The Connex Cardio ECG demonstrates exceptional usability with advanced analysis and interpretation
SANTA CLARA, California, Nov. 1, 2018 /PRNewswire/ — Based on its recent analysis of the North America diagnostic cardiology market, Frost & Sullivan recognizes Welch Allyn, a subsidiary of Hill-Rom, with the 2018 North America Technology Innovation Award for its industry-leading and clinically validated cardiology solutions. The company’s innovative diagnostic algorithms, electronic medical record (EMR) connectivity and integration, and enhanced security features offer unparalleled client value, innovation, and ease of use. With the 2017 acquisition of Mortara Instrument, a leading diagnostic cardiology and patient monitoring technology provider, the company gained the capabilities to help clinicians further reduce the number of steps it takes to perform an electrocardiogram (ECG), helping to increase accuracy and workflow integration.
“In 2017, Welch Allyn launched the Connex® Cardio ECG, the company’s first cardiology product introduction since the Mortara acquisition. The Connex Cardio ECG is a 12-lead ECG that combines the VERITAS® algorithm with wireless technology and flexible EMR connectivity to capture ECGs,” said Patrick Riley, Principal Consultant at Frost & Sullivan. “The VERITAS algorithm—the same one used by the FDA to evaluate drug safety in clinical trials—analyzes and interprets the ECG reading, and the system then prints, stores, and transmits the results to the EMR. The resulting ECG can simplify clinicians’ decision-making and workflows in one of the most commonly performed tests they do in the office every day.”
The Connex Cardio ECG can offer such superior and wireless ECG capture by employing the unique WAM™ Wireless Acquisition Module. The system is highly scalable yet simple and can launch directly from the EMR to acquire ECGs in real time.
Regional health systems have already started standardizing their devices with the Connex Cardio ECG, and on the back of this success, Welch Allyn is preparing for global distribution.
“Welch Allyn has cutting-edge data security, which is a powerful purchase influencer among increasingly security-conscious customers. Data is translated and transported to diverse software systems and formats via DICOM® and Health Level Seven International communication standards,” noted Riley. “The company’s breadth of connectivity is an equally strong value proposition, as it allows devices to work with multiple systems in the hospital and beyond.”
Each year, Frost & Sullivan presents this award to the company that develops a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
About Hill-Rom
Hill-Rom is a leading global medical technology company with more than 10,000 employees worldwide. We partner with health care providers in more than 100 countries, across all care settings, by focusing on patient care solutions that improve clinical and economic outcomes in five core areas: Advancing Mobility, Wound Care and Prevention, Patient Monitoring and Diagnostics, Surgical Safety and Efficiency and Respiratory Health. Our innovations ensure caregivers have the products they need to help diagnose, treat and protect their patients; speed up recoveries; and manage conditions. Every day, around the world, we enhance outcomes for patients and their caregivers. Learn more at hill-rom.com.
About Frost & Sullivan Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector, and the investment community. Contact us: Start the discussion.
BEIJING, Nov. 3, 2018 /PRNewswire/ — The 2018 Most Respected Entrepreneurs Awards Dinner, an event hosted by Hurun Report each year, was held in Beijing on 2 November 2018. Mr. Wang Tao, the Chairman and CEO of Ping An Good Doctor was awarded the “2018 China Industry Leader of the Year” award for his innovative achievements in internet healthcare in 2018. Mr. Wang was the only person in the medical and healthcare sector to receive the honor this year.
Mr. Wang Tao Awarded ‘China Industry Leader of the Year’ by Hurun Report
“The China Industry Leader of the Year” award is an assessment by Hurun Report on the influence of Chinese business leaders during the year. It is a highly regarded award that honors entrepreneurs who have made outstanding contributions in their own sectors or regions. The selection criteria includes sense of social responsibility, influence and innovative ideas. Hurun Report’s awards pay tribute to outstanding figures in various industries that have influenced society and instigated change.
Mr. Rupert Hoogewerf, the Chairman and Chief Researcher of Hurun Report, said in his speech that Mr. Wang has turned Ping An Good Doctor into a leading, innovative company in the Chinese and global medical and healthcare sector in just four years. The company uses the “Internet +AI” model to benefit its 228 million users, providings convenient and quality one-stop healthcare services. On 4 May 2018, Ping An Good Doctor became the first listed internet health-tech company in the world when it joined the Hong Kong Stock Exchange. The public offer shares were 653 times oversubscribed. Its listing has had a profound impact on the future development of China’s healthcare industry.
Continuous innovation makes it the No.1 internet health-tech company
Mr. Wang recently said: “Our vision is to provide every family with a family doctor, every person with an e-health profile and everyone with a healthcare management plan.”
By using leading AI medical technology, Ping An Good Doctor now has a thousand medical personnel, external contracted doctors and offline medical network resources to form online consultations and online drug purchases, forming a closed loop of the whole diagnosis process. At present, Ping An Good Doctor has already cooperated with approximately 3,100 hospitals, more than 2,000 healthcare institutions and more than 12,000 pharmacies. On the payment side, Ping An Good Doctor explores and develops a new commercial insurance medical model, providing one-stop healthcare solutions for insurance customers, assisting insurance companies to achieve user health management and improve risk management and control.
Since the beginning of this year, the business of Ping An Good Doctor has developed rapidly. The enterprise-managed medical insurance plan has signed contracts with nearly 200 large enterprises, including Vanke, Greentown, Bank of China and Evergrande Group, serving nearly 1.5 million employees. The service network of “One-minute consultation + One-hour delivery” has covered more than 80 major cities in the country, including Beijing, Shanghai, Guangzhou, Shenzhen and more than 10,000 cooperative pharmacies.
At the same time, Ping An Good Doctor’s “AI Doctor”, built by using the big data of more 300 million online consultations, has been used in smart hospitals, Chinese medicine “Modern Physician Hua Tuo” and “One-minute Clinics”, which reduce the rate of misdiagnosis of traditional medicine and improve the efficiency of medical resource usage, accurately matching the needs of doctors and patients, and maximizing the doctor’s workflow. So far, “AI Doctor” has entered more than 100 top three hospitals in China, including the 303th Hospital of the Chinese People’s Liberation Army, Qingdao Eye Hospital, the First Affiliated Hospital of Jinan University and the Third Affiliated Hospital of Southern Medical University.
While the business continues to grow, Ping An Good Doctor has also actively promoted its internationalization strategy and has established a Southeast Asian international joint venture with Grab. With Grab’s strong online user base and advantages in Southeast Asia, Ping An Good Doctor’s quality medical services and AI technology can be exported to more people, opening up the Southeast Asian internet medical health market with hundreds of millions of users, and laying a solid foundation for the establishment of “the world’s largest healthcare ecosystem circle”.
Ping An Good Doctor recorded a revenue of RMB1,123 million for the first half of 2018, representing a year-on-year increase of 150.3%. Among which, the family doctor services business, the core business of the Company, recorded a revenue of RMB186 million, representing a year-on-year increase of 91.4%. As of the end of 30 June 2018, Ping An Good Doctor’s mobile application gained 228 million registered users (RU) and had 48.6 million monthly active users, making it the most popular mobile healthcare mobile application in China. According to the “Active Medical App in July 2018” released by Analysys, a well-known internet data research institute, the monthly active users (MAU) of Ping An Good Doctor’s App is almost double that of the total MAU of the other Apps ranking from second to tenth on the list. Ping An Good Doctor’s MAU is approximately six times greater than the App ranking second on the list, outpacing other competitors in terms of market share in the internet medical field.
Using “Internet + AI” to Alleviate Poverty by Improving Health
In addition to leading the Company to outstanding results performances and being widely recognized by the industry, Mr. Wang has also launched an innovative initiative to improve rural medical and health services with “Internet + AI” in social welfare undertakings.
In order to solve the problem regarding lack of medical treatment in the remote mountainous areas and the vast rural areas, Ping An Good Doctor has employed its leading medical technology, “AI Doctor”, to provide village doctors with a series of products to help with poverty alleviation such as testing machines, multi-scenario remote training and doctors to help more than 10,000 rural doctors in poverty-stricken and remote areas in Guangxi, Jiangxi, Inner Mongolia and Chongqing. This initiative improves the capacity of rural medical services and the health of farmers in these areas.
“China’s best medical resources are often in the first-tier cities such as Beijing, Shanghai and Guangzhou, while many county-level cities and mountainous areas suffer from a lack of medical resources. It is very painful for people to travel a long way for medical treatment. Now, we will solve the dilemma of uneven distribution of medical resources by using the internet. This will help patients in small towns such as Guizhou and those in Xujiahui District of Shanghai to enjoy the same medical resources.” Mr. Wang said in a media interview.
