China-based vaccines specialist CanSino Biologics Inc., (HKG: 6185) has released its 2022 financial report, recording RMB 1.031 billion (USD 149.9 million) in revenue, marking a 76.02% year-on-year (YOY) decrease, and reporting RMB 187 million (USD 27.19 million) in losses compared to RMB 3 billion (USD 436 million) in gross profits in the same period last year. The performance drop reflects changes in vaccine pricing and a decline in demand for COVID-19 vaccines.
Research and Development (R&D) Expenditure and Impact on Financials
The firm’s research and development (R&D) expenditure decreased by 11.4% to RMB 778.3 million (USD 113.1 million) from RMB 879 million (USD 127.8 million) in 2021, attributed to reduced clinical studies and vaccine-related expenses.
Vaccine Portfolio and Pipeline Strengths
CanSino boasts a robust vaccine portfolio and pipeline of 18 products, with five commercialized products. COVID-19 vaccines Convidecia (recombinant novel coronavirus vaccine, adenovirus type 5 vector) and the inhalable recombinant novel coronavirus vaccine (adenovirus type 5 vector) were part of China’s sequential booster vaccination program in 2022. Convidecia is included in the WHO’s emergency use list, while the inhalable vaccine has received emergency use approvals in Morocco and Indonesia. MCV2, a Group A and C meningococcal polysaccharide conjugate vaccine (CRM197 carrier), and ACYW135 meningococcal polysaccharide conjugate vaccine (CRM197 carrier) MCV4, both approved in 2021, have seen continuous uptake.
Pipeline Developments and Future Prospects
The company is also developing a range of vaccines including CS-2023 meningitis vaccine, CS-2028 multivalent pneumonia conjugate vaccine, CS-2032 herpes zoster vaccine, CS-2036 poliomyelitis vaccine, CS-2047 tetanus vaccine, and CS-2201 component pertussis combination vaccine, indicating a strong pipeline and commitment to vaccine innovation.-Fineline Info & Tech
