Annual revenue of Sinovac Biotech Ltd. 2016-2023

In 2023, Sinovac Biotech Ltd., one of China’s major vaccine producers, recorded an annual revenue of 448.27 billion U.S. dollars. In comparison to 2020, the company's annual revenue increased almost 37 times in 2021, reaching almost 20 billion U.S. dollars. 

CoronaVac

Sinovac's substantial growth is largely driven by the strong demand for CoronaVac, its COVID-19 vaccine. By the end of January 2022, almost 2.5 billion doses of CoronaVac were manufactured in production sites within China and abroad, ranking Sinovac as one of the most prominent COVID-19 vaccine suppliers globally. 

The international market

Unlike CanSino Biologics Inc., which heavily relies on international sales, Sinovac sold most of its products within China’s borders. However, a considerable share of Sinovac’s COVID-19 vaccine doses was also exported through sales and donations, primarily to middle-income economies. The inactivated vaccine is adopted by dozens of countries and recognized by the World Health Organization, despite having a lower efficacy rate against COVID-19 than mRNA vaccines such as Comirnaty and Moderna’s Spikevax.