Hepatitis A

BEIJING--( BUSINESS WIRE )--Sinovac Biotech Ltd. (NASDAQ: SVA) (“SINOVAC” or the “Company”), a leading provider of biopharmaceutical products in China, announced today its unaudited financial results for the six months ended June 30, 2024. First Half of 2024 Financial Summary Sales for the six months ended June 30, 2024 were $121.3 million, compared to $140.4 million in the prior year period. The Company posted $10.9 million of net loss attributable to common shareholders, or a loss of $0.11 per basic and diluted share, in the six-month period ended June 30, 2024, compared to net income attributable to common shareholders of $14.0 million, or $0.14 per basic and $0.15 per diluted share, in the prior year period. Mr. Weidong Yin, Chairman, President and CEO of SINOVAC, commented, “In the first half of the year, SINOVAC focused on executing its regular vaccine business strategies. Although the COVID-19 pandemic is over, there are still challenges from various infectious diseases. SINOVAC provided vaccines in time during the epidemic of hepatitis A and influenza in Brazil, Chile and other countries to minimize the shortage of vaccine supplies, continuing our vital role similar to it in the COVID-19 pandemic period. Furthermore, it is great to see other progress in the international market where SINOVAC’s local joint venture won long-term public tenders in Türkiye.” Business Updates Hepatitis A Vaccine – Healive ® , the first and only WHO prequalified inactivated hepatitis A vaccine from China, is currently supplied both domestically and internationally. Healive ® ’s performance in international market substantially grew in the first half of 2024. Influenza Vaccine – SINOVAC has two influenza vaccine production plants. The plants, which comply with Chinese Good Manufacturing Practice (or “GMP”) guidelines and utilize environmental-friendly production process, enable automated production at commercial scale so that SINOVAC has more capacity to meet the growing global demand for high-quality influenza vaccines. SINOVAC’s influenza vaccines kept expanding its international market presence in 2024 by obtaining more overseas market approvals, won public tenders in Pakistan and were supplied to Chile for the flu emergency. A study conducted last year in the Philippines and Chile demonstrated that the immunogenicity induced by SINOVAC’s quadrivalent influenza vaccine was non-inferior and the geometric mean titers (or “GMT”) were even higher in individuals aged 3 years and older, when compared with the control vaccine which was widely used. The research result was published in Vaccines in 2024. Furthermore, SINOVAC completed phase III clinical trials of quadrivalent influenza in infants and toddlers aged 6-35 months in the first half of 2024. Varicella Vaccine – SINOVAC’s live attenuated varicella vaccine, the first WHO prequalified (or “PQ”) Chinese varicella vaccine, was successfully supplied to more countries this year. SINOVAC's varicella vaccine, which had been previously approved for children aged 12 months to 12 years old, was approved by China NMPA for use in adolescents and adults aged 13 years old and above in June 2024. SINOVAC’s varicella vaccine obtained its first international GMP certificate in the Philippines in January 2024. Hand Foot and Mouth Disease Vaccine – SINOVAC’s Enterovirus 71 (or “EV71”) Vaccine, Inlive ® , has already safeguarded millions of children in China. In 2023, SINOVAC initiated phase I and II clinical trials of its bivalent enterovirus inactivated vaccine, which aims to protect against hand, foot and mouth disease (or “HFMD”) caused by EV71 and coxsackievirus 16 (or “CA16”). CA16 is the dominant strain and is widespread in China and other Asian regions. At present, the enrollment of all the participants of this study has been completed. Enterovirus Type 71 Vaccine (Vero cell), Inactivated - Inlive ® ’ project participated by SINOVAC won second prize of the PRC National Science and Technology Progress Award 2023. In 2024, SINOVAC's EV71 vaccine was approved for use in Macao, China. Poliomyelitis Vaccine (Vero Cell), Inactivated, Sabin Strains – SINOVAC's Poliomyelitis Vaccine (Vero Cell), Inactivated, Sabin Strains (0.5ml/vial) (or "sIPV") received WHO PQ on June 2, 2022. Poliomyelitis Vaccine (Vero Cell), Inactivated, Sabin Strains (Five-Dose) (2.5ml/vial) (or "msIPV") was authorized in April 2024 by the China NMPA for market use. Since msIPV is mainly for UNICEF and PAHO procurement, SINOVAC is currently applying msIPV for WHO PQ approval so supply msIPV to the above international organizations can be achieved at the earliest date. Reassortant Rotavirus Vaccine – SINOVAC has initiated phase I clinical trials of its Reassortant Rotavirus Vaccine, Live, Oral, Hexavalent (Vero Cell). The vaccine covers six rotavirus serotypes, G1, G2, G3, G4, G9, and P1A. It is one of the rotavirus vaccines with a broad-spectrum protection currently marketed or under development in the world. By the first half of 2024, this phase I clinical trial has finished enrollment and vaccination of adults and children participants, and enrollment of infants participants is ongoing and expected to be finished in the third quarter of 2024. Adsorbed Tetanus Vaccine – The results of phase I/III clinical study of the adsorbed tetanus vaccine developed