<PAGE>   1

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-Q

(Mark One)

  [X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934
         For the quarterly period ended July 1, 2001

                                       OR

  [ ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934
         For the transition period from __________ to __________.

Commission file Number: 0-26126
                        -------

                            SEROLOGICALS CORPORATION
             (Exact Name of Registrant as Specified in its Charter)

                Delaware                                  58-2142225
     (State or other jurisdiction of                   (I.R.S. Employer
     incorporation or organization)                 Identification Number)

           5655 Spalding Drive
            Norcross, Georgia                               30092
          (Address of principal                           (Zip Code)
            executive offices)

                                 (678) 728-2000
              (Registrant's Telephone Number Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past (90) days.

                                Yes [X]   No [ ]

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:

<Table>
<Caption>
                Class                              Outstanding at August 8, 2001
                -----                              -----------------------------
<S>                                                <C>
Common Stock, $.01 par value per share                      23,985,595
</Table>
<PAGE>   2
                                     INDEX

                   SEROLOGICALS CORPORATION AND SUBSIDIARIES


<TABLE>
<S>                                                                        <C>

PART 1.
-------

Item 1. Financial Statements (Unaudited)

  Consolidated Balance Sheets -
    July 1, 2001 and December 31, 2001.........................................3

  Consolidated Statements of Income -
    For the three and six months ended July 1, 2001 and June 25, 2000..........4

  Consolidated Statements of Cash Flows -
    For the six months ended July 1, 2001 and June 25, 2000....................5

  Notes to Consolidated Financial Statements................................6-11

Item 2. Management's Discussion and Analysis of Financial
        Condition and Results of Operations................................12-18

Item 3. Quantitative and Qualitative Disclosure about Market Risk.............19


PART II.
--------

Item 1. Legal Proceedings.....................................................19

Item 4. Submission of Matters to a Vote of Security Holders...................19

Item 6. Exhibits and Reports on Form 8-K......................................19

SIGNATURES....................................................................20
----------
</TABLE>
<PAGE>   3

PART I.

ITEM 1. FINANCIAL STATEMENTS

                   SEROLOGICALS CORPORATION AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                                 (IN THOUSANDS)
                                  (UNAUDITED)

<Table>
<Caption>
                                                                JULY 1,                   DECEMBER 31,
                                                                 2001                         2000
                                                               --------                   ------------
<S>                                                            <C>                        <C>
                         ASSETS
CURRENT ASSETS:
  Cash and cash equivalents ............................       $ 39,066                     $ 22,492
  Trade accounts receivable, net .......................         17,490                       13,127
  Inventories ..........................................         20,750                       21,186
  Income tax receivable ................................          4,662                        3,937
  Other current assets .................................          5,143                        7,172
                                                               --------                     --------
  Total current assets .................................         87,111                       67,914
                                                               --------                     --------
PROPERTY AND EQUIPMENT, net ............................         33,073                       32,952
                                                               --------                     --------
OTHER ASSETS:
  Goodwill, net ........................................         27,897                       28,628
  Other, net ...........................................          1,528                        2,001
                                                               --------                     --------
  Total other assets ...................................         29,425                       30,629
                                                               --------                     --------
                                                               $149,609                     $131,495
                                                               ========                     ========
         LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Current maturities of capital lease obligations ......       $      4                     $     13
  Accounts payable .....................................          1,986                        3,280
  Accrued liabilities ..................................          5,967                        7,798
  Deferred revenue .....................................            343                           33
                                                               --------                     --------
  Total current liabilities ............................          8,300                       11,124
                                                               --------                     --------
DEFERRED INCOME TAXES ..................................            927                        1,336
                                                               --------                     --------
OTHER LIABILITIES ......................................            328                          328
                                                               --------                     --------
STOCKHOLDERS' EQUITY:
  Common stock .........................................            270                          261
  Additional paid-in capital ...........................        110,120                       97,420
  Retained earnings ....................................         50,378                       41,170
  Accumulated other comprehensive loss .................           (714)                        (144)
  Less: treasury stock, at cost ........................        (20,000)                     (20,000)
                                                               --------                     --------
  Total stockholders' equity ...........................        140,054                      118,707
                                                               --------                     --------
                                                               $149,609                     $131,496
                                                               ========                     ========
</Table>

              The accompanying notes are an integral part of these
                       consolidated financial statements.


                                       3
<PAGE>   4

                   SEROLOGICALS CORPORATION AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
                (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
                                  (UNAUDITED)

<Table>
<Caption>
                                                  THREE MONTHS ENDED                   SIX MONTHS ENDED
                                             -----------------------------       -----------------------------
                                               JULY 1,          JUNE 25,           JULY 1,          JUNE 25,
                                                2001              2000              2001              2000
                                             -----------       -----------       -----------       -----------
<S>                                          <C>               <C>               <C>               <C>
Net sales ..............................     $    27,181       $    41,896       $    53,639       $    78,232
Costs and expenses:
  Cost of sales ........................          13,744            29,987            27,530            56,320
  Selling, general and administrative
    expenses ...........................           5,772             5,954            11,468            10,879
  Interest (income) expense, net .......            (349)              463              (712)              886
  Other expense, net ...................             312               751               583             1,546
  Special charges, net .................             163             1,610               163             1,761
                                             -----------       -----------       -----------       -----------
Income before income taxes .............           7,539             3,131            14,607             6,840
Provision for income taxes .............           2,714             1,127             5,400             2,462
                                             -----------       -----------       -----------       -----------

Net income .............................     $     4,825       $     2,004       $     9,207       $     4,378
                                             ===========       ===========       ===========       ===========

Net income per common share:
  Basic ................................     $      0.20       $      0.09       $      0.39       $      0.19
                                             ===========       ===========       ===========       ===========
  Diluted ..............................     $      0.20       $      0.09       $      0.38       $      0.19
                                             ===========       ===========       ===========       ===========

Weighted average shares:
  Basic ................................      23,682,859        23,119,166        23,458,212        22,956,246
                                             ===========       ===========       ===========       ===========
  Diluted ..............................      24,428,283        23,386,761        24,162,441        23,428,237
                                             ===========       ===========       ===========       ===========
</Table>

              The accompanying notes are an integral part of these
                       consolidated financial statements.


