Sinovac Biotech Ltd【SVA】株式ニュース

SINOVAC Reports Unaudited First Half of 2025 Financial ResultsMay 8, 2026 5:00 PM
Business Wire Sinovac Biotech Ltd. (NASDAQ: SVA) (“SINOVAC” or the “Company”), a leading provider of biopharmaceutical products in China, announced today its unaudited financial results for the six months ended June 30, 2025. First Half of 2025 Financial Summary Sales for the six months ended June 30, 2025 were $130.3 million, compared to $128.7 million in the prior year period. The Company posted $21.7 million of net loss attributable to common shareholders, or a loss of $0.30 per basic and diluted share, in the six months ended June 30, 2025, compared to net income attributable to common shareholders of $93.9 million, or an income of $1.31 per basic and diluted share, in the prior year period. Mr. Weidong Yin, CEO of SINOVAC, commented, “amidst a complex global environment, we have steadfastly executed our globalization strategy. I am pleased to witness the robust growth in emerging markets across Latin America and Southeast Asia, which has effectively offset the slowdown of vaccine demand in the Chinese Mainland market. Beyond commercial expansion, research and development always fuels our growth potential. From the marketing approval of the adsorbed tetanus vaccine to the comprehensive deployment of our mRNA technology platform, our pipeline is focused on high-value and differentiated solutions, constantly building core advantages for our future development. Moving forward, we will continue to focus on core capabilities, deepen our global market presence, and maintain high-quality development to expand our product portfolio.” Global Strategy Drives Resilience in Performance In the first half of 2025, despite a challenging macroeconomic environment, the Company delivered solid financial results, demonstrating strong operational resilience. During the reporting period, the Company’s overseas business served as the primary growth engine, effectively offsetting the slowdown in the Chinese Mainland market caused by demographic shifts. This growth was driven by deepened market penetration and landmark commercial breakthroughs in emerging markets across Latin America and Southeast Asia. The Company was the exclusive winner of the Chilean influenza vaccine global tender for both years 2025 and 2026. Furthermore, in November 2025, it signed two Product Development Partnership (PDP) agreements with the Brazilian Ministry of Health. Under these agreements, the Company will supply approximately 60 million doses of varicella and rabies vaccines to Brazil over the next 10 years. R&D Portfolio Update: Strengthening Growth Momentum The Company continues to prioritize research and development as a core strategic driver, achieving steady progress across its pipeline and further optimizing its product portfolio. In terms of regulatory milestones in China, the adsorbed tetanus vaccine received marketing approval in August 2025. Additionally, the marketing authorization application for the freeze-dried human rabies vaccine has been submitted, with approval expected in 2026. Regarding clinical development, the bivalent hand, foot and mouth disease (HFMD) vaccine, 13-valent pneumococcal polysaccharide conjugate vaccine, and fully human anti-tetanus monoclonal antibody have all advanced into Phase III clinical studies. The quadrivalent HFMD vaccine has entered the preparatory stage for Phase III clinical trial. The 24-valent pneumococcal polysaccharide conjugate vaccine is currently in Phase II clinical development. Furthermore, the Company’s mRNA technology platform continues to advance, with both the herpes zoster mRNA vaccine and respiratory syncytial virus mRNA vaccine having initiated Phase I clinical trials. With R&D programs advancing steadily across all stages, the Company’s diversified portfolio is expected to provide a solid foundation for future revenue growth. Unaudited Financial Results for the First Half of 2025 Sales in the first half of 2025 were $130.3 million compared to $128.7 million in the prior year period. Sales from overseas markets increased by 29.4%, which was offset by the