About Ping An Good Doctor (1833.HK)
Ping An Good Doctor is the leading one-stop healthcare ecosystem platform in China. By combining “mobile health + AI technology”, the Company strives to provide every family with a family doctor, every person with an e-health profile and everyone with a healthcare management plan. Ping An Good Doctor has established a comprehensive, one-stop healthcare ecosystem covering family doctor services, consumer healthcare services, a health mall as well as health management and wellness interaction.
As of the end of June 2018, there were 228 million registered users and the Company’s MAU reached 48.6 million. Ping An Good Doctor is today the largest mobile medical application in China in terms of user scale. Ping An Good Doctor employs more than a thousand medical personnel (Assistant Supervisor Level or above from Class III Grade A Hospitals) in its in-house medical team and contracts with 4,650 renowned external doctors. This in-house medical team, empowered by our proprietary AI technology, provides users with 24 x 7 online consultation services. In our offline partnership network, Ping An Good Doctor collaborates with approximately 3,100 hospitals (including more than 1,200 Class III Grade A hospitals) to provide services such as hospital referral, appointment and inpatient arrangements. Ping An Good Doctor also partners with more than 2,000 healthcare institutions, including physical examination centers, dental clinics, cosmetic surgery institutions and more than 10,000 pharmacy outlets, to provide relevant health and wellness services to our users. By integrating our AI-empowered medical team, external doctors and offline network, Ping An Good Doctor has established a closed-loop healthcare ecosystem which enables our users to enjoy online consultations and online drug purchases, as well as online consultations and offline follow-up treatment, thereby providing convenient, high-quality and efficient family doctor services.
In April 2015, the App “Ping An Good Doctor” was officially launched. In May 2016, the Company completed an A round financing and raised US$500 million. In December 2017, the Company completed the pre-IPO financing from Softbank Vision Fund, during which it raised US$400 million. On 4 May 2018, Ping An Good Doctor became the No.1 listed internet health-tech company in the world when it joined the Hong Kong Stock Exchange, stock code 01833.HK. Our IPO cornerstone investors include Blackrock, Capital Group, GIC, Canada Pension Plan Investment Board, Khazanah Nasional Berhad, Swiss Re and CP Group.
Hong Kong Science Park serves as the platform for fostering international technological exchange and co-creation in I&T
HONG KONG, Nov. 1, 2018 /PRNewswire/ — Hong Kong Science and Technology Parks Corporation (HKSTP) today announced its fruitful participation in promoting Hong Kong’s innovation and technology (I&T) edge at the annual Think Global Think Hong Kong (TGTHK), held in Tokyo, Japan, today. TGTHK is an annual event organised by the Hong Kong Trade Development Council (HKTDC) to showcase Hong Kong’s attractive business environment and service offerings to business communities all over the world.
Chief Executive of HKSAR Mrs Carrie Lam emphasised that Hong Kong’s highly international business environment can attract international I&T companies to come the Greater Bay Area, while helping mainland I&T enterprises go global.
Albert Wong, Chief Executive Officer of HKSTP, said TGTHK provided a great platform to demonstrate the success of the Park companies and enabled the international community to know that Hong Kong Science Park serves as a cradle for local I&T advancement and a hub to foster technological exchange and co-creation.
As a reflection of the I&T sector’s growing importance to Hong Kong’s economy, HKSTP hosted two plenary sessions titled “Smart City ABCD” and “Inno Living, Happy Ageing: Healthy Ageing Technology Trends in Hong Kong” at the event. Smart City and Healthy Ageing are strategic technology focus areas of HKSTP, and are also areas of strength of Hong Kong’s I&T sector.
The two symposiums brought together heavyweight speakers from both Hong Kong and Japan, which included representatives from government, corporations and industry associations. HKSTP’s partner companies and incubatees shared their innovative concepts and accomplishments with some of them expressing the collaboration opportunities between Hong Kong and Japan to accelerate the development of Smart City and Healthy Ageing solutions. The symposiums were very well-received and filled the halls to the brim, with more than 350 delegates present.
The “Smart City ABCD” session focused on the opportunities technopreneurs and tech companies can explore in applying Artificial Intelligence (AI), Blockchain, Cloud and Data technologies for Smart City solutions. The “Inno Living, Happy Ageing: Healthy Ageing Technology Trends in Hong Kong” session highlighted the use of smart technologies in promoting healthy and active ageing. Speakers from the healthcare industry shared their views on the challenges and opportunities for developing healthy ageing technologies across the world.
In her opening keynote, Chief Executive of the HKSAR Mrs Carrie Lam spoke of the ambitions to develop the Greater Bay Area into an international I&T centre, allowing Hong Kong to play to its strengths and drive technological co-operation. She emphasised that Hong Kong’s highly international business environment can attract international I&T companies to come to the Greater Bay Area, while helping mainland I&T enterprises go global.
Albert Wong, Chief Executive Officer of HKSTP, said, “We are pleased to have the opportunity to hold two thematic symposiums, Smart City and Healthy Ageing, for the first time at TGTHK. The speakers were not only insightful, but also inspiring. We are facing a great technology-led social innovation brought by these two domains and clearly there are enormous opportunities for technopreneurs and tech companies alike.
TGTHK also gave us a great platform to demonstrate the success of our Park companies. We want the international community to know that Hong Kong Science Park not only serves as a cradle for local I&T advancement, but also a hub to foster technological exchange and co-creation. We have always been proactive in attracting innovative enterprises and outstanding talent from overseas to the Park, providing them with comprehensive and professional support. We are making connections and building a global ecosystem. Through cooperation and complementary efforts, we can certainly empower our Park companies to grow in the local market, and even extend their vision towards the Greater Bay Area and international markets.”
In addition to the symposiums, several of HKSTP’s partner companies and incubatees were represented in the InnoVenture Salon of TGTHK. These companies showcased Smart City and Healthy Ageing-related technologies developed in Hong Kong. They had the opportunity to share their solutions, accomplishments, and explore potential partnership opportunities with other global entrepreneurs and Japan’s business community. Their presence at the event is an illustration of HKSTP’s support for its partner companies and incubatees, in terms of talent acquisition, funding, as well as market expansion.
Related to the TGTHK trade mission, HKSTP today also announced two cooperative agreements with leading Japanese enterprises. A Memorandum of Understanding (MoU) was signed between HKSTP and Mizuho Financial Group Inc to jointly nurture and support high-potential technology start-ups from both markets to their next level of development. Another announcement was made by HKSTP and Hitachi East Asia Ltd to jointly build a Smart City Data Platform at Hong Kong Science Park to accelerate data-driven Smart City innovations.
About Hong Kong Science and Technology Parks Corporation
Comprising Science Park, InnoCentre and Industrial Estates, Hong Kong Science & Technology Parks Corporation (HKSTP) is a statutory body dedicated to building a vibrant innovation and technology ecosystem to connect stakeholders, nurture technology talents, facilitate collaboration, and catalyse innovations to deliver social and economic benefits to Hong Kong and the region.
Established in May 2001, HKSTP has been driving the development of Hong Kong into a regional hub for innovation and growth in several focused clusters including Electronics, Information & Communications Technology, Green Technology, Biomedical Technology, Materials and Precision Engineering. We enable science and technology companies to nurture ideas, innovate and grow, supported by our R&D facilities, infrastructure, and market-led laboratories and technical centres with professional support services. We also offer value added services and comprehensive incubation programmes for technology start-ups to accelerate their growth.
Technology businesses benefit from our specialised services and infrastructure at Science Park for applied research and product development; enterprises can find creative design support at InnoCentre; while skill-intensive businesses are served by our three industrial estates at Tai Po, Tseung Kwan O and Yuen Long. More information about HKSTP is available at www.hkstp.org.
Media Contacts:
Hong Kong Science and Technology Parks Corporation Kusy Lam Tel: +852-2629-7009 Email: kusy.lam@hkstp.com
3Q18 Total Sales Up 21.9% YoY in RMB terms, or 19.6% YoY in USD terms;
Non-GAAP Adjusted Net Income Down 12.7% YoY in RMB terms;
Net Income Up 4.1% YoY to $32.9 Million
Board of Directors Approves $100 Million Share Repurchase Program
BEIJING, Nov. 2, 2018 /PRNewswire/ — China Biologic Products Holdings, 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 third quarter of 2018.
Third Quarter 2018 Financial Highlights
Total sales in the third quarter of 2018 increased by 21.9% in RMB terms and 19.6% in USD terms to $119.1 million from $99.6 million in the same quarter of 2017.
Gross profit increased by 21.0% to $81.2 million from $67.1 million in the same quarter of 2017. Gross margin increased to 68.2% from 67.4% in the same quarter of 2017.