by SINOVAC were favorable. The antibody conversion rate of volunteers in the phase III clinical trial reached 99.48% in 30 days after vaccination, which reached the non-inferiority standard; the geometric mean concentration (or “GMC”) of antibodies reached statistical superiority. Commercial Developments – SINOVAC made significant progress in commercial development in the first half of 2024. In Türkiye, the first overseas joint venture company invested by SINOVAC won two long-term public tenders for the hepatitis A vaccine and varicella vaccine. SINOVAC's extensive expertise and experience in vaccine R&D and production, as well as its successful track record in establishing vaccine facilities, will play a pivotal role in the joint venture. Unaudited Financial Results for the First Half of 2024 Sales for the first half of 2024 were $121.3 million compared to $140.4 million in the prior year period. Although Healive ® ’s sales for the first half of 2024 increased due to international market growth, however, as newborn rates in China continue to decline, sales of EV71 vaccines, which are primarily used in young children, have been impacted, resulting in a decrease in the Company’s revenue in the first half of 2024. Selling, general and administrative expenses in the first half of 2024 were $206.3 million, compared to $231.0 million in the prior year period. The decrease was mainly due to lower employee incentive expenses associated with a COVID-19 employee incentive plan established in 2022. R&D expenses in the first half of 2024 were $144.1 million, compared to $151.1 million in the prior year period. Net loss in the first half of 2024 was $68.6 million, compared to a net loss of $30.0 million in the prior year period. Net loss attributable to common shareholders was $10.9 million, or a loss of $0.11 per basic and diluted share, in the first half of 2024, compared to a net income attributable to common shareholders of $14.0 million, or $0.14 per basic and $0.15 per diluted share, in the prior year period. As the Company announced on February 22, 2019, the Company’s board of directors determined that certain shareholders became acquiring persons, as defined in the Company’s rights agreement (“Rights Agreement”), under which a trigger event occurred. As a result, the Company issued new common and preferred shares of SINOVAC. Without the effect of implementing the Rights Agreement and newly-issued common and preferred shares, basic and diluted loss per share for the first half of 2024 would be $0.11. Non-GAAP adjusted EBITDA was $204.2 million loss in the first half of 2024, compared to $346.6 million loss in the prior year period. Non-GAAP net loss was $82.3 million in the first half of 2024, compared to $120.9 million net loss in the prior year period. Non-GAAP diluted loss per share in the first half of 2024 was $0.16 compared to a loss of $0.32 per share in the prior year period. Non-GAAP diluted loss per share in the first half of 2024, excluding the implementation of the Rights Agreement and the newly-issued common and preferred shares, would be $0.22. Reconciliations of non-GAAP measures to the nearest comparable GAAP measures are included at the end of this news release. As of June 30, 2024, cash and cash equivalents and restricted cash totaled $1.1 billion, compared to $1.3 billion as of December 31, 2023. In the first half of 2024, net cash used in operating activities was $438.9 million, net cash provided by investing activities was $436.8 million reflecting the net position of short-term investment redemptions over purchases, and net cash used in financing activities was $171.2 million. The Company’s first half of 2024 financial statements are prepared and presented in accordance with U.S. GAAP. However, they have not been audited or reviewed by the Company’s independent registered accounting firm. Legal Proceedings As previously disclosed by the Company, on March 13, 2018, 1Globe Capital LLC (“1Globe”) filed a complaint against the Company in the Antigua Court. The trial of the matter took place from December 3 to 5, 2018. On December 19, 2018, the Antigua judge handed down his judgment (the “Antigua Judgment”), finding the Company fully in favor, dismissing 1Globe’s claim and declaring the Rights Agreement was validly adopted as a matter of Antigua law. On January 29, 2019, 1Globe filed a Notice of Appeal against the Antigua Judgment. On March 4, 2019, 1Globe filed an application for urgent interim relief, seeking an injunction to prevent the Company from continuing to implement its Rights Agreement until the resolution of the appeal. This application was heard on April 4, 2019, at which the Court of Appeal issued an order restraining the Company from operating the Rights Agreement in any way that affects 1Globe’s rights or shareholding or otherwise distributing the exchange shares (the “Exchange Shares”) to the Company’s shareholders who did not trigger the Rights Plan until after the determination of the appeal (the “Exchange Shares”). 1Globe’s appeal against the Antigua Judgment was heard on September 18, 2019, and the appeal decision was announced by the Eastern Caribbean Supreme Court, Court of Appeal (the “Court of Appeal”) on December 9, 2021, upholding the Antigua Judgment in each point. 