                                       4
<PAGE>   5

                   SEROLOGICALS CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                  (UNAUDITED)


<Table>
<Caption>
                                                                         SIX MONTHS ENDED
                                                                      -----------------------
                                                                      JULY 1,        JUNE 25,
                                                                       2001            2000
                                                                      -------        --------
<S>                                                                   <C>            <C>
OPERATING ACTIVITIES:
 Net income.......................................................    $ 9,207        $  4,378
 Adjustments to reconcile net income to net cash provided by
  operating activities:
   Depreciation and amortization..................................      2,916           3,962
   Loss on disposal of assets.....................................         39              --
   Tax benefit from exercise of stock options.....................      2,761           2,342
   Non-cash special (credits) charges.............................       (762)          1,761

 Changes in operating assets and liabilities:
  Trade accounts receivable.......................................     (4,363)          3,919
  Inventories.....................................................        436           2,116
  Income tax receivable...........................................       (725)          1,340
  Other current assets............................................      2,029             184
  Accounts payable................................................     (1,294)           (803)
  Accrued liabilities.............................................     (1,069)         (5,449)
  Deferred revenue................................................        310          (1,385)
  Other, net......................................................       (239)           (851)
                                                                      -------        --------
  Total adjustments...............................................         39           7,136
                                                                      -------        --------
    Net cash provided by operating activities.....................      9,246          11,514
                                                                      -------        --------

INVESTING ACTIVITIES:
 Purchases of property and equipment..............................     (2,611)         (2,437)
                                                                      -------        --------
    Net cash used in investing activities.........................     (2,611)         (2,437)
                                                                      -------        --------

FINANCING ACTIVITIES:
 Net repayments on revolving line of credit.......................         --          (9,409)
 Payments on capital lease obligations............................         (9)            (14)
 Repurchases of common stock......................................         --          (2,977)
 Proceeds from employee stock plans...............................      9,948           2,165
                                                                      -------        --------
    Net cash provided by (used in) financing activities...........      9,939         (10,235)
                                                                      -------        --------

Net increase (decrease) in cash and cash equivalents..............     16,574          (1,158)
Cash and cash equivalents, beginning of period....................     22,492           3,294
                                                                      -------        --------
Cash and cash equivalents, end of period..........................    $39,066        $  2,136
                                                                      =======        ========
SUPPLEMENTAL DISCLOSURES:
Interest Paid                                                         $   135        $  1,111
Taxes Paid                                                            $ 4,136        $    605
</Table>

  The accompanying notes are an integral part of these consolidated financial
                                  statements.


                                       5
<PAGE>   6
                   SEROLOGICALS CORPORATION AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JULY 1, 2001
                                  (UNAUDITED)


FORWARD LOOKING STATEMENTS

         This Quarterly Report on Form 10-Q contains certain "forward looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995, which generally can be identified by the use of forward looking
terminology such as "may," "will," "expect," "anticipate," "intend," "estimate,"
"plan," "believe," or "continue" or the negative thereof or other variations
thereon or similar terminology. These forward-looking statements include,
without limitation, the demand for Bovine Serum Albumin ("BSA"); the timing of
certain sales of anti-D; the timing of and sales levels of anti-rabies; the
level of and timing of capital expenditures during 2001; and the sufficiency of
capital and liquidity to fund operations, capital expenditures, and
acquisitions. These forward looking statements are subject to certain risks and
uncertainties, such as changes in the economy or market conditions, changes in
financial, banking and capital markets, changes in customers' needs or abilities
to manufacture products, changes in government policy or regulations, the
ability to attract and retain qualified donors, and other factors discussed in
Part I of the Company's Annual Report on Form 10-K for the year ended December
31, 2000, which could cause actual results to differ materially.


1.       ORGANIZATION AND BASIS OF PRESENTATION

         Organization

         Serologicals Corporation (together with its subsidiaries, the "Company"
or "Serologicals") is a worldwide provider of biological products to life
science companies. The Company's products are used in the further development of
diagnostic, vaccine and therapeutic products. The Company provides value-added
antibody based products that are used as the active ingredients in therapeutic
products for the treatment and management of diseases such as Rh incompatibility
in newborns, rabies and hepatitis, and in diagnostic products such as blood
typing reagents and diagnostic test kits. Additionally, the Company, through its
protein fractionation facility, provides a variety of proteins used in the
manufacturing of diagnostic reagents and cell culture media components for use
as additives in biotech products.

         As of August 13, 2001, the Company conducted its operations through a
national network of 17 donor centers that specialize in the collection of
specialty antibodies. The Company operates laboratories in the United States
and in Scotland, two U.S. Food and Drug Administration ("FDA") licensed
monoclonal antibody manufacturing facilities in Scotland, and a FDA-registered
blood protein fractionation facility located in Kankakee, Illinois.

         Basis of Presentation

         The accompanying unaudited condensed consolidated financial statements
include the accounts of Serologicals and its subsidiaries. All significant
intercompany accounts and transactions have been eliminated in consolidation.
The accompanying statements have been prepared in accordance with accounting
principles generally accepted in the United States for interim financial
information and the instructions to Form 10-Q. Accordingly, they do not include
all of the information and footnotes required by accounting principles generally
accepted in the United States for complete financial statements. In the opinion
of management, the accompanying unaudited condensed consolidated financial
statements reflect all adjustments, which are of a normal recurring nature, to
present fairly Serologicals' financial position, results of operations and cash
flows at the dates and for the periods presented. Interim results of operations
are not necessarily indicative of results to be expected for the full year. The
interim financial statements should be read in conjunction with the audited


                                       6
<PAGE>   7
consolidated financial statements as of December 31, 2000 and the notes thereto
included in the Company's Annual Report on Form 10-K for the year ended
December 31, 2000.

     Certain prior year amounts have been reclassified to conform to the current
year presentation.

     Earnings Per Share

     Basic earnings per share are calculated by dividing net income by the
weighted average number of common shares outstanding during the period. The
calculation of the Company's diluted earnings per share is similar to basic
earnings per share, except that net income is adjusted by the after-tax interest
expense on convertible indebtedness and the weighted average number of shares
includes the dilutive effect of stock options, warrants, convertible
indebtedness and similar instruments.

