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SINOVAC Reports Unaudited and Unreviewed Second Half of 2025 Financial Results and Files 2025 Annual Report on Form 20-FJune 5, 2026 4:01 PM
Business Wire Sinovac Biotech Ltd. (NASDAQ: SVA) (“SINOVAC” or the “Company”), a leading provider of biopharmaceutical products in China, today announced it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 (the “Annual Report”) with the U.S. Securities and Exchange Commission. An electronic copy of the Annual Report can be accessed at the Company's website at www.sinovac.com.cn or www.sinovac.com and at the SEC’s website www.sec.gov. The Company also announced its unaudited and unreviewed financial results for the second half of 2025 and audited financial results for the full year ended December 31, 2025. Second Half and Full Year of 2025 Financial Summary Sales for the six months ended December 31, 2025 were $255.7 million, compared to $232.7 million in the prior year period. Sales in 2025 were $386.0 million, compared to $361.4 million in the prior year. The Company posted $38.0 million of net loss attributable to common shareholders, or a loss of $0.53 per basic and diluted share, in the six months ended December 31, 2025, compared to net loss attributable to common shareholders of $2.9 million, or a loss of $0.04 per basic and diluted share, in the prior year period. The Company posted $59.7 million of net loss attributable to common shareholders, or a loss of $0.83 per basic and diluted share in 2025, compared to net income attributable to common shareholders of $90.9 million, or an income of $1.27 per basic and diluted share, in the prior year. Mr. Weidong Yin, CEO of SINOVAC, commented, “In 2025, SINOVAC continued to advance its corporate strategy with a strong focus on globalization. I’m encouraged that our overseas business has emerged as a primary growth driver, significantly contributing to our full-year sales. While international expansion remains our core focus, our research and development (“R&D”) continues to yield positive progress. Notably, our tetanus vaccine was approved for commercial launch in 2025. Targeting hospital clinics and emergency departments, this product successfully expands our commercial footprint beyond the network of Centers for Disease Control and Prevention. Furthermore, we have multiple key vaccines nearing late-stage approval, which will further support our global growth potential in the coming years.” Robust Overseas Growth and Resilient Chinese Mainland Market In 2025, the Company’s globalization strategy delivered significant progress. The Company’s overseas business maintained robust growth, offsetting a slight decrease in Chinese domestic sales. For the full year 2025, sales from overseas markets surged to $124.8 million, representing a year-over-year increase of 93.9%. Consequently, the contribution of overseas sales to the Company's total top line almost doubled from 17.8% in 2024 to 32.3% in 2025. The growth of overseas sales was driven by several core products. Notably, the supply of the varicella vaccine demonstrated strong commercial achievement overseas, with full-year sales increasing nearly ninefold. Furthermore, the supply of the Enterovirus Type 71 (EV71) vaccine progressed steadily outside the Chinese Mainland, with overseas sales nearly doubling. The sales of the trivalent influenza vaccine also delivered solid performance, quadrupling its overseas sales year over year. This momentum was fueled by deepened market penetration and landmark commercial breakthroughs in emerging markets. The Company was the exclusive winner of the Chilean influenza vaccine global tender for both 2025 and 2026. Additionally, SINOVAC signed two Product Development Partnership agreements with the Brazilian Ministry of Health for local production and a 10-year supply commitment, laying a solid foundation for its long-term presence in Latin America. In the Chinese Mainland market, despite intensifying competition and moderating demand, the sales of our key proprietary products, including the EV71 vaccine, hepatitis A vaccine and quadrivalent