Sunshine Biopharma Reports 54% Increase in Revenues for 2024 Third Quarter

Sunshine Biopharma Inc. (NASDAQ: “SBFM”) revealed its financial results for the third quarter of 2024 in a recent press release. The company, known for its pharmaceutical offerings in oncology and antivirals, reported a substantial growth in gross revenues. The financial report filed with the Securities and Exchange Commission showcased a 54% increase in revenues for the nine-month period ending on September 30, 2024.

During the third quarter, Sunshine Biopharma recorded gross revenues of $8,435,178, marking a 42% increase from the same period in 2023. The notable growth was attributed to new product launches and amplified marketing and sales activities by the Company’s Canadian subsidiary, Nora Pharma Inc. Despite a 9% decrease from the second quarter sales of $9,303,067, the third quarter sales showed a promising 12% rise over the first quarter sales of $7,541,046.

In terms of net profits, the company reported a net loss of $(1,197,803) for the three months ending September 30, 2024, compared to a net loss of $(651,482) during the corresponding period in 2023, signifying an 84% increase in losses.

Looking at the year-to-date results, Sunshine Biopharma’s revenues grew to $25,279,291 for the nine-month period, compared to $16,412,586 during the same period last year, marking a substantial 54% increase. Additionally, the net loss for the nine months ended September 30, 2024, was reported as $(2,975,904), showcasing a decrease of 9% from $(3,256,020) during the same period in 2023. Shareholders’ Equity also saw growth, reaching $25,039,312, an 18% surge over Shareholders’ Equity of $21,207,361 at the end of 2023.

CEO Dr. Steve Slilaty expressed the company’s commitment to pursuing profitability and delivering value to stakeholders through the implementation of innovative strategies and operational enhancements. The company remains focused on sustaining growth and driving success in the pharmaceutical sector.

Sunshine Biopharma currently boasts 63 generic prescription drugs on the market in Canada, with plans to launch an additional 32 drugs by the end of 2024 and in 2025. Notable among these launches is NIOPEG®, a biosimilar of NEULASTA®, targeted at reducing infection incidences in cancer patients undergoing anti-neoplastic therapy.

The company is also engaged in a proprietary drug development program featuring K1.1 mRNA for liver cancer and PLpro protease inhibitor for the treatment of SARS Coronavirus infections. For more detailed information, interested parties can visit the company’s website at www.sunshinebiopharma.com.

A note of caution was highlighted within the press release regarding forward-looking statements, emphasizing the importance of understanding the risks and uncertainties associated with such projections. Investors are advised to refer to the Company’s filings with the U.S. Securities and Exchange Commission (SEC) for a comprehensive depiction of risks and factors influencing outcomes.

Contact Information:
Camille Sebaaly, CFO
Direct Line: 514-814-0464
[email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sunshine Biopharma’s 8K filing here.

Sunshine Biopharma Company Profile

Sunshine Biopharma, Inc, a pharmaceutical company, focuses on the research and development of life-saving medicines in various therapeutic areas, including oncology and antivirals in the United States and Canada. It operates in two segments, Prescription Generic Pharmaceuticals and Nonprescription Over-The-Counter Products.