     The following table sets forth the calculation of basic and diluted
earnings per share (in thousands, except per share amounts):

<Table>
<Caption>
                                                            THREE MONTHS ENDED    SIX MONTHS ENDED
                                                            ------------------   ------------------
                                                            JULY 1,   JUNE 25,   JULY 1,   JUNE 25,
                                                             2001       2000      2001       2000
                                                            -------   --------   -------   --------
<S>                                                         <C>       <C>        <C>       <C>
Basic earnings per share:
  Net income                                                $ 4,825   $ 2,004    $ 9,207   $ 4,378
  Weighted average shares of common stock outstanding        23,683    23,119     23,458    22,956
                                                            -------   -------    -------   -------
    Net income per share                                    $  0.20   $  0.09    $  0.39   $  0.19
                                                            =======   =======    =======   =======
Diluted earnings per share:
  Net income                                                $ 4,825   $ 2,004    $ 9,207   $ 4,378
  Plus: interest expense on convertible indebtedness,
        net of tax                                               --        17         --        33
                                                            -------   -------    -------   -------
    Net income, as adjusted                                 $ 4,825   $ 2,021    $ 9,207   $ 4,411
                                                            -------   -------    -------   -------
  Weighted average shares of common stock outstanding        23,683    23,119     23,458    22,956
  Effect of dilutive securities:
    Stock options and warrants                                  734        81        694       288
    Convertible indebtedness                                     --       182         --       182
    Common stock awards                                          11         4         10         2
                                                            -------   -------    -------   -------
  Weighted average shares of common stock outstanding,
    including dilutive instruments                           24,428    23,386     24,162    23,428
                                                            =======   =======    =======   =======
    Net income per share                                    $  0.20   $  0.09    $  0.38   $  0.19
                                                            =======   =======    =======   =======
</Table>

     The following shares are excluded from the calculation of dilutive earnings
per share for the periods indicated as the option price exceeded the average
market price for the Company's stock and thus their effect would have been
anti-dilutive (in thousands):

<Table>
<Caption>
                      THREE MONTHS ENDED    SIX MONTHS ENDED
                      ------------------   ------------------
                      JULY 1,  JUNE 25,    JULY 1,   JUNE 25,
                       2001      2000       2001       2000
                      -------  ---------   -------   --------
                      <S>      <C>         <C>       <C>
                       288       3,100       358      2,253
</Table>


                                       7
<PAGE>   8

         Comprehensive Income

         The following table sets forth the calculation of the Company's
comprehensive income for the periods indicated below (in thousands):

<TABLE>
<CAPTION>
                                                                       THREE MONTHS ENDED              SIX MONTHS ENDED
                                                                      ---------------------          ---------------------
                                                                      JULY 1,      JUNE 25,          JULY 1,      JUNE 25,
                                                                       2001          2000              2001         2000
                                                                      -------      --------          -------      --------
<S>                                                                   <C>          <C>               <C>          <C>
Net income, as reported.......................................        $4,825       $2,004            $9,207       $4,378

Other comprehensive income (loss), net of tax:
   Foreign currency translation adjustments...................           139         (395)             (570)        (468)
                                                                      ------       ------            ------       ------
Other comprehensive income (loss), net of tax.................           139         (395)             (570)        (468)
                                                                      ------       ------            ------       ------
Comprehensive income..........................................        $4,964       $1,609            $8,637       $3,910
                                                                      ======       ======            ======       ======
</Table>

         Recent Accounting Pronouncements

         In June 2001, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 141, "Business Combinations"
("SFAS No. 141"), and Statement of Financial Accounting Standards No. 142,
"Goodwill and Other Intangible Assets." SFAS No. 141 supersedes Accounting
Principles Board ("APB"), Opinion No. 16, and SFAS No. 38, "Accounting for
Preacquisition Contingencies of Purchased Enterprises." This Standard prescribes
the accounting principles for business combinations and requires that all
business combinations be accounted for using the purchase method of accounting.
This Standard is effective for all business combinations initiated after
June 30, 2001.

         SFAS No. 142 supersedes APB Opinion No. 17, "Intangible Assets." This
Standard prescribes the accounting practices for acquired goodwill and other
intangible assets. Under this Standard, goodwill will no longer be amortized to
earnings, but instead will be reviewed periodically (at least annually) for
impairment. During the first six months of 2001, the Company recorded goodwill
amortization expense totaling $731,000. The Company will continue to amortize
goodwill acquired prior to June 30, 2001 until the adoption date, however,
goodwill related to acquisitions subsequent to June 30, 2001 will not be
amortized. The Company will adopt this Standard on December 31, 2001. The
adoption of this Standard is not expected to have a material impact on the
Company's financial position or results of operations.

2.       SPECIAL CHARGES, NET

         During the second quarter of 2001, the Company reversed approximately
$762,000 of previously accrued amounts related to the cancellation of a
software development contract. These costs had been accrued in 1999 as a
component of a $4.2 million charge to write off previously capitalized costs
and accrue for estimated remaining costs related to the cancelled project.
During the second quarter of 2001, the Company received a favorable ruling in
its arbitration case with the third party vendor in which the arbitrator ruled
that the Company has no further obligations to the vendor.

         Additionally, during the second quarter of 2001, the Company wrote off
approximately $925,000 of incremental external due diligence costs related to
the evaluation of a potential acquisition that the Company believes is not
probable of being completed.

         During the second quarter of 2000, the Company recorded special
charges totaling $1.6 million related to the divestiture of its Seramed, Inc.
subsidiary and its subsidiaries (collectively, "Seramed"), which was completed
on August 21, 2000 (Note 3). The charges included an asset impairment
write-down, as well as costs associated with the divestiture of Seramed.
Included in these costs were various employee termination costs.