1Globe applied for leave to appeal to the Judicial Committee of the Privy Council (the “Privy Council”), and the hearing of the application was held on February 24, 2022, in which the Court of Appeal granted 1Globe leave to appeal to the Privy Council on certain grounds, although not including the challenge to the validity of the Rights Agreement. On April 19, 2022, 1Globe renewed its application directly to the Privy Council for leave to appeal on its ground of appeal concerning the validity of the Rights Agreement. The final substantive hearing before the Privy Council took place on July 10 to 11, 2024. The Privy Council refused 1Globe permission to appeal on certain arguments in relation to the validity of the Rights Agreement, and reserved its judgment for other arguments on that ground of appeal, and in relation to whether to grant 1Globe relief in relation to the outcome of the AGM vote. The judgment will be delivered in writing at a later date. The appeal outcome is therefore pending. As previously disclosed, on March 5, 2018, the Company filed a lawsuit in the Court of Chancery of the State of Delaware, seeking a determination on whether 1Globe, the Chiang Li Family, OrbiMed Advisors, LLC and certain other shareholders of the Company had triggered the Rights Agreement. On April 12, 2018, 1Globe filed an amended answer to the Company’s complaint, counterclaims and a third-party complaint against the Company and Mr. Weidong Yin, alleging, among other allegations, that the Rights Agreement is not valid. On March 6, 2019, the Delaware Chancery Court entered a status quo order, providing that the Company not distribute any of the Exchange Shares to the Company’s shareholders who did not trigger the Rights Plan until the final disposition of the pending Delaware litigation or further order of the Court. On April 8, 2019, the Delaware Chancery Court stayed the Delaware litigation pending the final outcome of 1Globe’s appeal of the Antigua Judgment. Separately, Heng Ren Investments LP (“Heng Ren”) filed suits against SINOVAC and Weidong Yin on May 31, 2019 in Massachusetts state court for the alleged breach of fiduciary duties and wrongful equity dilution. SINOVAC moved the matter from the state court to the United States District Court for the District of Massachusetts. Heng Ren alleged that Mr. Yin breached fiduciary duties owed to minority shareholders, that SINOVAC aided and abetted breaches of fiduciary duties and that both SINOVAC and Mr. Yin engaged in wrongful equity dilution. Heng Ren requested damages, attorney fees, and prejudgment interest. In July 2021, SINOVAC moved to dismiss Heng Ren’s amended complaint in the federal court in Massachusetts. On March 4, 2022, the court granted the motion as to the breach of fiduciary duty claims and denied the motion as to the wrongful equity dilution claim and denied reconsideration of its decision on the motion. On June 13, 2024, the parties stipulated to a discontinuance of the action with prejudice. SINOVAC did not incur any material expense in connection with the action. On September 6, 2023, MW Gestion, an institutional asset manager based in France, filed a class action complaint on behalf of all SINOVAC shareholders against SINOVAC; Weidong Yin; and other managers and directors of SINOVAC, including Nan Wang, Simon Anderson, Yuk Lam Lo, Kenneth Lee, Meng Mei, and Shan Fu (the “Individual Defendants” and collectively with SINOVAC the “SINOVAC Defendants”); and Wilmington Trust National Association. MW Gestion alleges breach of contract, breach of fiduciary duty, and wrongful dilution claims against the SINOVAC Defendants, as well as aiding and abetting breach of contract and breach of fiduciary duty against the Individual Defendants. MW Gestion’s claims stem from a private investment in public equity transaction on July 2, 2018, and SINOVAC’s implementation of its Rights Agreement on February 22, 2019. SINOVAC and certain other defendants filed a motion to dismiss all claims on November 20, 2023, and the motion was fully briefed as of February 27, 2024. A hearing on the motion to dismiss has been scheduled for September 4, 2024. Status of Exchange Shares and Trading in the Company’s Shares As a result of the pending legal proceedings described above, the Exchange Shares are expected to remain in a trust for the benefit of the Company’s shareholders who did not trigger the Rights Plan until, at least, the conclusion of the appeal against the Antigua Judgment and the final disposition of the Delaware litigation or further order of the Delaware Chancery Court. The Exchange Shares remain issued and outstanding. The Nasdaq Stock Market LLC implemented a halt on trading of the Company’s common shares at the time the Exchange Shares were issued to the trust. The Company is currently unable to estimate when trading will resume, or if Nasdaq will take any additional action in regard to trading of the Company’s common shares. About SINOVAC Sinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company that focuses on the R&D, manufacturing, and commercialization of vaccines that protect against human infectious diseases. SINOVAC’s product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected hand-foot-mouth disease (HFMD), hepatitis A, varicella, influenza, poliomyelitis, pneumococcal disease, mumps, etc. The COVID-19 vaccine, CoronaVac ® , has