China Biologic Products (CBPO) Tops Q3 EPS by 17c

China Biologic Products (NASDAQ: CBPO) reported Q3 EPS of $1.22, $0.17 better than the analyst estimate of $1.05. Revenue for the quarter came in at $86.5 million versus the consensus estimate of $88.46 million.

Financial Outlook

For the full year of 2016, due to better-than-expected market price increases for new tenders for certain higher margin products during the first nine months of the year, the Company is raising its full year total sales growth forecast to 22% to 24% from 21% to 23% in RMB terms. Due to favorable pricing for certain products, a higher sales contribution from products made from in-house sourced raw plasma at lower cost and enhanced earnings contribution at our Guizhou facility after acquiring full ownership, the Company is raising its full year forecast of non-GAAP adjusted net income growth to 33% to 35% from 24% to 26% in RMB terms over the Company's 2015 financial results.

This guidance does not factor in any potential foreign currency translation impact. Having previously adopted an exchange rate of approximately RMB6.21 = $1.00 based on weighted average quarterly exchange rates in 2015 in translating 2015 financial results, the Company expects that the total sales and non-GAAP adjusted net income in USD terms in 2016 will be adversely affected by the foreign currency translation impact.

This guidance assumes only organic growth, excluding potential acquisitions, and necessarily assumes no significant adverse product price changes during the fourth quarter of 2016. This forecast reflects the Company's current and preliminary views, which are subject to change.

For earnings history and earnings-related data on China Biologic Products (CBPO) click here.

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