                                       8














<PAGE>   9

     The following table summarizes the activity in the accrual for termination
benefits through July 1, 2001:

<Table>
<Caption>
                                               ADDITIONS
                                               TO RESERVE
                             BALANCE,          CHARGED TO          CASH                        BALANCE,
DESCRIPTION                  12/31/00           EXPENSE          PAYMENTS          OTHER       7/01/01
-------------------------------------------------------------------------------------------------------
<S>                          <C>               <C>               <C>               <C>         <C>
Employee termination costs     $470               $--             $(353)            $--          $117
</Table>

     The remaining liability, which relates to three individuals, is included in
"Accrued liabilities" in the Consolidated Balance Sheets, and will be paid
during 2001.

3.       DIVESTITURE OF BUSINESS

     On August 21, 2000, the Company completed the sale of substantially all of
the long-term assets of Seramed, which operated 47 donor centers that primarily
collected source plasma. The results of operations of Seramed were previously
reported in the Therapeutic Products segment. See Note 3 to the Company's
Annual Report on Form 10-K for the year ended December 31, 2000 for additional
information related to the divestiture. The following table summarizes the
results of operations for Seramed as included in the Consolidated Statements of
Income for the three and six months ended June 25, 2000 (in thousands):

<Table>
<Caption>
                                                             THREE        SIX
                                                             MONTHS      MONTHS
                                                            -------     -------
     <S>                                                    <C>         <C>
     Net sales...........................................   $18,699     $38,228
     Gross profit........................................        26       1,123
     Selling, general and administrative expenses(1).....       143         286
     Other expense, net..................................       406         853
     Special charges, net................................     1,506       1,506
     Loss before income taxes............................    (2,029)     (1,522)
</Table>

     (1) Does not include allocation of corporate overhead.

     The following table summarizes the results of Serologicals on a pro forma
basis for the three and six months ended June 25, 2000. These results do not
purport to represent what the results of operations for Serologicals would
actually have been or to be indicative of the future results of operations of
Serologicals (in thousands, except per share amounts).

<Table>
<Caption>
                                                             THREE        SIX
                                                             MONTHS      MONTHS
                                                            -------     -------
     <S>                                                    <C>         <C>
     Net sales...........................................   $23,197     $40,003
     Gross profit........................................    11,883      20,788
     Special charges.....................................       104         255
     Net income..........................................     3,562       5,869
     Basic earnings per share............................      0.15        0.25
     Diluted earnings per share..........................      0.15        0.25
</Table>


                                       9
<PAGE>   10

4. SEGMENT INFORMATION

    Serologicals conducts its business primarily through two business segments,
the Therapeutic Products segment and the Diagnostic Products segment. These
segments were determined based primarily on the differing nature of the
ultimate end use of our products, the differing production and other
value-added processes performed by us with respect to the products and, to a
lesser extent, the differing customer bases to which each reportable segment
sells its products. The remainder of our operations that do not otherwise fall
into one of these two segments, as well as general, unallocated corporate
overhead expenses, are reported in the category entitled "Corporate and Other."

    The activities of the Therapeutic Products segment primarily include the
collection and sale of specialty human antibodies that are used as the active
ingredients in therapeutic products for the treatment and management of various
diseases. Prior to August 2000, the Company also operated 47 donor centers
specializing in the collection of source plasma. In August 2000 the Company
divested substantially all of the long-term assets of its source plasma
business, the results of which are included in the Therapeutic Products
segment. The activities of the Diagnostic Products segment include the Company's
monoclonal antibody production facilities and certain human-sourced, polyclonal
antibodies. While an increasing number of Proteins' products (such as
EX-CYTE(R)) are being used in therapeutic end products, the management of this
business is performed within the Company's diagnostic business unit and,
accordingly, is included in the Diagnostic Products reportable business segment.
The antibodies and other proteins provided by the Diagnostic Products segment
are used in diagnostic products such as blood typing reagents and diagnostic
test kits and as nutrient additives in biotech products.

    Selected financial information is reported below for the three and six
months ended July 1, 2001 and June 25, 2000 (in thousands):

<TABLE>
<CAPTION>
                                                 THREE MONTHS ENDED            SIX MONTHS ENDED
                                               -----------------------      -----------------------
                                               JULY 1,        JUNE 25,      JULY 1,        JUNE 25,
                                                2001            2000         2001            2000
                                               -------        --------      -------        --------
<S>                                            <C>            <C>           <C>            <C>
Net sales-unaffiliated customers:
  Therapeutic Products.....................    $12,835        $29,613       $27,534        $56,060
  Diagnostic Products......................     14,346         12,283        26,105         22,172
                                               -------        -------       -------        -------
  Total....................................    $27,181        $41,896       $53,639        $78,232
                                               =======        =======       =======        =======
Segment operating income:
  Therapeutic Products.....................    $ 3,723        $ 2,830       $ 8,487        $ 6,202
  Diagnostic Products......................      6,092          5,634        10,504          9,427
  Corporate/Other..........................     (2,150)        (2,509)       (4,350)        (4,596)
                                               -------        -------       -------        -------
  Total....................................      7,665          5,955        14,641         11,033
                                               =======        =======       =======        =======
Reconciling items:
  Interest (income) expense, net...........       (349)           463          (712)           886
  Other expense, net.......................        312            751           583          1,546
  Special charges, net.....................        163          1,610           163          1,761
                                               -------        -------       -------        -------
Income before income taxes.................    $ 7,539        $ 3,131       $14,607        $ 6,840
                                               =======        =======       =======        =======
</TABLE>

                                       10
<PAGE>   11
         Segment operating income is defined as earnings before income taxes,
interest, amortization, foreign currency gains and losses, special charges and
credits and other non-operating income and expenses. "Corporate and Other"
includes general corporate expenses other than those directly attributable to
an operating segment. Serologicals had no intersegment sales during 2001 or
2000.


5.       COMMITMENTS AND CONTINGENCIES

         Litigation

         The Company is involved in certain litigation arising in the ordinary
course of business. In management's opinion, the ultimate resolution of these
matters will not have a material adverse effect on the Company's financial
position or results of operations.

