Quarterly ResultMay 8, 2026, 05:26 PM
SINOVAC Reports H1 2025 Net Loss of $21.7M; Restates H1 2024 Results
AI Summary
Sinovac Biotech Ltd. reported an unaudited net loss attributable to common shareholders of $21.7 million, or $0.30 per share, for the first half of 2025, a significant decline from a net income of $93.9 million in the prior year. Sales remained stable at $130.3 million, driven by robust growth in emerging markets offsetting a slowdown in China. The company also announced a non-reliance on its previously issued unaudited consolidated financial statements for the six months ended June 30, 2024, due to identified errors primarily related to legal, revenue recognition, credit losses, and tax matters, leading to a restatement.
Key Highlights
- Net loss attributable to common shareholders was $21.7 million ($0.30 per share) in H1 2025, compared to net income of $93.9 million ($1.31 per share) in H1 2024.
- Sales for H1 2025 were $130.3 million, a slight increase from $128.7 million in H1 2024.
- Gross profit increased to $81.5 million in H1 2025 from $69.6 million in H1 2024, with gross margin rising to 62.5% from 54.0%.
- Selling, general and administrative expenses decreased to $147.2 million in H1 2025 from $208.6 million in H1 2024.
- The company recorded an impairment of $68.1 million for IPR&D and goodwill in H1 2025 due to fierce competition and delayed market launch.
- Cash and cash equivalents and restricted cash totaled $4.2 billion as of June 30, 2025, up from $602.2 million at December 31, 2024.
- A special cash dividend of $55.00 per common share, totaling $4.0 billion, was declared in April 2025, with $3.3 billion paid in H2 2025.
- The company restated its unaudited H1 2024 financial statements due to errors in revenue recognition, credit losses, and tax rates.