China Biologic Products, Inc. (NASDAQ:CBPO) Q3 2019 Earnings Conference Call - Final Transcript
Nov 14, 2019 • 07:30 am ET
Good day, and welcome to the China Biologic Products Third Quarter 2019 Earnings Call. [Operator Instructions] .
I would now like to turn the conference over to Sam Martin from The Foote Group. Please go ahead.
Thank you, operator. Hello, everyone, and thank you for joining us on today's call. China Biologic announced its third quarter 2019 financial results on November 13, 2019 after the market closed. An earnings release is available on the Company's website. Today, you will hear from China Biologic's Chairman and CEO, Mr. Joseph Chow, who will start off the call with a review of the Company's basic operating results and report recent developments for the company. He will be followed by Mr. Ming Yang, Senior Vice President of China Biologic, who will 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 that those expectations will prove to be correct. Information about the risks associated with investing in China Biologic 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 uniformly defined by all companies, including those in the biopharmaceutical industry.
Now, I'm pleased to present Mr. Joseph Chow, Chairman and CEO of China Biologic.
All right. Thank you, Sam. Hello, everyone, and welcome to China Biologic's Third Quarter 2019 Conference Call. We are pleased [Technical Issues] another quarter of solid financial results. Along with healthy sales growth across most of our products, we were particularly encouraged to see a strong rebound of IVIG sales, which were up over 50% on a year-over-year basis.
IVIG sales performance is a strong validation of our effort to enhance China Biologic's sales and marketing capabilities over the past quarter, particularly in the distributor channel. Our new promotional strategy has been very well received by distributors and has allowed us to reclaim market shares from our competitors.
Improving China Biologic's marketing