slowdown in domestic market demand in the Chinese Mainland, making overall sales stable. Gross profit in the first half of 2025 increased to $81.5 million from $69.6 million in the prior year period. Gross profit margin increased from 54.0% in the first half of 2024 to 62.5% in the first half of 2025, primarily due to lower inventory provision recorded in cost of sales. Selling, general and administrative expenses in the first half of 2025 were $147.2 million, compared to $208.6 million in the prior year period. The decrease was mainly due to a lower headcount and lower expenses related to the long-term employee incentive plan established in 2022 (the "Employee Incentive Plan"). In addition, the Company achieved significant cost savings and productivity enhancements. Research and development expenses in the first half of 2025 were $126.9 million, a decrease from $142.3 million in the prior year period. The decline was due to lower expenses incurred in relation to the Employee Incentive Plan. Loss on disposal and impairment of property, plant and equipment and in-process research and development assets acquired in a business combination (“IPR&D”), and loss on impairment of goodwill in the first half of 2025 was $69.9 million, compared to $5.3 million in the prior year period. This was because the Company recorded impairment of $68.1 million of IPR&D and goodwill generated during the acquisition of a subsidiary that produces rabies vaccines. The Company identified the impairment indicators in fierce competition, delayed vaccine market launch, and changes in product positioning in the first half of 2025. Other income, net in the first half of 2025 was $161.9 million, a decrease from $294.6 million in the prior year period. The change was mainly due to decrease in investment income earned from investment products issued by financial institutions. Net loss in the first half of 2025 was $96.6 million, compared to a net income of $59.0 million in the prior year period. Net loss attributable to common shareholders was $21.7 million, or a loss of $0.30 per basic and diluted share, in the first half of 2025, compared to a net income attributable to common shareholders of $93.9 million, or an income of $1.31 per basic and diluted share, in the prior year period. In 2018, 11,800,000 common shares (the “2018 PIPE Shares”) were issued pursuant to the Securities Purchase Agreement dated July 2, 2018. The validity of this share issuance has been subject to dispute. Whether these shares may be excluded from the Company’s issued and outstanding common stock is contingent upon the outcome of certain legal proceedings pending in Antigua. Excluding the 2018 PIPE Shares, the basic and diluted weighted average number of the Company’s common shares outstanding would be 60,060,702. On that basis, the basic and diluted net loss per share for the first half of 2025 would be $0.36, compared to basic and diluted net income per share of $1.56 in the prior year period. Non-GAAP adjusted EBITDA was a $192.6 million loss in the first half of 2025, compared to a $230.1 million loss in the prior year period. Non-GAAP net loss was $53.9 million in the first half of 2025, compared to non-GAAP net income of $33.7 million in the prior year period. Non-GAAP diluted net income per share in the first half of 2025 was $0.06 compared to $1.18 per share in the prior year period. Excluding the 2018 PIPE Shares, non-GAAP diluted net income per share in the first half of 2025 would be $0.07, compared to $1.40 in the prior year period. Reconciliations of non-GAAP measures to the nearest comparable GAAP measures are included at the end of this news release. As of June 30, 2025, cash and cash equivalents and restricted cash totaled $4.2 billion, compared to $602.2 million as of December 31, 2024. The increase was mainly due to the increased net cash inflow of investing activities which was mainly attributable to the maturity and sales of investment products issued by financial institutions. In the first half of 2025, net cash used in operating activities was $310.6 million, net cash used in financing activities was $169.7 million, and net cash