"Science and Technology Innovation Board Daily" reported on February 28 (special correspondent Gao Qing) that vaccine company CanSino Biologics (688185.SH) released its 2024 performance report.

The announcement showed that CanSino Biologics achieved revenue of 846 million yuan in 2024, an increase of 137.01% year-on-year, and a net profit loss of 379 million yuan, a year-on-year reduction of 74.45%. The net profit loss after deducting non-recurring items was 441 million yuan, a year-on-year decrease of 72.61%.

Due to a sharp decline in revenue related to the new crown vaccine, CanSino Biologics' 2023 performance loss once exceeded 1.4 billion yuan. Judging from the latest performance, the company has come out of that low period.

In the announcement, CanSino mentioned that the company's revenue increased significantly compared with the same period last year. The main reason is that its vaccine product Manhaixin®, as the only quadrivalent meningococcal conjugate vaccine in the Chinese market, has continuously increased its product penetration rate over the past year, achieving rapid sales growth.

While revenue increased significantly, CanSino also stated that the company continued to optimize resource allocation and promote cost reduction and efficiency improvement measures, and its operating efficiency was significantly improved. During the reporting period, management expenses and R&D expenses dropped significantly compared with the same period last year**, and asset impairment losses also decreased significantly year-on-year, so the loss was significantly narrowed.

It is worth mentioning that CanSino's quadrivalent meningococcal conjugate vaccine Manhaixin and bivalent meningococcal conjugate vaccine Menaxi achieved a total sales revenue of approximately 516 million yuan in the first three quarters of 2024, a year-on-year increase of 39.07%. On November 26, 2024, the application for the expansion of the scope of application of Manhaixin to "children aged 3 months to 6 years old" was accepted by the National Medical Products Administration, further expanding the number of potential audiences.

Better quality vaccines often mean higher added value and stronger market competitiveness. Earlier, at the CanSino Investor Open Day, Wang Jing, Chief Business Officer of CanSino Biologics, said that based on the vaccine pipeline currently under development, CanSino has successfully built a comprehensive commercial operation system.

Taking the meningococcal vaccine as an example, CanSino has covered more than 10,000 terminal health service centers under the disease control centers at all levels in more than 30 provinces and cities through more than 300 sales personnel and collaborative promotion teams, achieving market penetration.

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