Vaccine maker Sinovac found strong medicine in the third quarter, as healthcare consumption trends in its home China market resumed to normal patterns with the successful taming of the country’s Covid-19 outbreak. And even stronger financial results could be just around the corner, as the company works to prove the effectiveness of its Covid-19 vaccine now in development.

The company’s third-quarter sales rose nearly 80% year-on-year to $115.5 million, according to a statement released on Monday. It also posted a strong profit gain, with net income rising roughly 50% to $9.6 million year-on-year. 

“Sales activities in China’s vaccine market returned to normal as the number of reported Covid-19 cases was dramatically reduced due to strict lockdown measures implemented by the government,” said CEO Yin Weidong. “Consequently, all of our commercialized product sales rebounded in the third quarter on a sequential and year-over-year basis.”

While the return to profits was welcome after a money-losing first half of the year, all eyes could soon be on the company’s Covid-19 vaccine, called CoronaVac, as it works its way through the testing phases to potential commercial use, in a global race to market. Sinovac said it is currently conducting phase I and II studies of the vaccine on adolescents in China, as well as phase III trials in Brazil, Indonesia, Turkey, and Chile.

“The protective efficacy of CoronaVac remains to be determined,” it added.

Contact reporter Yang Ge (geyang@caixin.com)