provided by investing activities was $4.0 billion reflecting the net position of short-term investment maturity and sales over purchases. In the first half of 2025, a dividend of $20.3 million was declared and paid by Sinovac Biotech Co., Ltd. (“Sinovac Beijing”) and Sinovac (Dalian) Vaccine Technology Co., Ltd. (“Sinovac Dalian”) to their respective minority shareholders. A dividend of $54.3 million was declared and paid by such subsidiaries to Sinovac Holding Group Co., Ltd. (“Sinovac Beijing Holding”) in 2025. Additionally, the Company’s board of directors declared a special cash dividend of $55.00 per common share totaling $4.0 billion in April 2025, of which $3.3 billion was paid by the Company to its shareholders in the second half of 2025, and $658 million remains payable, mainly to the holders of the 2018 PIPE Shares, subject to the outcome of litigation. The Company’s first half of 2025 financial statements are prepared and presented in accordance with U.S. GAAP. However, they have not been audited by the Company’s independent registered accounting firm. Non-Reliance on Previously Issued Financial Statements The management concluded that the Company’s previously issued unaudited consolidated balance sheets as of June 30, 2024, consolidated statements of operations and comprehensive income (loss) for the six months ended June 30, 2024, consolidated statements of cash flows for the six months ended June 30, 2024 , and non-GAAP adjusted EBITDA for the six months ended June 30, 2024 (the “Non-Reliance Periods”) included in the Company’s Report on Form 6- K filed on August 16, 2024 should be restated and accordingly, should no longer be relied upon. Similarly, any previously furnished or filed reports, related earnings releases, investor presentations or similar communications of the Company describing the Company’s financial results as of and for the Non-Reliance Periods should no longer be relied upon. During the interim review of the Company’s financial results for the six months ended June 30, 2024, the management concluded there were errors identified in the previously disclosed consolidated financial statements. The nature of the adjustments primarily related to legal and regulatory matters, errors in the application of estimates for expected sales returns regarding revenue recognition and credit losses on accounts receivable, classification errors for certain debt and equity security investments, and the correction of applicable withholding tax rate on dividend income from Chinese Mainland subsidiaries. The impacts of these restatements are as follows: Restated Unaudited Consolidated Balance Sheet as of June 30, 2024: (Expressed in thousands of U.S. Dollars) June 30, 2024 Previously
Reported Restatement
Adjustments Restated ASSETS Current assets Cash and cash equivalents $ 1,072,350 $ (116,006) $ 956,344 Restricted cash 2,779 — 2,779 Short-term investments 9,502,185 (64,252) 9,437,933 Accounts receivable, net 370,168 (6,296) 363,872 Inventories 153,524 (20,095) 133,429 Prepaid expenses and other current assets 12,724 1,438 14,162 Income tax receivable 10,703 (10,049) 654 Amounts due from related parties 23,847 (23,669) 178 Total current assets 11,148,280 (238,929) 10,909,351 Property, plant and equipment, net 934,614 (15,719) 918,895 Prepaid land use rights, net 62,916 — 62,916 Intangible assets, net 7,844 — 7,844 Long-term investments 681,345 199,026 880,371 Prepayments for acquisition of equipment 4,338 (1,438) 2,900 Deferred tax assets 32,798 3,588 36,386 Right-of-use assets 15,346 — 15,346 Other non-current assets 9,456 9,209 18,665 Amounts due from related parties — 23,669 23,669 Total non-current assets 1,748,657 218,335 1,966,992 Total assets $ 12,896,937 $ (20,594) $ 12,876,343 LIABILITIES AND EQUITY Current liabilities Short-term bank loans and current portion of long-term bank loans $ 179,349 $ — $ 179,349 Accounts payable and accrued liabilities 641,579 47,565 689,144 Income tax payable 28,720 158,330 187,050 Deferred revenue 6,173 — 6,173 Deferred government grants 805 — 805 Dividend payable 119,374 (32,064) 87,310 Lease liability 2,451 — 2,451 Total current liabilities 