         During 2000, twelve complaints were filed against the Company and
certain of its current and former executive officers and directors which allege
violations of the Securities Exchange Act of 1934, including Sections 10(b) and
20(a) thereof and Rule 10b-5 promulgated thereunder. During the third quarter of
2000, the complaints were consolidated and a lead plaintiff was named. A
consolidated complaint was filed on October 10, 2000 which also seeks the
court's certification of the litigation as class action on behalf of all
purchases of the Company's stock between April 27, 1999 and April 10, 2000. On
November 30, 2000, the Company and the other defendants filed a motion to
dismiss the consolidated complaint. On January 17, 2001, the plaintiff filed an
opposition to the motion to dismiss. On April 20, 2001, a hearing was held on
the motion to dismiss. The Court has not yet ruled on the defendants' motion to
dismiss the complaint. Although the Company considers all of the claims in the
consolidated complaint to be without merit and intends to defend the lawsuits
vigorously, management is unable to predict at this time the final outcome of
these claims.


                                       11
<PAGE>   12
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

OVERVIEW

         The Company is a worldwide provider of biological products to life
science companies. The Company's products are used in the further development
of diagnostic, vaccine and therapeutic products. The Company provides
value-added antibody-based products that are used as the active ingredients in
therapeutic products for the treatment and management of diseases such as Rh
incompatibility in newborns, rabies and hepatitis and in diagnostic products
such as blood typing reagents and diagnostic test kits. As of August 13, 2001,
the Company conducted its operations through a national network of 17 donor
centers that specialize in the collection of specialty human antibodies. The
Company operates a protein fractionation facility in Kankakee, Illinois
("Serologicals Proteins", or "Proteins") that provides a variety of proteins
used in diagnostic reagents and cell culture media components for use as
additives in biotech products. A number of these products, such as bovine serum
albumin ("BSA"), are primarily supplied to life science companies for use in
diagnostic reagents. Proteins also provides a line of highly purified animal
proteins known as cell culture media components that are used primarily by
biopharmaceutical and biotechnology companies as nutrient additives in cell
culture media. One example of these media components is EX-CYTE(R),
which is produced through a patented manufacturing process. Additionally, the
Company operates two monoclonal antibody manufacturing facilities in Scotland
that are engaged in the development, manufacturing and sale of monoclonal
antibodies and related products such as red cells.

         For management purposes, the operations of the Company's subsidiaries
are organized into two primary operating segments, Therapeutic Products and
Diagnostic Products. These segments are based primarily on the differing nature
of the ultimate end use of the Company's products, the differing production,
manufacturing and other value-added processes performed by the Company with
respect to the products and, to a lesser extent, the differing customer bases to
which each reportable segment sells its products.

         The activities of the Therapeutic Products segment primarily include
the collection and sale of specialty human antibodies that are used as active
ingredients in therapeutic products for the treatment and management of various
diseases. Prior to August 2000, the Company also operated 47 donor centers
specializing in the collection of source plasma. In August 2000 the Company
divested substantially all of the long-term assets of its source plasma
business, the results of which are included in the Therapeutic Products
segment. The activities of the Diagnostic Products segment include the
Company's monoclonal antibody production facilities and certain human-sourced,
polyclonal antibodies. While an increasing number of Proteins' products (such
as EX-CYTE(R)) are being used in therapeutic end products, the management of
this business is performed with the Company's diagnostic business unit and,
accordingly, is included in the Diagnostic Products reportable business
segment. The antibodies and other proteins provided by the Diagnostic Products
segment are used in diagnostic products such as blood typing reagents and
diagnostic test kits and as nutrient additives in biotech products.


                                       12
<PAGE>   13

RESULTS OF OPERATIONS

     The following discussion and analysis of Serologicals' financial condition
and results of operations should be read in conjunction with the Consolidated
Financial Statements and Notes thereto.

The following table sets forth certain operating data of Serologicals as a
percentage of net sales for the periods indicated below.

<Table>
<Caption>
                                             THREE MONTHS ENDED         SIX MONTHS ENDED
                                            ---------------------      -------------------
                                            JULY 1,      JUNE 25,      JULY 1,    JUNE 25,
                                             2001          2000         2001        2000
                                            -------      --------      -------    --------
<S>                                         <C>          <C>           <C>        <C>
Net sales                                     100.0%        100.0%       100.0%      100.0%
Gross profit                                   49.4%         28.4%        48.7%       28.0%
Selling, general and administrative
  expenses                                     21.2%         14.2%        21.4%       13.9%
Net income before special charges              18.1%          7.2%        17.4%        7.0%
Net income                                     17.8%          4.8%        17.2%        5.6%
</Table>

The results of operations for the quarter and year-to-date periods ended June
25, 2000 include the results of Seramed, which was divested in August 2000 as
previously discussed. All of the consolidated and Therapeutic Products segment
comparisons discussed below are impacted by the divestiture. Additionally, the
second quarter and first half of 2001 include net sales totaling approximately
$760,000 of remaining Seramed inventory which had previously been fully
reserved.

Quarters Ended July 1, 2001 and June 25, 2000

NET SALES

Consolidated

     Consolidated net sales decreased approximately $14.7 million, or 35%, from
$41.9 million in 2000 to $27.2 million in 2001. The decrease was primarily
attributable to the decreased sales contribution of $17.9 million from Seramed,
partially offset by increased sales of Diagnostic Products. Excluding Seramed
from both periods, net sales increased $3.2 million, or 14%, from $23.2 million
in 2000 to $26.4 million in 2001.

Therapeutic Products

     Net sales of Therapeutic Products decreased approximately $16.8 million
from $29.6 million in 2000 to $12.8 million in 2001. The decrease was primarily
due to the decreased sales of source plasma resulting from the Seramed
divestiture. Sales of anti-hepatitis antibodies increased approximately 51%
compared to the prior year, offset in part by lower sales of anti-D and
anti-rabies. The decreased sales of anti-D were due in part to timing, as
certain sales to a customer that were tentatively scheduled for the second
quarter of 2001 have been scheduled for shipment in the fourth quarter of this
year. The increased sales of anti-hepatitis reflect increased demand for the
product, while the decreased sales of anti-rabies is a function of timing as
sales during the second half of the year are expected to exceed sales for the
second half of 2000 as general demand for this product has also increased.
Excluding the results of Seramed from both periods, Therapeutic Product sales
increased approximately $1.2 million, or 11%, from $10.9 million in 2000 to
$12.1 million 2001.


