Sinovac Biotech Ltd. (NASDAQ: SVA) (“SINOVAC” or the “Company”),
a leading provider of biopharmaceutical products in China, has
filed its 2021 annual report on Form 20-F with the U.S. Securities
and Exchange Commission for the year ended December 31, 2021. The
Company also reported its unaudited financial for the second half
and full year ended December 31, 2021.
Second Half and Full Year 2021 Financial Summary
- Sales for the six months ended December 31, 2021 were $8.4
billion, compared to $442.9 million in the prior year period.
- Sales in 2021 were $19.4 billion, compared to $510.6 million in
the prior year.
- The Company posted $3.4 billion of net income attributable to
common shareholders, or $33.79 per basic and $29.46 per diluted
share, in the six months ended December 31, 2021, compared to net
income attributable to common shareholders of $117.0 million, or
$1.18 per basic and $1.06 per diluted share, in the prior year
period.
- The Company posted $8.5 billion of net income attributable to
common shareholders, or $85.20 per basic and $74.27 per diluted
share, in 2021, compared to net income attributable to common
shareholders of $104.4 million, or $1.06 per basic and $0.97 per
diluted share, in the prior year period.
Mr. Weidong Yin, Chairman, President and CEO of SINOVAC,
commented, “As a major COVID-19 vaccine provider, Sinovac has been
committed to using its resources to help the global population
prevail against the virus since the onset of this unfortunate
pandemic. As of now, SINOVAC has provided over 2.8 billion doses of
CoronaVac® globally, among which about 300 million doses were
donated to various Centers for Disease Control in China. SINOVAC
also led and participated in various overseas donation projects for
COVID-19 vaccine or construction of COVID-19 vaccine-related
facilities. Looking ahead into 2022, we remain highly dedicated to
the research and development of vaccines to combat COVID-19 variant
strains, as well as the development of other vaccines against
infectious diseases. SINOVAC will continue to focus on making
strides to protect human society.”
Business Updates
COVID-19 Vaccine – CoronaVac®, the inactivated COVID-19
vaccine developed by SINOVAC, has been granted emergency use
approval or conditional market authorization in over 60 countries
and regions. At this time, over 2.8 billion doses of CoronaVac®
were delivered worldwide, and close to half of CoronaVac® revenues
in 2021 were generated from international markets. On June 1, 2021,
CoronaVac® was approved for emergency use under the World Health
Organization (“WHO”) Emergency Use Listing (“EUL”) procedure. On
July 12, 2021, SINOVAC entered into an advance purchase agreement
with the Global Alliance for Vaccines and Immunization (“Gavi
Alliance”) to provide up to 380 million doses of CoronaVac® for
global distribution. In addition, CoronaVac® was approved for
pediatric use in over ten countries. With annual production
capacity of over 2 billion doses, SINOVAC is well-positioned to be
a supplier of high-quality vaccines around the world.
Sabin Inactivated Polio vaccine (“sIPV”) – The China
National Medical Products Administration (“NMPA”) issued a product
license for its Sabin Inactivated Polio vaccine in July 2021. sIPV
is mainly supplied to the public tender market in China as well as
the rest of the world. This product was developed through a
technology transfer from The Institute for Translational
Vaccinology for the Global Polio Eradication Initiative by the
WHO.
23-valent pneumococcal polysaccharide vaccine (“PPV”) –
The Company obtained a product license from the NMPA for its
23-valent pneumococcal polysaccharide vaccine at the end of 2020,
and the Company commercially launched PPV in the Chinese market in
March 2021.
Unaudited Financial Results for the Second Half of
2021
Sales for the second half of 2021 were $8.4 billion, compared to
$442.9 million in the prior year period. The increase was due to
higher sales of CoronaVac® and sales growth of the Company’s other
products as the COVID-19 pandemic subsided in China and vaccine
schedules returned to normal. Sales during the second half of 2021
are not indicative of future sales trends since sales of CoronaVac®
are not expected to be as high as 2021 levels due to an increased
competitive environment.
