FORT LAUDERDALE, FL - Sunshine Biopharma Inc. (NASDAQ:SBFM), a pharmaceutical company engaged in the development of life-saving medicines, has announced through its wholly owned Canadian subsidiary, Nora Pharma Inc., the launch of a new generic prescription drug, Ursodiol, for the Canadian market. Ursodiol, a generic version of URSO DS®, is used to manage cholestatic liver diseases and for the treatment and prevention of gallstones.
Available in 250 mg and 500 mg tablets, Ursodiol is indicated for the management of primary biliary cirrhosis (PBC) and for patients who are either unwilling or unable to undergo surgery for gallstone removal. It is also prescribed to prevent gallstone formation in overweight individuals who are losing weight rapidly.
The global Ursodiol market, valued at approximately $457.9 million in 2022, is expected to grow to around $933.9 million by 2029 with a CAGR of 10.7%. Dr. Steve Slilaty, CEO of Sunshine Biopharma, highlighted the significance of this launch as the third new product introduced by the company this year, emphasizing its contribution to the company's growth and its strengthening position in the Canadian generic drugs market. The market for generic drugs in Canada was estimated at $9.7 billion in 2023 and is projected to reach $19.2 billion by 2032.
Sunshine Biopharma currently has a portfolio of 63 generic prescription drugs in Canada, with plans to launch 31 additional drugs by the end of 2025. Among the forthcoming products is NIOPEG®, a biosimilar of NEULASTA®, designed to reduce infection in patients with non-myeloid malignancies undergoing anti-neoplastic therapy.
In addition to generic drug production, Sunshine Biopharma is engaged in proprietary drug development, including an mRNA-Lipid Nanoparticle for liver cancer and a small molecule for the treatment of SARS Coronavirus infections.
The press release also contains forward-looking statements regarding the company's expectations, forecasts, and assumptions, which are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
This news article is based on a press release statement from Sunshine Biopharma Inc. The company's forward-looking statements are subject to risks described in filings with the U.S. Securities and Exchange Commission.
In other recent news, Sunshine Biopharma has announced significant developments in its operations. The company has expanded its generic drug portfolio through its Canadian subsidiary, Nora Pharma, with the launch of two new generic prescription drugs, Varenicline and Betahistine. These additions increase the number of products in Nora Pharma's portfolio to 63 and strengthen Sunshine Biopharma's presence in Canada's generic drug market.
Sunshine Biopharma has also regained compliance with Nasdaq's minimum bid price requirement, meeting the continued listing standards. The company executed a strategic 1-for-20 reverse stock split, consolidating every twenty shares of issued and outstanding common stock into a single share. Additionally, the company announced the full exercise of all Series A Warrants issued in 2024.
In the field of research, Sunshine Biopharma has published a study on a new antiviral compound, XR8-23, which shows promise against the SARS-CoV-2 virus. This research was conducted in collaboration with the University of Arizona. Furthermore, Nora Pharma received approval from Health Canada to commercialize its biosimilar drug, NIOPEG®, aimed at reducing infection in non-myeloid cancer patients undergoing chemotherapy.
These are recent developments that highlight Sunshine Biopharma's ongoing efforts in expanding its product portfolio, maintaining regulatory compliance, and conducting potentially transformative research.
InvestingPro Insights
Sunshine Biopharma Inc.'s recent launch of Ursodiol in the Canadian market aligns with its strategy to expand its generic drug portfolio. This move is reflected in the company's financial metrics and market performance, as revealed by InvestingPro data.
According to InvestingPro, Sunshine Biopharma's revenue growth has been impressive, with a 61.94% increase in the last twelve months as of Q3 2024. This robust growth is likely driven by the company's expanding product line, including recent launches like Ursodiol. The quarterly revenue growth of 41.59% in Q3 2024 further underscores the company's momentum in the generic drug market.
However, investors should note that despite strong top-line growth, the company is not yet profitable, with a negative operating income margin of -15.05% in the last twelve months. This suggests that Sunshine Biopharma is prioritizing market expansion and product development over immediate profitability, which aligns with its ambitious plans to launch 31 additional drugs by the end of 2025.
InvestingPro Tips highlight that analysts anticipate sales growth in the current year, which is consistent with the company's expansion strategy and the positive revenue trends observed. Additionally, the company holds more cash than debt on its balance sheet, providing financial flexibility to support its growth initiatives and drug development programs.
For investors seeking a more comprehensive analysis, InvestingPro offers 15 additional tips for Sunshine Biopharma, providing deeper insights into the company's financial health and market position.
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