978,451 173,831 1,152,282 Deferred government grants 5,984 — 5,984 Long-term bank loans 130,320 — 130,320 Deferred tax liability 262,174 124,861 387,035 Lease liability 12,388 — 12,388 Other non-current liabilities 429 (391) 38 Deferred revenue 195 — 195 Total long-term liabilities 411,490 124,470 535,960 Total liabilities 1,389,941 298,301 1,688,242 EQUITY Preferred stock 15 (15) — Common stock 100 (28) 72 Additional paid-in capital 541,258 8,910 550,168 Accumulated other comprehensive loss (539,415) (142,039) (681,454) Statutory surplus reserves 1,539,584 — 1,539,584 Retained earnings 7,107,644 (224,455) 6,883,189 Total Sinovac shareholders' equity 8,649,186 (357,627) 8,291,559 Non-controlling interests 2,857,810 38,732 2,896,542 Total equity 11,506,996 (318,895) 11,188,101 Total liabilities and equity $ 12,896,937 $ (20,594) $ 12,876,343 Restated Unaudited Consolidated Statement of Operations and Comprehensive Income (Loss) for the Six Months Ended June 30, 2024: (Expressed in thousands of U.S. Dollars, except for number of shares and per share data) Six months ended June 30, 2024 Previously
Reported Restatement
Adjustments Restated Sales $ 121,339 $ 7,372 $ 128,711 Cost of sales 40,836 18,315 59,151 Gross profit 80,503 (10,943) 69,560 Selling, general and administrative expenses 206,347 2,255 208,602 Provision for credit losses (663) 4,712 4,049 Research and development expenses 144,052 (1,721) 142,331 Loss on disposal and impairment of property, plant and equipment and IPR&D 5,387 (73) 5,314 Government grants recognized in income (1,044) — (1,044) Total operating expenses 354,079 5,173 359,252 Operating loss (273,576) (16,116) (289,692) Interest and financing expenses (2,175) — (2,175) Interest income 44,060 (28,107) 15,953 Share of losses from equity method investments — (8,738) (8,738) Other income, net 166,481 128,123 294,604 (Loss) income before income taxes (65,210) 75,162 9,952 Income tax (expense) benefit (3,432) 52,431 48,999 Net (loss) income (68,642) 127,593 58,951 Less: loss attributable to non-controlling interests (60,745) 25,842 (34,903) Net (loss) income attributable to shareholders of Sinovac (7,897) 101,751 93,854 Preferred stock dividends 2,975 (2,975) - Net (loss) income attributable to common shareholders of Sinovac $ (10,872) $ 104,726 $ 93,854 Earnings (loss) per share Basic net (loss) income per share (0.11) 1.42 1.31 Diluted net (loss) income per share (0.11) 1.42 1.31 Weighted average number of shares of common stock outstanding Basic 99,638,043 (27,777,341) 71,860,702 Diluted 99,638,043 (27,777,341) 71,860,702 Net (loss) income (68,642) 127,593 58,951 Other comprehensive income, net of tax of nil Foreign currency translation adjustments (194,758) 14,236 (180,522) Unrealized gain (loss) on available-for-sale investments 69,612 (83,407) (13,795) Comprehensive income (loss) (193,788) 58,422 (135,366) Less: comprehensive loss attributable to non-controlling interests (136,531) 25,347 (111,184) Comprehensive loss attributable to shareholders of Sinovac (57,257) 33,075 (24,182) Restated Unaudited Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2024: (Expressed in thousands of U.S. Dollars) Six months ended June 30, 2024 Previously
Reported Restatement
Adjustments Restated Net cash used in operating activities $ (438,897) $ 104,044 $ (334,853) Net cash provided by investing activities 436,828 (76,225) 360,603 Net cash used in financing activities (171,180) (141) (171,321) Effect of exchange rate changes on cash and cash equivalents and restricted cash (26,919) 2,491 (24,428) Decrease in cash and cash equivalents and restricted cash (200,168) 30,169 (169,999) Cash and cash equivalents and restricted cash, beginning of period 1,275,297 (146,175) 1,129,122 Cash and cash equivalents and restricted cash, end of period $ 1,075,129 $ (116,006) $ 959,123 Subsequent Events In 2026, a dividend of $88.0 million was declared by Sinovac Beijing, and Sinovac Dalian, of which $24.4 million was declared to their respective minority shareholders, and $63.6 million was declared by such subsidiaries to Sinovac Beijing Holding. About SINOVAC Sinovac Biotech Ltd. (SINOVAC) is a China-based