influenza vaccine remained stable. Meanwhile, domestic sales for the poliomyelitis vaccine, trivalent influenza vaccine and varicella vaccine experienced varying degrees of decline, primarily due to reduced procurement volume under the Chinese Mainland public market. Strategic Pipeline Advancement Toward Commercialization In 2025, the Company accelerated the advancement of its R&D pipeline, forming a clear and tiered portfolio. To date, the Company has one new product approved for market launch, two product candidates under marketing authorization application review, and four product candidates that have entered or are preparing to enter Phase III clinical trials. Meanwhile, two major candidates based on mRNA technology are being studied in the clinical stage. The advancement of these pipeline projects will serve as a vital engine driving the Company's long-term growth potential. The key near-term pipeline products include: Lyophilized Rabies Vaccine (Serum-Free Vero Cell) (PVRV-SF): Expected to be the first rabies vaccine in the Chinese Mainland market with a serum-free and animal-origin-free component process, this product candidate is currently under marketing application review and is anticipated to be approved for launch by July 2026. The Company is concurrently pursuing its WHO prequalification application and conducting international Phase III clinical trials overseas, accelerating the global deployment of this candidate. Bivalent Enterovirus Vaccine (HFMD2): As the world's first bivalent HFMD vaccine candidate under Phase III clinical trial evaluation, the Company successfully obtained primary endpoint data and monitoring data from the first epidemic season in March 2026. Preliminary results indicate that the vaccine candidate exhibits a favorable safety profile and satisfactory efficacy results. 13-Valent Pneumococcal Conjugate Vaccine (PCV13): The Phase III clinical trial for this product candidate is progressing smoothly. We expect to complete all clinical trials and file the marketing authorization application within 2026. Additionally, the Company obtained clinical trial approval from the Philippine regulatory authority in April 2026 and plans to conduct an infant PCV13 trial enrolling participants aged approximately 2 months (42 to 89 days) to support global regulatory applications. Quadrivalent Enterovirus Vaccine (HFMD4): Following favorable safety and immunogenicity results observed in the Phase II clinical trial of this vaccine candidate, its Phase III clinical trial was initiated in June 2026. As the world's first quadrivalent HFMD vaccine candidate to reach this stage, it covers the major pathogenic serotypes and is expected to significantly reduce both the incidence of HFMD and the risk of severe HFMD cases. Group ACYW135 Meningococcal Conjugate Vaccine (MCV4): The Company is developing an MCV4 vaccine candidate leveraging its bacterial vaccine platform. Phase III clinical trials for this product candidate were officially initiated in March 2026. Fully Human Anti-Tetanus Toxin Monoclonal Antibody (HmAb-TT): Beyond the core vaccine portfolio, the Company is developing an innovative monoclonal antibody candidate for the emergency prophylaxis of tetanus. As the Company’s first self-developed monoclonal antibody candidate in this segment, Phase II clinical results have demonstrated a favorable safety profile, as well as antibody levels significantly higher than those of tetanus immunoglobulin currently available. Following these positive findings, the Phase III clinical trial for HmAb-TT is scheduled to officially initiate in June 2026. Unaudited and Unreviewed Financial Results for the Second Half of 2025 Sales in the second half of 2025 were $255.7 million compared to $232.7 million in the prior year period. Export markets led this expansion, posting a 144.3% increase primarily driven by higher procurement of varicella vaccines. Cost of sales decreased to $75.2 million in the second half of 2025 from $81.5 million in the prior year period. The decrease was mainly due to lower expenses recognized in connection with the long-term employee incentive