Sinovac Biotech Ltd (NASDAQ: SVA) has published its financial results for the first half of 2023, revealing a significant drop in sales from the COVID-19 surge experienced in the same period last year. Sales have fallen to USD 140.4 million, down from USD 1.2 billion in the first six months of 2022. Despite this decline, the China-based firm still managed to post a net profit of USD 14 million.
COVID-19 Antigen Products and Future Prospects
Sinovac is currently developing SA55 COVID-19 antibody products, which are broad-spectrum neutralizing antibodies administered as injections or nasal sprays. These products are expected to serve both as preventive measures and treatments for COVID infection. The company received approval for the first clinical trial of the product candidate in the first half of 2023, marking a step forward in its development pipeline.-Fineline Info & Tech
