Sunshine Biopharma Reports 2024 Second Quarter Results: Second QTR Revenues up 67%, YTD Revenues up 61%

Rhea-AI Summary

Sunshine Biopharma (NASDAQ:SBFM) reported strong financial results for Q2 2024, with significant revenue growth. Key highlights include:

- Q2 revenues of $9,303,067, up 67% year-over-year
- YTD revenues of $16,844,113, up 61% year-over-year
- Q2 net loss decreased by 45% to $(494,300)
- YTD net loss decreased by 32% to $(1,778,101)
- Shareholders' Equity grew 11% to $23,489,865

The company attributes this growth to new product launches and expanded marketing efforts by its Canadian subsidiary, Nora Pharma Inc. CEO Dr. Steve Slilaty expressed confidence in achieving profitability through innovative strategies and operational optimization.

Positive

• Q2 revenues increased by 67% year-over-year to $9,303,067
• YTD revenues grew by 61% to $16,844,113
• Q2 net loss decreased by 45% to $(494,300)
• YTD net loss reduced by 32% to $(1,778,101)
• Shareholders' Equity increased by 11% to $23,489,865
• 23% sequential increase in Q2 sales compared to Q1

Negative

• Company still operating at a net loss of $(494,300) in Q2 2024
• General & Administrative Expenses increased to $3,624,533 in Q2 2024 from $2,966,635 in Q2 2023

Financial Analyst

Sunshine Biopharma's Q2 2024 results show promising growth, with a 67% YoY revenue increase to $9.3 million. The 61% YTD revenue growth to $16.8 million is impressive, driven by new product launches and expanded marketing efforts. However, the company remains unprofitable, albeit with a narrowing net loss. The 45% reduction in Q2 net loss and 32% reduction in YTD net loss indicate improved operational efficiency.

The 23% sequential revenue growth from Q1 to Q2 2024 suggests strong momentum. The 11% increase in Shareholders' Equity is positive, but the company's ability to achieve profitability remains crucial. The gross profit margin decreased slightly from 35% in Q2 2023 to 25% in Q2 2024, which warrants attention. Overall, while the top-line growth is encouraging, investors should monitor the path to profitability closely.

Market Research Analyst

Sunshine Biopharma's performance reflects a strong market position in the pharmaceutical sector. The substantial revenue growth, particularly in new product launches, indicates effective market penetration strategies. The company's focus on life-saving medicines in oncology and antivirals aligns with high-demand areas in healthcare.

However, the increase in General & Administrative expenses by 22% YoY for Q2 and 11% YTD suggests potential scalability challenges. The company's ability to manage these costs while maintaining growth will be crucial. The narrowing net loss is promising, but achieving profitability in a competitive pharma landscape remains challenging. Investors should watch for sustained revenue growth and further improvements in operational efficiency in upcoming quarters.

FORT LAUDERDALE, FL / ACCESSWIRE / August 19, 2024 / 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 2024 second quarter report with the Securities and Exchange Commission. The Company reported gross revenues of $9,303,067 for the three months ended June 30, 2024, a 67% increase over gross revenues of $5,560,865 for same period in 2023. For the six-month period ended June 30, 2024, gross revenues were $16,844,113, compared to gross revenue of $10,454,918 for the same period in 2023, an increase of 61%. These increases are attributable to new product launches and expanded marketing and sales efforts by the Company's wholly owned Canadian subsidiary, Nora Pharma Inc.

The following are highlights of the Company's 2024 second quarter results:

• Sales in the second quarter grew to $9,303,067, compared to $5,560,865 during the same period last year, an increase of 67%.

• The Company's second quarter sales of $9,303,067 represent a 23% sequential increase over first quarter sales of $7,541,046.

• Net loss for the three months ended June 30, 2024, was $(494,300) compared to a net loss of $(902,108) during the same period of 2023, a decrease of 45%.

The following are highlights of the Company's 2024 year-to-date (YTD) results:

• In terms of YTD results, sales grew to $16,844,113, compared to $10,454,918 during the same period last year, an increase of 61%.

• Net loss for the six months ended June 30, 2024, was $(1,778,101) compared to a net loss of $(2,604,538) during the same period of 2023, a decrease of 32%.

• Shareholders' Equity grew to $23,489,865, an 11% increase over Shareholders' Equity at December 31, 2023.

"We are steadily advancing and working tirelessly to achieve our goal of profitability," said Dr. Steve Slilaty, CEO of Sunshine Biopharma. "Our team is dedicated to implementing innovative strategies and optimizing our operations to ensure sustainable growth. We remain committed to delivering value to our stakeholders and are confident that our efforts will lead us to success."

The following are key metrics contained in the Company's Statement of Operations for the three- and six-month periods ended June 30, 2024:

			2024Q2				2023Q2			2024YTD				2023YTD
Sales		$	9,303,067			$	5,560,865			$	16,844,113			$	10,454,918
Gross Profit		$	2,356,257			$	1,952,747			$	4,710,594			$	3,780,869
General & Administrative Expenses		$	3,624,533			$	2,966,635			$	7,378,640			$	6,660,398
Net Loss		$	(494,300	)		$	(902,108	)		$	(1,778,101	)		$	(2,604,538	)

About Sunshine Biopharma, Inc.

Sunshine Biopharma currently has 61 generic prescription drugs on the market in Canada and 32 additional drugs scheduled to be launched in the remainder of 2024 and in 2025. Among the new drugs to be launched in 2024 is NIOPEG®, a biosimilar of NEULASTA®. Like NEULASTA®, NIOPEG® is a long-acting form of recombinant human granulocyte colony-stimulating factor (filgrastim). It is indicated to decrease the incidence of infection in patients with non-myeloid malignancies receiving anti-neoplastic therapy.

In addition, Sunshine Biopharma is conducting a proprietary drug development program which is comprised of (i) K1.1 mRNA, an mRNA-Lipid Nanoparticle targeted for liver cancer, and (ii) PLpro protease inhibitor, a small molecule for treatment of SARS Coronavirus infections. 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

SOURCE: Sunshine Biopharma, Inc.

View the original press release on accesswire.com

FAQ

What was Sunshine Biopharma's (SBFM) revenue growth in Q2 2024?

Sunshine Biopharma (SBFM) reported a 67% increase in Q2 2024 revenues, reaching $9,303,067 compared to $5,560,865 in Q2 2023.

How much did Sunshine Biopharma's (SBFM) net loss decrease in Q2 2024?

Sunshine Biopharma's (SBFM) net loss decreased by 45% in Q2 2024, from $(902,108) in Q2 2023 to $(494,300) in Q2 2024.

What was Sunshine Biopharma's (SBFM) year-to-date revenue for 2024?

Sunshine Biopharma's (SBFM) year-to-date revenue for 2024 was $16,844,113, representing a 61% increase compared to the same period in 2023.

How much did Sunshine Biopharma's (SBFM) Shareholders' Equity grow in 2024?

Sunshine Biopharma's (SBFM) Shareholders' Equity grew by 11% to $23,489,865 compared to December 31, 2023.