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BEIJING, August 24 (TMTPOST) -- Sino Biopharmaceutical Ltd. (Sino Biopharm), a leading innovative research and development-driven pharmacy in China, released its interim results for 2022 on the evening of Wednesday.
The company, which has received attention from the capital market for its shareholdings in the domestic COVID-19 vaccine maker, saw its earnings drop sharply year-on-year in the first half of 2022 because of the lowered financial performance of Chinese vaccine maker Sinovac Life Sciences Co., Ltd. (Sinovac Biotech), in which Sino Biopharm had a shareholding.
In the first half of the year, Sino Biopharm achieved revenue of 15.19 billion yuan ($2.25billion), up 5.9% year on year. Earnings attributable to the parent was 1.92 billion yuan ($284 million), down 77.3% year-on-year. It indicated that with the changing market and the decline in sales of Sinovac Biotech"s new vaccine, the financial performance in the first half of 2022 was lower than that of the same period last year.
After deducting related taxes and non-controlling interests, the earnings contribution from Sino Biopharm"s associates and joint venture totaled approximately 469 million yuan ($69.4million) in the first half of 2022, down 93.26% year on year. This means that without huge fluctuations in the performance of other associates, the earnings of Sinovac Biotech in the first half of 2022 may plunge by about 90% year-on-year.
Entering 2022, the period of high growth in sales of COVID-19 vaccine has passed as more people got vaccinated.
Revenue of each business segment of Sino Biopharm mostly increased year on year. In addition, according to the disclosure of Sino Biopharm, its innovative drug revenue in the first half stood at 3.49 billion yuan ($977.6 million), up 14.2% year on year. Revenue from its new product reached 6.61 billion yuan ($2.25billion), up 24.6% year on year.
The share price of Sino Biopharm, which once rose due to the pandemic, has fallen to a record low in more than three years since the end of May 2021. As of the close of trading on Tuesday, Sinovac Biotech was quoted at $0.53 per share, a cumulative decline of over 50% from its highest closing price in 2021, and a cumulative decline of 23.99% in 2022.
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