Sunshine Biopharma Reports 2023 Second Quarter Results: Revenues Up 3,600%

Rhea-AI Summary

Sunshine Biopharma Inc. reports Q2 gross revenues of $5,560,865, a 3,600% increase YoY. Acquiring Nora Pharma Inc. contributed to the growth. Q2 revenues also increased by 13.6% compared to Q1.

Positive

• Gross revenues increased significantly YoY and QoQ

Negative

• None.

MONTREAL, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Sunshine Biopharma Inc. (NASDAQ: “SBFM”) (the “Company”), a pharmaceutical company offering and researching life-saving medicines in a variety of therapeutic areas including oncology and antivirals today announced that it has filed its quarterly report for the 2023 second quarter. The Company reported gross revenues of $5,560,865 for the quarter ended June 30, 2023, an increase of 3,600% over the same period in 2022. The increase was largely due to the prescription drugs sales of Nora Pharma Inc., a generic pharmaceuticals company that Sunshine Biopharma acquired in October 2022. In addition, the Company’s second quarter revenues of $5,560,865 represent a 13.6% increase over first quarter results.

“We are thrilled with our second quarter revenue results and look forward to continued quarter over quarter growth for the rest of 2023 and beyond,” said Dr. Steve Slilaty, CEO of Sunshine Biopharma.

About Sunshine Biopharma

Sunshine Biopharma recently acquired Nora Pharma Inc. and as a result the Company now has 50 generic prescription drugs on the market in Canada and 41 additional employees. The Company is planning to expand its product offering to 77 generic prescription drugs over the next 18 months. In parallel, Sunshine Biopharma is continuing its proprietary drug development program which is comprised of (i) K1.1 mRNA for liver cancer, (ii) Adva-27a, a small chemotherapy molecule for pancreatic cancer, and (iii) PLpro protease inhibitor for COVID-19. For more information, please visit: www.sunshinebiopharma.com.

Safe Harbor Forward-Looking Statements

This press release contains forward-looking statements which are based on current expectations, forecasts, and assumptions of Sunshine Biopharma, Inc. (the “Company”) that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected. These statements appear in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, including statements related to the Company’s drug development activities, financial performance, and future growth. These risks and uncertainties are further described in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in the Company’s filings with the SEC. Reference is hereby made to cautionary statements and risk factors set forth in the Company’s most recent SEC filings.

For Additional Information:

Sunshine Biopharma Contact:
Camille Sebaaly, CFO
Direct Line: 514-814-0464
camille.sebaaly@sunshinebiopharma.com