Tue, Aug 20, 8:06 PM (147 days ago)
Sunshine Biopharma, Inc. reported a significant increase in revenue for Q2 2024, generating $9,303,067, up 67% from $5,560,865 in Q2 2023, driven by enhanced marketing efforts. However, the cost of sales rose to 75% of revenue, impacting profit margins. For the six months ending June 30, 2024, total revenue reached $16,844,113, a 61% increase, with a gross profit of $4,710,594. Despite this growth, the company incurred operational losses of $1,268,276 and $2,668,046 for Q2 and YTD, respectively, although net losses improved year-over-year. Cash and cash equivalents decreased to $11,507,745, with net cash used in operations rising to $7,762,942. The company completed a $10 million public offering in February 2024, bolstering financing activities. Future operations are uncertain due to potential regulatory changes affecting generic drug pricing in Canada and ongoing drug development challenges. The firm remains focused on expanding its generic pharmaceutical portfolio while navigating these risks.