Cansino Biotech (06185) announced its annual results for the year ended December 31, 2023. The group achieved...
According to the Zhitong Finance App, Cansino Biotech (06185) announced its annual results for the year ended December 31, 2023. The group achieved revenue of 345 million yuan (RMB, same below) during the period, a year-on-year decrease of 66.52%; loss attributable to shareholders was 1,483 million yuan, an increase of 63.04% over the previous year; and a basic loss of 6.01 yuan per share.
According to the announcement, the decrease in revenue was mainly due to reduced demand for COVID-19 vaccine products and estimated returns of COVID-19 vaccine products of about $253 million (2022: approximately $290 million), which had a negative impact on revenue. The Group's revenue from influenza vaccine products during the reporting period was approximately 562 million yuan (2022: approximately 153 million yuan). This increase is mainly due to continued commercialization of the influenza vaccine.
R&D expenditure decreased by 18.0% from approximately $778 million for the year ended 31 December 2022 to approximately $638 million for the year ended 31 December 2023, mainly due to a reduction in clinical trials and testing fees for COVID-19 vaccine products, which led to a reduction of approximately $249 million in clinical trials and testing costs for vaccine development. The reduction was partially offset by an increase of approximately $79.2 million in employee benefit expenses; and an increase of approximately $22.7 million in depreciation and amortization expenses. This increase is mainly due to progress in research and development of various vaccines under development other than the COVID-19 vaccine, especially vaccines under development close to commercialization.
The Group's vaccine product line is strategically aimed at the huge global market and is in short supply. It can be summarized into 3 categories: global innovative vaccines (such as the Group's Kweisha, Kweisha, Ad5-EBOV, mRNA COVID-19 vaccine under development, tuberculosis booster vaccine under development, PBPV under development, recombinant shingles vaccine, and tetanus vaccine being developed) to meet unmet global medical needs; China's pioneering vaccines with higher quality to replace current mainstream vaccines in China (such as the Group's Manhisin and Nami Naxi) PCV13i, for teenagers and adults Tdcp vaccine, dTCP for infants and young children, and recombinant polio vaccine); and pre-clinical vaccine candidates (such as the Group's Hib vaccine, CS-2023 meningitis vaccine, CS-2028 polyvalent pneumonia conjugate vaccine, and CS-2201 combined vaccine).