Sunshine Biopharma Reports Revenue of $34.9M in Fiscal 2024, Up 45% From Last Year
Rhea-AI Summary
Sunshine Biopharma (NASDAQ:SBFM) reported significant growth in fiscal 2024, with revenue reaching $34.9 million, marking a 45% increase from $24.1 million in 2023. Despite revenue growth, the company's net loss widened to $5.1 million from $4.5 million in 2023.
Key developments include:
- Completion of a $10 million public offering for sales operations expansion
- Launch of 13 new generic prescription drugs
- Health Canada approval for oncology drug NIOPEG®
- Publication of research on a new Coronavirus PLpro inhibitor
- Successful completion of mouse model studies for K1.1 mRNA Lipid Nanoparticle therapy for liver cancer treatment
The company's gross profit increased to $10.7 million, while general and administrative expenses rose to $16.5 million in 2024.
Positive
- 45% revenue growth to $34.9M in 2024
- 28% increase in gross profit to $10.7M
- Health Canada approval for NIOPEG oncology drug
- Launch of 13 new generic prescription drugs
- Successful completion of K1.1 mRNA therapy mouse trials
Negative
- Net loss increased 14% to $5.1M
- General & Administrative expenses rose 26% to $16.5M
- $10M public offering may dilute existing shareholders
News Market Reaction 1 Alert
On the day this news was published, SBFM gained 8.17%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
FORT LAUDERDALE, FL / ACCESS Newswire / April 1, 2025 / 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 annual report on Form 10-K on Tuesday, April 1, 2025. The following are highlights of the report:
Revenue in 2024 grew to
$34.9 million , a45% increase over 2023 revenue of$24.1 million .
Completed an underwritten public offering of approximately
$10 million in gross proceeds for expansion of sales operations.
Launched 13 new generic prescription drugs, 4 under cross-licensing agreements and 9 under distribution agreements.
Received regulatory approval from Health Canada for marketing of the oncology drug NIOPEG®, a biosimilar of NEULASTA®.
Announced publication of groundbreaking research results in the Journal of Medicinal Chemistry (J. Med. Chem. 2024, 67, 13681−13702) demonstrating the superior efficacy of Sunshine Biopharma's new Coronavirus PLpro inhibitor. The study showcases a PLpro inhibitor with sub-micromolar potency and robust in vivo efficacy in a mouse model of SARS-CoV-2 infection. This peer-reviewed research marks an important milestone in Sunshine Biopharma's ongoing efforts to develop proprietary therapies in critical disease areas.
Announced completion of mouse model studies providing proof-of-concept for the Company's K1.1 mRNA Lipid Nanoparticle as a novel therapeutic agent for human hepatocellular carcinoma. Human hepatocellular carcinoma is the third leading cause of cancer-related deaths worldwide and the most common type of primary liver cancer in adults.
"We are pleased with our accomplishments in 2024, as we remain committed to reaching profitability in the near future," said Dr. Steve Slilaty, CEO of the Company. "Looking ahead, we are excited about the opportunities for growth in 2025 and beyond, as we continue to advance our proprietary drug development program to deliver more life-saving medicines to the market."
The following are key elements of the Income Statement contained in the Company's 2024 report:
| 2024 |
|
| 2023 |
| |||
Revenue |
| $ | 34,874,283 |
|
| $ | 24,092,787 |
|
Gross Profit |
| $ | 10,669,794 |
|
| $ | 8,339,171 |
|
General & Administrative Expenses |
| $ | 16,481,915 |
|
| $ | 13,124,470 |
|
Net Loss |
| $ | 5,134,116 |
|
| $ | 4,506,044 |
|
About Sunshine Biopharma Inc.
Sunshine Biopharma currently has 70 generic prescription drugs on the market in Canada and 13 additional drugs scheduled to be launched in the remainder of 2025. Among the new drugs to be launched 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, an mRNA-Lipid Nanoparticle targeted for liver cancer, and (ii) PLpro protease inhibitor, a small molecule for treatment of SARS Coronavirus infections. For more information, please visit: www.sunshinebiopharma.com.
All registered trademarks are the property of their respective owners.
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 more information, please contact:
Camille Sebaaly, CFO
Direct Line: 514-814-0464
camille.sebaaly@sunshinebiopharma.com
SOURCE: Sunshine Biopharma Inc.
View the original press release on ACCESS Newswire
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