Selling, general and administrative expenses in the second half
of 2021 were $428.5 million, compared to $130.3 million in the
prior year period. The increase was mainly due to increased
resources dedicated to revenue growth and operation expansion.
R&D expenses in the second half of 2021 were $101.1 million,
compared to $28.6 million in the prior year period.
Net income in the second half of 2021 was $5.9 billion, compared
to $193.9 million in the prior year period.
Net income attributable to common shareholders was $3.4 billion,
or $33.79 per basic and $29.46 per diluted share, in the second
half of 2021, compared to a net income attributable to common
shareholders of $117.0 million, or $1.18 per basic and $1.06 per
diluted share, in the prior year period.
As the Company announced on February 22, 2019, the Company’s
Board of Directors determined that certain shareholders became
acquiring persons, as defined in the Company’s rights agreement
(“Rights Agreement”), under which a trigger event occurred. As a
result, the Company issued new common and preferred shares of
SINOVAC. Without the effect of implementing the Rights Agreement
and newly-issued common and preferred shares, basic and diluted
earnings per share for the second half of 2021 would be $46.95 and
$38.95, respectively.
Non-GAAP adjusted EBITDA was $7.5 billion in the second half of
2021, compared to $235.0 million in the prior year period. Non-GAAP
net income was $5.9 billion in the second half of 2021, compared to
$204.6 million in the prior year period. Non-GAAP diluted earnings
per share in the second half of 2021 was $29.87 compared to $1.12
per share in the prior year period. Non-GAAP diluted earnings per
share in the second half of 2021, excluding the implementation of
the Rights Agreement and the newly-issued common and preferred
shares, would be $39.49. Reconciliations of non-GAAP measures to
the nearest comparable GAAP measures are included at the end of
this earnings announcement.
The Company’s second half of 2021 financial statements are
prepared and presented in accordance with U.S. GAAP. However, they
have not been audited or reviewed by the Company’s independent
registered accounting firm.
Financial Results for the Twelve Months Ended December 31,
2021
Sales in 2021 were $19.4 billion, an increase from $510.6
million in the prior year. The increase was due to higher sales of
CoronaVac® and sales growth of the Company’s other products. Sales
in 2021 are not indicative of future sales trends due to the
reasons described in the discussion of sales in the second half of
2021.
Selling, general and administrative expenses in 2021 were $591.2
million, compared to $176.5 million in the prior year. The increase
was mainly due to increased resources dedicated to revenue growth
and operation expansion.
R&D expenses in 2021 were $155.0 million, compared to $48.8
million in the prior year. The Company continued to invest in the
advancement of pipeline vaccines as well as research on COVID-19
variants.
Net income in 2021 was $14.5 billion, compared to $185.2 million
in the prior year. Net income increased primarily due to increased
sales.
Net income attributable to common shareholders was $8.5 billion,
or $85.20 per basic and $74.27 per diluted share, compared to net
income attributable to common shareholders of $104.4 million, or
$1.06 per basic and $0.97 per diluted share, in the prior year.
Excluding the implementation of the Rights Agreement, as
described above, and the newly-issued common and preferred shares,
basic and diluted earnings per share for 2021 would be $118.37 and
$98.20, respectively.
Non-GAAP adjusted EBITDA was $17.6 billion in 2021, compared to
$229.9 million in the prior year. Non-GAAP net income in 2021 was
$14.5 billion in 2021, compared to $197.1 million in the prior
year. Non-GAAP diluted earnings per share in 2021 was $74.67,
compared to earnings of $1.03 per share in the prior year. Non-GAAP
diluted earnings per share in 2021, excluding the implementation of
the Rights Agreement and the newly-issued common and preferred
shares, would be $98.72 per share. Reconciliations of non-GAAP
measures to the nearest comparable GAAP measures are included at
the end of this earnings announcement.
As of December 31, 2021, cash and cash equivalents and
restricted cash totaled $11.6 billion, compared to $1.1 billion as
of December 31, 2020. In 2021, net cash provided by operating
activities was $15.4 billion, net cash used in investing activities
was $3.0 billion, and net cash used in financing activities was
$1.9 billion. As of December 31, 2021, the Company had $3.1 million
in bank loans due within one year. The Company expects that its
current cash position will be able to support its operations for at
least the next 12 months.
