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Shares of CanSino Biologics tumble more than 12% in Hong Kong after the Chinese vaccine maker reported a 69.5% year-on-year drop in first-half revenue to 629.8 million yuan, mainly driven by weaker COVID vaccine demand as growth in global uptake slowed and price changes of CanSinoBIO’s products, the firm said in a filing.
CanSinoBIO, which sells a one-dose shot in countries including China and Mexico and is seeking approval for an inhaled version of the vaccine, said half-year net profit dropped by 98.7% year-on-year.
Other pharmaceutical companies are also slumping in Hong Kong, with Hansoh Pharmaceutical sliding more than 10%, RemeGen falling more than 7%.
Earlier this month, Novavax halved its full-year revenue forecast as it does not expect further sales of its COVID shot this year in the US amid a global supply glut and soft demand. BioNTech reported about a 40% drop in second-quarter revenue and net profit but said its upgraded shots to be used in booster campaigns would increase demand in autumn.
Sino Biopharmaceutical which holds 15.03% stake in CoronaVac-developer Sinovac Life Sciences, said earlier this month it logged 503.16 million yuan in profits from associates and a joint venture in the first half this year, slumping over 90% from a year ago.