Income from operations decreased by 23.1% in RMB terms, and 24.5% in USD terms to $28.7 million from $38.0 million in the same quarter of 2017. Operating margin decreased to 24.1% from 38.2% in the same quarter of 2017. Excluding TianXinFu, income from operations decreased by 34.8% in RMB terms and 36.1% in USD terms in the third quarter of 2018 compared to the same quarter of 2017, and operating margin decreased to 22.6% from 38.2% in the same quarter of 2017.
Non-GAAP adjusted income from operations decreased by 15.6% in RMB terms and 17.4% in USD terms to $38.5 million from $46.6 million in the same quarter of 2017. Excluding TianXinFu, non-GAAP adjusted income from operations decreased by 29.5% in RMB terms and 30.9% in USD terms in the third quarter of 2018 compared to the same quarter of 2017.
Netincomeattributable to the Company increased by 6.3% in RMB terms and 4.1% in USD terms to $32.9 million from $31.6 million in the same quarter of 2017. Fullydilutedearningsper share decreased by 15.3% to $0.94 compared to $1.11 in the same quarter of 2017. Excluding TianXinFu, netincomeattributable to the Company decreased by 5.7% in RMB terms and 7.6% in USD terms in the third quarter of 2018 compared to the same quarter of 2017.
Non-GAAP adjusted net income attributable to the Company decreased by 12.7% in RMB terms and 14.5% in USD terms to $33.7 million from $39.4 million in the same quarter of 2017. Non-GAAP adjustedearningsper share decreased to $0.96 from $1.38 in the same quarter of 2017. Excluding TianXinFu, non-GAAP adjusted net income attributable to the Company decreased by 25.8% in RMB terms and 27.4% in USD terms in the third quarter of 2018 compared to the same quarter of 2017.
Certain income statement and balance sheet items impacted by the TianXinFu acquisition are presented for comparison purposes.
“In line with our previously revised forecast for the full year 2018, our results in the third quarter reflected the impact of ongoing regulatory changes and intensified competition in China’s plasma industry,” said China Biologic Chairman David Hui Li. “We were, however, pleased to make significant progress in both attracting industry talent and strengthening our sales and marketing efforts. I am confident that we now have the right corporate direction, product strategy and management team in place to build a world class biopharmaceutical and biotechnology company, with a leading position in key therapeutic areas. Our future growth will benefit from China’s rapidly growing health care market, as well as our exploration of opportunities for expansion in international markets.”
“In the third quarter, we were excited to announce the appointment of Dr. Bing Li as our new CEO. With Dr. Li’s deep industry experience and leadership, China Biologic is well positioned to further improve our governance and management systems as we upgrade our internal capabilities and explore strategic acquisitions to enhance both our portfolio of high growth products and our sales and marketing capabilities.”
Dr. Bing Li, CEO of China Biologic, said, “In the third quarter of 2018, we made progress on strengthening China Biologic’s commercial capabilities through the recruitment of several industry veterans to our sales and marketing team. As an industry leader, China Biologic will continue to educate Chinese doctors about the benefits of IVIG, PCC and other coagulation products in treating chronic patients across a wide range of clinical indications, as we see strong growth potential in this underdeveloped industry segment. We have also taken further steps to improve the Company’s corporate governance and improve important aspects of operation, with new hires in leadership roles expected to be on board by the end of the year. As part of our core strategy, we are actively pursuing suitable M&A targets that will position China Biologic for long-term growth.”
“Looking into the fourth quarter and beyond, our new sales and marketing talent will be dedicated to expanding sales coverage and deepening penetration at the hospital level. These efforts will help decrease the inventory position of our products, which is currently at higher than normal levels, both internally and with our distributors.”
Share Repurchase Program
The company today announced that its Board of Directors has authorized a share repurchase program under which China Biologic may repurchase up to US$100 million worth of shares over the next 6 months.
The Company’s repurchases may be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block trades or through other legally permissible means. The timing and extent of any purchases will depend upon market conditions, the trading price of its shares and other factors, and are subject to the restrictions relating to volume, price and timing under applicable law.
Third Quarter 2018 Financial Performance
Total sales in the third quarter of 2018 increased by 21.9% in RMB terms, or 19.6% in USD terms, to $119.1 million from $99.6 million in the same quarter of 2017. The increase in total sales was partly attributable to an$11.5 million contribution from TianXinFu, which accounted for approximately 9.7% of total sales for the quarter. Excluding TianXinFu, total sales in the third quarter of 2018 increased by 10.2% in RMB terms, attributable to the sales increases in placenta polypeptide products, human albumin products, coagulation factor products, and certain immunoglobulin products, which was partly offset by the decrease in the sales of IVIG products. For plasma products, total sales in the third quarter of 2018 increased by 6.7% in RMB terms, or 4.6% in USD terms, to $88.4 million from $84.5 million in the same quarter of 2017.
During the third quarter of 2018, human albumin and IVIG products remained the Company’s two largest sales contributors. Revenue from human albumin increased by 20.6% in RMB terms, or 18.3% in USD terms, from $32.8 million in the third quarter of 2017 to $38.8 million in the third quarter of 2018. Revenue from IVIG products decreased by 19.6% in RMB terms, or 21.2% in USD terms, from $30.7 million in the third quarter of 2017 to $24.2 million in the third quarter of 2018. As a percentage of total sales, sales from human albumin and IVIG products were 32.6% and 20.3%, respectively, in the third quarter of 2018. Excluding the contribution from TianXinFu, human albumin and IVIG products represented 36.1% and 22.5% of total sales, respectively, compared to 33.0% and 30.9%, respectively, in the third quarter of 2017. The large decrease of IVIG sales’ percentage mainly reflected the combined effects of decreased sales volume and sales prices year over year.
The sales volume of human albumin products increased by 28.8% for the third quarter of 2018 compared to the same quarter of 2017, primarily due to increased sales volumes in the distributor and pharmacy channels, which was partly offset by decreased prescription volumes at various hospitals due to the ongoing healthcare regulatory changes in China. The sales volume of IVIG products decreased by 17.6% for the third quarter of 2018 compared to the same quarter of 2017, mainly reflecting decreased prescription volumes at various hospitals with the same effect of policy headwinds to human albumin.
The average prices for human albumin and IVIG products decreased by 6.4% and 2.5%, respectively, in RMB terms in the third quarter of 2018 compared to the same quarter of 2017 because of greater sales volume in the distributor channel and lower prices to certain distributors reflecting intensified market competition for major plasma products. In USD terms, the average price for human albumin and IVIG products decreased by 8.2% and 4.3% year over year, respectively.
Revenue from specialty immunoglobulin products increased by 21.8% in RMB terms, or 19.5% in USD terms, in the third quarter of 2018 compared to the same quarter of 2017, reaching 14.9% of total sales. This increase was mainly due to higher sales volumes of human tetanus immunoglobulin products and human rabies immunoglobulin products.
Revenue from coagulation factor products, including human coagulation factor VIII, human prothrombin complex concentrate, and the newly launched human fibrinogen products, increased by 27.1% in RMB terms, or 24.6% in USD terms, in the third quarter of 2018 compared to the same quarter of 2017, representing 6.4% of total sales. The growth mainly came from the launch of our human fibrinogen products in the beginning of 2018.
Revenue from placenta polypeptide products increased by 30.2% in RMB terms, or 27.7% in USD terms, in the third quarter of 2018 compared to the same quarter of 2017, reaching 16.1% of total sales, which was supported by higher unit selling prices in connection with the wider implementation of the two-invoice policy. However, the sales volume of placenta polypeptide products continued to decline as a result of their inclusion in regional supplemental drug lists, which put pressure on their prescription volume.
Cost of sales increased by 17.0% to $37.9 million in the third quarter of 2018 compared to the same quarter of 2017. As a percentage of total sales, cost of sales decreased to 31.8% from 32.6% in the same quarter of 2017. The decrease in cost of sales as a percentage of total sales mainly reflected the higher gross margin of TianXinFu. Excluding TianXinFu, cost of sales increased to 33.4% of total sales, mainly because of lower sales prices for its human albumin and IVIG products, which was partly offset by a higher sales price for the Company’s placenta polypeptide product.
Gross profit increased by 21.0% to $81.2 million in the third quarter of 2018 from $67.1 million in the same quarter of 2017. Gross margin was 68.2% and 67.4% in the third quarters of 2018 and 2017, respectively.
Total operating expenses in the third quarter of 2018 was $52.5 million compared to $29.1 million in the same quarter of 2017. As a percentage of total sales, total operating expenses increased to 44.1% in the third quarter of 2018 from 29.2% in the same quarter of 2017. Excluding TianXinFu, total operating expenses increased by $18.3 million, or 62.9%, to $47.4 million in the third quarter of 2018. This increase mainly consisted of an increase of $13.1 million in selling expenses and an increase of $4.1 million in general and administrative expenses, excluding TianXinFu.