been approved for use in more than 60 countries and regions worldwide. The hepatitis A vaccine, Healive ® , passed WHO prequalification requirements in 2017. The EV71 vaccine, Inlive ® , is an innovative vaccine under "Category 1 Preventative Biological Products" and commercialized in China in 2016. In 2022, SINOVAC’s Sabin-strain inactivated polio vaccine (sIPV) and varicella vaccine were prequalified by the WHO. SINOVAC was the first company to be granted approval for its H1N1 influenza vaccine, Panflu.1 ® , which has supplied the Chinese government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine, Panflu ® , to the Chinese government stockpiling program. SINOVAC continually dedicates itself to new vaccine R&D, with more combination vaccine products in its pipeline, and constantly explores global market opportunities. SINOVAC plans to conduct more extensive and in-depth trade and cooperation with additional countries, and business and industry organizations. For more information, please visit the Company’s website at www.sinovac.com . Safe Harbor Statement This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. In particular, the outcome of any litigation is uncertain, and the Company cannot predict the potential results of the litigation it filed or filed against it by others. Additionally, the triggering of a shareholder rights plan is nearly unprecedented, and the Company cannot predict the impact on the Company or its stock price as a result of the trigger of the rights plan. Non-GAAP Financial Measures To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, SINOVAC uses the following non-GAAP financial measures: non-GAAP adjusted EBITDA, non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per share. For more information on these non-GAAP financial measures, please refer to the table captioned “Reconciliations of non-GAAP Measures to the Nearest Comparable GAAP Measures” in this results announcement. SINOVAC believes that non-GAAP adjusted EBITDA, non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per share help identify underlying trends in its business that could otherwise be distorted by the effect of certain income or expenses that SINOVAC includes in net income and diluted earnings (loss) per share. SINOVAC believes that non-GAAP adjusted EBITDA, non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per share provide useful information about its core operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Non-GAAP adjusted EBITDA, non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per share should not be considered in isolation or construed as an alternative to income from operations, net income (loss), diluted earnings (loss) per share, or any other measure of performance or as an indicator of SINOVAC’s operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. Non-GAAP adjusted EBITDA represents net income (loss) and excludes interest and financing expenses, interest income, net other income (expenses) and income tax benefit (expenses), and certain non-cash expenses, consisting of share-based compensation expenses, amortization and depreciation that SINOVAC does not believe are reflective of the core operating performance during the periods presented. Non-GAAP net income (loss) represents net income (loss) before share-based compensation expenses and foreign exchange gain or loss. Non-GAAP diluted earnings (loss) per share represents non-GAAP net income (loss) attributable to common shareholders divided by the weighted average number of shares outstanding during the periods on a diluted basis, including accounting for the effect of the assumed conversion of options. SINOVAC BIOTECH LTD. Consolidated Balance Sheets As of June 30, 2024 and December 31, 2023 (Expressed in thousands of U.S. Dollars) June 30, 2024 December 31, 2023 Current assets Cash and cash equivalents $ 1,072,350 $ 1,270,131 Restricted cash 2,779 5,166 Short-term investments 9,502,185 9,953,042 Accounts receivable - net 370,168 440,019 Inventories 153,524 139,874 Prepaid expenses and deposits 12,724 11,621 Amounts due from related parties 23,847 - Income tax receivable 10,703 10,703 Total current assets 11,148,280 11,830,556 Property, plant and equipment – net 934,614 979,617 Prepaid land lease payments 62,916 65,540 Intangible assets - net 7,844 8,520 Long-term prepaid expenses 24 24 Long-term investments 681,345 684,285 Prepayments for acquisition of equipment 4,338 6,772 Deferred tax assets 32,798 29,790 Right-of-use assets 15,346 45,525 Other non-current assets 9,432 7,345 Total assets 12,896,937 13,657,974 Current liabilities Short-term bank loans and current portion of long-term bank loans 179,349 76,089 Accounts payable and accrued liabilities 641,579 973,949 Income tax payable 28,720 41,258 Deferred revenue 6,173 20,127 Deferred government grants 805 1,586 Dividend payable 119,374 29,089 Lease liability 2,451 5,806 Total current liabilities 978,451 1,147,904 Deferred government grants 5,984 5,865 Long-term bank loans 130,320 177,817 Deferred tax liability 262,174 263,711 Lease liability 12,388 39,271 Other non-current liabilities 429 439 Deferred revenue 195 200 Total long-term liabilities 411,490 487,303 Total liabilities 1,389,941 1,635,207 Commitments and contingencies Equity Preferred stock 15 15 Common stock 100 100 Additional paid-in