plan established in 2022 (the "Employee Incentive Plan"). Gross profit in the second half of 2025 increased to $180.5 million from $151.1 million in the prior year period. Gross profit margin increased from 65.0% in the second half of 2024 to 70.6% in the second half of 2025, primarily driven by the expansion of international sales with higher gross profit. Selling, general and administrative expenses in the second half of 2025 were $185.8 million, compared to $212.3 million in the prior year period. The decrease was mainly due to lower expenses recognized in connection with the Employee Incentive Plan. Research and development expenses in the second half of 2025 were $89.3 million, a decrease from $128.3 million in the prior year period. The decrease was mainly due to lower expenses recognized in connection with the Employee Incentive Plan. Loss on disposal and impairment of property, plant and equipment (“PP&E”) in the second half of 2025 was $135.4 million, compared to $25.0 million in the prior year period. This was because the Company identified impairment indicators on certain of its machinery, equipment, construction in progress and leasehold improvements and a drop in the lease market price of certain plants located in Hangzhou and Beijing, and recorded impairment of PP&E. Other income, net in the second half of 2025 was $46.7 million, a decrease from $233.0 million in the prior year period. The change was mainly due to a decrease in investment income earned from investment products issued by financial institutions, and net foreign exchange loss reflecting fluctuations in foreign exchange rates. Net loss in the second half of 2025 was $102.3 million, compared to a net loss of $18.3 million in the prior year period. Net loss attributable to common shareholders was $38.0 million, or a loss of $0.53 per basic and diluted share, in the second half of 2025, compared to a loss attributable to common shareholders of $2.9 million, or a loss of $0.04 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 shares 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 stock outstanding would be 60,060,702. On that basis, the basic and diluted net loss per share for the second half of 2025 would be $0.63, compared to basic and diluted net loss per share of $0.05 in the prior year period. The Company’s financial statements for the second half of 2025 are prepared and presented in accordance with U.S. GAAP. However, they have not been audited or reviewed by the Company’s independent registered public accounting firm. Financial Results for the Year Ended December 31, 2025 Sales in 2025 were $386.0 million compared to $361.4 million in the prior year. The increase was primarily driven by higher sales of varicella vaccines and influenza vaccines resulting from increased procurement by international customers, partially offset by a decline in sIPV vaccine sales due to lower domestic birth rates. Cost of sales decreased to $124.0 million in 2025 from $140.7 million in 2024. The decrease was mainly due to lower expenses recognized in connection with the Employee Incentive Plan, and our ongoing efforts in cost reduction and efficiency improvement. Gross profit increased to $262.0 million in 2025 from $220.7 million in the prior year. Gross profit margin increased from 61.1% in 2024 to 67.9% in 2025, primarily driven by a favorable shift in product and channel mix toward higher-margin international sales, as well as improved cost efficiencies in production. Selling, general and administrative expenses in 2025 were $333.0 million, compared to $420.9 million in the prior year. The decrease was mainly due to lower expenses recognized in connection with the Employee Incentive Plan. Research and development expenses in 2025 were $216.2 million, a decrease from $270.7 million in the prior year. The decrease was mainly due to lower expenses recognized in connection with the Employee Incentive Plan. Loss on disposal and impairment of PP&E and intangible assets, and loss on impairment of goodwill in 2025 was $202.8 million, compared to $30.3 million in the prior year. This was because the