Vaccine maker Adimmune Corp (國光生技) yesterday reported a net loss of NT$249 million (US$8.91 million) for last quarter, compared with a net profit of NT$1.24 billion in the fourth quarter of last year, due to rising research and development (R&D) expenses that involved a phase 1 clinical trial for its experimental vaccine against COVID-19.
That translates into a loss per share of NT$0.58, widening from minus-NT$0.05 a year earlier.
Revenue last quarter sank 98 percent year-on-year to NT$6.9 million due to a high comparison base last year, it said.
Photo courtesy of Adimmune Corp
Its revenue in January last year was boosted by robust sales of flu vaccines, it added.
Sales were also affected by the company installing new filling equipment at its plant in Taichung to expand its capacity, which affected its filling operations and delayed some projects, it said.
Adimmune said it is helping Shenzhen Techdow Pharmaceutical Co (天道醫藥), which focuses on low molecular weight heparin, fill enoxaparin sodium, but the work has been delayed to the end of this year with the Chinese firm’s consent.
Despite the losses last quarter, Adimmune is optimistic about the outlook for this year and expects its revenue to grow in the third quarter, when it completes installation of filling equipment and adds new production momentum, it said.
The company said its flu vaccines have been granted Halal certifications, which should help in marketing its products in Indonesia, Malaysia, Turkey, Singapore and Brunei.
It has applied for marketing approval of its flu vaccines in several Middle Eastern countries and is waiting for their review.
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