Selling expenses in the third quarter of 2018 was $27.4 million compared to $10.3 million in the same quarter of 2017. Approximately half of the increase was related to the sales of placenta polypeptide products with the remainder related to the sales of plasma products and TianXinFu’s sales of its dura mater products. For placenta polypeptide products and certain hyper-immune products, because certain previous multi-layer distributor channels were disqualified due to the two-invoice regulation, the Company implemented new sales strategies including using an internal sales force and engaging third party contract service organizations to promote its products. For other plasma products, in order to solidify its competitiveness within distributor channel customers, the Company incurred additional promotion and marketing costs. TianXinFu’s selling expenses included a $2.0 million amortization expense for the intangible asset of customer relationships associated with the Company’s acquisition of TianXinFu. Excluding this intangible asset amortization expense, selling expenses accounted for 21.4% of total sales in the third quarter of 2018 compared to 10.4% in the same quarter of 2017.
General and administrative expenses in the third quarter of 2018 was $22.2 million compared to $17.4 million in the same quarter of 2017. As a percentage of total sales, general and administrative expenses were 18.6% and 17.5% in the third quarter of 2018 and the same quarter of 2017, respectively. The increase in general and administrative expenses largely resulted from increased legal fees mainly in relation to the lawsuit filed against the Company in the Cayman Islands by Mr. David (Xiaoying) Gao, the former Chairman and CEO of the Company whose employment with the Company had previously been terminated for cause; Shandong Taibang’s increased depreciation expenses and property tax for its new facility; and an increase of one-time provisions in connection with certain fixed assets among certain non-operating collection stations, which was partly offset by a decrease in share-based compensation expenses for the third quarter of 2018 compared to same quarter of 2017.
Research and development expenses in the third quarter of 2018 was $2.9 million compared to $1.4 million in the same quarter of 2017. As a percentage of total sales, research and development expenses increased to 2.4% in the third quarter of 2018 from 1.4% in the same quarter of 2017.
Income from operations for the third quarter of 2018 decreased by 23.1% in RMB terms, or 24.5% in USD terms, to $28.7 million from $38.0 million in the same quarter of 2017. Operating margin decreased to 24.1% in the third quarter of 2018 from 38.2% in the same quarter of 2017. Excluding TianXinFu,income from operations for the third quarter of 2018 decreased by 34.8% in RMB terms, or 36.1% in USD terms, to $24.3 million, and operating margin decreased to 22.6%.
Income tax benefit was $3.6 million for the third quarter of 2018 compared to an income tax expense of $5.7 million in the same quarter of 2017, mainly due to a $7.5 million reversal of U.S. corporate income tax. For the year ended December 31, 2017, we recorded a one-time income tax charge of $40.3 million, which represented the management’s estimation of the amount of U.S. corporate income tax based on the deemed repatriation to the United States of the Company’s accumulated earnings mandated by the new U.S. income tax law that went into effect on December 22, 2017 (the “U.S. Tax Reform”). Based on several new regulations and rules issued by the U.S. Department of the Treasury in August 2018, the management reassessed the amount and reversed $7.5 million in the third quarter of 2018. Excluding the tax reversal impact, the effective income tax rate was 11.5% and 13.8% for the third quarters of 2018 and 2017, respectively.
Net incomeattributable to the Company increased by 6.3% in RMB terms, or 4.1% in USD terms, to $32.9 million in the third quarter of 2018 from $31.6 million in the same quarter of 2017. Net margin decreased to 27.6% in the third quarter of 2018 from 31.7% in the same quarter of 2017. Diluted net earnings per share decreased to $0.94 in the third quarter of 2018 compared to $1.11 in the same quarter of 2017. Excluding TianXinFu, net income attributable to the Company decreased by 5.7% in RMB terms, or 7.6% in USD terms, in the third quarter of 2018 compared to the same quarter of 2017, and net margin decreased to 27.1% in the third quarter of 2018 from 31.7% in the same quarter of 2017.
Non-GAAP adjusted income from operations decreased by 15.6% in RMB terms, or 17.4% in USD terms, to $38.5 million in the third quarter of 2018 from $46.6 million in the same quarter of 2017. Excluding TianXinFu, non-GAAP adjusted income from operations decreased by 29.5% in RMB terms, or 30.9% in USD terms, in the third quarter of 2018 compared to the same quarter of 2017.
Non-GAAP adjusted net income attributable to the Company decreased by 12.7% in RMB terms and 14.5% in USD terms, to $33.7 million in the third quarter of 2018 from $39.4 million in the same quarter of 2017. Non-GAAP net margin decreased to 28.3% in the third quarter of 2018 from 39.6% in the same quarter of 2017. Non-GAAP adjusted net income per diluted share decreased to $0.96 in the third quarter of 2018 from $1.38 in the same quarter of 2017. Excluding TianXinFu, non-GAAP adjusted net income attributable to the Company decreased by 25.8% in RMB terms, or 27.4% in USD terms, in the third quarter of 2018 compared to the same quarter of 2017.
Non-GAAP adjusted income from operations for the third quarter of 2018 excludes $7.8 million in non-cash employee share-based compensation expenses, and $2.0 million in amortization expense of intangible assets and land use rights related to the acquisition of TianXinFu.
Non-GAAP adjusted net income and diluted earnings per share for the third quarter of 2018 exclude $6.9 million in non-cash employee share-based compensation expenses, $1.4 million in amortization expense of intangible assets and land use rights related to the acquisition of TianXinFu, and an income tax benefit of $7.5 million related to U.S. Tax Reform.
First Nine Months 2018 Financial Performance
Total sales in the first nine months of 2018 increased by 20.4% in RMB terms, or 25.5% in USD terms, to $351.9 million from $280.3 million in the same period of 2017. This includes a $35.9 million contribution from TianXinFu, which accounts for approximately 10.2% of total sales for the first nine months of 2018. Excluding TianXinFu, total sales in the first nine months of 2018 increased by 8.1% in RMB terms as a result of increases in the sales of placenta polypeptide products, human albumin products, and certain immunoglobulin products, which was partly offset by decreases in the sales of IVIG products. For plasma products, total sales in the first nine months of 2018 increased by 2.8% in RMB terms, or 7.3% in USD terms, to $263.7 million from $245.8 million in the same period of 2017. As a percentage of total sales, sales from human albumin products and IVIG products accounted for 31.5% and 23.9%, respectively, for the first nine months of 2018. Excluding the contribution from TianXinFu, human albumin and IVIG products were 35.0% and 26.6% of total sales, respectively.
Cost of sales increased by 15.2% to $109.2 million in the first nine months of 2018 compared to $94.8 million in the same period of 2017. As a percentage of total sales, cost of sales decreased to 31.0% from 33.8% in the same period of 2017. The decrease in cost of sales as a percentage of total sales mainly reflected the higher gross margin of TianXinFu. Excluding TianXinFu, cost of sales decreased to 33.1% of total sales, mainly due to the higher sales price of the Company’s placenta polypeptide product, which was partly offset by lower sales prices for its human albumin and IVIG products.
Gross profit increased by 30.8% to $242.7 million in the first nine months of 2018 from $185.5 million in the same period of 2017. Gross margin was 69.0% and 66.2% in the first nine months of 2018 and 2017, respectively.
Total operating expenses in the first nine months of 2018 was $139.3 million compared to $69.3 million in the same period of 2017. As a percentage of total sales, total operating expenses increased to 39.6% in the first nine months of 2018 from 24.7% in the same period of 2017. Excluding TianXinFu, total operating expenses increased by $54.6 million, or 78.8%, to $123.9 million in the first nine months of 2018. This increase mainly consisted of an increase of $42.9 million in selling expenses and an increase of $11.3 million in general and administrative expenses.
Income from operations for the first nine months of 2018 decreased by 15.1% in RMB terms, or 11.0% in USD terms, to $103.5 million from $116.3 million in the same period of 2017. Excluding TianXinFu,income from operations for the first nine months of 2018 decreased by 28.1% in RMB terms, or 24.5% in USD terms, in the first nine months of 2018 compared to the same period of 2017.
Income tax expense in the first nine months of 2018 decreased to $9.8 million from $19.5 million in the same period of 2017. The decrease was mainly because of a reversal of $7.5 million U.S. corporate income tax based on the deemed repatriation to the United States of the Company’s accumulated earnings mandated by the U.S. Tax Reform, according to new regulations and rules issued by the U.S. Department of the Treasury in August 2018. Excluding the tax reversal impact, the effective income tax rate was 14.6% and 15.7% for the first nine months of 2018 and 2017, respectively.
Net incomeattributable to the Company decreased by 3.5% in RMB terms, and increased slightly by 0.5% in USD terms, to $93.1 million in the first nine months of 2018 from $92.6 million in the same period of 2017. Net margin decreased to 26.5% in the first nine months of 2018 from 33.0% in the same period of 2017. Diluted earnings per share for the first nine months of 2018 decreased to $2.66 from $3.25 for the same period of 2017. Excluding TianXinFu, net income attributable to the Company decreased by 17.1% in RMB terms, or 13.6% in USD terms, in the first nine months of 2018 compared to the same period of 2017, and net margin decreased to 25.3%.