capital 541,258 541,258 Accumulated other comprehensive loss (539,415) (490,055) Statutory surplus reserves 1,539,584 1,539,584 Accumulated earnings 7,107,644 7,118,516 Total shareholders' equity 8,649,186 8,709,418 Non-controlling interests 2,857,810 3,313,349 Total equity 11,506,996 12,022,767 Total liabilities and equity $ 12,896,937 $ 13,657,974 SINOVAC BIOTECH LTD. Consolidated Statements of Comprehensive Income (Loss) For the six months ended June 30, 2024 and 2023 (Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data) Six months ended June 30 2024 2023 Sales $ 121,339 $ 140,404 Cost of sales 40,836 188,409 Gross profit (loss) 80,503 (48,005) Selling, general and administrative expenses 206,347 231,048 Provision for (recovery of) doubtful accounts (663) 386 Research and development expenses 144,052 151,132 Loss on disposal of property, plant and equipment 5,387 312 Government grants recognized in income (1,044) (92) Total operating expenses 354,079 382,786 Operating income (loss) (273,576) (430,791) Interest and financing expenses (2,175) (264) Interest income 44,060 29,589 Other income, net 166,481 337,856 Loss before income taxes (65,210) (63,610) Income tax benefit (expense) (3,432) 33,597 Net loss (68,642) (30,013) Less: loss attributable to non-controlling interests 60,745 46,931 Net income (loss) attributable to shareholders of Sinovac (7,897) 16,918 Preferred stock dividends (2,975) (2,958) Net income (loss) attributable to common shareholders of Sinovac (10,872) 13,960 Net loss (68,642) (30,013) Other comprehensive income, net of tax of nil Foreign currency translation adjustments (194,758) (448,477) Unrealized gain 69,612 6,917 Comprehensive loss (193,788) (471,573) Less: comprehensive loss attributable to non-controlling interests 136,531 217,305 Comprehensive loss attributable to shareholders of Sinovac (57,257) (254,268) Earnings per share Basic net income per share (0.11) 0.14 Diluted net income per share (0.11) 0.15 Weighted average number of shares of common stock outstanding Basic 99,638,043 99,576,600 Diluted 99,638,043 114,227,276 SINOVAC BIOTECH LTD. Consolidated Statements of Cash Flows For the six months ended June 30, 2024 and 2023 (Expressed in thousands of U.S. Dollars) Six months ended June 30 2024 2023 Operating activities Net loss $ (68,642) $ (30,013) Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes (3,718) (32,124) Inventory provision 8,340 12,624 Provision for (recovery of) doubtful accounts (663) 386 Loss on disposal of property, plant and equipment 5,387 312 Depreciation of property, plant and equipment 67,747 82,484 Amortization of prepaid land lease payments 1,093 1,138 Amortization of intangible assets 501 527 Government grants recognized in income (1,044) (92) Loss from equity method investments 7,640 374 Investment income (135,971) (75,612) Changes in: Accounts receivable 62,928 90,434 Amounts due from related parties (23,847) - Inventories (25,311) (23,296) Other non-current assets (2,273) 2,785 Income tax payable (11,676) (5,824) Prepaid expenses and deposits (3,272) 1,583 Deferred revenue (13,595) (2,074) Accounts payables and accrued liabilities (302,521) (47,208) Deferred governments - (16,813) Other non-current liabilities - 418 Net cash used in operating activities (438,897) (39,991) Financing activities Proceeds from bank loans 136,207 209,587 Repayments of bank loans (74,153) (150) Proceeds from issuance of common stock, net of share issuance costs - 676 Dividend paid to non-controlling shareholders (233,375) (1,616) Proceeds from subsidiary's financing Government grants received 141 8,668 Repayments of loan from a non-controlling shareholder - (1) Net cash provided by (used in) financing activities (171,180) 217,164 Investing activities Purchase of short-term investments (3,427,917) (6,628,110) Proceeds from redemption of short-term investments 3,925,995 4,013,372 Proceeds from disposal of equipment 107 37 Prepaid land lease payments - - Acquisition of property, plant and equipment (57,115) (92,942) Acquisition of intangible assets (18) - Purchase of long-term investments (4,224) (24,792) Distributions of equity method investees - 1,342 Proceeds from sale or maturity of long-term investments - 146 Net cash provided by (used in) investing activities 436,828 (2,730,947) Effect of exchange rate changes on cash and cash equivalents and restricted cash (26,919) (85,843) Decrease in cash and cash equivalents and restricted cash (200,168) (2,639,617) Cash and cash equivalents and restricted cash, beginning of period 1,275,297 4,286,377 Cash and cash equivalents and restricted cash, end of period 1,075,129 1,646,760 SINOVAC BIOTECH LTD. Reconciliations of Non-GAAP measures to the nearest comparable GAAP measures For the six months ended June 30, 2024 and 2023 (Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data) Six months ended June 30 2024 2023 (Unaudited) (Unaudited) Net loss $ (68,642) $ (30,013) Adjustments: Depreciation and amortization 69,341 84,149 Interest income, net of interest and financing expenses (41,885) (29,325) Other income, net (166,481) (337,856) Income tax expense (benefit) 3,432 (33,597) Non-GAAP adjusted EBITDA (204,235) (346,642) Net loss (68,642) (30,013) Add: Foreign exchange gain (13,695) (90,851) Non-GAAP net loss (82,337) (120,864) Net income (loss) attributable to common shareholders of Sinovac (10,872) 13,960 Add: Preferred stock dividends 2,975 2,958 Net income (loss) attributable to common shareholders of Sinovac for computing diluted earnings per share (7,897) 16,918 Add: Non-GAAP adjustments to net income (8,191) (53,349) Non-GAAP net income (loss) attributable to common shareholders of Sinovac for computing non-GAAP diluted earnings per share (16,088) (36,431) Weighted average number of shares on a diluted basis 99,638,043 114,227,276 Diluted earnings (loss) per share (0.08) 0.15 Add: Non-GAAP adjustments to net income per share (0.08) (0.47) Non-GAAP diluted loss per share (0.16) (0.32)

