Press release
SINOVAC Reports Unaudited First Half of 2024 Financial Results
BEIJING--(BUSINESS WIRE)-- Sinovac Biotech Ltd. (NASDAQ: SVA) (“SINOVAC” or the “Company”), a leading provider of biopharmaceutical products in China,
About this update from Sinovac Biotech, Ltd.
[{"type":"text","content":" BEIJING--(BUSINESS WIRE)--\nSinovac Biotech Ltd. (NASDAQ: SVA) (“SINOVAC” or the “Company”), a leading provider of biopharmaceutical products in China, announced today its unaudited financial results for the six months ended June 30, 2024.\n\n\nFirst Half of 2024 Financial Summary\n\n\n\nSales for the six months ended June 30, 2024 were $121.3 million, compared to $140.4 million in the prior year period.\n\n\n\nThe Company posted $10.9 million of net loss attributable to common shareholders, or a loss of $0.11 per basic and diluted share, in the six-month period ended June 30, 2024, compared to net income attributable to common shareholders of $14.0 million, or $0.14 per basic and $0.15 per diluted share, in the prior year period.\n\n\n\nMr. Weidong Yin, Chairman, President and CEO of SINOVAC, commented, “In the first half of the year, SINOVAC focused on executing its regular vaccine business strategies. Although the COVID-19 pandemic is over, there are still challenges from various infectious diseases. SINOVAC provided vaccines in time during the epidemic of hepatitis A and influenza in Brazil, Chile and other countries to minimize the shortage of vaccine supplies, continuing our vital role similar to it in the COVID-19 pandemic period. Furthermore, it is great to see other progress in the international market where SINOVAC’s local joint venture won long-term public tenders in Türkiye.”\n\n\n\nBusiness Updates\n\n\n\nHepatitis A Vaccine – Healive®, the first and only WHO prequalified inactivated hepatitis A vaccine from China, is currently supplied both domestically and internationally. Healive®’s performance in international market substantially grew in the first half of 2024.\n\n\n\nInfluenza Vaccine – SINOVAC has two influenza vaccine production plants. The plants, which comply with Chinese Good Manufacturing Practice (or “GMP”) guidelines and utilize environmental-friendly production process, enable automated production at commercial scale so that SINOVAC has more capacity to meet the growing global demand for high-quality influenza vaccines. SINOVAC’s influenza vaccines kept expanding its international market presence in 2024 by obtaining more overseas market approvals, won public tenders in Pakistan and were supplied to Chile for the flu emergency. A study conducted last year in the Philippines and Chile demonstrated tha...