Non-GAAP adjusted income from operations decreased by 6.7% in RMB terms, or 2.3% in USD terms, to $137.8 million in the first nine months of 2018 from $141.0 million in the same period of 2017. Excluding TianXinFu, non-GAAP adjusted income from operations decreased by 21.9% in RMB terms, or 18.2% in USD terms in the first nine months of 2018 compared to the same period of 2017.
Non-GAAP adjusted net income attributable to the Company decreased by 4.5% in RMB terms, or remained stable in USD terms, at $115.3 million in the first nine months of 2018 compared with the same period of 2017. Non-GAAP adjusted net income per diluted share decreased to $3.29 in the first nine months of 2018 from $4.05 in the same period of 2017. Excluding TianXinFu, non-GAAP adjusted net income attributable to the Company decreased by 19.1% in RMB terms, or 15.4% in USD terms, in the first nine months of 2018 compared to the same period of 2017.
Non-GAAP adjustedincome from operations for the first nine months of 2018 excludes $27.7 million in non-cash employee share-based compensation expenses, $6.6 million in amortization expense of intangible assets and land use rights related to the acquisition of TianXinFu.
Non-GAAP adjusted net income and diluted earnings per share for the first nine months of 2018 exclude $25.1 million in non-cash employee share-based compensation expenses, $4.5 million in amortization expense of intangible assets and land use rights related to the acquisition of TianXinFu, and an income tax benefit of $7.5 million related to U.S. Tax Reform.
As of September 30, 2018, the Company had $186.4 million in cash on hand and demand deposits, $595.6 million in time deposits, and $171.2 million in financial instruments.
Net cash provided by operating activities for the first nine months of 2018 was $71.0 million, including a $14.2 million contribution from TianXinFu, compared to $72.6 million for the same period of 2017. Excluding TianXinFu, the $15.8 million decrease in net cash provided by operating activities was a combined result of: 1) the negative impact from a decrease in net income, an increase in accounts receivable, an increase in prepayments and deferred expenses, and decreases in income tax payable; and 2) the positive impact from an increase of other payables and accrued liabilities, and a slowdown of increase in inventory compared to the first nine months of 2017.
Excluding TianXinFu, accounts receivable increased by $47.7 million during the first nine months of 2018 compared to $37.8 million in the same period of 2017. The accounts receivable turnover days for plasma products increased to 94 days during the first nine months of 2018 from 55 days in the same period of 2017, reflecting longer credit terms to hospitals as a result of the nationwide healthcare regulation changes and intensified competition in the distributor channel.
Excluding TianXinFu, inventories increased by $32.4 million in the first nine months of 2018. This is slightly lower than a $34.0 million inventory increase in the same period of 2017, when Shandong Taibang stockpiled raw material and WIP during the planned temporary production suspension.
Excluding TianXinFu, other payables and accrued liabilities increased by $28.6 million in the first nine months of 2018 compared to an increase of $9.9 million in the first nine months of 2017. The increase mainly reflected more marketing activities carried out by third party contract service organizations that the Company engaged to promote its placenta polypeptide and certain plasma products in compliance with the two-invoice policy.
Net cash used in investing activities for the first nine months of 2018 was $686.2 million compared to $28.4 million for the same period of 2017. Net cash used in investing activities in the first nine months of 2018 mainly consisted of a $1,680.5 million payment for the purchase of time deposits and financial instruments and a $26.9 million payment for the acquisition of property, plant, and equipment, intangible assets, and land use rights. This was partly offset by $97.7 million in cash received upon acquisition of TianXinFu and the maturity of $923.4 million in time deposits and financial instruments. In the same period of 2017, the Company paid $28.5 million for the acquisition of property, plant, and equipment and land use rights for Shandong Taibang and Guizhou Taibang.
Net cash provided by financing activities for the first nine months of 2018 was $581.3 million compared to net cash used in financing activities of $18.4 million for the same period of 2017. Net cash provided by financing activities in the first nine months of 2018 represented $590.3 million proceeds from the issuance and sale of an aggregate of 5,850,000 ordinary shares of the Company to certain investors in late third quarter of 2018, and $1.2 million from stock options exercised, partially offset by a dividend of $10.1 million paid by Shandong Taibang to its noncontrolling interest shareholders. Net cash used in financing activities in the first nine months of 2017 mainly consisted of $18.8 million dividends paid by Shandong Taibang to its noncontrolling interest shareholders.
Financial Outlook
The Company reiterates its previously revised full year 2018 forecast. The Company expects non-GAAP adjusted income from operations to increase by 0% to 2% in RMB terms and non-GAAP adjusted net income 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 could be affected by the foreign currency translation impact.
This guidance excludes potential acquisitions, and necessarily assumes no significant adverse product price changes during 2018. 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 November 2, 2018, which is 7:30 pm Beijing Time on November 2, 2018, to discuss its third quarter 2018 results and answer questions from investors. Listeners may access the call by dialing:
US:
1 888 346 8982
International:
1 412 902 4272
Hong Kong:
852 301 84992
China:
4001 201203
A telephone replay will be available one hour after the conclusion of the conference through November 9, 2018. The dial-in details are:
US:
1 877 344 7529
International:
1 412 317 0088
Passcode:
10125875
A live and archived webcast of the conference call will be available through the Company’s investor relations website at http://chinabiologic.investorroom.com.
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. To supplement the Company’s unaudited 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 its presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. 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.
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. Among other things, the Company’s plans regarding the construction and operation of plasma collection stations, the commercial launch of pipeline products and the integration with TianXinFu, as well as the management’s quotations and forecast of the Company’s financial performance in this news release contain 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, quality of purchased source plasma, potential delay or failure to complete construction of new collection facilities, potential inability to pass government inspection and certification process for existing and new 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 Holdings, Inc. Mr. Ming Yin Senior Vice President Phone: +86-10-6598-3099 Email: ir@chinabiologic.com
CHINA BIOLOGIC PRODUCTS HOLDINGS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended
For the Nine Months Ended
September 30, 2018
September 30, 2017
September 30, 2018
September 30, 2017
USD
USD
USD
USD
Sales:
119,106,754
99,561,251
351,948,937
280,292,260
Human Albumin
38,820,347
32,814,153
110,750,427
102,047,466
Human Immunoglobulin for Intravenous Injection
24,231,787
30,724,570
84,128,156
92,141,052
Other Immunoglobulin products
17,754,624
14,855,226
46,180,028
35,858,831
Placenta Polypeptide
19,203,232
15,037,482
52,311,027
34,510,237
Artificial Dura Mater
9,976,001
–
32,735,840
–
Others
9,120,763
6,129,820
25,843,459
15,734,674
Cost of sales
37,874,952
32,424,522
109,205,180
94,750,267
Gross profit
81,231,802
67,136,729
242,743,757
185,541,993
Operating expenses
Selling expenses
27,441,971
10,311,284
72,489,297
17,696,435
General and administrative expenses
22,195,036
17,369,133
60,165,137
46,890,375
Research and development expenses
2,898,115
1,409,226
6,560,990
4,691,260
Income from operations
28,696,680
38,047,086
103,528,333
116,263,923
Other income (expenses)
Equity in income of an equity method investee
521,213
1,114,784
2,019,767
2,998,886
Interest expense
(64,563)
(129,787)
(200,236)
(478,655)
Interest income
3,705,168
1,781,576
9,946,304
5,022,469
Fair value changes of financial instruments
1,181,400
–
3,807,865
–
Total other income, net
5,343,218
2,766,573
15,573,700
7,542,700
Income before income tax expense
34,039,898
40,813,659
119,102,033
123,806,623
Income tax expense
(3,614,695)
5,650,621
9,836,443
19,468,594
Net income
37,654,593
35,163,038
109,265,590
104,338,029
Less: Net income attributable to noncontrolling interest
4,733,252
3,597,923
16,116,303
11,750,581
Net income attributable to China Biologic Products Holdings, Inc.
32,921,341
31,565,115
93,149,287
92,587,448
Earnings per share of ordinary share:
Basic
0.94
1.11
2.67
3.28
Diluted
0.94
1.11
2.66
3.25
Weighted average shares used in computation:
Basic
33,973,834
27,430,784
33,937,057
27,277,823
Diluted
34,077,426
27,657,806
34,078,243
27,535,624
Net income
37,654,593
35,163,038
109,265,590
104,338,029
Other comprehensive income:
Foreign currency translation adjustment, net of nil income taxes
(52,258,441)
11,305,814
(64,060,220)
24,719,100
Comprehensive income
(14,603,848)
46,468,852
45,205,370
129,057,129
Less: Comprehensive income attributable to noncontrolling interest
(1,294,335)
4,836,621
8,578,116
14,347,082
Comprehensive income attributable to China Biologic Products Holdings, Inc.
