China Biologic Products, Inc. (NASDAQ:CBPO) Q1 2020 Earnings Conference Call - Final Transcript

May 21, 2020 • 07:30 am ET


China Biologic Products, Inc. (NASDAQ:CBPO) Q1 2020 Earnings Conference Call - Final Transcript


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Welcome to the China Biologic [Phonetic] Products Holdings First Quarter 2020 Earnings Conference Call. For the first part of this call, all participants will be in a listen-only mode. And afterwards, there will be a question-and-answer session. [Operator Instructions]

At this time, I would like to turn the call over to Sam Martin from the Foote Group for opening remarks and introduction. 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 2020 financial results on May 20, 2020 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 Yin, 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 as the 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.

Joseph Chow

Thank you, Sam. Hello, everyone, and welcome to China Biologic's first quarter 2020 conference call. China Biologic delivered an exceptionally strong performance in the first quarter of 2020, mainly driven by substantial growth in IVIG sales connected to the outbreak of COVID-19. Despite this, the majority of our other products as standard operation, including sales and marketing activities in plasma collection, have been negatively impacted by the pandemic. Our exceptionally strong performance in IVIG sales during the first quarter was attributable to four