Legal Proceedings
As previously disclosed by the Company, on March 13, 2018,
1Globe Capital LLC (“1Globe”) filed a complaint against the Company
in the Antigua Court. The trial of the matter took place from
December 3 to 5, 2018. On December 19, 2018, the Antigua judge
handed down his judgment (the “Antigua Judgment”), finding the
Company fully in favor, dismissing 1Globe’s claim and declaring the
Rights Agreement was validly adopted as a matter of Antigua law. On
January 29, 2019, 1Globe filed a Notice of Appeal against the
Antigua Judgment. On March 4, 2019, 1Globe filed an application for
urgent interim relief, seeking an injunction to prevent the Company
from continuing to implement its Rights Agreement until the
resolution of the appeal. This application was heard on April 4,
2019, at which the Court of Appeal issued an order restraining the
Company from operating the Rights Agreement in any way that affects
1Globe’s rights or shareholding or otherwise distributing the
exchange shares to the Company’s shareholders who did not trigger
the Rights Plan until after the determination of the appeal (the
“Exchange Shares”). 1Globe’s appeal against the Antigua Judgment
was heard on September 18, 2019, and the appeal decision was
announced by the Eastern Caribbean Supreme Court, Court of Appeal
(the “Court of Appeal”) on December 9, 2021, upholding the Antigua
Judgment in each point. 1Globe applied for leave to appeal to the
Judicial Committee of the Privy Council (the “Privy Council”), and
the hearing of the application was held on February 24, 2022, in
which the Court of Appeal granted 1Globe leave to appeal to the
Privy Council on certain grounds, although not including the
challenge to the validity of the Rights Agreement. On April 19,
2022, 1Globe renewed its application directly to the Privy Council
for leave to appeal on its ground of appeal concerning the validity
of the Rights Agreement. 1Globe has not yet taken steps to list a
substantive hearing before the Privy Council.
As previously disclosed, on March 5, 2018, the Company filed a
lawsuit in the Court of Chancery of the State of Delaware, seeking
a determination on whether 1Globe, the Chiang Li Family, OrbiMed
Advisors, LLC and certain other shareholders of the Company had
triggered the Rights Agreement. On April 12, 2018, 1Globe filed an
amended answer to the Company’s complaint, counterclaims and a
third-party complaint against the Company and Mr. Weidong Yin,
alleging, among other allegations, that the Rights Agreement is not
valid. On March 6, 2019, the Delaware Chancery Court entered a
status quo order, providing that the Company not distribute any of
the Exchange Shares to the Company’s shareholders who did not
trigger the Rights Plan until the final disposition of the pending
Delaware litigation or further order of the Court. On April 8,
2019, the Delaware Chancery Court stated that the Delaware
litigation was pending the final outcome of 1Globe’s appeal of the
Antigua Judgment.
Separately, Heng Ren Investments LP (“Heng Ren”) filed suits
against SINOVAC and Weidong Yin on May 31, 2019 in Massachusetts
state court for the alleged breach of fiduciary duties and wrongful
equity dilution. SINOVAC moved the matter from the state court to
the United States District Court for the District of Massachusetts.
Heng Ren alleged that Mr. Yin breached fiduciary duties owed to
minority shareholders, that SINOVAC aided and abetted breaches of
fiduciary duties and that both SINOVAC and Mr. Yin engaged in
wrongful equity dilution. Heng Ren requested damages, attorney
fees, and prejudgment interest. In July 2021, SINOVAC moved to
dismiss Heng Ren’s amended complaint in the federal court in
Massachusetts. On March 4, 2022, the court granted the motion as to
the breach of fiduciary duty claims and denied the motion as to the
wrongful equity dilution claim. Sinovac is presently appealing the
denial to the United States Court of Appeals for the First Circuit
and has answered the complaint.