                                       13
<PAGE>   14

Diagnostic Products

         Net sales of Diagnostic Products increased approximately $2.1 million,
or 17%, from $12.3 million in 2000 to $14.4 million in 2001. The increase was
primarily attributable to revenue growth from blood protein products. Sales of
blood protein products increased approximately $2.0 million, or 30%, from $6.6
million in 2000 to $8.6 million in 2001. This increase was primarily a result
of increased sales of EX-CYTE(R), which increased $2.6 million over the prior
year, from $3.4 million to $6.0 million. Sales of other blood protein products,
primarily BSA, decreased approximately 17% compared with the prior year, as
overall demand for BSA has decreased this year. Management expects the reduced
demand for BSA to continue for the remainder of the year. Net sales of
monoclonal antibodies totaling approximately $4.0 million were essentially
unchanged from the prior year. Excluding the impact of foreign currency, net
sales of monoclonal antibodies increased approximately 10%. Additionally, sales
of primarily human-sourced antibodies used in blood typing reagents and for
diagnostic test kits totaled $1.7 million, unchanged from the prior year.

GROSS PROFIT

Consolidated

         Consolidated gross profit increased approximately $1.5 million, or 13%,
from $11.9 million in 2000 to $13.4 million in 2001. This increase was primarily
attributable to the following items: (i) the divestiture of the relatively low
margin source plasma business in 2000; (ii) the impact of selling fully-reserved
Seramed product during the second quarter of 2001 at a 100% margin; and (iii)
increased sales of certain relatively higher margin blood protein products.
Gross profit as a percentage of net sales ("gross margin") increased from 28% in
2000 to 49% in 2001. Excluding Seramed from both periods, gross margin increased
approximately $640,000, or 5%, from $11.9 million in 2000 to $12.5 million in
2001. Gross margin excluding Seramed declined from 51% to 47%, primarily due to
sales mix as relatively higher margin specialty antibody sales represented a
lower percentage of total sales compared with the prior year.

Therapeutic Products

         Gross profit from Therapeutic Products increased approximately
$550,000, or 12%, from $4.6 million in 2000 to $5.1 million in 2001. Gross
margins on Therapeutic Products increased from 15% to 40%, due primarily to the
divestiture of Seramed and the sales during the period of remaining Seramed
inventory at a 100% margin. Excluding Seramed, gross profit decreased from $4.5
million to $4.2 million and gross margins decreased from 42% to 35%, primarily
due to product mix as relatively higher margin anti-D sales decreased from the
prior year, and represented a significantly lower percentage of the total
Therapeutic sales versus the same period in 2000.

Diagnostic Products

         Gross profit from Diagnostic Products increased approximately $1.0
million, or 13%, from $7.3 million in 2000 to $8.3 million in 2001, due
primarily to higher sales of relatively higher margin EX-CYTE(R). Gross margins
on Diagnostic Products decreased slightly from 60% in 2000 to 58% in 2001, as
the favorable contribution from EX-CYTE(R) was offset by an additional inventory
reserve provided during the second quarter of 2001 for certain slow moving
inventory.

INTEREST (INCOME) EXPENSE, NET

         Net interest decreased $812,000, from net interest expense of $463,000
in 2000 to net interest income of $349,000 in the current year. The decrease
was due to the Company maintaining significantly higher cash balances during
the second quarter of 2001 and no debt outstanding in the current year,
compared with an average debt balance of over $22 million in the prior year.


                                       14
<PAGE>   15

OTHER EXPENSE, NET

         Other expense, net, which consists primarily of amortization of
goodwill and other intangible assets and gains and losses from foreign currency
transactions, decreased approximately $439,000, or 58%, from the prior year.
This decrease was primarily due to lower amortization of goodwill as a result
of the divestiture of Seramed.

SPECIAL CHARGES, NET

         During the second quarter of 2001, the Company reversed approximately
$762,000 of previously accrued amounts related to the cancellation of a
software development contract in 1999, under which a third party vendor was
assisting the Company in developing a donor center automation system. This
amount had been accrued as part of a $4.2 million charge to write off
previously capitalized costs and accrue for estimated remaining costs related
to the project. During the second quarter of 2001, the Company received a
favorable ruling in its arbitration case related to these costs in which the
arbitrator ruled that the Company has no further obligation to the vendor.

         Additionally, during the second quarter of 2001, the Company wrote off
approximately $925,000 of incremental external due diligence costs related to
the evaluation of a potential acquisition that the Company does not consider
probable of being completed.

         During the second quarter of 2000, the Company recorded special
charges totaling $1.6 million related to the divestiture of Seramed. The
charges included an asset impairment write-down, as well as costs associated
with the divestiture of Seramed.

Six Months Ended July 1, 2001 and June 25, 2000

NET SALES

Consolidated

         Consolidated net sales decreased approximately $24.6 million, or 31%,
from $78.2 million in 2000 to $53.6 million in 2001. The decrease was primarily
attributable to the decreased sales contribution from Seramed of $37.5 million,
offset by the increased sales of specialty antibody products and diagnostic
products. Excluding Seramed, net sales increased $12.9 million, or 32%, from
$40.0 million in 2000 to $52.9 million in 2001.

Therapeutic Products

         Net sales of Therapeutic Products decreased approximately $28.5
million, or 51%, from $56.1 million in 2000 to $27.5 million in 2001. The
majority of the decrease was attributable to the net loss of sales from Seramed
totaling $37.5 million. Sales of specialty antibodies increased $7.2 million,
or 39%, from $18.6 million in 2000 to $25.8 million in 2001. The increase in
specialty sales was largely attributable to increased sales of anti-hepatitis
antibodies, which increased over 100% from the prior year due to increased
demand for this product, and, to a lesser extent, increases in sales of anti-D
and anti-rabies antibodies. Excluding Seramed, net sales of Therapeutic
Products increased $8.9 million, or 50%, from $17.8 million in 2000 to $26.8
million in 2001.


