Sunshine Biopharma (NASDAQ: SBFM) stock soared over 75% in intraday trading Monday following the release of its operating results for the fiscal year ended December 31, 2023.
Sunshine Biopharma (SBFM) announced the filing of its 2023 financial results on Form 10-K on Thursday, March 28, 2024, revealing notable achievements and milestones throughout the year. Highlights of the report include:
- Total sales for 2023 reached $24,092,787 ($24.09M), driven primarily by a full year of revenues from the acquisition of Nora Pharma in October 2022. Nora Pharma reported revenues of $10,766,982 ($10.76M) for its fiscal year that ended June 30, 2022. The average quarter-over-quarter growth rate in sales for 2023 was 14%.
- The loss per share improved from a negative $1.76 per share in 2022 to a negative $0.19 per share in 2023, mainly attributed to a singular write-off of goodwill in 2022.
- Sunshine Biopharma completed a private placement of around $5 million in gross proceeds to fund the expansion of sales operations. In addition, the company repurchased 513,723 shares of its common stock on the market for a total of $541,143.
- Sunshine Biopharma achieved significant milestones in its drug development pipeline, advancing two proprietary drugs to the animal testing stage. SBFM-PL4, targeted for SARS Coronavirus infections, and K1.1 mRNA, aimed at liver cancer treatment.
- However, the company halted IND-enabling studies of the Adva-27a anticancer compound in November 2023, following unfavorable in vitro results earlier in the year.
Dr. Steve Slilaty, CEO of Sunshine Biopharma, expressed satisfaction with the company’s 2023 results, stating,
“We are happy with our 2023 results as we continue to strive to achieve profitability.”
He added,
“We look forward to further growth in 2024 and beyond as we expand our operations and bring more life-saving drugs to market.”
Sunshine Biopharma (NASDAQ: SBFM) Stock Price Action
SBFM stock surged 76.03% to close at $0.11 on Monday. The traders had exchanged hands with 292,242,290 (292.24 million) shares compared to the average daily trading volume of 15.99 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