Company identified impairment indicators on certain of its machinery, equipment, construction in progress and leasehold improvements and a drop in the lease market price of certain plants located in Hangzhou and Beijing, and recorded impairment of $137.6 million of PP&E. In addition, the Company recorded impairment of $65.5 million of in-process research and development assets and goodwill generated during the acquisition of a subsidiary that produces rabies vaccines. The Company identified impairment indicators, including fierce competition, delayed vaccine market launch, and changes in product positioning in 2025. Other income, net in 2025 was $208.6 million, a decrease from $527.6 million in the prior year, which primarily consisted of (i) investment income of $307.4 million and $482.1 million in 2025 and 2024, respectively, earned from investment products issued by financial institutions; and (ii) a net foreign exchange loss of $109.8 million in 2025 and a net foreign exchange gain of $61.4 million in 2024, resulting from fluctuations in foreign exchange rates. Net loss in 2025 was $198.8 million, compared to a net income of $40.7 million in the prior year. Net loss attributable to common shareholders was $59.7 million, or a loss of $0.83 per basic and diluted share in 2025, compared to an income attributable to common shareholders of $90.9 million, or an income of $1.27 per basic and diluted share, in the prior year. 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 in 2025 would be $0.99, compared to basic and diluted net income per share of $1.51 in the prior year. As of December 31, 2025, cash and cash equivalents and restricted cash totaled $1.2 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 2025, net cash used in operating activities was $512.2 million, mainly reflecting the tax payments made during the year and decline in cash collections from sales; net cash provided by investing activities was $4.4 billion, mainly reflecting the net position of debt and equity securities maturity and sales over purchases; and net cash used in financing activities was $3.4 billion, mainly reflecting the payment of dividends. In 2025, $20.9 million (RMB145.8 million) in dividends 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. $55.7 million (RMB389.3 million) in dividends 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 had declared a special cash dividend of $55.00 per common share with total $3,958.2 million in April 2025, of which $3,300.3 million in dividends was paid by Sinovac Antigua to its shareholders in 2025, and $657.9 million was retained as deferred dividend payment to Sinovac Antigua's shareholders, mainly holding 2018 PIPE Shares. Subsequent Events In 2026, $88.0 million (RMB600.0 million) in dividends was declared and paid by Sinovac Beijing, and Sinovac Dalian, of which $24.4 million (RMB166.5 million) was declared and paid to their respective minority shareholders, and $63.6 million (RMB433.5 million) in dividends was declared and paid 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.cn or www.sinovac.com. Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s or Board’s control, which may cause actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company and Board do not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. SINOVAC BIOTECH LTD. Consolidated Balance Sheets As of December 31, 2025 and 2024 (Expressed in thousands of U.S. Dollars) December 31, 2025 December 31, 2024 (Audited) (Audited) ASSETS Current assets Cash and cash equivalents $ 488,248 $ 335,273 Restricted cash 668,181 266,944 Short-term investments 5,483,073 9,613,328 Accounts receivable, net 286,344 300,887 Inventories 94,309 96,920 Prepaid expenses and other current assets 17,600 15,721 Income tax receivable 4,225 4,011 Amounts due from related parties 22,518 11,431 Total current assets 7,064,498 10,644,515 Property, plant and equipment, net 706,059 880,968 Prepaid land use rights, net 62,172 61,525 Intangible assets, net 77,679 122,579 Long-term investments 512,324 491,349 Prepayments for acquisition of equipment 2,138 1,340 Deferred tax assets 