China Biologic Products Provides Preliminary Guidance for 2009 of Revenues of $90 to $100 Million and Net Income of $18 to 22 Mi
October 16 2008 - 1:19PM
PR Newswire (US)
TAIAN, Shandong, China, Oct. 16 /Xinhua-PRNewswire-FirstCall/ --
China Biologic Products, Inc. (OTC:CBPO) (BULLETIN BOARD: CBPO)
("China Biologic" or the "Company"), one of the leading
plasma-based pharmaceutical companies in the People's Republic of
China ("PRC"), issues preliminary guidance following the recently
announced acquisitions which will transform the Company into the
largest non-state-owned producer of plasma based products in China.
"We expect the acquisitions of a 90% controlling interest in
Chongqing Dalin Biologic Technologies Co., Ltd. ("Dalin") and a 35%
equity interest in Xi'an Huitian Blood Products Co., Ltd.
("Huitian") will accelerate our geographical expansion, diversify
our customer base, enhance our technological capabilities or
competitive advantages and serve to transform our company into the
leading biopharmaceutical producer in China," said Mr. Chao Ming
Zhao, CEO of China Biologic Products. "We believe the two
acquisitions position China Biologic to significantly grow our
revenues and profitability in 2009, while affording us the ability
to increase our supply of plasma and achieve higher utilization
levels over time across our expanded geographic platform." China
Biologic has targeted combined revenue for 2008 to be in the range
of $48 million to $50 million and combined net income to be between
$9 million to $10 million, including only a portion of the 4th
quarter operations from the two acquisitions. Assuming the full
year consolidation of the two acquisitions, management estimates
revenues for 2009 will be in the range of $90 million to $100
million with net income between $18 million to $22 million.
Management will continue to evaluate the potential synergies that
may emerge from the two acquisitions. About China Biologic
Products, Inc. Through its indirect majority-owned subsidiary
Shandong Taibang Biological Products CO. Ltd., China Biologic
Products, Inc. (the "Company"), is principally engaged in the
research, development, production and manufacturing and sale of
plasma-based biopharmaceutical products to hospitals and other
health care facilities in China. The Company's human albumin
products are mainly used to increase blood volume and its
immunoglobulin products are used for the treatment and prevention
of diseases. Safe Harbor Statement This release may contain certain
"forward-looking statements" relating to the business of China
Biologic Products, Inc. and its subsidiary companies. All
statements, other than statements of historical fact included
herein are "forward-looking statements," including statements
regarding: the impact of the acquisitions of Chongqing Dalin
Biologic Technologies Co., Ltd. and Xi'an Huitian Blood Products
Co., Ltd.; the ability of the Company to achieve its commercial
objectives; the business strategy, plans and objectives of the
Company and its subsidiaries; statements about expected future
revenues and earnings; and any other statements of non-historical
information. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do 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 press 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 those 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. For more information, please contact: Company Contact:
Mr. Chao Ming Zhao CEO China Biologic Products, Inc. Tel:
+86-538-6217079 Email: http://www.chinabiologic.com/ Investor
Relations Contact: Mr. Crocker Coulson President CCG Investor
Relations Tel: +1-646-213-1915 (NY office) Email:
http://www.ccgir.com/ DATASOURCE: China Biologic Products, Inc.
CONTACT: Chao Ming Zhao, CEO, China Biologic Products, Inc. at
+86-538- 6217079 or ; Or Crocker Coulson, President, CCG Investor
Relations at +1-646-213-1915 or for China Biologic Web site:
http://www.chinabiologic.com/ http://www.ccgir.com/
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