(Yicai Global) March 28 -- Cansino Biologics returned to profit last year, after scoring losses in 2020, as revenue at the Chinese vaccine maker surged 171-fold after its Covid-19 vaccine was approved for sale in a number of foreign countries.

Cansino logged profit of CNY1.9 billion (USD298 billion) in 2021, a big turnaround from losses of CNY397 million (USD62.3 million) the year before, the Tianjin-based firm said in its latest earnings report released yesterday.

Revenue vaulted 171 times to CNY4.3 billion (USD674 million), 71 percent of which came from its international sales, particularly the supply of Covid-19 jabs to countries such as Mexico and Pakistan, it said.

Cansino, which has three inoculations against Covid-19, ebola and meningitis on the market, spent twice as much on research and development last year than the year before at CNY879 million (USD137.8 million), the report said. So far it has invested over CNY900 million on developing its recombinant and inhaled novel coronavirus vaccines, 72 percent of which was spent in 2021.

The firm’s inhaled Covid-19 vaccine has finished Phase 1 and 2 clinical tests and it has a number of other jabs, including a diptheria-tetanus-pertussis combined vaccine, a poliomyelitis vaccine and a shingles vaccine, in development.

Cansino’s Shanghai-listed shares [SHA:688185] were trading down 5.01 percent at CNY248.74 (USD39) as of 1 p.m. China time today. In Hong Kong, its stock [HKG:6185] was trading down 5.66 percent at HKD135 (USD17).

Editor: Kim Taylor