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Sinovac Biotech has entered into a $700 million vaccine supply agreement with Brazil’s health ministry, marking the largest international order ever received by a Chinese vaccine manufacturer.
The company will collaborate with Tecpar, a technology institute for the Brazilian state of Paraná, and Eurofarma, a prominent pharmaceutical company in South America, to establish a vaccine manufacturing platform. They plan to produce approximately 60 million doses of chickenpox and rabies vaccines. This partnership is part of a ten-year deal that reflects the strengthening of health cooperation between China and Brazil within the BRICS framework and highlights Brazil’s efforts to enhance its local vaccine production capacity. The company credits the joint support from Chinese and Brazilian governments for facilitating this bid, which aims to foster collaboration in the vaccine sector.
The new manufacturing platform is expected to improve vaccine accessibility across Brazil and benefit multiple countries in the Global South. Additionally, Sinovac intends to work with scientists from both nations to broaden cooperation beyond vaccines into the wider biopharmaceutical industry.
Founded in 2001, Sinovac specializes in developing vaccines for infectious diseases such as viral hepatitis, influenza, pneumonia, polio, and chickenpox. Its inactivated COVID-19 vaccine received emergency use authorization from the World Health Organization during the pandemic and has been supplied to more than 100 countries and regions.
The company’s revenue skyrocketed in 2021, fueled by COVID-19 vaccine sales, with net profits reaching $8.5 billion and revenue hitting $19.4 billion, representing growth of 80 times and 37 times, respectively. However, as the pandemic situation eased, the company faced a significant decline in performance. Its latest financial report for the first half of 2024 shows a net loss of $10.9 million, a 22% increase compared to the same period last year, and revenue dropped by 14% to $121.3 million.
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