FRIDAY, Aug. 9, 2024 -- In findings that offer compelling evidence of the power of childhood vaccines, a new government report shows the routine shots have prevented hundreds of millions of illnesses, tens of millions of hospitalizations and more than 1 million deaths among Americans born in the past 30 years. The new data , published Thursday by the U.S. Centers for Disease Control and Prevention, analyzed the benefits of the CDC’s Vaccines for Children Program, which was launched in 1994 to make childhood immunizations more affordable and accessible. The results of the research are a “testament to the success” of vaccinations for preventing diseases, Dr. Sara Siddiqui , a pediatrician at Hassenfeld Children’s Hospital at NYU Langone in New York, told CNN . “These are vaccinations that are currently recommended in the childhood vaccination series and also are provided at reduced cost as part of the Vaccines For Children Program. I am very pleased and grateful to see this study being performed to report the health benefits of vaccinations as a way to prevent disease,” Siddiqui added. “My job as a pediatrician is to keep children healthy and out of the hospital. Vaccinations are a way to keep children healthy and prevent severity of disease,” she added. “I encourage all parents to continually have a conversation and discussion with their pediatrician about each vaccine that their child is due for as well as the specific disease that it would help in preventing.” In the new CDC study, researchers from the National Center for Immunization and Respiratory Diseases quantified the health benefits and economic impact of routine immunizations among children in the United States born since 1994. Nine vaccines were included in the analysis: diphtheria, tetanus and pertussis (DTaP); Haemophilus influenzae type b (Hib); poliovirus; measles, mumps and rubella; hepatitis B; varicella; hepatitis A; pneumococcal conjugate and rotavirus. Some other common vaccines, including flu, COVID-19 and RSV immunizations, were not included in the analysis. What did they discover? Among about 117 million children born from 1994 through 2023, routine vaccinations will have prevented some 508 million cases of illness, 32 million hospitalizations and just over 1 million deaths. The number of illnesses prevented in the study ranged from about 5,000 cases for tetanus to around 100 million cases for measles and varicella. The greatest estimated cumulative number of hospitalizations and deaths prevented was about 13.2 million hospitalizations for measles and about 752,800 deaths for diphtheria, the researchers wrote. Their analysis also revealed that routine childhood vaccinations yielded a net savings of $540 billion in direct costs, such as the costs of treating an infection, and $2.7 trillion in societal costs, such as parents missing work to care for a sick child. The Vaccines for Children (VFC) program was created to provide vaccines at no cost to eligible people 18 and younger. Last year, more than half -- about 54% -- of children were eligible to receive vaccines through the program, the report found. “VFC plays an important role in maintaining high childhood vaccination coverage by reducing barriers to access, especially in geographic areas and among populations that have historically had lower vaccination coverage, such as children living in rural areas,” the researchers, led by Fangjun Zhou , wrote in their report. “Immunization programs might consider expanding their provider network by using nontraditional vaccine providers such as pharmacies in areas where access is deemed to be inadequate,” they added. “Further, provider reminders, provider assessment and feedback, and client reminder-recall systems remain important methods to reduce missed opportunities for vaccination.” During the pandemic, routine childhood vaccination coverage dropped in the United States because of reduced access to primary health care and the spread of misinformation, prompting vaccine hesitancy. But the United States wasn't the only country to experience backslides in vaccination rates during the pandemic: Data released in July by the World Health Organization and the United Nations International Children’s Emergency Fund (UNICEF) showed the world has yet to recover. For instance, worldwide coverage of the diphtheria, tetanus and pertussis (DTP3) vaccine was 84% in 2023, the same as in 2022 but below the 86% recorded in 2019. Whatever your topic of interest, subscribe to our newsletters to get the best of Drugs.com in your inbox.

