Chinese Covid-Shot Makers’ Profits Decline as Demand Wanes

Two major Chinese drugmakers reported plunging profits for the first half of 2022 as global demand for Covid-19 vaccines slumped.

CanSino Biologics Inc. (688185.SH/06185.HK) announced its net profit attributable to shareholders plunged 99% year-on-year to 12.2 million yuan ($1.8 million), citing weakening demand for new Covid-19 jabs and falling prices.

Revenue fell 69.5% from the same period last year, it said in a Sunday exchange filing.