China-based CanSino Biologics (SHA: 688185, HKG: 6185) has released its financial report for the first half of 2023, recording revenues of RMB 21.09 million (USD 2.89 million), a decrease of 96.7% year-on-year (YOY). The contributions from China and overseas markets were RMB 17.93 million and RMB 3.16 million, respectively. The company’s losses for the period amounted to RMB 1.34 billion, an increase of 714.6% YOY.
Revenue Decline and Loss Increase Attributed to Reduced COVID-19 Product Demand
The significant decline in revenues and the steep increase in losses are primarily due to the decreasing demand for COVID-19 products. The company reported a negative income of RMB 237 million from returned COVID-19 goods, which offset sales of CanSino’s meningitis vaccine products that contributed RMB 223 million in revenues, marking a significant increase from the RMB 10.6 million in the same period last year.
CanSino’s Product Portfolio and Pipeline
CanSino Biologics has a diverse product portfolio that includes Convidecia (recombinant novel coronavirus vaccine, adenovirus type 5 vector) and an inhalable recombinant novel coronavirus vaccine (adenovirus type 5 vector), both targeting COVID-19. The company also markets meningitis vaccines such as Group A and Group C meningococcal conjugate vaccine and Group ACYW135 meningococcal conjugate vaccine, as well as the Ebola vaccine Ad5-EBOV. In its development pipeline, CanSino is working on a 13-valent pneumonia vaccine (PCV13i), pneumococcal vaccine (PBPV), DPT vaccine for infants, DPT booster vaccine for adolescents and adults, tuberculosis booster vaccine, recombinant herpes zoster vaccine, and tetanus vaccine, among others.-Fineline Info & Tech
