China-based Sinovac Biotech Ltd (NASDAQ: SVA) has released its financial report for the first half of 2022, ending on June 30, 2022. The firm reported revenues of USD 1.2 billion, a significant drop from the USD 11.0 billion recorded in the same period a year earlier. Net income attributable to shareholders was USD 481.6 million, down from USD 5.1 billion in the prior-year period.
Performance and Market Dynamics
The decline in revenues and net income reflects the reduced demand for COVID-19 vaccines. Chairman and CEO Yin Weidong noted that Sinovac’s regular non-COVID-19 vaccine business grew 37% year-on-year (YOY). He highlighted that two of the firm’s products passed the World Health Organization (WHO)’s prequalification process, which “provides further proof of Sinovac’s overall vaccine production quality system and creates new commercial opportunities outside of China.” These products include a live attenuated varicella vaccine and the Poliomyelitis Vaccine (Vero Cell), inactivated, Sabin strains.
CoronaVac Milestones
Sinovac’s inactivated COVID-19 vaccine, CoronaVac, has been approved in over 60 countries with more than 2.9 billion doses administered. In August 2022, CoronaVac became the only inactivated COVID-19 vaccine in the world approved for use in children as young as six months, following approval for off-label use in this age group in Hong Kong. This milestone underscores Sinovac’s ongoing commitment to expanding the accessibility and applicability of its vaccines globally.-Fineline Info & Tech