Status of Exchange Shares and Trading in the Company’s
Shares
As a result of the pending legal proceedings described above,
the Exchange Shares are expected to remain in a trust for the
benefit of the Company’s shareholders who did not trigger the
Rights Plan until, at least, the conclusion of the appeal against
the Antigua Judgement and the final disposition of the Delaware
litigation or further order of the Delaware Chancery Court. The
Exchange Shares remain issued and outstanding. The Nasdaq Stock
Market LLC implemented a halt on trading of the Company’s common
shares at the time the Exchange Shares were issued to the trust.
The Company is currently unable to estimate when trading will
resume, or if Nasdaq will take any additional action in regards to
trading of the Company’s common shares.
About SINOVAC
Sinovac Biotech Ltd. is a China-based biopharmaceutical company
that focuses on the research, development, manufacturing and
commercialization of vaccines that protect against human infectious
diseases. SINOVAC's product portfolio includes vaccines against
COVID-19, enterovirus71 (EV71), hepatitis A and B, seasonal
influenza, 23-valent pneumococcal polysaccharide (“PPV”), H5N1
pandemic influenza (avian flu), H1N1 influenza (swine flu),
varicella, mumps and poliomyelitis. SINOVAC’s COVID-19 vaccine,
CoronaVac®, has been granted emergency use approval or conditional
marketing authorization in Asia, Latin America, Africa and Middle
East countries and EUL by the WHO. Healive®, the hepatitis A
vaccine manufactured by the Company, has passed the assessment
under WHO prequalification procedures in 2017. The EV71 vaccine, an
innovative vaccine developed by SINOVAC against hand foot and mouth
disease caused by EV71, was commercialized in China in 2016. In
2009, SINOVAC was the first company worldwide to receive approval
for its H1N1 influenza vaccine Panflu.1®, which it has supplied to
the Chinese Government's vaccination campaign and stockpiling
program. The Company is also the only supplier of the H5N1 pandemic
influenza vaccine Panflu® to the government stockpiling program. In
2021, SINOVAC’s Sabin-strain inactivated polio vaccine has been
approved for registration. The Company is developing several new
products including combination vaccines. SINOVAC primarily sells
its vaccines in China, while also exploring growth opportunities in
international markets. The Company is actively seeking market
authorization of its regular products in countries outside of
China. For more information, please see the Company’s website at
www.sinovac.com.
Safe Harbor Statement
This press release may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. In particular, the outcome
of any litigation is uncertain, and the Company cannot predict the
potential results of the litigation it filed or filed against it by
others. Additionally, the triggering of a shareholder rights plan
is nearly unprecedented, and the Company cannot predict the impact
on the Company or its stock price as a result of the trigger of the
rights plan.
This announcement contains forward-looking information about the
Company’s efforts to develop a potential COVID-19 vaccine that
involves substantial risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements. Risks and uncertainties include, among other
things, the uncertainties inherent in research and development,
including the ability to meet anticipated clinical endpoints,
commencement and/or completion dates for clinical trials,
regulatory submission dates, regulatory approval dates and/or
launch dates, as well as risks associated with clinical data; the
ability to produce comparable clinical or other results, including
the rate of vaccine effectiveness and safety and tolerability
profile observed to date, in additional analyses of the clinical
trials or in larger, more diverse populations upon
commercialization; the risk that clinical trial data are subject to
differing interpretations and assessments, and by regulatory
authorities; the risk that we may not be able to create or scale up
manufacturing capacity on a timely basis or have access to
logistics or supply channels commensurate with global demand for
any potential approved vaccine, which would negatively impact our
ability to supply the estimated numbers of doses of our vaccine
candidate; uncertainties regarding the ability to obtain
recommendations public health authorities; uncertainties regarding
the impact of COVID-19 pandemic on our business, operations and
financial results; and competitive developments.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are
prepared and presented in accordance with GAAP, SINOVAC uses the
following non-GAAP financial measures: non-GAAP adjusted EBITDA,
non-GAAP net income and non-GAAP diluted EPS. For more information
on these non-GAAP financial measures, please refer to the table
captioned “Reconciliations of non-GAAP Measures to the Nearest
Comparable GAAP Measures” in this results announcement.
