Fri, Aug 16, 9:01 PM (151 days ago)
Sunshine Biopharma, Inc. reported significant quarterly growth for Q2 2024, with revenues of $9,303,067, a 67% increase from $5,560,865 in Q2 2023. This growth is attributed to enhanced marketing efforts by its subsidiary, Nora Pharma. However, the cost of goods sold rose to 75% of sales, impacting profit margins. Gross profit increased to $2,356,257, while general and administrative expenses surged to $3,624,533 due to higher salaries, legal fees, and marketing costs, leading to an operational loss of $1,268,276, compared to a loss of $1,013,888 in the prior year. Net loss narrowed to $494,300 from $902,108 year-over-year, with basic loss per share improving to $(9.94) from $(71.17). Cash and 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, contributing to financing activities of $5,369,566. Looking ahead, Sunshine Biopharma anticipates increased sales from upcoming product launches but acknowledges the need for additional capital to support its operations and R&D efforts. The ongoing reliance on government reimbursement policies for generic drugs poses potential risks to revenue stability.