From digital twin technology to leveraging AI in tackling obesity, the NUHS Scientific & Innovation Summit is a congregation of the brightest minds in cutting-edge medicine – with patients' utmost care at heart SINGAPORE, Aug. 3, 2024 /PRNewswire/ -- Hepatocellular carcinoma (HCC) is one of the most lethal cancers, but Mr Ang Chin Chay, 70, was in the dark about his dire condition, until he experienced a bout of fever following a vacation to Vietnam. He quickly sought medical attention for what turned out to be a Hepatitis A infection, transmitted through contaminated food he had consumed overseas. Continue Reading Themed “Tomorrow’s Health Today – Predictive, Precise and Personalised”, the NUHS Scientific and Innovation Summit 2024 showcases innovations that aim to improve health outcomes for patients and the population at large. The opening was officiated by Guest of Honour Prof Tan Chorh Chuan, Permanent Secretary for National Research and Development, and Public Sector Science and Technology Policy and Plans Office, Prime Minister’s Office (middle; seventh from left). It was a fortuitous encounter, as routine tests revealed abnormal liver function results. Mr Ang subsequently underwent scans, which uncovered HCC, a largely asymptomatic cancer in its early stages. This was unexpected as Mr Ang was known to have fatty liver, but not cirrhosis, the most advanced form of liver scarring. "Patients with fatty liver – but without cirrhosis – are not routinely recommended to undergo liver cancer screening," Dr Huang explained. "But in reality, we have discovered that nearly 40 percent of HCC cases related to fatty liver occur in the absence of cirrhosis." Mr Ang's prognosis would have been poor if his condition had not been detected early, as patients who are diagnosed at a late stage have an overall five-year survival rate of less than 20 percent. Improving the screening process for patients like Mr Ang through non-invasive tests and advanced imaging is the crux of Dr Huang's work that he will be presenting at the NUHS Scientific & Innovation Summit, on 3 August 2024. "We aim to risk stratify people with fatty liver into those who have a high risk of liver cancer and those who do not, and to pre-emptively develop better ways to identify these people early so that they can receive some form of curative treatment," Dr. Huang explained. Personalising care with the digital twin Another project pushing the frontiers of medicine with digital innovations, is the Digital Twin programme led by Dr Gao Yujia, Assistant Group Chief Technology Officer, National University Health System. The digital twin, which is based on imaging and other data from a patient's own tests, is a virtual 3D anatomical replica of a patient's organs, like the liver. The digital twin will allow clinicians to transform what is usually a static scan image (such as an MRI scan), into a dynamic model that precisely recreates the shape and structural behaviour of the organ it replicates, enabling enhanced pre-surgery planning and more accurate intra-operative navigation. Together with Holomedicine, which is a mixed reality (MR) based technology, this represents a significant leap forward in the surgeons' ability to predict how organs will behave during a surgery, and predict how internal structures will move and change as the surgery is being performed. "Holomedicine leverages mixed reality to interact with virtual objects superimposed onto the real world, allowing for unparalleled accuracy in pre-surgical planning," explained Dr Gao, who will be presenting his work in mixed reality technology at the NUHS Scientific & Innovation Summit. With this near-pinpoint precision, surgeons can minimise the risk of injuring other structures, thereby reducing potential complications and operating time, ultimately improving the patient's overall recovery outcomes. Tackling diseases with precision Dr Anand Jeyasekharan, a senior consultant at the Department of Haematology-Oncology in the National University Cancer Institute, Singapore (NCIS), likens the human body's reaction to cancer cells, to an intense battle between two warring armies. It was a battle that became personal in 2023 for Mr Soegianto Nagaria, Dr Jeyasekharan's patient. He had a large tumour in his liver excised by surgeons in Taiwan. Initially thought to be liver cancer, the reports indicated it to be a Stage 4 diffuse large B-cell lymphoma instead. The situation worsened when the doctors discovered the presence of a second lymphoma in his bone marrow. Diagnosing and treating two concurrent cancers presented significant challenges, requiring precise and coordinated medical intervention. It was important to know if the two cancers were related, as the treatment would be very different if they were. Upon recommendations by his cousins, who are doctors, Mr Nagaria decided to continue the rest of his treatment at NCIS, under Dr Jeyasekharan's care. Mr Nagaria flew to Singapore in September 2023, and underwent a molecular profiling under an NUHS programme for precision oncology (IMAC - integrated molecular analysis of cancer) to get his tumour sequenced. Following the sequencing, the NCIS team discovered that the two lymphomas were not related and drew up the vital treatment plans, providing life-saving ammunition in the cancer battle. Mr Nagaria completed multiple rounds of chemotherapy over six months, and is now on close monitoring while in remission. Besides sequencing, which Mr