                                       15
<PAGE>   16
Diagnostic Products

         Net sales of Diagnostic Products increased approximately $3.9 million,
or 18%, from $22.2 million in 2000 to $26.1 million in 2001. Of the increase,
approximately $2.4 million was due to increased sales of Pentex(R) brand blood
protein products. The increase in blood proteins was attributable to sales of
EX-CYTE(R), which increased 56% over the prior year, while sales of other blood
protein products decreased 9%, due primarily to reduced demand for BSA. The
remainder of the increase was attributable to a $1.3 million increase in sales
of monoclonal antibodies and related products, which the remainder coming from
sales of primarily human sourced antibodies used in blood typing reagents and
for diagnostic test kits.

GROSS PROFIT

Consolidated

         Consolidated gross profit increased approximately $4.2 million, or 19%,
from $21.9 million in 2000 to $26.1 million in 2001. This increase was largely
due to the increased sales of relatively higher margin specialty antibodies, the
positive impact on margins from divesting the lower margin source plasma
business (with the exception of the $760,000 of source plasma sales reported in
2001 previously discussed) and increased sales of diagnostic products, of which
relatively higher margin EX-CYTE(R) represented a significant amount of the
increase. Gross margin increased from 28% in 2000 to 49% in the current year.
Excluding Seramed, gross profit increased $4.4 million, or 21%, from $20.8
million in 2000 to $25.2 million in 2001, and gross margins decreased from 52%
to 48% primarily due to product mix.

Therapeutic Products

         Gross profit from Therapeutic Products increased approximately $2.0
million, or 22%, from $9.2 million in 2000 to $11.2 million in 2001. This
increase was primarily attributable to the relatively higher margin anti-D sales
representing a significantly higher percentage of the total Therapeutic sales in
2001 as a result of both increased sales of anti-D and the impact of the Seramed
divestiture. Gross margins on Therapeutic Products increased from 16% to 41%.
Excluding Seramed, gross profit increased approximately $2.2 million, or 27%,
from $8.0 million to $10.2 million, and gross margins decreased from 45% to 38%.
The decreased gross margins excluding Seramed were attributable to anti-D
representing a substantially lower percentage of total Therapeutic sales during
2001.

Diagnostic Products

         Gross profit from Diagnostic Products increased approximately $2.2
million, or 17%, from 12.7 million in 2000 to $14.9 million in 2001. The
increase was primarily attributable to increased sales, particularly of
relatively higher margin EX-CYTE(R), as well as increased sales of monoclonal
antibodies used for further manufacturing use in blood typing reagents. Gross
margins were approximately 57% in both periods.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

         Selling, general and administrative expenses increased $589,000, or 5%,
from $10.9 million in 2000 to $11.5 million in 2001. The increase was primarily
attributable to higher corporate expenses, particularly personnel costs, as well
as higher costs associated with various incentive compensation programs.

                                       16
<PAGE>   17
INTEREST (INCOME) EXPENSE, NET

         Net interest decreased approximately $1.6 million, from net interest
expense of $886,000 in 2000 to net interest income of $712,000 in 2001. The
decrease was due to the Company maintaining significantly higher cash balances
during the first six months of 2001 and no debt outstanding in the current
year, compared with an average debt balance of over $23 million in the prior
year.

OTHER EXPENSE, NET

         Other expense, net, which consists primarily of amortization of
goodwill and other intangible assets and gains and losses from foreign currency
transactions, decreased approximately $963,000, or 62%, from the prior year,
due to lower amortization of goodwill as a result of the divestiture of Seramed.

SPECIAL CHARGES, NET

         During 2001, the Company reversed approximately $762,000 of previously
accrued amounts related to the cancellation of a software development contract
in 1999, under which a third party vendor was assisting the Company in
developing a donor center automation system. This amount had been accrued as
part of a $4.2 million charge to write off previously capitalized costs and
accrue for estimated remaining costs related to the project. During the second
quarter of 2001, the Company received a favorable ruling in its arbitration
case related to these costs in which the arbitrator ruled that the Company has
no further obligation to the vendor.

         Additionally, during 2001, the Company wrote off approximately
$925,000 of incremental external due diligence costs related to the evaluation
of a potential acquisition that the Company does not consider probable of being
completed.

         During the first six months of 2000, the Company recorded special
charges totaling approximately $1.8 million, of which $1.6 million related to
the divestiture of Seramed. The charges included an asset impairment
write-down, as well as costs associated with the divestiture of Seramed.
Additionally, the Company recorded an additional severance accrual totaling
approximately $150,000 during 2000.

LIQUIDITY AND CAPITAL RESOURCES

         The following table sets forth certain indicators of financial
condition and liquidity of the Company as of July 1, 2001 and December 31, 2000:

<Table>
<Caption>
                                                            JULY 1,           December 31,
                                                             2001                 2000
                                                           ---------          ------------
<S>                                                        <C>                <C>
Cash and cash equivalents                                  $  39,066          $  22,492
Working capital                                               78,811             56,790
Total long-term debt and capital lease obligations                 4                 13
Stockholders' equity                                         140,054            118,707
</Table>


         Serologicals has three principal sources of near-term liquidity: (i)
existing cash and cash equivalents; (ii) cash generated by operations, and
(iii) available borrowing capacity under the revolving credit facility (the
"Revolver"), which provides for a maximum borrowing capacity of $75 million.
Management believes the Company's liquidity and capital resources are
sufficient to meet its working capital, capital expenditure and other
anticipated cash requirements over the next twelve months and may be available
for use in acquisitions.


                                       17
<PAGE>   18

         During the first six months of 2001, net cash provided by operating
activities was $9.2 million compared with $11.5 million during the first six
months of 2000, a decrease of $2.3 million. This decrease was primarily
attributable to a larger investment in working capital versus the prior year,
lower non-cash depreciation and amortization charges due to the divestiture of
Seramed, and a decrease of $2.5 million of non-cash special charges, offset by
an increase in net income. The increased investment in working capital was in
large part due to an increase in accounts receivable of $4.4 million compared
with a $3.9 million decrease in the prior year, a decrease in inventory of
$436,000 compared with a decrease of $2.1 million in 2000, and a decrease in
other current assets of $2.0 million compared with a decrease of $184,000 in the
prior year. The increase in accounts receivable was attributable to timing of
shipments as there was a large quantity of shipments that occurred near the end
of the second quarter of 2001, whereas the decrease in accounts receivable in
the prior year was a result of the significant shipment volume which occurred in
the fourth quarter of 1999 which were paid in the first quarter of 2000. The
decrease in other current assets for 2001 was primarily due to the receipt of
proceeds from an insurance claim that was settled in 2000, receipt of a payroll
tax related refund, and the receipt of proceeds from stock options that were
exercised near the end of 2000.