(13,309,513)
41,632,231
36,627,254
114,710,047
CHINA BIOLOGIC PRODUCTS HOLDINGS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2018
December 31, 2017
USD
USD
ASSETS
Current Assets
Cash and cash equivalents
186,415,243
219,336,848
Time deposits
595,605,010
22,895,200
Financial instruments
171,181,058
–
Accounts receivable, net of allowance for doubtful accounts
117,768,996
77,267,275
Loan receivable – current
–
45,912,000
Inventories
234,106,644
209,570,835
Prepayments and other current assets, net of allowance for doubtful accounts
29,513,540
18,139,453
Total Current Assets
1,334,590,491
593,121,611
Property, plant and equipment, net
177,737,929
166,812,749
Intangible assets, net
54,341,019
536,338
Land use rights, net
27,400,023
24,853,163
Equity method investment
15,041,973
14,903,908
Loan receivable – non-current
40,991,531
–
Goodwill
312,878,547
–
Other non-current assets
11,386,252
8,829,648
Total Assets
1,974,367,765
809,057,417
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable
7,152,500
7,548,909
Income tax payable
11,848,817
14,258,544
Other payables and accrued expenses
105,296,794
75,827,864
Total Current Liabilities
124,298,111
97,635,317
Deferred income
2,939,018
3,476,877
Non-current income tax payable
26,899,038
37,067,138
Other liabilities
12,946,520
6,553,088
Total Liabilities
167,082,687
144,732,420
Shareholders’ Equity
Ordinary share:
par value $0.0001;
100,000,000 shares authorized;
41,616,020 and 29,866,545 shares issued at September 30, 2018 and December 31, 2017, respectively;
39,361,316 and 27,611,841 shares outstanding at September 30, 2018 and December 31, 2017, respectively
4,162
2,987
Additional paid-in capital
1,194,258,324
140,230,395
Treasury share: 2,254,704 shares at September 30, 2018 and December31, 2017, respectively, at cost
(56,425,094)
(56,425,094)
Retained earnings
599,575,723
506,426,436
Accumulated other comprehensive income
(48,564,729)
7,957,304
Total equity attributable to China Biologic Products Holdings, Inc.
1,688,848,386
598,192,028
Noncontrolling interest
118,436,692
66,132,969
Total Shareholders’ Equity
1,807,285,078
664,324,997
Commitments and contingencies
–
–
Total Liabilities and Shareholders’ Equity
1,974,367,765
809,057,417
Note: “Ordinary share” when used with respect to a date before July 21, 2017 refers to the common stock of our predecessor, China Biologic Products, Inc.
CHINA BIOLOGIC PRODUCTS HOLDINGS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended
September 30,
September 30,
2018
2017
USD
USD
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
109,265,590
104,338,029
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
10,809,288
9,154,528
Amortization
7,391,494
948,945
Loss on sale of property, plant and equipment
119,658
136,496
Fair value changes of financial instruments
(3,807,868)
–
Allowance for doubtful accounts – accounts receivable, net
1,125,569
23,783
Write-down of obsolete inventories
428,741
–
Impairment for non-current assets
777,946
–
Deferred tax benefit
(6,119,956)
(1,770,326)
Share-based compensation
27,694,079
24,715,534
Equity in income of an equity method investee
(2,019,767)
(2,998,886)
Change in operating assets and liabilities:
Accounts receivable
(47,682,569)
(37,784,029)
Inventories
(34,667,723)
(34,030,811)
Prepayments and other current assets
(11,583,687)
(1,840,311)
Accounts payable
2,611,758
(88,625)
Income tax payable
(2,717,011)
2,690,364
Other payables and accrued expenses
30,565,526
9,432,501
Deferred income
(384,334)
(367,750)
Non-current income tax payable
(10,769,674)
–
Net cash provided by operating activities
71,037,060
72,559,442
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash acquired from acquisition of Tianxinfu
97,702,278
–
Purchase of time deposit
(1,116,354,557)
–
Maturity of time deposit
536,098,566
–
Purchase of financial instruments
(564,125,165)
–
Maturity of financial instruments
387,319,807
–
Payment for property, plant and equipment
(26,193,022)
(27,755,853)
Payment for intangible assets and land use rights
(700,458)
(733,513)
Proceeds from sale of property, plant and equipment
26,785
46,264
Net cash used in investing activities
(686,225,766)
(28,443,102)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock option exercised
1,180,854
836,897
Proceeds from short-term bank loans
–
23,009,280
Repayment of short-term bank loan
–
(23,412,060)
Proceeds from the issuance and sale of ordinary shares
590,265,000
–
Dividend paid by subsidiaries to noncontrolling interest shareholders
(10,145,395)
(18,789,152)
Net cash provided by (used in ) financing activities
581,300,459
(18,355,035)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH
966,642
6,918,216
NET (DECREASE)INCREASE IN CASH AND CASH EQUIVALENTS
(32,921,605)
32,679,521
Cash and cash equivalents at beginning of period
219,336,848
183,765,533
Cash and cash equivalents at end of period
186,415,243
216,445,054
Supplemental cash flow information
Cash paid for income taxes
30,691,960
18,767,908
Noncash investing and financing activities:
Acquisition of property, plant and equipment included in payables
4,781,628
3,374,860
Issuance of ordinary shares in connection with the Tianxinfu acquisition
434,889,170
–
CHINA BIOLOGIC PRODUCTS HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
For the Three Months Ended
September 30,
September 30,
2018
2017
USD
USD
Income from Operations
28,696,680
38,047,086
Non-cash employee share-based compensation
7,847,253
8,514,344
Amortization of acquired intangible assets and land use rights
1,985,958
–
Adjusted Income from Operations – Non GAAP
38,529,891
46,561,430
Net Income Attributable to the Company
32,921,341
31,565,115
Non-cash employee share-based compensation
6,949,127
7,798,705
Amortization of acquired intangible assets and land use rights
1,350,452
–
Income tax benefit related to U.S. Tax Reform
(7,519,674)
–
Adjusted Net Income Attributable to the Company – Non GAAP
33,701,246
39,363,820
Diluted EPS – Non GAAP
0.96
1.38
Weighted average number of shares used in computation of Non GAAP diluted EPS
34,077,426
27,657,806
For the Nine Months Ended
September 30,
September 30,
2018
2017
USD
USD
Income from Operations
103,528,333
116,263,923
Non-cash employee share-based compensation
27,694,079
24,715,534
Amortization of acquired intangible assets and land use rights
6,615,610
–
Adjusted Income from Operations – Non GAAP
137,838,022
140,979,457
Net Income Attributable to the Company
93,149,287
92,587,448
Non-cash employee share-based compensation
25,125,971
22,712,507
Amortization of acquired intangible assets and land use rights
4,498,615
–
Income tax benefit related to U.S. Tax Reform
(7,519,674)
–
Adjusted Net Income Attributable to the Company – Non GAAP
115,254,199
115,299,955
Diluted EPS – Non GAAP
3.29
4.05
Weighted average number of shares used in computation of Non GAAP diluted EPS
SUZHOU, China, Nov. 1, 2018 /PRNewswire/ — GeneQuantum Healthcare and Biocytogen reached a Strategic Cooperation Agreement focusing on the development of next generation bioconjugates for tumor immunotherapy in Beijing on October 29, 2018. Based on their mutually beneficial complementary advantages, both companies agreed to integrate GeneQuantum Healthcare’s world-class bio-conjugation platform and Biocytogen’s tumor immunotherapy antibody drug development and evaluation platform to jointly develop a series novel bioconjugates for tumor immunotherapy and precision medicine.
Dr. Gang Qin from GeneQuantum Healthcare remarked: “GeneQuantum Healthcare has built a diverse and innovative platform in order to face challenges in the biopharmaceutical field. GeneQuantum Healthcare has developed the intelligent ligase-dependent conjugation (iLDC) system based on the independently developed ligase-dependent conjugation (LDC) technology, which provides a systematic solution toward manufacturing next generation bioconjugates. On the other hand, Biocytogen has developed an efficient animal model production platform to screen and develop high-throughput antibody drugs for tumor immuno-oncology. We are excited to collaborate with Biocytogen, a partner that possesses unique features and top-level technologies that are extremely valuable in the process of developing next generation bioconjugates for tumor immunotherapy and targeted therapies to meet the yet unsatisfied clinical demands cancer patients worldwide. We believe this mutual win-win cooperation between these two emerging biotech companies will set a precedent and an example for biomedical intelligent manufacturing in China.”
