China Biologic Products, Inc. (NASDAQ:CBPO) Q1 2019 Earnings Conference Call - Final Transcript

May 13, 2019 • 07:30 am ET


China Biologic Products, Inc. (NASDAQ:CBPO) Q1 2019 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the China Biologic's First Quarter 2019 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.

Now, I'd like to turn the conference over to your host today, Samuel Martin. Please go ahead.

Samuel Martin

Thank you, operator. Hello, everyone, and thank you for joining us on today's call. China Biologic announced its first quarter 2019 financial results on May 10, 2019 after the market closed. An earnings release is available on the Company's website.

Today, you will hear from China Biologic's Chairman, Mr. Joseph Chow, who will start the call with the review of the Company's basic operating results and recent developments of the Company. He will be followed by Mr. Ming Yin, Senior Vice President of China Biologic, who will then give a detailed account of the Company's financial results. China Biologic's CFO Mr. Ming Yang, will be available during the Q&A session following the prepared remarks.

Before we proceed, I would like to remind you of our Safe Harbor statement. Our conference call may include forward-looking statements made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Although, we believe that the expectations reflected in our forward-looking statements are reasonable as of today, those statements are subject to risks and uncertainties that could cause the actual results to differ dramatically from those projected. There can be no assurance those expectations will prove to be correct. Information about the risks associated with investing in China Biologic's is included in our filings with the Securities and Exchange Commission, which we encourage you to review before making an investment decision.

The Company does not assume any obligation to update any forward-looking statements as a result of new information, future events, changes in market conditions or otherwise, except as required by law. The Company will also discuss non-GAAP measures, which are more thoroughly explained and reconciled to the most comparable measures reported under generally accepted accounting principles in the Company's earnings release and filings with the SEC. You are reminded that such non-GAAP measures should not be viewed in isolation or as an alternative to the equivalent GAAP measures, and that non-GAAP measures are not universally defined by all Companies, including those in the biopharmaceutical industry.

Now I'm pleased to present Mr. Joseph Chow, Chairman of China Biologic's.

Joseph Chow

Thank you. Hello, everyone and welcome to China Biologic's first quarter 2019 conference call. We are pleased to report that China Biologic achieved strong financial results for the first quarter, with operating profit growth exceeding expectations. Despite this welcome news the challenging policy headwinds and heightened competition within the Chinese plasma industry persist and we maintained our overall overlook for the year, with guidance for the full year 2019 remaining at bottom line growth of 4% to 6% in RMB terms on a year-over-year basis. This quarter's strong operating results were largely driven by