China Biologic Products (Nasdaq: CBPO), a Chinese biopharmaceutical company specializing in plasma-based products, said today that it swung to a profit for the third quarter on aggressive pricing strategies.
For the third quarter, profits attributable to the company were $13.7 million, or 53 cents per diluted share, compared to a loss of $6.2 million, or 29 cents per diluted share, for the year-ago period.
Excluding non-cash expenses and derivative gains and losses, third quarter profits attributable to the company were $10.5 million, or 39 cents per diluted share, up from $7.1 million, or 33 cents per diluted share, in the third quarter of 2009.
Meanwhile, third quarter revenues increased 33% year-over-year to $36 million, driven mainly by product price increases.
The results trumped analyst estimates, which typically exclude special items, of 32 cents per diluted share on revenues of $33.5 million.
The firm's antibody products, which make up half of the company's third quarter revenue, had average price increases ranging from 6.2% to 55.8%.
At quarter end, the company had about $123 million in current assets, about $64 million of which was in cash. Total liabilities stood at roughly $67 million.
China Biologic also reaffirmed its guidance for 2010 adjusted profits between $34 million and $36 million. Revenues for fiscal 2010 are expected to come in between $142 million and $149 million.
Since the news, the company's shares have rallied 3.2% to trade at $11.13 as of 1:48 pm EST.