In 2022, Sinovac's research and development costs surpassed 440 million U.S. dollars, representing an increase of almost 290 million U.S. dollars from the year before. As one of China's leading vaccine developers, Sinovac's research expenses skyrocketed since the start of the COVID-19 pandemic. The investment paid off with the successful development of CoronaVac, the company's solution to COVID-19. As one of the two major Chinese-made vaccines, CoronaVac generated significant sales, with Sinovac's gross profit surging by more than 4,000 percent in 2021.
Annual research and development expenses of Sinovac Biotech Ltd. between 2016 and 2022
(in million U.S. dollars)
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Research and development costs in million U.S. dollars
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US Securities and Exchange Commission. (May 1, 2023). Annual research and development expenses of Sinovac Biotech Ltd. between 2016 and 2022 (in million U.S. dollars) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1304556/research-and-development-expenses-of-sinovac/
US Securities and Exchange Commission. "Annual research and development expenses of Sinovac Biotech Ltd. between 2016 and 2022 (in million U.S. dollars)." Chart. May 1, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1304556/research-and-development-expenses-of-sinovac/
US Securities and Exchange Commission. (2023). Annual research and development expenses of Sinovac Biotech Ltd. between 2016 and 2022 (in million U.S. dollars). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1304556/research-and-development-expenses-of-sinovac/
US Securities and Exchange Commission. "Annual Research and Development Expenses of Sinovac Biotech Ltd. between 2016 and 2022 (in Million U.S. Dollars)." Statista, Statista Inc., 1 May 2023, https://www.statista.com/statistics/1304556/research-and-development-expenses-of-sinovac/
US Securities and Exchange Commission, Annual research and development expenses of Sinovac Biotech Ltd. between 2016 and 2022 (in million U.S. dollars) Statista, https://www.statista.com/statistics/1304556/research-and-development-expenses-of-sinovac/ (last visited July 22, 2024)
Annual research and development expenses of Sinovac Biotech Ltd. between 2016 and 2022 (in million U.S. dollars) [Graph], US Securities and Exchange Commission, May 1, 2023. [Online]. Available: https://www.statista.com/statistics/1304556/research-and-development-expenses-of-sinovac/