SINOVAC believes that non-GAAP adjusted EBITDA, non-GAAP net
income and non-GAAP diluted EPS help identify underlying trends in
its business that could otherwise be distorted by the effect of
certain income or expenses that SINOVAC includes in net income and
diluted EPS. SINOVAC believes that non-GAAP adjusted EBITDA,
non-GAAP net income and non-GAAP diluted EPS provide useful
information about its core operating results, enhance the overall
understanding of its past performance and future prospects and
allow for greater visibility with respect to key metrics used by
our management in its financial and operational decision-making.
Non-GAAP adjusted EBITDA, non-GAAP net income and non-GAAP diluted
EPS should not be considered in isolation or construed as an
alternative to income from operations, net income, diluted EPS, or
any other measure of performance or as an indicator of SINOVAC’s
operating performance. These non-GAAP financial measures presented
here may not be comparable to similarly titled measures presented
by other companies. Other companies may calculate similarly titled
measures differently, limiting their usefulness as comparative
measures to our data.
Non-GAAP adjusted EBITDA represents net income and
excludes interest and financing expenses, interest income, net
other income and income tax benefit (expenses), and certain
non-cash expenses, consisting of share-based compensation expenses,
amortization and depreciation that SINOVAC does not believe are
reflective of the core operating performance during the periods
presented.
Non-GAAP net income represents net income before
share-based compensation expenses and foreign exchange gain or
loss.
Non-GAAP diluted EPS represents non-GAAP net income
attributable to common shareholders divided by the weighted average
number of shares outstanding during the periods on a diluted basis,
including accounting for the effect of the assumed conversion of
options.
SINOVAC BIOTECH LTD.Consolidated Balance
Sheets As of December 31, 2021 and 2020(Expressed in
thousands of U.S. Dollars) December 31, 2021
December 31, 2020 Current assets Cash and cash
equivalents $
11,608,855
$
1,041,008
Restricted cash
10,905
9,196
Short-term investments
1,806,449
135,248
Accounts receivable - net
952,402
253,487
Inventories
375,511
105,813
Prepaid expenses and deposits
160,987
15,541
Total current assets
14,915,109
1,560,293
Property, plant and equipment – net
903,298
200,371
Prepaid land lease payments
39,730
8,247
Intangible assets - net
1,480
1,474
Long-term prepaid expenses
25
25
Long-term investments
655,835
-
Prepayments for acquisition of equipment
65,290
20,192
Deferred tax assets
52,031
26,891
Right-of-use assets
115,376
83,833
Total assets
16,748,174
1,901,326
Current liabilities Short-term bank loans and current
portion of long-term bank loans
3,099
32,941
Loan from a non-controlling shareholder
1,582
6,155
Accounts payable and accrued liabilities
1,020,651
211,428
Income tax payable
1,267,504
35,262
Deferred revenue
79,941
364,005
Deferred government grants
12,559
15,159
Dividend payable
17,125
11,143
Lease liability
10,385
3,517
Total current liabilities
2,412,846
679,610
Deferred government grants
4,870
4,229
Long-term bank loans
12,668
2,155
Deferred tax liability
324,164
2,724
Loan from a non-controlling shareholder
4,708
6,130
Lease liability
112,465
85,488
Other non-current liabilities
444
865
Total long-term liabilities
459,319
101,591
Total liabilities
2,872,165
781,201
Commitments and contingencies
Equity Preferred
stock
15
15
Common stock
100
99
Additional paid-in capital
547,691
538,924
Subscriptions receivable
(7,109)
(7,109)
Accumulated other comprehensive income
130,622
19,925
Statutory surplus reserves
1,514,297
50,377
Accumulated earnings
7,141,819
144,241
