Sinovac Biotech Ltd.'s third-quarter loss widened as sales of the Chinese drug developer's hepatitis A vaccine Healive fell in the public market and some costs climbed.
Sinovac said Thursday its revenue fell 7 percent in the quarter to $14.3 million, even though hepatitis vaccine sales grew in the private-paying market. The company said its loss widened to $2.2 million, or 6 cents per share, in the three months that ended Sept. 30. That compares to a loss of $1.4 million, or 4 cents per share, in last year's quarter.
The company's research and development costs jumped 59 percent to $3.8 million in the quarter, mainly due to vaccine development. Selling general and administrative expenses also rose as total operating expenses climbed 6 percent to $12.1 million.
Company officials have said they expect Healive sales in the public market to pick up as the company expands its presence there.
U.S.-traded shares of Sinovac fell 5 cents to $2.70 in light morning trading Thursday.