(Yicai Global) April 1 -- Profit at Sino Biopharmaceutical, one of China’s biggest generic drugmakers, jumped over five-fold last year from the year before thanks to its holdings in Sinovac Life Sciences, producer of the CoronaVac jab.

Sino Biopharm raked in CNY14.9 billion (USD2.3 billion) in net profit in 2021, in line with expectations, according to the company’s latest earnings report released yesterday. Some 85 percent of this came from affiliate and joint venture firms.

Its share price [HKG:1177], though, plunged 8.59 percent to trade at HKD8.59 (USD1.10) as of 2 p.m. China time today as investors cashed in.

Sino Biopharm bought a 15 percent stake in Sinovac Life in December 2020, whose inactivated Covid-19 vaccine has been granted emergency use or conditional approval by more than 60 countries, regions and international organizations including the World Health Organization. As of March 24, it had supplied the world with 2.8 billion doses.

Revenue was up 13.6 percent to CNY26.9 billion (USD4.2 billion) last year from 2020, the report said. The firm’s own cancer, respiratory and blood vessel medicines contributed CNY3.1 billion. The Beijing-based company spent 14.2 percent of revenue on research and development last year.

Sino Biopharm plans to invest as much as HKD1 billion (USD127.7 million) in share repurchases and employee stock ownership plans within the next year, it said in the report.

Editor: Kim Taylor