BEIJING, Jan. 7, 2019
/PRNewswire/ -- China Biologic Products Holdings, Inc.
(NASDAQ: CBPO)("China Biologic" or the "Company"), a
leading fully integrated plasma-based biopharmaceutical company in
China, today reiterated its
previously revised full year 2018 forecast.
Full year 2018 non-GAAP adjusted income from operations is
expected to increase in the range of 0% to 2% in RMB terms and
non-GAAP adjusted net income is expected 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 will be
affected by the foreign currency translation impact.
This forecast reflects the Company's current and preliminary
views, which are subject to change.
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. The Company's management believes that
its presentation of non-GAAP financial measures provides useful
supplementary information to and facilitates additional analysis by
investors. 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. A
reconciliation of GAAP income and GAAP net income, on the one hand,
and non-GAAP adjusted income and non-GAAP adjusted net income, on
the other hand, for the full year 2018, will be provided when the
Company announces its complete financial results for the fourth
quarter and full year ended December 31,
2018.
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.
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, the 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
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SOURCE China Biologic Products Holdings, Inc.