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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.

CapitalWatch Staff
    Jan 07, 2019 9:04 AM  PT
China Biologic Reiterates Full Year Guidance; Stock Inches Up

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.