
    associated with the Guizhou Taibang production suspension.

Cost of sales was $16.1 million in the second quarter of 2013, the same with
that of the second quarter of 2012. Cost of sales as a percentage of total
sales was 30.1%, as compared to 32.0% in the same quarter of 2012.

Gross profit increased by 9.1% to $37.5 million in the second quarter of 2013
from $34.3 million in the same quarter of 2012. Gross margin was 69.9% and
68.0% for the three months ended June 30, 2013 and 2012, respectively. The
improvement of our overall gross margin was mainly due to the increased margin
of human albumin products and the improved plasma utilization efficiency
following the launch of Factor VIII products.

Total operating expenses in the second quarter of 2013 decreased by 6.8% to
$12.1 million from $13.0 million in the same quarter of 2012. As a percentage
of total sales, total operating expenses decreased to 22.7% from 25.8% in the
same quarter of 2012.

Selling expenses in the second quarter of 2013 decreased by 41.4% to $2.4
million from $4.2 million in the same quarter of 2012. As a percentage of
total sales, selling expenses were 4.6%, down from 8.3% in the same quarter of
2012. The decrease in selling expenses as a percentage of sales was primarily
due to the Company's lower commission rate for certain products, which have
been implemented since the second half of 2012. The Company has taken
additional steps to further control selling expenses since the second half of
2012. However, the Company carried out a series of promotional activities and
conferences for the newly-launched product Factor VIII starting from the
second quarter of 2013. As a result, the Company expects selling expenses as a
percentage of sales to increase in the following quarters.

General and administrative expenses in the second quarter of 2013 increased by
11.8% to $8.9 million from $7.9 million in the same quarter of 2012. As a
percentage of total sales, general and administrative expenses were 16.5% and
15.7% in the second quarter of 2013 and 2012, respectively. The increase in
G&A expenses was mainly due to higher payroll expenses and employee benefits,
an increase in share-based compensation and an increase in legal expenses
related to the corporate defense against the proposed share acquisition by
Shanghai RAAS Blood Products Co., Ltd., a public company listed on the
Shenzhen Stock Exchange and a direct competitor of the Company in China.

Research and development expenses in the second quarter of 2013 were $835
thousand, representing a decrease of 10.1% from $929 thousand in the same
quarter of 2012. As a percentage of total sales, research and development
expenses for the three months ended June 30, 2013 and 2012 were 1.6% and 1.8%,
respectively.

Income from operations for the three months ended June 30, 2013 was $25.3
million, an increase of 18.8% from $21.3 million in the same period of 2012.
Operating margin increased to 47.2% in the reporting quarter from 42.2% in the
same quarter of 2012.

Income tax expense in the second quarter of 2013 was $3.7 million, as compared
to $3.3 million in the same quarter of 2012, representing an increase of
12.4%. The effective income tax rates were 14.0% and 14.5% for the three
months ended June 30, 2013 and 2012, respectively.

Net income attributable to the Company increased by 25.9% to $16.2 million in
the second quarter of 2013, from $12.8 million in the same quarter of 2012.
Net margins were 30.2% and 25.4% for the three months ended June 30, 2013 and
2012, respectively. Fully diluted net income per share was $0.57, as compared
to $0.46 in the second quarter of 2012.

Non-GAAP adjusted net income attributable to the Company was $17.4 million or
$0.62 per diluted share in the second quarter of 2013, compared to $13.3
million or $0.50 per diluted share in the same quarter of 2012.

Non-GAAP adjusted net income and diluted earnings per share for the three
months ended June 30, 2013 excluded $1.2 million of non-cash employee
share-based compensation expenses.

First Half 2013 Financial Performances

Total sales in the first half of 2013 were $107.6 million, an increase of
10.2% from $97.7 million in the same period of 2012. The increase in sales was
primarily attributable to a mix of price and volume increases in certain
plasma-based products.

As a percentage of total sales, sales from human albumin products and IVIG
products were 40.2% and 43.5%, respectively, for the six months ended June 30,
2013.

Cost of sales increased slightly to $32.7 million in the first half of 2013,
from $31.8 million in the same period of 2012. Cost of sales as a percentage
of total sales was 30.4%, as compared to 32.6% in the same period of 2012.

