BEIJING, Jan. 4, 2017 /PRNewswire/ --
--Reiterates Full Year 2016
Financial Forecast--
China Biologic Products, Inc. (NASDAQ: CBPO) ("China Biologic" or the "Company"), a
leading fully integrated plasma-based biopharmaceutical company in
China, today announced that the
Company will participate in the 35th Annual J.P. Morgan Healthcare
Conference, to be held at the Westin St. Francis Hotel,
San Francisco, California,
January 9-12, 2017. Mr. David Gao, Chairman and Chief Executive Officer,
Mr. Ming Yang, Chief Financial
Officer, and Mr. Ming Yin, Senior
Vice President of China Biologic, will meet with investors at the
event.
The Company reiterates its full year forecast of total sales
growth of 22% to 24% in RMB terms and non-GAAP adjusted net income
growth of 33% to 35% in RMB terms over the Company's 2015 financial
results. Non-GAAP adjusted net income excludes non-cash
compensation expenses related to options and restricted shares
granted to employees and directors. This guidance does not factor
in any potential foreign currency translation impact. Having
previously adopted an exchange rate of approximately RMB6.21 = $1.00
based on weighted average quarterly exchange rates in 2015 in
translating 2015 financial results, the Company expects that the
total sales and non-GAAP adjusted net income in USD terms in 2016
will be adversely affected by the foreign currency translation
impact.
For additional information or interest in meeting with
management, please contact your J.P. Morgan institutional sales
representative.
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 different dosages of plasma-based products through its 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 a non-GAAP financial measure,
adjusted net income, that excludes from net income non-cash
compensation expenses related to options and restricted shares
granted to employees and directors under the Company's 2008 Equity
Incentive Plan. The Company's management believes that this
non-GAAP measure provides investors with a better understanding of
the Company's performance. This 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. A reconciliation of GAAP net income and non-GAAP
adjusted net income for the full year 2016 will be provided when
the Company announces its complete financial results for the fourth
quarter and full year ended December 31,
2016 in February 2017.
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,
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
forecast of total sales growth and non-GAAP adjusted net income
growth contains 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
potential delay or failure to complete the clinical trials for new
products, potential delay or failure to complete construction of
new collection facilities, potential inability to pass government
inspection and certification process for new collection 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, Inc.
Mr. Ming Yin
Senior Vice President
Phone: +86-10-6598-3099
Email: ir@chinabiologic.com
ICR Inc.
Mr. Bill Zima
Phone: 1-203-682-8233
E-mail: bill.zima@icrinc.com
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SOURCE China Biologic Products, Inc.