Sunshine Biopharma Reports Operating Results for the Fiscal Year Ended December 31, 2023
- Sunshine Biopharma Inc. reported significant sales growth in 2023, reaching $24,092,787.
- The company reduced its loss per share from $1.76 in 2022 to $0.19 in 2023.
- Sunshine Biopharma completed a $5 million private placement for expansion.
- The company repurchased over 500,000 shares of its common stock.
- Two proprietary drugs advanced to animal testing stages in 2023.
- Sunshine Biopharma's CEO expressed optimism for future growth and profitability.
- The company halted IND-enabling studies for Adva-27a due to unfavorable in vitro results.
The reported quarter-over-quarter growth rate of 14% for Sunshine Biopharma is a robust indicator of the company's expanding revenue base, particularly following the acquisition of Nora Pharma. This acquisition appears to have been a strategic move, significantly contributing to the annual sales figures. The reduction in loss per share from $1.76 to $0.19 is a positive signal to investors, reflecting cost-saving measures and potentially increased operational efficiency.
However, the halt of IND-enabling studies for the Adva-27a anticancer compound due to unfavorable results is a setback. It's essential to consider the implications of this development on the company's future R&D expenses and the timeline for bringing new products to market. The repurchase of shares could be interpreted as the company's confidence in its future prospects, although the rationale and timing should be scrutinized.
The pharmaceutical industry is highly competitive and subject to stringent regulatory controls. Sunshine Biopharma's efforts to expand its sales operations with the recent capital raised through private placement could enhance its competitive positioning. However, the halt in the development of a key anticancer compound might raise concerns about the company's product pipeline diversity and long-term growth potential.
Considering the company's performance, stakeholders should weigh the growth in sales against the overall net loss. While the decrease in net loss is notable, the company must continue to manage its expenses judiciously to achieve profitability. The repurchase of shares indicates a possible undervaluation or a strategic move to consolidate ownership, which could have future implications for shareholder value.
The transition of Sunshine Biopharma's proprietary drugs to the animal testing stage is a critical step in drug development. However, the industry norm is that many compounds fail to progress beyond this point due to efficacy or safety issues. The company's financial commitment to R&D and the outcome of these trials will be important in determining its future prospects.
The cessation of the Adva-27a studies underscores the high-risk nature of pharmaceutical R&D. Investors should be cognizant of the potential for similar setbacks with the company's other drug candidates. The growth in sales is promising, yet it must be balanced against the costs and risks associated with developing the company's drug pipeline.
Sales Grew at an Average Rate of
NEW YORK, NY / ACCESSWIRE / April 1, 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 2023 financial results on Form 10-K on Thursday March 28, 2024. The following are highlights of the report:
- Sales in 2023 grew to a total of
$24,092,787 , primarily as a result of a full year of revenues generated by the acquisition of Nora Pharma in October 2022. Nora Pharma's revenues for its fiscal year ended June 30, 2022, were$10,766,982. - The average 2023 quarter-over-quarter growth rate in sales was
14% . - Loss per share decreased from a negative
$1.76 per share in 2022 to a negative$0.19 per share in 2023, predominantly due to a one-time write-off of goodwill in 2022. - Completed a private placement of approximately
$5 million in gross proceeds for use in part for expansion of sales operations. - Repurchased 513,723 shares of the Company's common stock on the market for a total of
$541,143. - The Company's two proprietary drugs in development advanced to the animal testing stage for both SBFM-PL4 targeted for SARS Coronavirus infections and K1.1 mRNA for liver cancer.
- IND-enabling studies of Adva-27a anticancer compound were halted in November 2023 pending further analysis of unfavorable in vitro results obtained earlier in the year.
"We are happy with our 2023 results, as we continue to strive to achieve profitability," said Dr. Steve Slilaty, CEO of Sunshine Biopharma. "We look forward to further growth in 2024 and beyond as we expand our operations and bring more life-saving drugs to market," he added.
The following are key items contained in the Company's Income Statement included in the 2023 10-K:
| 2023 | 2022 | |||||||
Sales | $ | 24,092,787 | $ | 4,345,603 | ||||
Gross Profit | $ | 8,339,171 | $ | 1,696,575 | ||||
General & Administrative Expenses | $ | 13,124,470 | $ | 28,697,325 | ||||
Goodwill impairment | - | $ | 18,326,719 | |||||
Net Loss | $ | 4,506,044 | $ | 26,744,440 | ||||
Safe Harbor Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company's product development and business prospects, and can be identified by the use of words such as "may," "will," "expect," "project," "estimate," "anticipate," "plan," "believe," "potential," "should," "continue" or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.
For Additional Information Contact:
Camille Sebaaly, CFO
Direct Line: 514-814-0464
camille.sebaaly@sunshinebiopharma.com
SOURCE: Sunshine Biopharma Inc.
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