Sinovac Biotech Ltd
sinovac.comWhat Do They Do?
Develops, manufactures and sells vaccines against human infectious diseases to Chinese government agencies, vaccine recipients and overseas procurement organizations.
20-F for FY2025, filed Jun 5, 2026We are a fully integrated China-based biopharmaceutical company focused on the research, development, manufacturing and commercialization…View ↗
Concentration of credit risks with respect to accounts receivable is linked to the concentration of revenue. The Company's customers are…View ↗
Sales from Chinese Mainland Public Market and Chinese Mainland Private Market is mainly generated from Centers for Disease Control ("CDCs")…View ↗
Market Classification: Vaccines are classified into immunization program vaccines and non-immunization program vaccines. Immunization…View ↗
How Do They Make Money?
Customers pay for vaccine products under payment terms that vary by country; some overseas customers pay upfront, while sales are generally tied to delivery.
20-F for FY2025, filed Jun 5, 2026Revenue is recognized at a point in time when the performance obligation is satisfied, typically upon delivery, where control of promised…View ↗
Payment terms generally range from three to twelve months, in line with customary practices in each country. However, for certain…View ↗
Contract liabilities are generally related to government stockpiling programs and advances received from customers, which are reflected in…View ↗
Sales from Chinese Mainland Public Market and Chinese Mainland Private Market is mainly generated from Centers for Disease Control ("CDCs")…View ↗
$386M
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20-F for FY2025, filed Jun 5, 2026
$386M ↗
Who Are Their Customers?
Chinese government agencies, including CDCs, are the main buyers in domestic public and private markets; overseas sales mainly go to the global vaccine alliance and national procurement agencies. In China's private market, consumers or guardians generally pay out of pocket.
20-F for FY2025, filed Jun 5, 2026Concentration of credit risks with respect to accounts receivable is linked to the concentration of revenue. The Company's customers are…View ↗
Sales from Chinese Mainland Public Market and Chinese Mainland Private Market is mainly generated from Centers for Disease Control ("CDCs")…View ↗
Market Classification: Vaccines are classified into immunization program vaccines and non-immunization program vaccines. Immunization…View ↗
Furthermore, as most vaccines in the Chinese Mainland private market are primarily paid for out-of-pocket by consumers, consumers tend to…View ↗
20-F for FY2025, filed Jun 5, 2026
Concentration of credit risks with respect to accounts receivable is linked to the concentration of revenue. The Company's customers are…View ↗
Do Revenues Turn Into Profits?
No. It lost $198.8M in FY2025.
20-F for FY2025, filed Jun 5, 2026
−$490.1MView ↗
20-F for FY2025, filed Jun 5, 2026
−$198.8MView ↗
20-F for FY2025, filed Jun 5, 2026
−$561.1MView ↗
How Are They Changing?
Shrinking. Revenue fell 98% in 4 years, from $19.4B in FY2021 to $386M in FY2025, about 62% a year.
Local production partnerships
Earlier descriptions include overseas registration, distribution and exports through global programs; the newer report describes a move toward local research, production and long-term supply partnerships with national health systems.
20-F for FY2022, filed May 1, 2023 20-F for FY2025, filed Jun 5, 2026To address evolving global health dynamics and demographic shifts, we have pivoted to a globally integrated model of "Local R&D + Local…View ↗
Türkiye (Keyvac JV): Established in 2021 with a $100 million investment, Keyvac operates a facility with an annual capacity of 30 million…View ↗
Latin America (Brazil & Chile): In Brazil, we signed 10-year Productive Development Policy (PDP) agreements with the Ministry of Health and…View ↗
Who Do They Compete With?
Competes with AIM Vaccine, IMBCAMS, Pukang Biological, CNBG, GSK, Merck, Hualan Vaccine, Abbott Laboratories, Sanofi, BCHT Biotechnology, Kangtai Biological, Walvax Biotechnology, and Chengdu Olymvax Biopharmaceuticals
20-F for FY2025, filed Jun 5, 2026Hepatitis A: AIM Vaccine, IMBCAMS, Pukang Biological, CNBG (Domestic); GSK, Merck (International).View ↗
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