Gross profit increased by 13.7% to $74.9 million in the first half of 2013
from $65.8 million in the same period of 2012. Gross margin increased to 69.6%
in the first half of 2013 from 67.4% in the same period of 2012. The
improvement of the Company's overall gross margin was mainly due to the
improved gross margin of human albumin products as a result of price increases
and the improved utilization efficiency of plasma following the launch of
Factor VIII products.

Total operating expenses in the first half of 2013 decreased by 8.3% to $23.6
million from $25.7 million in the same period of 2012. The decrease of total
operating expenses was mainly due to a significant decrease in the selling
expenses, partially offset by an increase in the general and administrative
expenses. As a percentage of total sales, total operating expenses decreased
to 21.9% for the six months ended June 30, 2013, from 26.3% in the same period
of 2012.

Income from operations for the six months ended June 30, 2013 was $51.3
million, an increase of 27.8% from $40.1 million in the same period of 2012.

Income tax expense in the first half of 2013 was $8.4 million, as compared to
$6.5 million in the same period of 2012. The effective income tax rates were
15.7% and 14.9% for the six months ended June 30, 2013 and 2012, respectively.
The tax rate applicable to the Company's major operating subsidiaries in the
PRC for 2012 and 2013 is 15%.

Net income attributable to the Company increased by 20.5% to $31.1 million for
the six months ended June 30, 2013, from $25.8 million in the same period of
2012. Net margins were 28.9% and 26.4% for the six months ended June 30, 2013
and 2012, respectively.

Non-GAAP adjusted net income attributable to the Company was $33.8 million or
$1.21 per diluted share for the six months ended June 30, 2013 compared with
$26.0 million or $0.98 per diluted share in the same period of 2012.

Non-GAAP adjusted net income and diluted earnings per share in the six months
ended June 30, 2013 excluded $2.7 million of non-cash employee share-based
compensation expenses.

As of June 30, 2013, the Company had cash and cash equivalents of $147.3
million, compared to $129.6 million as of December 31, 2012.

Net cash provided by operating activities for the six months ended June 30,
2013 was $37.9 million, as compared to $32.1 million for the same period of
2012.

Outlook

For the full year of 2013, the Company reiterates its full year financial
forecast of total sales in the range of $195 million to $205 million and full
year non-GAAP adjusted net income in the range of $50 million to $53 million.
This guidance assumes the production suspension at the Company's Guizhou
facility, only organic growth and excludes acquisitions and necessarily
assumes no significant adverse product price changes during 2013. Please note
that the Company's 2013 financial outlook may be subject to change depending
on market conditions and the GMP upgrade status at the Company's Guizhou
Taibang facility.

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 Wednesday,
August 7, 2013, which is 7:30 pm, Beijing Time on August 7, 2013, to discuss
second quarter 2013 results and answer questions from investors. Listeners may
access the call by dialing 1-480-629-9664.

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

A replay of the call will be available through August 21, 2013 by dialing
1-858-384-5517, access code: 4633951.

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 and restricted shares granted to
employees and directors under the Company's 2008 Equity Incentive Plan and
changes in the fair value of warrants. To supplement the Company's unaudited
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 2013, 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. Bill Zima
Phone: +86-10-6583-7511 or +1-646-405-5191
E-mail: bill.zima@icrinc.com



CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                     For the three months ended  For the six months ended
                     June 30,      June 30,     June 30,      June 30,
                     2013           2012          2013           2012
Sales                $  53,580,523  $ 50,466,339  $ 107,612,255  $ 97,693,800
Cost of sales           16,122,262    16,130,889    32,739,020     31,846,616
Gross profit           37,458,261    34,335,450    74,873,235     65,847,184
Operating expenses
 Selling          2,441,727     4,165,242     4,278,120      8,991,349
expenses
   General and
administrative          8,866,071     7,932,372     17,553,168     15,078,166
expenses
   Research and
development             835,150       929,489       1,748,242      1,640,077
expenses
Income from             25,315,313    21,308,347    51,293,705     40,137,592
operations
Other income
/(expenses)
   Equity in
income of an equity     610,997       451,891       739,945        1,474,303
method investee
   Change in
fair value of           -             559,758       -              1,769,140
derivative
liabilities
   Interest         (198,739)     (157,635)     (434,913)      (766,198)
expense
   Interest         995,757       765,717       1,643,819      1,309,112
income
   Other            -             (1,797)       -              (102,786)
expenses, net
Total other income,     1,408,015     1,617,934     1,948,851      3,683,571
net
Earnings before         26,723,328    22,926,281    53,242,556     43,821,163
income tax expense
Income tax expense     3,745,649     3,333,616     8,352,551      6,510,331
Net income             22,977,679    19,592,665    44,890,005     37,310,832
Less: Net income
attributable to         6,815,753     6,753,894     13,812,219     11,514,755
noncontrolling
interest
Net income
attributable to      $  16,161,926  $ 12,838,771  $ 31,077,786   $ 25,796,077
China Biologic
Products, Inc.
Net income per
share of common
stock:
   Basic        $  0.60        $ 0.50        $ 1.15         $ 1.00
   Diluted      $  0.57        $ 0.46        $ 1.11         $ 0.90
Weighted average
shares used in
computation:
   Basic           26,880,459    25,875,164    26,833,262     25,738,145
   Diluted         28,067,303    26,627,160    27,967,080     26,581,824
Net income          $  22,977,679  $ 19,592,665  $ 44,890,005   $ 37,310,832
Other comprehensive
income :
Foreign currency
translation             4,428,715     136,178       5,825,256      1,313,135
adjustment, net of
nil income taxes
Comprehensive           27,406,394    19,728,843    50,715,261     38,623,967
income
Less: Comprehensive
income attributable     7,723,790     6,750,933     14,882,947     11,766,768
to noncontrolling
interest
Comprehensive
income attributable  $  19,682,604  $ 12,977,910  $ 35,832,314   $ 26,857,199
to China Biologic
Products, Inc.



CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                                                  June 30,      December 31,
                                                  2013           2012
ASSETS
Current Assets
 Cash and cash equivalents                      $ 147,264,448  $ 129,609,317
 Accounts receivable, net of allowance for        17,821,673     11,206,244
doubtful accounts
 Inventories                                     80,907,813     75,679,173
 Prepayments and other current assets             5,503,155      5,664,919
    Total Current Assets                      251,497,089    222,159,653
Property, plant and equipment, net                 62,337,422     51,325,177
Intangible assets, net                             3,104,210      3,541,582
Land use rights, net                               6,373,176      5,818,709
Deposits related to land use rights                 16,669,167     14,752,574
Restricted cash                                    2,786,502      2,912,145
Equity method investment                           10,937,307     10,537,310
    Total Assets                            $ 353,704,873  $ 311,047,150
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
 Short-term bank loans                         $ 4,860,000    $ 7,935,000
 Accounts payable                                3,018,095      2,908,624
 Due to related parties                          4,055,925      4,081,624
 Other payables and accrued expenses             25,895,823     25,423,349
 Advance from customers                          2,381,166      2,857,420
 Income tax payable                              3,333,141      4,513,075
    Total Current Liabilities                 43,544,150     47,719,092
Deferred income                                     2,972,700      2,912,145
Other liabilities                                  3,410,801      2,996,749
    Total Liabilities                       $ 49,927,651   $ 53,627,986
Stockholders' Equity
Common stock: par value $0.0001; 100,000,000
shares authorized; 26,952,945 and 26,629,615      $ 2,695        $ 2,663
shares issued and outstanding atJune 30, 2013
and December 31, 2012, respectively
 Additional paid-in capital                      67,303,915     62,251,731
 Retained earnings                               150,220,786    119,143,000
 Accumulated other comprehensive income          18,826,850     14,072,322
 Total equity attributable to China Biologic      236,354,246    195,469,716
Products, Inc.
 Noncontrolling interest                         67,422,976     61,949,448
    Total Stockholders' Equity                303,777,222    257,419,164
 Commitments and contingencies                   -              -
    Total Liabilities and Stockholders'      $ 353,704,873  $ 311,047,150
Equity



CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                               For the six months ended
                                               June 30,       June 30,
                                               2013            2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                            $ 44,890,005    $ 37,310,832
 Adjustments to reconcile net income to
net cash provided by operating activities:
  Depreciation                        3,105,739       2,281,223
 Amortization                       702,556         1,525,267
 (Gain)/loss on sale of property,    (70,363)        60,518
plant and equipment
 Allowance for doubtful accounts,    -               21,895
net
 Provision for doubtful accounts -   6,202           35,637
other receivables and prepayments
 Write-down of obsolete              -               49,703
inventories
 Deferred tax expense                720,679         26,341
 Share-based compensation           3,047,962       1,992,958
 Change in fair value of             -               (1,769,140)
derivative liabilities
 Equity in income of an equity       (739,945)       (1,474,303)
method investee
 Change in operating assets and
liabilities:
 Accounts receivable                (6,314,643)     (4,692,006)
  Prepayment and other current        (101,135)       (292,473)
assets
 Inventories                        (3,616,165)     2,045,191
 Accounts payable                   242,365         (1,546,373)
 Other payables and accrued          (2,033,594)     (2,977,473)
expenses
 Advance from customers             (529,984)       401,393
  Due to related parties              (140,697)       1,255,867
  Income tax payable                 (1,260,254)     (2,185,825)
Net cash provided by operating activities     $ 37,908,728    $ 32,069,232
CASH FLOWS FROM INVESTING ACTIVITIES:
 Payment for property, plant and           (11,912,603)    (5,098,533)
equipment
 Payment for intangible assets and land    (1,137,556)     (796,707)
use rights
 Dividend received                         560,980         555,310
 Purchase of short-term investment         -               (1,348,610)
 Proceeds from sale of property, plant     83,731          -
and equipment
Net cash used in investing activities         $ (12,405,448)  $ (6,688,540)
CASH FLOWS FROM FINANCING ACTIVITIES:
 Proceeds from stock option exercised    $ 2,668,916     $ -
 Proceeds from warrants exercised           -               4,500,000
 Proceeds from short-term bank loans        4,808,400       -
 Repayment of short term bank loans        (8,014,000)     (11,106,200)
 Acquisition of noncontrolling interest     (1,963,913)     -
 Dividends paid by subsidiaries to          (8,110,168)     (4,379,016)
noncontrolling interest shareholders
Net cash used in financing activities         $ (10,610,765)  $ (10,985,216)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON       2,762,616       679,914
CASH
NET INCREASE IN CASH                          $ 17,655,131    $ 15,075,390
Cash and cash equivalents at beginning of        129,609,317     89,411,835
period
Cash and cash equivalents at end of period     $ 147,264,448   $ 104,487,225
Supplemental cash flow information
Cash paid for income taxes               $ 8,892,126     $ 8,669,815
 Cash paid for interest expense           $ 198,900       $ 204,982
 Noncash investing and financing
activities:
 Acquisition of property, plant and     $ 1,554,828     $ 347,439
equipment included in payables
 Exercise of warrants that were           -               3,641,279
liability classified







RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2013 and 2012
                                                  For the three months ended
                                                  June 30,      June 30,
                                                  2013           2012
Adjusted Net Income Attributable to the Company - $ 17,406,925   $ 13,309,552
Non GAAP
Diluted EPS - Non GAAP                            $ 0.62         $ 0.50
Non-cash employee stock compensation              $ (1,244,999)  $ (1,030,539)
Gain from change in fair value of warrants        $ -            $ 559,758
Net Income Attributable to the Company            $ 16,161,926   $ 12,838,771
Weighted average number of shares used in           28,067,303     26,627,160
computation of Non GAAP diluted EPS
                                                  For the six months ended
                                                  June 30,      June 30,
                                                  2013           2012
Adjusted Net Income Attributable to the Company - $ 33,801,545   $ 26,019,895
Non GAAP
Diluted EPS - Non GAAP                            $ 1.21         $ 0.98
Non-cash employee stock compensation              $ (2,723,759)  $ (1,992,958)
Gain from change in fair value of warrants        $ -            $ 1,769,140
Net Income Attributable to the Company            $ 31,077,786   $ 25,796,077
Weighted average number of shares used in           27,967,080     26,581,824
computation of Non GAAP diluted EPS

SOURCE China Biologic Products, Inc.

Website: http://www.chinabiologic.com
Website: http://chinabiologic.investorroom.com
 
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