Sunshine Biopharma Reports 2024 First Quarter Results: Revenues Up 54%
Sunshine Biopharma (NASDAQ:SBFM) announced its 2024 first-quarter results, showing a 54% increase in gross revenues to $7.54 million, up from $4.89 million in the same period of 2023. The surge is attributed to new product launches and expanded marketing by its Canadian subsidiary, Nora Pharma. Despite the revenue growth, the company reported a net loss of $1.28 million, an improvement over the $1.70 million loss in the first quarter of 2023. The company also completed a public offering in February 2024, raising $10 million in gross proceeds, with $8.52 million net proceeds. Sunshine Biopharma is focused on achieving profitability.
- Gross revenues increased by 54%, reaching $7.54 million in Q1 2024.
- Improved net loss from $1.70 million in Q1 2023 to $1.28 million in Q1 2024.
- Successful public offering in February 2024, raising $10 million in gross proceeds.
- New product launches and expanded marketing efforts contributed to revenue growth.
- Net loss of $1.28 million reported for Q1 2024, indicating ongoing financial challenges.
- General & Administrative expenses remained high at $3.70 million.
The 54% increase in revenues from $4,894,053 in 2023Q1 to $7,541,046 in 2024Q1 is a strong indicator of business growth. The primary drivers were new product launches and expanded marketing efforts. However, while sales increased, the net loss was still $(1,283,801), albeit an improvement from $(1,702,430) in the previous year. This suggests that while Sunshine Biopharma is generating more revenue, it is not yet profitable and still faces high operational costs. The slight increase in General & Administrative Expenses to $3,704,926 from $3,657,103 indicates that controlling expenses will be important for achieving profitability. Investors should watch if future quarters show continued revenue growth and efforts to reduce overhead costs.
Sunshine Biopharma's revenue growth is largely attributed to the success of its new product launches, which likely include advancements in oncology and antiviral treatments. This market is highly competitive and the company's success could indicate strong product efficacy and market acceptance. However, the ongoing net losses highlight the significant costs associated with drug development and market penetration. Monitoring the clinical progress and regulatory approvals of these new products should provide insights into future revenue potentials and possible milestones that could impact stock performance.
NEW YORK, NY / ACCESSWIRE / May 21, 2024 / Sunshine Biopharma, Inc. (NASDAQ:SBFM) (the "Company"), a pharmaceutical company offering and researching life-saving medicines in a variety of therapeutic areas including oncology and antivirals today announced that it has filed its 2024 first quarter report with the Securities and Exchange Commission. The Company reported gross revenues of
The following are the Company's 2024 first quarter highlights:
- Sales in the first quarter grew to
$7,541,046 , compared to$4,894,053 during the same period last year, an increase of54% . - Net loss for the period ended March 31, 2024 was
$(1,283,801) compared to a net loss of$(1,702,430) during the same period of 2023. - On February 15, 2024, the Company completed an underwritten public offering for gross proceeds of approximately
$10 million . The net proceeds received by the Company were$8,522,411.
"We continue to make progress and work diligently toward our goal of attaining profitability," said Dr. Steve Slilaty, CEO of Sunshine Biopharma.
The following are key items contained in the Company's Income Statement included in the 2024Q1 10-Q report:
2024Q1 | 2023Q1 | |||||||
| Sales | $ | 7,541,046 | $ | 4,894,053 | ||||
| Gross Profit | $ | 2,354,337 | $ | 1,828,122 | ||||
| General & Administrative Expenses | $ | 3,704,926 | $ | 3,657,103 | ||||
| Net Loss | $ | (1,283,801 | ) | $ | (1,702,430 | ) |
About Sunshine Biopharma, Inc.
Sunshine Biopharma currently has 52 generic prescription drugs on the market in Canada and 32 additional drugs scheduled to be launched in 2024 and 2025. Among the new drugs to be launched in 2024 is NIOPEG®, a biosimilar of NEULASTA®. Like NEULASTA®, NIOPEG® is a long-acting form of recombinant human granulocyte colony-stimulating factor (filgrastim). It is indicated to decrease the incidence of infection in patients with non-myeloid malignancies receiving anti-neoplastic therapy. In addition, Sunshine Biopharma is conducting a proprietary drug development program which is comprised of (i) K1.1 mRNA for liver cancer, and (ii) PLpro protease inhibitor for SARS Coronavirus infections. For more information, please visit: www.sunshinebiopharma.com.
Safe Harbor Forward-Looking Statements
This press release contains forward-looking statements which are based on current expectations, forecasts, and assumptions of Sunshine Biopharma, Inc. (the "Company") that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected. These statements appear in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, including statements related to the Company's drug development activities, financial performance, and future growth. These risks and uncertainties are further described in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in the Company's filings with the SEC. Reference is hereby made to cautionary statements and risk factors set forth in the Company's most recent SEC filings.
For Additional Information:
Sunshine Biopharma Contact:
Camille Sebaaly, CFO
Direct Line: 514-814-0464
camille.sebaaly@sunshinebiopharma.com
SOURCE: Sunshine Biopharma, Inc.
View the original press release on accesswire.com
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