Total shareholders' equity
9,327,435
746,472
Non-controlling interests
4,548,574
373,653
Total equity
13,876,009
1,120,125
Total liabilities and equity $
16,748,174
$
1,901,326
SINOVAC BIOTECH
LTD.Consolidated Statements of Comprehensive Income
For the six and twelve months ended 2021 and
2020(Expressed in thousands of U.S. Dollars, except for
numbers of shares and per share data)
Six months ended December 31 Year ended
December 31,
2021
2020
2021
2020
(Unaudited) (Unaudited)
Sales $
8,393,848
$
442,907
$
19,374,904
$
510,624
Cost of sales
440,455
57,638
1,072,221
67,180
Gross profit
7,953,393
385,269
18,302,683
443,444
Selling, general and administrative
expenses
428,510
130,281
591,167
176,534
Provision for doubtful accounts
3,528
1,606
2,967
2,640
Research and development expenses
101,129
28,613
155,040
48,760
Loss on disposal of property, plant and equipment
683
130
977
163
Government grants recognized in income
(39)
(44)
(725)
(297)
Total operating expenses
533,811
160,586
749,426
227,800
Operating income
7,419,582
224,683
17,553,257
215,644
Interest and financing expenses
(1,314)
(859)
(2,836)
(1,453)
Interest income
71,764
782
102,568
1,930
Other income (expense), net
(88,999)
574
(89,948)
496
Income before income taxes
7,401,033
225,180
17,563,041
216,617
Income tax expense
(1,534,196)
(31,327)
(3,104,130)
(31,438)
Net income
5,866,837
193,853
14,458,911
185,179
Less: income attributable to non-controlling interests
(2,507,683)
(73,862)
(5,991,431)
(74,810)
Net income attributable to shareholders of Sinovac
3,359,154
119,991
8,467,480
110,369
Preferred stock dividends
(3,024)
(3,024)
(5,982)
(6,015)
Net income attributable to common shareholders of Sinovac
3,356,130
116,967
8,461,498
104,354
Net income
5,866,837
193,853
14,458,911
185,179
Other comprehensive income, net of tax of nil
Foreign currency translation adjustments
162,103
36,373
193,098
32,328
Comprehensive income
6,028,940
230,226
14,652,009
217,507
Less: comprehensive income attributable to non-controlling
interests
(2,578,813)
(82,765)
(6,073,832)
(82,892)
Comprehensive income attributable to shareholders of Sinovac
3,450,127
147,461
8,578,177
134,615
Earnings per share
Basic net income per share
33.79
1.18
85.20
1.06
Diluted net income per share
29.46
1.06
74.27
0.97
Weighted average number of shares of
common stock outstanding Basic
99,328,085
98,895,425
99,311,551
98,897,345
Diluted
114,022,517
113,660,442
114,005,983
113,662,362
SINOVAC BIOTECH LTD.Consolidated Statements of
Cash Flows For the six and twelve months ended 2021 and
2020(Expressed in thousands of U.S. Dollars)
Six months ended December 31 Year ended
December 31,
2021
2020
2021
2020
(Unaudited) (Unaudited)
Operating activities Net income $
5,866,837
$
193,853
$
14,458,911
$
185,179
Adjustments to reconcile net income to net cash provided by
operating activities: Deferred income taxes
335,990
(8,737)
265,096
(11,227)
Share-based compensation
6,223
8,702
7,735
10,203
Inventory provision
68,700
5,357
70,133
5,816
Provision for doubtful accounts
3,528
1,606
2,967
2,640
Loss on disposal of property, plant and equipment
683
130
977
163
Depreciation of property, plant and equipment
67,920
1,369
84,446
3,693
Amortization of prepaid land lease payments
831
121
2,203
238
Amortization of intanglible assets
94
106
183
106
Government grants recognized in income
(39)
(44)
(725)
(297)
Changes in: Accounts receivable
423,635
(133,073)
(710,355)
(128,016)
Inventories
(32,532)
(58,869)
(334,062)
(77,738)
Income tax payable
(111,080)
29,557
1,216,717
31,804
Prepaid expenses and deposits
(100,859)
(8,694)
(143,324)
(13,151)
Deferred revenue
(255,923)
340,166
(288,779)
339,329
Accounts payable and accrued liabilities
(8,173)
124,855
720,858
131,777
Other non-current liablitites
(431)
(1,210)
