FORT LAUDERDALE – Sunshine Biopharma Inc. (NASDAQ:SBFM), a pharmaceutical company currently valued at $5.8 million and showing promising revenue growth of 62% over the last twelve months, announced the release of two new generic prescription drugs by its Canadian subsidiary, Nora Pharma Inc. According to InvestingPro analysis, the company appears undervalued based on its Fair Value estimates. Olanzapine, a generic version of Zyprexa®, is now available for treating schizophrenia, bipolar I disorder, and related psychotic disorders. Olanzapine ODT, an orally disintegrating tablet form, is also on the market for similar indications.
Both drugs are available in various dosages and are designed to cater to the Canadian market. Olanzapine comes in 100-tablet bottles, with strengths ranging from 2.5mg to 20mg. The ODT version is packaged in blisters of 30 tablets, with dosages of 5mg up to 20mg. These medications are also used in combination therapies for bipolar depressive episodes and treatment-resistant depression.
The launch comes at a time when the demand for mental health medications is on the rise. A 2023 report by the Substance Abuse and Mental Health Services Administration highlighted that approximately 14 million adults in the U.S. reported serious mental illness in 2021. Factors such as increasing mental health awareness, advancements in treatment, and an aging population are driving the growth of the olanzapine market.
Dr. Steve Slilaty, CEO of Sunshine Biopharma, expressed the company's commitment to expanding its presence in the Canadian generic drug market, which is projected to reach $19.2 billion by 2032. The company has 69 generic prescription drugs available in Canada and plans to introduce 20 more in 2025, including NIOPEG®, a biosimilar to NEULASTA®. InvestingPro data reveals the company maintains a strong liquidity position with a current ratio of 5.74 and holds more cash than debt on its balance sheet, though it's currently burning through cash quickly. Discover 8 more exclusive ProTips about SBFM's financial health with an InvestingPro subscription.
Sunshine Biopharma is also engaged in proprietary drug development, including an mRNA-Lipid Nanoparticle for liver cancer and a small molecule for treating SARS Coronavirus infections. With a gross profit margin of 30.78%, the company's research and development efforts are supported by its growing generic drug business, though financial metrics from InvestingPro indicate the company is not yet profitable over the last twelve months.
The company's forward-looking statements are subject to risks and uncertainties that could affect actual results, as detailed in filings with the U.S. Securities and Exchange Commission. This information is based on a press release statement from Sunshine Biopharma Inc.
In other recent news, Sunshine Biopharma has seen a series of noteworthy developments. The company has reported a 61.94% revenue growth over the past year, bolstered by the appointment of Mr. Michel Roy as its new Chief Commercial Officer. Mr. Roy's extensive pharmaceutical industry experience is anticipated to contribute significantly to the company's commercial strategies and goals.
In addition, Sunshine Biopharma has made strides in its operations, launching a new generic liver drug, Ursodiol, through its Canadian subsidiary, Nora Pharma Inc. The company has also expanded its generic drug portfolio with the introduction of two new generic prescription drugs, Varenicline and Betahistine, increasing the number of products in Nora Pharma's portfolio to 63, with plans to launch 31 additional drugs by 2025.
Furthermore, Sunshine Biopharma's stockholders recently voted in favor of retaining the current board of directors, with Dr. Steve N. Slilaty receiving the highest number of votes. The appointment of Bush & Associates CPA LLC as the company's independent registered public accounting firm for the upcoming fiscal year was also ratified by stockholders.
Lastly, the company has regained compliance with Nasdaq's minimum bid price requirement by executing a strategic 1-for-20 reverse stock split. These recent developments underscore the company's ongoing efforts in maintaining regulatory compliance and expanding its product portfolio.
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