China Biologic Products Holdings Inc (NASDAQ: CBPO), a fully integrated plasma-based biopharmaceutical company in China, has reported its unaudited financial results for the second quarter of 2020, it was reported on Monday.

The company reported total sales in the second quarter of 2020 at USD111.1m, down 14.9% compared to USD135.7m in the year-ago period. It reported a decrease in gross profit by 16% to USD76.4m, compared to USD90.9m in the same period in 2019.

The firm reported a decrease in income from operations of 11.4% to USD42.7m, compared to USD48.2m in the year-ago period. It reported a decrease in diluted earnings per share at USD0.91, compared to USD1.06 in the same period in 2019.

Joseph Chow, chairman and CEO of China Biologic, said, 'In line with our previous estimates, our revenue and net income declined during the second quarter, reflecting the combined impact of the ongoing COVID-19 pandemic and our adjusted sales focus. Although a decline in demand and an increase in supply have led to increased competition in our core markets, and while many hospitals are maintaining strict precautionary measures against the pandemic which limits our promotional activities, we have gained market share across most of our major products within direct sales channels. For certain major products in our distribution channels, we are taking a conservative approach in order to better align inventory with market demand for the second half of 2020.'