Prognosis
Sinovac Investor Reports Chinese Coronavirus Vaccine Windfall
- Drugmaker with Sinovac stake reports 6-fold profit increase
- Over 1 billion doses of Sinovac’s Covid shot used worldwide
This article is for subscribers only.
An investor in Sinovac Biotech Ltd. reported a nearly six-fold increase in first-half profit, giving a glimpse into the windfall made during the coronavirus pandemic by the Chinese vaccine developer.
Sales of more than one billion doses of the Covid-19 shot, known as CoronaVac, helped Sino Biopharmaceutical Ltd., which holds a 15% stake in a subsidiary of Beijing-based Sinovac, register profit of 8.48 billion yuan ($1.3 billion) in the first six months of 2021, the Hong Kong-listed company said on Tuesday. The firm added that its associates and joint ventures, including the Sinovac unit, contributed 6.91 billion yuan of that amount.