China Biologic Products, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the year, sales were $341,169,426 against $296,457,902 a year ago. The increase in sales was primarily driven by the increases in sales volume of human albumin products, placenta polypeptide and human tetanus immunoglobulin products and the increase in sales price of human tetanus immunoglobulin products, partially offset by the decrease in sales volume of IVIG products. Income from operations was $143,914,622 against $132,585,939 a year ago. Earnings before income tax expense were $153,919,241 against $135,098,431 a year ago. Net income attributable to the company was $104,779,307 against $89,042,703 a year ago. Diluted earnings per share were $3.74 against $3.27 a year ago. Net cash provided by operating activities was $123,258,611 against $109,392,000 a year ago. The increase in net cash provided by operating activities was largely consistent with the improvements in the results of operations in 2016, as compared to the same period in 2015, partially offset by the increases in accounts receivable and inventories. Payment for property, plant and equipment was $49,371,318 against $38,790,998 a year ago. Payment for intangible assets and land use rights was $1,635,891 against $13,500,526 a year ago. Adjusted net income attributable to the company - Non GAAP was $126,764,923 against $100,149,667 a year ago. Diluted EPS - Non GAAP was $4.52 against $3.68 a year ago.

Total sales in the fourth quarter of 2016 increased by 21.7% in RMB terms, or increased by 13.6% in USD terms to $77.6 million from $68.3 million in the same quarter of 2015. The increase was primarily attributable to the sales volume increase in human albumin products and the sales price increase in human tetanus immunoglobulin products. Income from operations increased by 2.7% to $23.2 million from $22.6 million in the same quarter of 2015. Net income attributable to the company increased by 19.0% to $19.4 million from $16.3 million in the same quarter of 2015. Fully diluted net income per share increased to $0.69 from $0.59 in the same quarter of 2015. Non-GAAP adjusted net income attributable to the company increased by 40.7% in RMB terms, or 31.9% in USD terms, to $26.9 million from $20.4 million in the same quarter of 2015. Non-GAAP adjusted net income per share increased to $0.95 from $0.74 in the same quarter of 2015.

The company expects to achieve revenue growth of 13% to 15% and adjusted net income growth of 18% to 20% in RMB terms in 2017 over 2016.