SINOVAC BIOTECH LTD
SVA · Pharmaceutical Preparations · EDGAR filings ↗
Grade
C61Cash-rich Chinese vaccine maker operating at a loss with significant governance and demand-overhang risks.
Strengths
- Exceptional balance sheet: $6.5B cash (98th pct), current ratio 4.6, long runway
- Broad WHO-prequalified vaccine portfolio with 67.8% gross margin
Risks
- Negative operating margin (-127%) and deeply negative FCF (1.4th pct) as COVID/flu products wind down
- China/state-owned-asset governance red flags and a contested share structure
Notable findings
- Net lossNet loss (net margin -51.5%)
- Cash burnNegative free cash flow (-561.1M)
- Strong balance sheetStrong balance sheet — $6.5B cash & investments, ~46 quarters of runway
- Trial readout soonUpcoming trial readout ~2026-05-31 — PHASE1/PHASE2 · Herpes Zoster
Key metrics
Gross margin
67.9%
Operating margin
-127.0%
Net margin
-51.5%
Return on equity
-4.5%
Return on assets
-2.3%
ROIC
-7.8%
Revenue growth (QoQ)
6.8%
Net-income growth
-589.1%
Debt / equity
0.1×
Current ratio
4.6×
Free cash flow
-$561M
Tangible book value
$4.3B
Cash & investments
$6.5B
Cash runway
46q
Stock comp / revenue
0.0%
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06058416 ↗ | Immunogenicity and Safety of Hepatitis A Among People Aged 18-50 Years Old Hepatitis A | PHASE4 | Active Not Recruiting | 2028-03-17 |
| NCT07457060 ↗ | Phase IV Clinical Study of Sequential Vaccination of Sabin Strain and Wild Strain Inactivated Poliovirus Vaccine Poliomyelitis | PHASE4 | Recruiting | 2026-09-08 |
| NCT07400003 ↗ | Study to Evaluate the Safety and Immunogenicity of a Lyophilized Herpes Zoster Virus mRNA Vaccine Herpes Zoster, mRNA Vaccine | PHASE1/PHASE2 | Recruiting | 2026-05-31 |
| NCT07354269 ↗ | Phase IV Clinical Study of sIPV Administration in Adolescent and Adult Populations Poliomyelitis | PHASE4 | Recruiting | 2026-04-11 |
| NCT07211152 ↗ | Influenza Vaccine (Split Virion), Inactivated, Quadrivalent in Pregnant Women Influenza | PHASE3 | Recruiting | 2026-03-01 |
| NCT06734832 ↗ | Efficacy, Safety, and Immunogenicity of the Bivalent Inactivated Enterovirus Vaccine (Vero Cell) Hand, Foot, and Mouth Disease（HFMD) | PHASE3 | Recruiting | 2025-11-30 |
| NCT07611513 ↗ | Protective Efficacy , Immunogenicity and Safety of the Tetravalent Inactivated Enterovirus Vaccine (Vero Cell). Hand, Foot, and Mouth Disease(HFMD), Herpangina | PHASE3 | Not Yet Recruiting | 2027-12-01 |
| NCT07505823 ↗ | Phase Ⅲ Trial of Group ACYW135 Meningococcal Conjugate Vaccine in Children Aged 6-11 Months Epidemic Meningitis, Meningococcal Vaccines | PHASE3 | Not Yet Recruiting | 2027-04-01 |
| NCT07505810 ↗ | Phase Ⅲ Trial of Group ACYW135 Meningococcal Conjugate Vaccine in Children Aged 3-5 Months Epidemic Meningitis, Meningococcal Vaccines | PHASE3 | Not Yet Recruiting | 2027-04-01 |
| NCT07055893 ↗ | Immunogenicity and Safety of Rabies Vaccine (Serum-free Vero Cell) in a Simulated Post-exposure Prophylaxis Regimen Rabies (Healthy Volunteers) | PHASE3 | Not Yet Recruiting | 2027-01-30 |
| NCT07505836 ↗ | Phase Ⅲ Trial of Group ACYW135 Meningococcal Conjugate Vaccine in Children Aged 12-23 Months Epidemic Meningitis, Meningococcal Vaccines | PHASE3 | Not Yet Recruiting | 2027-01-01 |
| NCT07055295 ↗ | Immunogenicity and Safety of Rabies Vaccine (Serum-free Vero Cell) in a Pre-exposure Prophylaxis Regimen Rabies | PHASE3 | Not Yet Recruiting | 2026-12-30 |
| NCT07505888 ↗ | Phase Ⅲ Trial of Group ACYW135 Meningococcal Conjugate Vaccine in Children Aged 2-6 Years Epidemic Meningitis, Meningococcal Vaccines | PHASE3 | Not Yet Recruiting | 2026-11-01 |
| NCT07416110 ↗ | Phase IIIb Clinical Trial to Evaluate Lot-to-lot Consistency of Sinovac Rabies Vaccine Rabies (Healthy Volunteers) | PHASE3 | Not Yet Recruiting | 2026-09-30 |
| NCT07418229 ↗ | Study to Evaluate the Safety of a Lyophilized RSV mRNA Vaccine RSV, mRNA Vaccine | PHASE1 | Not Yet Recruiting | 2026-06-30 |
| NCT07055880 ↗ | Immunogenicity and Safety of Different Dosages of Rabies Vaccine (Serum-free Vero Cell) Rabies | PHASE2 | Not Yet Recruiting | 2026-01-15 |
| NCT06754384 ↗ | Tolerability, Safety, and Immunogenicity of Tetravalent Inactivated Enterovirus Vaccine (Vero Cell). Hand, Foot, and Mouth Disease (HFMD), Herpangina | PHASE1/PHASE2 | Completed | 2025-12-30 |
| NCT06063057 ↗ | Inactivated Bivalent Enterovirus Vaccine (Vero Cell) Phase I/II Clinical Trial Hand, Foot and Mouth Disease, Herpangina | PHASE1/PHASE2 | Completed | 2025-12-19 |
| NCT06442449 ↗ | Booster Dose of sIPV Co-administered With MMR and HepA-I. Poliomyelitis | PHASE4 | Completed | 2025-09-10 |
| NCT05397587 ↗ | An Immunity Persistence Study of Enterovirus 71 Inactivated Vaccine (Vero Cell) Hand, Foot and Mouth Disease | PHASE4 | Unknown | 2025-07-30 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2000-10-26 | 4 | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-06-05 | 2025-12-31 | 0001193125-26-258534 ↗ |
| 20-F | 2026-04-30 | 2024-12-31 | 0001193125-26-194394 ↗ |
| 20-F | 2024-04-29 | 2023-12-31 | 0000950170-24-049936 ↗ |
| 20-F | 2023-05-01 | 2022-12-31 | 0000950170-23-015997 ↗ |
| 20-F | 2022-04-29 | 2021-12-31 | 0001564590-22-016857 ↗ |
| 20-F | 2021-04-22 | 2020-12-31 | 0001564590-21-020156 ↗ |
| 20-F | 2020-04-30 | 2019-12-31 | 0001564590-20-020204 ↗ |
| 20-F | 2019-04-29 | 2018-12-31 | 0001564590-19-013766 ↗ |
| 20-F | 2018-05-11 | 2017-12-31 | 0001144204-18-027303 ↗ |
| 20-F | 2017-11-22 | 2016-12-31 | 0001144204-17-060660 ↗ |
| 20-F | 2016-04-25 | 2015-12-31 | 0001144204-16-096074 ↗ |
| 20-F | 2015-04-29 | 2014-12-31 | 0001104659-15-031226 ↗ |