“Through the development of customized gene-edited animal models, Biocytogen can provide clients with high-quality services, including pharmacological efficacy evaluation and R&D of antibody drugs. The unique large-scale in vivo drug efficacy evaluation platform with tailored animal models and the efficient pilot antibody drug discovery process enable Biocytogen to provide pharmaceutical companies with fast and efficient services toward novel antibody drug discovery. Biocytogen is committed to becoming a world-class comprehensive CRO company specialized in biomedical R&D to advance human health. GeneQuantum Healthcare’s independent, innovative and world-class intelligent bioconjugate development platform is a leader in the industry,” Dr. Yuelei Shen from Biocytogen said. “We hope to harness the integrated advantages of both GeneQuantum Healthcare and Biocytogen to jointly develop new and efficient anti-tumor drugs to satisfy the needs of patients in China and other countries.”
About GeneQuantum Healthcare
Founded in Suzhou Industrial Park in 2013, GeneQuantum Healthcare (Suzhou) Co., Ltd. is an innovative hi-tech enterprise focusing on the development of innovative biological drugs and is dedicated toward becoming the leader of Chinese-pioneered biological drugs with international competitive power. The company has established an innovative and world-class platform for the development of intelligent bio-conjugates to satisfy the clinical demands from cancer patients worldwide.
About Biocytogen
Biocytogen, headquartered at Yizhuang/Beijing, has three branches located in Haimen/ Jiangsu, Zhangjiang/Shanghai and Boston, USA. It is a hi-tech biological drug enterprise providing customized animal models, large-scale animal production, and in vivo pharmacological efficacy evaluation based on a robust and efficient gene-editing platform. Biocytogen has established its unique antibody drug R&D service platform through integrating the technologies and resources of its major platforms in order to validate antibody drugs via rapid in vivo screening. Biocytogen’s service groups and partners include such top pharmaceutical enterprises as Sanofi, LILLY, Merck, Roche, BMS, Amgen, Hengrui and Beigen as well as such top scientific research institutions and universities as Harvard University, MIT, Stanford University, University of Cambridge, CAS, Peking University and Tsinghua University.
TAIPEI, Taiwan and SAN DIEGO, Nov. 1, 2018 /PRNewswire/ — Senhwa Biosciences Inc. (TPEx: 6492) announced today that FDA has approved its IND application for basal cell carcinoma (BCC). To accelerate the development of this new drug, Senhwa followed the latest draft guidance released by FDA for clinical trial designs and in hope of optimizing Senhwa’s new drug Silmitasertib (CX-4945) for BCC treatment effectively. A recent example to follow is Sanofi and Regeneron’s Libtayo, approved for metastatic or locally advanced cutaneous squamous cell carcinoma (CSCC) on Sept. 28, 2018. The FDA approval of Libtayo was based on data from a Phase 2 study and two expansion cohorts in Phase 1.
Basal cell carcinoma (BCC) is the most common type of skin cancer. It usually occurs in the middle-aged, particularly those over age of 40. Incidence of the newly diagnosed BCC in the United States is about 4.3 million per year and ~3,000 people were dead each year. Most basal cell carcinoma can be surgically removed but for those tumors unresectable are currently treated by two approved targeted drugs (both are SMO inhibitors, Erivedge and Odomzo). However, most patients developed resistance to SMO inhibitor several months post treatment, with no other targeted therapy available at present. Therefore, the BCC trial is designed to enroll patients who are resistant to SMO inhibitors. Silmitasertib is aimed to become a new therapeutic regimen for BCC treatment.
There is significant global commercial opportunity for BCC treatment. The global sales of the first targeted drug approved by FDA for metastatic or locally advanced BCC, Erivedge (vismodegib), has generated the sales revenue of US$ 253 million in 2017 (according to GlobalData) and is expected to peak at US$ 533 million by 2022 (forecasted by Coven & Co.’s). The global business opportunities of BCC are predicted to grow at a compound growth rate of 9.2% from 2017 to 2025, according to the analysis of Transparency Market Research.
Silmitasertib is currently in a Phase 2 randomized trial for cholangiocarcinoma, and has proven to be safe and well-tolerated in human. Currently clinical trial of Silmitasertib for medulloblastoma (MB) is under preparation and the trial is sponsored by Pediatric Brain Tumor Consortium (PBTC, US).
AboutSilmitasertib(CX-4945)
Silmitasertib is a first-in-class small molecule drug that targets Casein kinase 2 (CK2), a protein involved in the DNA repair mechanism of cancer cells. A phase I/ II study has shown that Silmitasertib achieved clinical benefit as a single-agent CK2 inhibitor, resulting in stable diseases and allowing extended duration of treatment in several patients. A combination of Silmitasertib with DNA-damaging agents such as gemcitabine (Gemzar) plus cisplatin (Platinol) has shown synergistically improving the efficacy of anticancer treatments. Silmitasertib has been granted Orphan Drug Designation by US FDA in cholangiocarcinoma (CCA) in December 2016.
About Senwha
Senhwa Biosciences, Inc. (TPEx:6492), a leading clinical stage company focusing on developing First in Class, Next Generation DNA Damage Response (DDR) therapeutics for patients with unmet medical needs in oncology. Headquartered in Taiwan, but with a vital operational base in San Diego, California, the Senhwa Team is well positioned to oversee the development of their compounds.
Development currently focused on two lead products Silmitasertib (CX-4945) and CX-5461 with novel MOA and for multiple indications. Clinical trials are ongoing or planned in Australia, Canada, United States, Korea and Taiwan.
US FDA further indicates that one of the four drugs may be eligible for registration via 505(b)(2) Regulatory Pathway
VALLEY FORGE, Pennsylvania, Oct. 30, 2018 /PRNewswire/ — L.E.A.F. Pharmaceuticals LLC (“LEAF”), a global pharmaceutical company focused on developing novel anticancer drugs, today announced that it has received positive feedback following Pre-Investigational New Drug (Pre-IND) interactions with the United States Food and Drug Administration (US FDA) for four of its lead anticancer products, LEAF-1401, LEAF-1701, LEAF-1702 and LEAF-1703. These products are new generation onco-immuno antimetabolites that are designed to disrupt dysregulated serine-glycine 1-carbon metabolism in cancer and the immune system.
The official guidance to LEAF by the US FDA, provides a clear roadmap for filing IND applications, initiating a first-in-human clinical trial and a possible registration path for LEAF-1401, LEAF-1701, LEAF-1702 and LEAF-1703. LEAF’s proposal to study these four new molecular entities in a single first-in-human Phase 1 clinical trial was acceptable to the US FDA, which effectively enables LEAF to move all four products simultaneously into the clinic.
“Receiving such a positive and comprehensive US FDA response, less than 15 months after these four novel molecules were first synthesized and formulated, is a testament to the expertise and efficiency of our R&D engine. LEAF is now planning Pre-IND discussions with Rwanda FDA and has plans to subsequently expand availability of these novel drugs to patients across Africa. Four additional novel molecules are expected to be in Pre-IND discussions with US FDA shortly. LEAF is presently seeking suitable partners to accelerate its efforts to make available these novel drugs to cancer patients,” says Founder, President, and CEO of L.E.A.F. Pharmaceuticals, Dr. Clet Niyikiza.
US FDA further indicated that one of LEAF’s four novel molecules may be acceptable for development and registration under 505(b)(2) regulatory pathway. In addition, the Agency also provided guidance on how to establish a “bridge”, between this molecule and the US FDA approved listed drug, for the purpose of fulfilling the 505(b)(2) registration path requirements.
“This new class of molecules is designed to counter tumor mediated metabolic dysregulation associated with cancer and the immune system. The guidance that LEAF received from US FDA brings us one step closer to making available new medicines to physicians and patients in the fight against cancer,” says Dr. Victor Moyo, Global Head of Research and Development and Chief Medical Officer of L.E.A.F. Pharmaceuticals.
Since L.E.A.F. Pharmaceuticals began operations in August 2014, the company has filed over 55 patent applications to protect its intellectual property.
L.E.A.F. Pharmaceuticals is a global pharmaceutical company with a mission to discover, develop and commercialize innovative and safe therapies for cancer. LEAF is committed to Lifting and Empowering All Families (L.E.A.F.) by developing and making accessible new medicines for patients globally, especially the lesser served regions of the world.
-Rhapsody acquisition completed, Population Health investment secured
BOSTON, Oct. 31, 2018 /PRNewswire/ — Orion Health (NZX:OHE/ASX:OHE) today announced the completion of its transaction with technology investor Hg for the acquisition of Rhapsody and a 24.9% stake in Orion Health’s Population Health Management business. Orion Health retains a 24.9% investment in the Rhapsody business and remains a majority owner of its Population Health business at 75.1%.
This is a significant milestone for Orion Health, signalling the next chapter for the company as a global technology leader in Population Health, while laying the foundations for precision medicine, which the company believes will transform the global healthcare sector.