Nagaria underwent, Dr Jeyasekharan is developing a new tool in his arsenal of weapons against deadly cancers – spatial phenotyping, where advanced imaging equipment is used to analyse cancer with high molecular detail. Spatial phenotyping represents the next frontier of cancer research, and is especially useful for solid tumours. "We are trying to draw [battle] maps of cancer at a high resolution and in great detail, in order to understand how to fight it," Dr Jeyasekharan explained. "Spatial phentoyping's ability to dive deep into molecular detail allows us to be more precise in diagnostics, treatment and care." With cancer being a leading cause of death globally, spatial phenotyping can mean a world of difference for patients afflicted with cancer. "We are never happy with just delivering standard treatment, because standard treatment simply isn't good enough," Dr Jeyasekharan said. "Some people get cured, some people don't – we are trying to understand what we can do to improve the chances of curing more people." For A/Prof Su Xinyi, who is a senior consultant with the Department of Ophthalmology at NUH, precision medicine may be the key to restoring the vision of patients suffering from currently untreatable and blinding retinal diseases. "Every patient with retinal disease has a unique gene mutation, so the treatment that we provide is tailored specifically to the mutations that they have," A/Prof Su explained. Besides gene therapy, A/Prof Su also explores innovations in cell therapy, which are last options for patients with end-stage age-related macular degeneration (AMD) – the third leading cause of blindness globally. In AMD, retinal pigment epithelium (RPE) cells in the retina degenerate with age. By growing these cells in a petri dish, and then injecting them into the eye, they can replace lost cells and help patients regain vision. While this method of treatment is not new, what makes it unique is the source of cells A/Prof Su uses in its development – cells derived from the umbilical cord. By doing so, this greatly reduces the chance of rejection or the need to use immunosuppressants. Predicting risk factors, a step ahead Predictive care affords patients and clinicians the precious gift of time, in preventing the onset, or minimising the severity, of diseases. For Dr Jocelyn Chew, who is an assistant professor at the NUS Alice Lee Centre for Nursing Studies and Yong Loo Lin School of Medicine (NUS Medicine), adopting a predictive approach to tackling a person's dietary triggers can curb overeating and obesity. Dr Chew has been working on an app called the Eating Trigger-Response Inhibition Program (eTRIP), which is designed to help patients identify moments where they are prone to overeating. These include emotional eating, or even ingrained habits such as over-ordering during family gatherings. eTRIP will be used in tandem with Adipoview, an AI-based dashboard that Dr Chew has created with the team from the NUHS Group Chief Technology Office. Adipoview will gather patient data throughout NUHS to generate insights, such as the diagnosis rate of obesity and treatment rate, to proactively predict who may need further support. At the summit of innovation More than 60 clinician-scientists will be presenting their work at the NUHS Scientific & Innovation Summit, which will be graced by guest-of-honour Professor Tan Chorh Chuan, Permanent Secretary for National Research and Development as well as for Public Sector Science and Technology Policy and Plans Office, Prime Minister's Office. Themed "Tomorrow's Health Today – Predictive, Precise and Personalised", the summit will bring together over 500 international and local healthcare experts, opinion leaders and scientists to shape the future of healthcare. Over the past decade, the NUHS academic health system has secured more than $1 billion in competitive grants (cumulative from FY2011 to FY2021). These funds have fuelled scientific innovations in predictive, precise and personalised care, ensuring improved health outcomes for patients now and in the future. For media enquiries, please contact: TOH Wei Shi Senior Assistant Manager Group Communications National University Health System Email: [email protected] Mobile: 9753 9619 About National University Health System The National University Health System (NUHS) is an integrated Academic Health System and Regional Health System in Singapore that delivers value-driven, innovative, and sustainable healthcare. As Singapore's only academic health system, we are uniquely positioned to draw on the academic, research and creative capabilities residing within the National University of Singapore (NUS). This collaboration allows us to develop solutions for existing and emerging health and healthcare needs of the Singapore population. We also work in close collaboration with community hospitals, general practitioners, family medicine clinics, nursing homes and other community and social partners to provide integrated care to the wider community. With member institutions ranging from community hospitals to academic centres, NUHS creates synergies as a fully integrated cluster to provide seamless care, develop solutions for Singapore's healthcare challenges and nurture the next generation of healthcare professionals. SOURCE National University Health System (NUHS)