In 2023, Sinovac's research and development costs surpassed 344 million U.S. dollars, representing a drop of almost 100 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 2023
(in million U.S. dollars)
Characteristic
Research and development costs in million U.S. dollars
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Sinovac. (April 30, 2024). Annual research and development expenses of Sinovac Biotech Ltd. between 2016 and 2023 (in million U.S. dollars) [Graph]. In Statista. Retrieved November 23, 2024, from https://www.statista.com/statistics/1304556/research-and-development-expenses-of-sinovac/
Sinovac. "Annual research and development expenses of Sinovac Biotech Ltd. between 2016 and 2023 (in million U.S. dollars)." Chart. April 30, 2024. Statista. Accessed November 23, 2024. https://www.statista.com/statistics/1304556/research-and-development-expenses-of-sinovac/
Sinovac. (2024). Annual research and development expenses of Sinovac Biotech Ltd. between 2016 and 2023 (in million U.S. dollars). Statista. Statista Inc.. Accessed: November 23, 2024. https://www.statista.com/statistics/1304556/research-and-development-expenses-of-sinovac/
Sinovac. "Annual Research and Development Expenses of Sinovac Biotech Ltd. between 2016 and 2023 (in Million U.S. Dollars)." Statista, Statista Inc., 30 Apr 2024, https://www.statista.com/statistics/1304556/research-and-development-expenses-of-sinovac/
Sinovac, Annual research and development expenses of Sinovac Biotech Ltd. between 2016 and 2023 (in million U.S. dollars) Statista, https://www.statista.com/statistics/1304556/research-and-development-expenses-of-sinovac/ (last visited November 23, 2024)
Annual research and development expenses of Sinovac Biotech Ltd. between 2016 and 2023 (in million U.S. dollars) [Graph], Sinovac, April 30, 2024. [Online]. Available: https://www.statista.com/statistics/1304556/research-and-development-expenses-of-sinovac/