         Net cash used in investing activities during the first six months of
2001 was $2.6 million as compared to $2.4 million in 2000. Investing activities
for 2000 consisted primarily of capital expenditures primarily related to
expansion of the BSA manufacturing facility in Kankakee, Illinois and costs
associated with automating the Company's donor center network. Capital
expenditures in the first six months of 2001 consisted primarily of costs
associated with the relocation of the Company's corporate headquarters,
completion of various expansion projects at Serologicals Proteins, and various
information technology initiatives.

         The Company anticipates capital expenditures for the remainder of
fiscal year 2001 to be approximately $5 to $7 million. Planned expenditures
include the following: (i) buildout of the new monoclonal manufacturing facility
in Scotland; (ii) proposed expansion of the administrative office facilities at
Serologicals Proteins; and (iii) various information systems initiatives.

         Net cash provided by financing activities was $9.9 million in 2001
compared to cash used of $10.2 million in 2000. During the first six months of
2001, the Company received cash proceeds of approximately $9.9 million from the
exercise of employee stock options and for the purchase of stock through other
Company stock ownership plans. Financing activities for the first six months of
2000 included repayment of $9.4 million on the Revolver, the repurchase of
approximately 657,000 shares of stock under the Company's previous stock
repurchase program, and proceeds from the exercise of employee stock options and
other Company sponsored stock plans.

RECENT ACCOUNTING PRONOUNCEMENTS

         In June 2001, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 141, "Business Combinations" ("SFAS No.
141"), and Statement of Financial Accounting Standards No. 142, "Goodwill and
Other Intangible Assets." SFAS No. 141 supersedes Accounting Principles Board
("APB") Opinion No. 16, and SFAS No. 38, "Accounting for Preacquisition
Contingencies of Purchased Enterprises." This Standard prescribes the accounting
principles for business combinations and requires that all business combinations
be accounted for using the purchase method of accounting. This Standard is
effective for all business combinations initiated after June 30, 2001.

         SFAS No. 142 supersedes APB Opinion No. 17, "Intangible Assets." This
Standard prescribes the accounting practices for acquired goodwill and other
intangible assets. Under this Standard, goodwill will no longer be amortized to
earnings, but instead will be reviewed periodically (at least annually) for
impairment. During the first six months of 2001, the Company recorded goodwill
amortization expense totaling $731,000. The Company will continue to amortize
goodwill acquired prior to June 30, 2001 until the adoption date, however,
goodwill related to acquisitions subsequent to June 30, 2001 will not be
amortized. The Company will adopt this Standard on December 31, 2001. The
adoption of this Standard is not expected to have a material impact on the
Company's financial position or results of operations.


                                       18
<PAGE>   19

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         There have been no material changes regarding the Company's market risk
position from the information provided in its Annual Report on Form 10-K for the
fiscal year ended December 31, 2000. The quantitative and qualitative
disclosures about market risk are discussed under the caption "Market Risk" in
Item 7 -- Management's Discussion and Analysis of Financial Condition and
Results of Operations, contained in the Company's Form 10-K.

PART II.

ITEM 1.  LEGAL PROCEEDINGS

         The Company is involved in certain litigation arising in the ordinary
course of business. In management's opinion, the ultimate resolution of these
matters will not have a material adverse effect on the Company's financial
position or results of operations.

         During 2000, twelve complaints were filed against the Company and
certain of its current and former executive officers and directors which allege
violations of the Securities Exchange Act of 1934, including Sections 10(b) and
20(a) thereof and Rule 10b-5 promulgated thereunder. During the third quarter of
2000, the complaints were consolidated and a lead plaintiff was named. A
consolidated complaint was filed on October 10, 2000 which also seeks the
court's certification of the litigation as class action on behalf of all
purchases of the Company's stock between April 27, 1999 and April 10, 2000. On
November 30, 2000, the Company and the other defendants filed a motion to
dismiss the consolidated complaint. On January 17, 2001, the plaintiff filed an
opposition to the motion to dismiss. On April 20, 2001, a hearing was held on
the motion to dismiss. The Court has not yet ruled on the defendants' motion to
dismiss the complaint. Although the Company considers all of the claims in the
consolidated complaint to be without merit and intends to defend the lawsuits
vigorously, management is unable to predict at this time the final outcome of
these claims.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

         The Company held its 2001 Annual Meeting of Stockholders on May 8,
2001.

         At the Annual Meeting, Desmond H. O'Connell, Jr. and George M. Shaw,
M.D., Ph.D., were re-elected directors. The number of shares of common stock
voted in the election of Mr. O'Connell was 22,026,594 FOR and 350,280 withheld.
The number of shares of common stock voted in the election of Dr. Shaw was
22,026,816 FOR and 350,058 withheld. In addition, the following other directors
continued as such after the meeting: David A. Dodd, Wade Fetzer, III, Gerard M.
Moufflet, Samuel A. Penninger, Jr., Lawrence E. Tilton and Matthew C. Weisman.

         A proposal to approve the Corporation's Stock Incentive Plan was
approved at the Annual Meeting. The number of shares of common stock voted for
this amendment was 14,930,248 FOR, 1,449,950 AGAINST and 21,901 ABSTAIN.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         a.     Exhibits (numbered in accordance with Item 601 of
                Regulation S-K):

                None

         b.     Reports on Form 8-K:

                None


                                       19












<PAGE>   20

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                        SEROLOGICALS CORPORATION
                                        ------------------------------------
                                        (Registrant)


Date: August 13, 2001               By: /s/ Peter J. Pizzo, III
                                        ------------------------------------
                                            Peter J. Pizzo, III
                                            Vice President/Chief Financial
                                            Officer (Principal Financial and
                                            Accounting Officer)



                                       20