Orion Health’s partnership with Hg, a specialist technology investor with deep healthcare expertise, delivers a combination of investment and a global network to Orion Health. It also provides a stronger platform for Orion Health to continue to deliver long-term value to customers, enabling the company to focus on its core business of Population Health and build on its global growth.
“We have achieved a significant milestone today with Hg’s acquisition of Rhapsody and an investment in Population Health. Hg is a deeply knowledgeable and globally connected investor in healthcare technology, which gives Orion Health enormous leverage in the healthcare technology market,” saidIan McCrae, Founder and CEO of Orion Health.
“We’re shifting to a world where data is enabling clinicians to extract meaningful insights and make more accurate decisions. The injection of capital accelerates Orion Health’s product roadmap to deliver innovation which will enable healthcare organizations to take advantage of their large data stores, using analytics and machine learning models.
“We are immensely proud of the Rhapsody technology our engineers have built and supported over the years and couldn’t be more excited for the team globally and the opportunity they will have to accelerate the growth of the business. We remain committed to the Rhapsody business, not only as an ongoing shareholder, but also as a partner and reseller, working closely together with Hg in the transition and its future growth,” said McCrae.
Orion Health’s focus on its Population Health technology roadmap combined with its cloud capability will help healthcare organizations be part of a more secure and streamlined data journey toward precision medicine while delivering fast, secure data across their systems, exponentially increasing software quality and development times, and meeting compliance, privacy and regulatory requirements.
“The greatest transformation of the healthcare sector will come from the use of technology and the collection and analysis of people’s health data,” said McCrae, adding, “The advancements in data analytics and machine learning will enable us to securely connect huge amounts of data and extract valuable insights so we can drive the shift to personalized healthcare.”
“Interoperability and data liquidity are major issues in healthcare technology worldwide,” said David Issott, Partner at Hg. “Rhapsody has been built over the last 20 years to provide a solution. It is a world class product, used by over 460 clients in almost every major healthcare market in the world. By partnering with the Rhapsody team, we will accelerate its growth by investing in its products, capabilities and service levels.
“In addition, we are delighted to be co-investing in Population Health, whose innovative products help health economies deliver high quality and targeted care within tight fiscal constraints,” said Issott.
Summary of Hg Transaction
(Currency in New Zealand Dollars)
Orion Health will operate as three separate businesses.
Hg will acquire Orion Health’s Rhapsody business for $205 million, with Orion Health applying approximately $28 million of the proceeds to retain a 24.9% stake in the Rhapsody business.
Hg will also take a 24.9% stake in Orion Health’s Population Health Management business by investing approximately $20 million of equity.
Orion Health will invest around $12 million of the Rhapsody Sale proceeds in Population Health Management, based on an agreed pre-cash enterprise value of $50 million, with an additional $30 million of net cash to fund ongoing operations.
The Hg Transaction implies an enterprise value of $255 million for Orion Health. Following completion, Orion Health will own 75.1% of Population Health Management and 24.9% of Rhapsody. Hg will own the inverse proportions in each business. Orion Health will continue to own 100% of its Hospitals business.
About Orion Health
Orion Health (NZX:OHE/ASX:OHE) is a global health technology company that provides solutions which enable healthcare to more than 100 million patients globally. Built on an open platform, Orion Health is a leading provider of interoperability, population health management and precision medicine solutions. The company employs more than 800 people around the world and is committed to continual innovation, investing substantially in research and development to cement its position at the forefront of precision medicine. For more information visit www.orionhealth.com
SUZHOU, China, Oct. 30, 2018 /PRNewswire/ — CStone Pharmaceuticals (CStone) today announced the initiation in China of a Phase I clinical trial for CS3006, a small-molecule MEK1/2 inhibitor. A first patient has been successfully enrolled and dosed at the 307th Hospital of the Chinese People’s Liberation Army in Beijing.
“CS3006 is a highly selective mitogen-activated protein kinase (MEK) inhibitor developed by CStone”, commented CStone’s chairman and Chief Executive Officer Dr. Frank Jiang. “We are very optimistic that current data for CS3006 compares favorably with other MEK inhibitors on the market currently. In addition, CS3006 is viewed as having great potential as part of combination therapy with CStone’s other pipeline candidates. We will continue to work to explore the value of CS3006 to provide effective new treatment options for cancer patients.”
Dr. Jason Yang, CStone’s Chief Medical Officer, noted: “We completed patient enrollment in a first-in-human study for CS3006 initiated in Australia during the first-half of this year, a study that is progressing smoothly. This China Phase I bridging trial will further assess CS3006’s safety and preliminary efficacy in Chinese patients with solid tumors, and provide a foundation for further development. Thanks to the support of all parties involved, we have been surprised by the progress of CS3006 in China and will continue to push forward to insure CS3006 can benefit Chinese patients as soon as possible.”
The Phase I study will be led by Dr. Xu Jianming of the 307th Hospital of the Chinese People’s Liberation Army, who said: “We are pleased to enroll the first patient in this study. We hope that this MEK inhibitor could provide patients a viable new treatment option either as a monotherapy or in combination with other immunotherapy drugs. We look forward to working together with CStone in assessing the safety and efficacy of CS3006 in patients with late-stage tumors.”
About the MEK pathway
The RAS-RAF-MEK-ERK signal transduction pathway is among the most fundamental intracellular signaling pathways found in the majority of cells and is responsible for regulating key cellular activities such as cell growth, proliferation, survival, and apoptosis. MEK1 and MEK2 are serine/threonine protein kinases that act downstream of RAS and RAF to activate ERK. The inhibition of MEK can affect tumor cell survival, proliferation, and differentiation. Currently, three MEK inhibitors have been approved and marketed globally: Novartis’s MEKINIST® (trametinib), Roche’s COTELLIC® (cobimetinib) and Array’s Mektovi (binimetinib).
About CSTONE
CStone Pharmaceuticals is a China-based innovative biopharmaceutical company devoted to meeting patient needs, focused on development of innovative tumor drugs and immunotherapies. Established at the end of 2015, CStone has built a world-class management team with experience ranging across the drug development life cycle from clinical development to commercialization. Our international-standard clinical research and development team gained experience developing some of the world’s best-selling anti-tumor drugs. In terms of business model, CStone’s approach combines independent research, clinical development capabilities, and commercial partnering. The company has built one of the largest anti-cancer drug pipelines in China, with 14 anti-tumor drugs under research including independently developed and internationally partnered products. Exclusive cooperation and licensing agreements have been reached with Blueprint Medicine and Agios. CStone’s capabilities have been recognized by partners and investors in Series A and B financing rounds that were record-breaking within the biopharmaceutical field at that time, raising a combined total of USD 410 million. CStone aims to become a leading Chinese biopharmaceutical company with international prestige and serve as the cornerstone for the future health of patients.
For more information about CStone Pharmaceuticals, please visit: www.cstonepharma.com.
YONGIN, South Korea, Oct. 30, 2018 /PRNewswire/ — GC Pharma (formerly known as Green Cross Corporation) (KRX: 006280), a South Korean biopharmaceutical company, today announced unaudited results for the three months ended September 30, 2018.
Key Figures
Q3 2018(1)
Growth(1)
Total revenues
KRW 352.3 billion
(1.1%)
Operating income
KRW 28.0 billion
(33.3%)
K-IFRS net income
KRW 15.8 billion
(44.3%)
(1) Results and percentages compare to equivalent 2017 period.
Financial Highlights
Quarterly revenues decreased to KRW 352.3 billion (Q3 2017: KRW 356.1 billion), this marks a decrease of 1.1% year-on-year; while flagship plasma and vaccine oversea businesses increased at 21.2%, total revenues were held back by lower in-licensed vaccines local sales.
Operating income decreased 33.3% to KRW 28.0 billion (Q3 2017: KRW 42 billion), primarily due to a dramatic increase in R&D expenses and subsidiaries’ lower Q3 performance.
EC Huh, Ph.D., GC Pharma President commented:
“Our third quarter was challenging. But operational plans are in place which we expect to regain single digit top-line growth rate in the coming quarters. We have updated our roadmaps and aligned our product portfolios, development teams and commercial forces. All this provides us with a solid basis for a return to growth and profitability in the coming years.”
About GC Pharma
GC Pharma is a biopharmaceutical company that delivers life-saving and life-sustaining protein therapeutics and vaccines. Headquartered in South Korea, GC Pharma is one of the largest protein products manufacturer in the world and has been dedicated to quality healthcare solutions more than half a century. Green Cross Corporation updates its corporate brand as GC Pharma in early 2018. Green Cross Corporation remains the company’s registered, legal name.
This release includes forward-looking statements, which express the current beliefs and expectations of GC Pharma’s management. Such statements speak only as of the date on which they are made and the company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