global biopharmaceutical company, with a mission of "supply vaccines to eliminate human diseases", the Company specializes in the research, development, manufacturing and commercialization of vaccines and related biological products that protect against human infectious diseases. The Company's diversified portfolio includes vaccines for influenza, viral hepatitis, varicella, Hand-Foot-Mouth disease (HFMD), poliomyelitis, pneumococcal disease, etc., of which 3 vaccines have been prequalified by WHO, including inactivated hepatitis A vaccine Healive®, Sabin-strain inactivated polio vaccine (sIPV), and varicella vaccine. SINOVAC has a leading edge in developing vaccines to combat infectious disease outbreaks and was among the first to initiate R&D during major public health emergencies, including SARS, H5N1, H1N1, and COVID-19. The Company developed the world's first inactivated SARS vaccine (Phase I completed), China's first H5N1 influenza vaccine (Panflu®), the world's first H1N1 influenza vaccine (Panflu.1®), and CoronaVac®, the most widely used inactivated COVID-19 vaccine globally. Beyond its marketed portfolio, the Company is advancing a robust pipeline that includes combination vaccines, recombinant protein vaccines and next-generation platforms such as mRNA technologies and antibodies. With a long-standing commitment to innovation and global health, SINOVAC is expanding its global footprint by strengthening partnerships with research institutions, international organizations, and local partners. Through broader market presence, technological cooperation, and localized production, the Company aims to accelerate vaccine development and supply, enhance regional access to high-quality products, and better address unmet medical needs while improving preparedness for future pandemics. For more information, please see the Company’s website at www.sinovac.com. Safe Harbor Statement This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. In particular, the outcome of any litigation is uncertain, and the Company cannot predict the potential results of the litigation it filed or filed against it by others. Additionally, the triggering of a shareholder rights plan is nearly unprecedented, and the Company cannot predict the impact on the Company or its stock price as a result of the trigger of the rights plan. Non-GAAP Financial Measures To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, SINOVAC uses the following non-GAAP financial measures: non-GAAP adjusted EBITDA, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share. For more information on these non-GAAP financial measures, please refer to the table captioned “Reconciliations of non-GAAP Measures to the Nearest Comparable GAAP Measures” in this results announcement. SINOVAC believes that non-GAAP adjusted EBITDA, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share help identify underlying trends in its business that could otherwise be distorted by the effect of certain income or expenses that SINOVAC includes in net income and diluted net income (loss) per share. SINOVAC believes that non-GAAP adjusted EBITDA, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share provide useful information about its core operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Non-GAAP adjusted EBITDA, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share should not be considered in isolation or construed as an alternative to income from operations, net income (loss), diluted net income (loss) per share, or any other measure of performance or as an indicator of SINOVAC’s operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. Non-GAAP adjusted EBITDA represents net income (loss) and excludes interest income, net of interest and financing expense, share of (earnings) losses from equity method investments, other (income) expense, net and income tax (benefit) expense, and certain non-cash expenses, consisting of depreciation and amortization expense and loss on impairment of goodwill that SINOVAC does not believe are reflective of the core operating performance during the periods presented. Non-GAAP net income (loss) represents net income (loss) before foreign exchange gain or loss. Non-GAAP diluted earnings (loss) per share represents non-GAAP net income (loss) attributable to common shareholders divided by the weighted average number of shares outstanding during the periods on a diluted basis, including accounting for the effect of the assumed conversion of options. SINOVAC BIOTECH LTD. Consolidated Balance Sheets As of June 30, 2025 and December 31, 2024 (Expressed in thousands of U.S. Dollars) June 30, 2025 December 31,
