Sinovac Biotech Ltd. reported revenue of $386.0 million for the fiscal year ended December 31, 2025, an increase from $361.4 million in the prior year. The company posted a net loss attributable to common shareholders of $59.7 million, or a loss of $0.83 per basic and diluted share, compared to net income of $90.9 million, or income of $1.27 per share, in 2024. The company filed its annual report on Form 20-F with the U.S. Securities and Exchange Commission.

The financial results were driven by a 93.9% surge in overseas sales, which reached $124.8 million and accounted for 32.3% of total revenue, up from 17.8% in 2024. This growth offset a slight decrease in Chinese domestic sales. Key products contributing to international expansion included the varicella vaccine, which saw full-year sales increase nearly ninefold, and the trivalent influenza vaccine, which quadrupled its overseas sales. The company also secured the exclusive winner of the Chilean influenza vaccine global tender for 2025 and 2026.

Despite the revenue growth, the company recorded a net loss of $198.8 million for the year, compared to net income of $40.7 million in the prior year. This decline was primarily due to a loss on disposal and impairment of property, plant and equipment and intangible assets totaling $202.8 million, compared to $30.3 million in 2024. The company identified impairment indicators on certain machinery, equipment, and leasehold improvements, recording an impairment of $137.6 million for property, plant and equipment, and $65.5 million for in-process research and development assets and goodwill.

Cost of sales decreased to $124.0 million from $140.7 million in 2024, mainly due to lower expenses recognized in connection with the Employee Incentive Plan and cost reduction efforts. Gross profit increased to $262.0 million, with gross profit margin rising to 67.9% from 61.1%, driven by a favorable shift toward higher-margin international sales.

Research and development expenses decreased to $216.2 million from $270.7 million, while selling, general and administrative expenses fell to $333.0 million from $420.9 million, both largely attributed to lower expenses related to the Employee Incentive Plan.

As of December 31, 2025, cash and cash equivalents and restricted cash totaled $1.2 billion, compared to $602.2 million at the end of 2024. The increase was primarily due to net cash provided by investing activities of $4.4 billion, reflecting the maturity and sales of investment products. Net cash used in operating activities was $512.2 million, and net cash used in financing activities was $3.4 billion, mainly reflecting dividend payments.

Second Half of 2025 Results

For the six months ended December 31, 2025, sales were $255.7 million compared to $232.7 million in the prior year period. The company reported a net loss attributable to common shareholders of $38.0 million, or a loss of $0.53 per share, compared to a loss of $2.9 million, or a loss of $0.04 per share, in the same period of 2024. These financial statements are unaudited and unreviewed.

Financial Results for the Year Ended December 31, 2025