China Biologic Reiterates Full Year Guidance; Stock Inches Up
Shares in the Beijing biopharma company were trading up 58 cents Monday morning after it confirmed its forecast for 2018.
The stock of China Biologic Products Holdings Inc. (Nasdaq: CBPO) was trading up 58 cents on Monday morning, at $75.42 per American depositary share, after the company reiterated its previously revised guidance for the full year 2018.
The Beijing company, which develops plasma-based biopharmaceutical products, said in a statement today that it expects a year-on-year decrease in non-GAAP adjusted net income of between 2 and 4 percent in RMB terms.
Excluding the results of Tianxinfu (Beijing) Medical Appliance Co. Ltd., in which China Biologic acquired an 80-percent stake a year ago, the same figures would decline between 19 and 21 percent, it added.
Since late August, when China Biologic declined a $3.9 billion buyout offer from a consortium of investment firms led by the company's former chief executive, David Gao, shares in the company slid 25 percent overall from trading above $100 per ADS.
The consortium, which included GL Capital Group, Bank of China Group Investment Ltd., and CDH Investments, said it offered to acquire China Biologic for $118 per share.