Sunshine Biopharma Reports Revenue Growth to $34.9 Million, Faces Net Loss of $5.1 Million

Sunshine Biopharma, Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, generating $34.9 million, up from $24.1 million in 2023. This $10.8 million increase was attributed to the expansion of sales efforts by its subsidiary, Nora Pharma, particularly in the provinces of Ontario, Alberta, and British Columbia, as well as the introduction of five new products. However, the company also faced rising costs, with the cost of sales increasing to $24.2 million, resulting in a gross profit of $10.7 million. Despite the revenue growth, Sunshine Biopharma incurred a net loss of $5.1 million, compared to a loss of $4.5 million in the previous year.

The company's general and administrative expenses rose to $16.5 million from $13.1 million, reflecting the costs associated with expanding Nora Pharma's operations. Interest income decreased to $496,003 from $811,974, primarily due to lower interest rates and reduced cash reserves. As of December 31, 2024, Sunshine Biopharma had cash and cash equivalents of $9.7 million, down from $16.3 million in 2023, indicating a need for ongoing capital management.

Strategically, Sunshine Biopharma has focused on expanding its product offerings and market presence. The company currently markets 70 generic prescription drugs in Canada and has plans to launch an additional 13 products by the end of 2025. The acquisition of Nora Pharma in October 2022 has been pivotal in this growth, allowing Sunshine to leverage Nora's established market position. The company also holds a promising pipeline of proprietary drugs, including K1.1 mRNA for liver cancer and SBFM-PL4 for SARS Coronavirus treatment, both currently in animal testing stages.

Operationally, Sunshine Biopharma has seen an increase in accounts receivable and inventory, reflecting its growth trajectory. Accounts receivable rose to $3.9 million, while inventory increased to $11.3 million, indicating a buildup of stock to meet anticipated demand. The company has also maintained a workforce of 52 employees, with plans for further expansion as it scales its operations.

Looking ahead, Sunshine Biopharma anticipates that its existing cash reserves will support its operations and research and development activities for the next 24 months. However, the company acknowledges the need for additional capital to fund future growth initiatives, including potential clinical trials for its proprietary drugs. The ongoing geopolitical and economic challenges, including inflation and supply chain disruptions, remain critical factors that could impact the company's performance and strategic objectives.