CanSino Biologics of China reported a revenue decline of 69.5% for the first half of the year compared to the same period last year, joining local and international COVID-19 vaccine producers that are struggling with declining demand for their doses.
CanSinoBIO stated in a business filing issued on Sunday (Aug 28) that the decrease from 2.06 billion yuan (U.S. $299.8 million) to 629.8 million yuan was mostly caused by reduced COVID-19 vaccination demand as growth in worldwide uptake stalled and price revisions of its products.
CanSinoBIO, which distributes a one-dose injection in nations including China and Mexico and is requesting permission for an inhaled version of the vaccine, reported a 987.7% year-over-year decline in half-year net profit.
In light of a global supply glut and weak demand, Novavax lowered its full-year revenue prediction earlier this month. The company does not anticipate further sales of its COVID-19 shot in the United States this year. Although BioNTech reported a roughly 40% decline in second-quarter revenue and net profit, the company claimed that demand for its upgraded shots to be used in booster campaigns would rise in the fall.
This month, Sino Biopharmaceutical, which owns a 15.03% stake in Sinovac Life Sciences, the company that developed the CoronaVac, reported that its first-half profits from partners and a joint venture totaled 503.1 million yuan, a decrease of more than 90% from the same period in 2021.
Shenzhen Kangtai Biological Products set aside provisions for asset impairment totaling 470.4 million yuan, citing "a rapid decrease" in its COVID19 vaccine sales since the second quarter. The company makes a COVID-19 vaccine similar to Sinovac's and has obtained Indonesian approval to sell its version of AstraZeneca's shot.
CanSino Biologics often abbreviated as CanSinoBIO, is a Chinese vaccine company. The company has a portfolio of vaccines under research including Ad5-EBOV to prevent Ebola and Ad5-nCoV for COVID-19. This biopharmaceutical company also develops, manufactures, and commercializes pneumococcal, polyvalent conjugate, and adenovirus-based recombinant TB vaccines.
It works in partnership with MC Master University, National Research Council of Canada, and Beijing Institute of Biotechnology. CanSino Biologics is headquartered in Tianjin, China.
CanSino Biologics was founded in 2009 in Tianjin by Yu Xuefeng, Zhu Tao, Qiu Dongxu, and Helen Mao Huihua
AD5-nCOV, trade-named Convidecia, is a single-dose viral vector COVID-19 vaccine developed by CanSino. Since late 2020, it has been in Phase III trials in Chile, Mexico, Pakistan, Russia, and Saudi Arabia with 40,000 participants.