41,520 37,373 Operating lease right-of-use assets 10,435 16,024 Other non-current assets 18,282 20,488 Goodwill 12,604 27,508 Amounts due from related parties 34,014 33,612 Total non-current assets 1,477,227 1,692,766 Total assets $ 8,541,725 $ 12,337,281 LIABILITIES AND EQUITY Current liabilities Short-term bank loans and current portion of long-term bank loans $ 229,374 $ 211,919 Accounts payable and accrued liabilities 604,676 802,996 Income tax payable 30,687 207,718 Deferred revenue 11,265 12,211 Deferred government grants, current 3,035 1,728 Dividend payable 657,856 212,960 Operating lease liabilities, current 2,118 2,366 Amounts due to related parties 1,354 — Total current liabilities 1,540,365 1,451,898 Deferred government grants, non-current 5,892 4,843 Long-term bank loans 265,484 163,840 Deferred tax liabilities 325,068 410,049 Operating lease liabilities, non-current 8,640 13,198 Other non-current liabilities 24 23 Total long-term liabilities 605,108 591,953 Total liabilities $ 2,145,473 $ 2,043,851 Equity Common stock $ 72 $ 72 Additional paid-in capital 550,168 550,168 Accumulated other comprehensive loss (513,252 ) (707,806 ) Statutory surplus reserves 1,586,013 1,581,467 Retained earnings 2,815,942 6,838,357 Total Sinovac shareholders' equity 4,438,943 8,262,258 Non-controlling interests 1,957,309 2,031,172 Total equity 6,396,252 10,293,430 Total liabilities and equity $ 8,541,725 $ 12,337,281 SINOVAC BIOTECH LTD. Consolidated Statements of Operations and Comprehensive Income (Loss) For the six months and year ended December 31, 2025 and 2024 (Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data) Six months ended December 31, Year ended December 31, 2025 2024 2025 2024 (Unaudited
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Unreviewed) (Unaudited
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Unreviewed) (Audited) (Audited) Sales $ 255,743 $ 232,663 $ 386,013 $ 361,374 Cost of sales 75,224 81,537 124,032 140,688 Gross profit 180,519 151,126 261,981 220,686 Selling, general and administrative expenses 185,768 212,320 332,979 420,922 Provision for credit losses 4,953 8,257 4,144 12,306 Research and development expenses 89,254 128,330 216,180 270,661 Loss on disposal and impairment of property, plant and equipment 135,418 24,965 137,235 30,279 Loss on impairment of intangible assets (2,173 ) — 49,922 — Loss on impairment of goodwill (351 ) — 15,686 — Government grants recognized in income (491 ) (6,903 ) (4,035 ) (7,947 ) Total operating expenses 412,378 366,969 752,111 726,221 Operating loss (231,859 ) (215,843 ) (490,130 ) (505,535 ) Interest and financing expenses (5,723 ) (3,462 ) (9,819 ) (5,637 ) Interest income 20,342 13,120 33,281 29,073 Share of earnings (losses) from equity method investments 4,204 6,038 (4,036 ) (2,700 ) Other income, net 46,708 233,032 208,602 527,636 (Loss) income before income taxes (166,328 ) 32,885 (262,102 ) 42,837 Income tax benefit (expense) 64,047 (51,180 ) 63,266 (2,181 ) Net (loss) income (102,281 ) (18,295 ) (198,836 ) 40,656 Less: net loss attributable to non-controlling interests (64,267 ) (15,346 ) (139,156 ) (50,249 ) Net (loss) income attributable to common shareholders of Sinovac $ (38,014 ) $ (2,949 ) $ (59,680 ) $ 90,905 Earnings (loss) per share Basic net (loss) income per share (0.53 ) (0.04 ) (0.83 ) 1.27 Diluted net (loss) income per share (0.53 ) (0.04 ) (0.83 ) 1.27 Weighted average number of shares of common stock outstanding – Basic 71,860,702 71,860,702 71,860,702 71,860,702 – Diluted 71,860,702 71,860,702 71,860,702 71,860,702 Net (loss) income $ (102,281 ) $ (18,295 ) $ (198,836 ) $ 40,656 Other comprehensive income (loss), net of tax of nil Foreign currency translation adjustments 152,377 (43,335 ) 273,972 (223,857 ) Unrealized gain (loss) on available-for-sale investments 3,185 3,176 6,729 (10,619 ) Comprehensive income (loss) 53,281 (58,454 ) 81,865 (193,820 ) Less: comprehensive loss attributable to non-controlling interests (15,561 ) (29,153 ) (53,009 ) (140,337 ) Comprehensive income (loss) attributable to shareholders of Sinovac $ 68,842 $ (29,301 ) $ 134,874 $ (53,483 ) SINOVAC BIOTECH LTD. Consolidated Statements of Cash Flows For the six months and year ended December 31, 2025 and 2024 (Expressed in thousands of U.S. Dollars) Six months ended December 31, Year ended December 31, 2025 2024 2025 2024 (Unaudited
