Research and development costs of Sinovac Biotech Ltd. 2016-2022
Sinovac's gross profit surging by more than 4,000 percent in 2021.
In 2022, Sinovac's research and development costs surpassed 440 million U.S. dollars, representing an increase of almost 290 million U.S. dollars from the year before. As one of China's leading vaccine developers, Sinovac's research expenses skyrocketed since the start of the COVID-19 pandemic. The investment paid off with the successful development of CoronaVac, the company's solution to COVID-19. As one of the two major Chinese-made vaccines, CoronaVac generated significant sales, with