(440)
(1,210)
Net cash provided by operating activities
6,265,404
495,195
15,352,541
479,309
Financing activities Proceeds from bank loans
165
20,181
13,511
33,227
Repayments of bank loans
(19,534)
(2,238)
(33,436)
(6,041)
Proceeds from issuance of common stock, net of share issuance costs
996
1,999
1,033
1,999
Dividend paid
(1,838,094)
-
(1,875,892)
-
Proceeds from subsidiary's financing
-
526,311
-
541,043
Government grants received
3,082
12,623
4,317
16,521
Loan from a non-controlling shareholder
9
10,162
7,119
10,162
Repayments of loan from a non-controlling shareholder
(13,307)
(4,345)
(13,332)
(4,345)
Net cash provided by (used in) financing activities
(1,866,683)
564,693
(1,896,680)
592,566
Investing activities Purchase of short-term
investments
(4,446,838)
(166,137)
(8,826,611)
(201,688)
Proceeds from redemption of short-term investments
5,018,775
74,791
6,567,491
124,562
Proceeds from disposal of equipment
120
3
172
20
Prepaid land lease payments
(18,596)
-
(30,986)
-
Acquisition of property, plant and equipment
(288,338)
(91,028)
(719,823)
(127,486)
Acquisition of intangible assets
(154)
(164)
(154)
(164)
Purchase of equity investments
(13,663)
-
(13,663)
-
Net cash provided by (used in)
investing activities
251,306
(182,535)
(3,023,574)
(204,756)
Effect of exchange rate changes on cash and cash
equivalents and restricted cash
113,373
28,301
137,269
27,207
Increase in cash and cash equivalents and restricted
cash
4,763,400
905,654
10,569,556
894,326
Cash and cash equivalents and restricted cash, beginning
of period
6,856,360
144,550
1,050,204
155,878
Cash and cash equivalents and restricted cash, end of
period
11,619,760
1,050,204
11,619,760
1,050,204
SINOVAC BIOTECH LTD.Reconciliations of Non-GAAP
measures to the nearest comparable GAAP measures For the six
and twelve months ended 2021 and 2020(Expressed in thousands
of U.S. Dollars, except for numbers of shares and per share
data) Six months ended December
31 Year ended December
31,
2021
2020
2021
2020
(Unaudited) (Unaudited)
(Unaudited)
(Unaudited) Net income $
5,866,837
$
193,853
$
14,458,911
$
185,179
Adjustments: Share-based
compensation
6,223
8,702
7,735
10,203
Depreciation and amortization
68,845
1,596
86,832
4,037
Interest and financing expenses, net of interest
income
(70,450)
77
(99,732)
(477)
Other expense (income), net
88,999
(574)
89,948
(496)
Income tax expense
1,534,196
31,327
3,104,130
31,438
Non-GAAP adjusted EBITDA
7,494,650
234,981
17,647,824
229,884
Net income
5,866,837
193,853
14,458,911
185,179
Add: Foreign exchange loss
73,179
1,998
68,026
1,698
Add: Share-based compensation
6,223
8,702
7,735
10,203
Non-GAAP net income
5,946,239
204,553
14,534,672
197,080
Net income attributable to common
shareholders of Sinovac
3,356,130
116,967
8,461,498
104,354
Add: Preferred stock dividends
3,024
3,024
5,982
6,015
Net income attributable to common shareholders of Sinovac
for computing diluted earnings per share
3,359,154
119,991
8,467,480
110,369
Add: Non-GAAP adjustments to net income
46,868
6,514
45,038
7,365
Non-GAAP net income attributable to common shareholders of
Sinovac for computing non-GAAP diluted earnings per
share
3,406,022
126,505
8,512,518
117,734
Weighted average number of shares on a
diluted basis
114,022,517
113,660,442
114,005,983
113,662,362
Diluted earnings per share
29.46
1.06
74.27
0.97
Add: Non-GAAP adjustments to net income per share
0.41
0.06
0.40
0.06
Non-GAAP diluted earnings per share
29.87
1.12
74.67
1.03
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220429005696/en/
Sinovac Biotech Ltd. Helen Yang Tel: +86-10-8279-9871 or
+86-10-5693-1897 Fax: +86-10-6296-6910 Email: ir@sinovac.com ICR
Inc. Bill Zima U.S.: 1-646-308-1707 Email:
william.zima@icrinc.com
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