2024 (Unaudited) (Audited) Current assets Cash and cash equivalents $ 182,626 $ 335,273 Restricted cash 3,974,886 266,944 Short-term investments 5,777,750 9,613,328 Accounts receivable, net 306,839 306,567 Inventories 109,137 96,920 Prepaid expenses and other current assets 10,601 10,041 Income tax receivable 4,412 4,011 Amounts due from related parties 10,541 11,431 Total current assets 10,376,792 10,644,515 Property, plant and equipment, net 858,557 880,968 Prepaid land use rights, net 61,566 61,525 Intangible assets, net 74,797 122,579 Long-term investments 498,786 491,349 Prepayments for acquisition of equipment 1,341 1,340 Deferred tax assets 34,559 37,373 Right-of-use assets 14,812 16,024 Other non-current assets 19,782 20,488 Goodwill 11,796 27,508 Amounts due from related parties 34,279 33,612 Total non-current assets 1,610,275 1,692,766 Total assets 11,987,067 12,337,281 Current liabilities Short-term bank loans and current portion of long-term bank loans 214,962 211,919 Accounts payable and accrued liabilities 590,132 802,996 Income tax payable 221,911 207,718 Deferred revenue 12,007 12,211 Deferred government grants 1,743 1,728 Dividend payable 3,958,189 212,960 Lease liability 2,464 2,366 Total current liabilities 5,001,408 1,451,898 Deferred government grants 4,361 4,843 Long-term bank loans 233,056 163,840 Deferred tax liability 392,037 410,049 Lease liability 12,702 13,198 Other non-current liabilities 23 23 Deferred revenue — — Total long-term liabilities 642,179 591,953 Total liabilities 5,643,587 2,043,851 Equity Common stock 72 72 Additional paid-in capital 550,168 550,168 Accumulated other comprehensive loss (620,108) (707,806) Statutory surplus reserves 1,581,467 1,581,467 Retained earnings 2,858,502 6,838,357 Total Sinovac shareholders' equity 4,370,101 8,262,258 Non-controlling interests 1,973,379 2,031,172 Total equity 6,343,480 10,293,430 Total liabilities and equity $ 11,987,067 $ 12,337,281 SINOVAC BIOTECH LTD. Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss) For the six months ended June 30, 2025 and 2024 (Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data) Six months ended June 30 2025 2024 (Restated) Sales $ 130,270 $ 128,711 Cost of sales 48,808 59,151 Gross profit 81,462 69,560 Selling, general and administrative expenses 147,211 208,602 Provision for credit losses (809) 4,049 Research and development expenses 126,926 142,331 Loss on disposal and impairment of property, plant and equipment and IPR&D 53,912 5,314 Loss on impairment of goodwill 16,037 — Government grants recognized in income (3,544) (1,044) Total operating expenses 339,733 359,252 Operating loss (258,271) (289,692) Interest and financing expenses (4,096) (2,175) Interest income 12,939 15,953 Share of losses from equity method investments (8,240) (8,738) Other income, net 161,894 294,604 (Loss) income before income taxes (95,774) 9,952 Income tax (expense) benefit (781) 48,999 Net (loss) income (96,555) 58,951 Less: loss attributable to non-controlling interests (74,889) (34,903) Net (loss) income attributable to common shareholders of Sinovac (21,666) 93,854 Earnings (loss) per share Basic net (loss) income per share (0.30) 1.31 Diluted net (loss) income per share (0.30) 1.31 Weighted average number of shares of common stock outstanding Basic 71,860,702 71,860,702 Diluted 71,860,702 71,860,702 Net (loss) income (96,555) 58,951 Other comprehensive income, net of tax of nil Foreign currency translation adjustments 121,595 (180,522) Unrealized gain (loss) on available-for-sale investments 3,544 (13,795) Comprehensive income (loss) 28,584 (135,366) Less: comprehensive loss attributable to non-controlling