What’s new: Covid-19 vaccines made by Sinovac Life Sciences Co. Ltd. made a big contribution to profit growth of the Chinese vaccine-maker as well as its shareholders last year.
Chinese pharmaceutical giant Sino Biopharmaceutical Ltd., which holds a 15% stake in Sinovac, said in its annual report released Thursday that major associates and joint ventures as a whole contributed 12.4 billion yuan ($1.9 billion) to company’s net profit last year, with Sinovac performing “particularly well” as it has supplied 2.7 billion doses of Covid-19 vaccines worldwide.
Sino Biopharmaceutical’s profit attributable to shareholders surged 427.2% to 14.6 billion yuan in 2021.
The context: Top Chinese Covid-vaccine makers have reported a major surge in profits for 2021 on the back of the nationwide Covid-19 inoculation program that has seen about 3.3 billion doses administered.
So far China has approved seven Covid-19 vaccines for official or emergency use, with two inactivated vaccines made by China National Pharmaceutical Group Co. Ltd. and Sinovac accounting for the bulk of the doses administered in the country.
In the first half year of 2021, Sinovac’s Nasdaq-listed parent Sinovac Biotech Ltd. posted $5.1 billion of net profit attributable to shareholders, compared to a net loss of $12.6 million in the same period in 2020, according to its earnings report.
Related: Chinese Covid-Vaccine Makers Predict Strong Profits for 2021
Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Flynn Murphy (flynnmurphy@caixin.com)
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