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Unreviewed) (Unaudited
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Unreviewed) (Audited) (Audited) Operating activities Net (loss) income $ (102,281 ) $ (18,295 ) $ (198,836 ) $ 40,656 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: - Deferred income taxes (75,489 ) 6,577 (89,911 ) (56,406 ) - Inventory provision 13,422 9,723 30,595 37,112 - Provision for credit losses 4,953 8,257 4,144 12,306 - Loss on disposal and impairment of property, plant and equipment 135,418 24,965 137,235 30,279 - Loss on impairment of intangible assets (2,173 ) — 49,922 — - Loss on impairment of goodwill (351 ) — 15,686 — - Depreciation of property, plant and equipment 49,504 52,304 97,446 110,227 - Amortization of prepaid land use rights 1,144 1,134 2,261 2,257 - Amortization of intangible assets 709 551 1,331 1,052 - Non-cash operating lease expense 1,029 3,468 2,626 5,252 - Accretion of discounts on investments (120 ) (8,996 ) (3,935 ) (14,070 ) - Share of (earnings) losses from equity method investments, net of dividends received (1,524 ) (6,038 ) 6,716 2,700 - Investment and interest income (72,716 ) 22,978 (190,814 ) (104,797 ) Changes in operating assets and liabilities: - Accounts receivable (5,478 ) 10,506 24,267 87,733 - Inventories 4,200 27,346 (23,019 ) (665 ) - Income tax receivable and payable (190,700 ) 19,374 (177,168 ) 11,354 - Prepaid expenses and other current assets 24,654 43,138 2,100 7,961 - Deferred revenue (1,171 ) 5,964 (1,463 ) (14,443 ) - Accounts payable and accrued liabilities and other current liabilities 19,399 77,005 (195,397 ) (210,888 ) - Deferred government grants 3,008 95 2,774 (144 ) - Other non-current assets and liabilities (6,975 ) (2,094 ) (8,744 ) (4,367 ) Net cash (used in) provided by operating activities (201,538 ) 277,962 (512,184 ) (56,891 ) Investing activities - Purchase of investments (2,798,160 ) (2,883,857 ) (6,218,953 ) (4,865,159 ) - Proceeds from maturity and sales of investments 3,235,913 3,184,032 10,673,092 5,594,972 - Proceeds from disposal of equipment 409 19 409 160 - Proceeds from dissolution of subsidiary 181 — 181 — - Repayments received on loans made to service vendors — 497 — 4,655 - Loan to related parties — (10,085 ) — (33,754 ) - Purchase of property, plant and equipment (22,383 ) (47,901 ) (48,917 ) (95,960 ) - Prepaid land use rights (235 ) — (235 ) — - Acquisition of intangible assets (203 ) (1,627 ) (203 ) (1,627 ) - Purchase of equity method investments (1,738 ) (45,127 ) (4,755 ) (46,733 ) - Distributions of equity method investees 1,699 — 1,699 — - Acquisition of business, net of cash acquired (14,148 ) (100,195 ) (14,148 ) (100,195 ) Net cash provided by investing activities 401,335 95,756 4,388,170 456,359 Financing activities - Proceeds from bank loans 59,889 68,568 318,401 204,775 - Repayments of bank loans (24,571 ) (7,575 ) (218,763 ) (81,728 ) - Cash paid for dividends (3,300,332 ) (713,622 ) (3,534,344 ) (946,997 ) Net cash used in financing activities (3,265,014 ) (652,629 ) (3,434,706 ) (823,950 ) Effect of exchange rate changes on cash and cash equivalents and restricted cash 64,134 (77,995 ) 112,932 (102,423 ) (Decrease) increase in cash and cash equivalents and restricted cash (3,001,083 ) (356,906 ) 554,212 (526,905 ) Cash and cash equivalents and restricted cash, beginning of year 4,157,512 959,123 602,217 1,129,122 Cash and cash equivalents and restricted cash, end of year $ 1,156,429 $ 602,217 $ 1,156,429 $ 602,217 View source version on businesswire.com: https://www.businesswire.com/news/home/20260604567485/en/ Sinovac Biotech Ltd.
Helen Yang
Tel: +86-10-8279 9720
Email: ir@sinovac.com Original: SINOVAC Reports Unaudited and Unreviewed Second Half of 2025 Financial Results and Files 2025 Annual Report on Form 20-F
US Market News
1月前
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