interests (37,448) (111,184) Comprehensive income (loss) attributable to shareholders of Sinovac 66,032 (24,182) SINOVAC BIOTECH LTD. Unaudited Consolidated Statements of Cash Flows For the six months ended June 30, 2025 and 2024 (Expressed in thousands of U.S. Dollars) Six months ended June 30 2025 2024 (Restated) Operating activities Net (loss) income $ (96,555) $ 58,951 Adjustments to reconcile net (loss) income to net cash used in operating activities: Deferred income taxes (14,422) (62,983) Inventory provision 17,173 27,389 Provision for credit losses (809) 4,049 Loss on disposal and impairment of property, plant and equipment and IPR&D 53,912 5,314 Depreciation of property, plant and equipment 47,942 57,923 Amortization of prepaid land use rights 1,117 1,123 Amortization of intangible assets 622 501 Non-cash operating lease expense 1,597 1,784 Loss on impairment of goodwill 16,037 — Share of losses from equity method investments 8,240 8,738 Accretion of discounts on investments (3,815) (5,074) Investment and interest income (118,098) (127,775) Changes in operating assets and liabilities: Accounts receivable 7,278 45,366 Inventories (27,219) (28,011) Other non-current assets (1,769) (2,273) Income tax receivable and payable 13,532 (8,020) Prepaid expenses and other current assets (87) (3,316) Deferred revenue (292) (20,407) Accounts payable and accrued liabilities and other current liabilities (214,796) (287,893) Deferred government grants (234) (239) Net cash used in operating activities (310,646) (334,853) Investing activities Purchase of investments (3,420,793) (1,981,302) Proceeds from maturity and sales of investments 7,437,179 2,410,940 Proceeds from disposal of property, plant and equipment — 141 Purchase of property, plant and equipment (26,534) (48,059) Purchase of equity investments payments (3,017) (1,606) Repayments received on loans made to service vendors — 4,158 Loan to related parties — (23,669) Net cash provided by investing activities 3,986,835 360,603 Financing activities Proceeds from bank loans 258,512 136,207 Repayments of bank loans (194,192) (74,153) Dividend paid to non-controlling shareholders (234,012) (233,375) Net cash used in financing activities (169,692) (171,321) Effect of exchange rate changes on cash and cash equivalents and restricted cash 48,798 (24,428) Increase (decrease) in cash and cash equivalents and restricted cash 3,555,295 (169,999) Cash and cash equivalents and restricted cash, beginning of period 602,217 1,129,122 Cash and cash equivalents and restricted cash, end of period $ 4,157,512 $ 959,123 SINOVAC BIOTECH LTD. Reconciliations of Non-GAAP measures to the nearest comparable GAAP measures For the six months ended June 30, 2025 and 2024 (Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data) Six months ended June 30 2025 2024 (Restated) Net (loss) income $ (96,555) $ 58,951 Adjustments: Depreciation and amortization expense 49,681 59,547 Loss on impairment of goodwill 16,037 — Interest income, net of interest and financing expense (8,843) (13,778) Share of losses from equity method investments 8,240 8,738 Other income, net (161,894) (294,604) Income tax expense (benefit) 781 (48,999) Non-GAAP adjusted EBITDA (192,553) (230,145) Net (loss) income (96,555) 58,951 Add: Foreign exchange loss (gain) 42,619 (25,267) Non-GAAP net (loss) income (53,936) 33,684 Net (loss) income attributable to common shareholders of Sinovac for computing diluted earnings per share (21,666) 93,854 Add: Non-GAAP adjustments to net loss (income) 25,898 (9,556) Non-GAAP net income attributable to common shareholders of Sinovac for computing non-GAAP diluted earnings per share 4,232 84,298 Weighted average number of shares on a diluted basis 71,860,702 71,860,702 Diluted net (loss) income per share (0.30) 1.31 Add: Non-GAAP adjustments to net income per share 0.36 (0.13) Non-GAAP diluted net income per share 0.06 1.18 View source version on businesswire.com: https://www.businesswire.com/news/home/20260508098846/en/ Sinovac Biotech Ltd.
Helen Yang
Tel: +86-10-8279 9720
Email: ir@sinovac.com Original: SINOVAC Reports Unaudited First Half of 2025 Financial Results