{"id":21204,"date":"2023-08-15T21:00:00","date_gmt":"2023-08-15T21:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4184317_CN84317_0"},"modified":"2023-08-15T21:00:00","modified_gmt":"2023-08-15T21:00:00","slug":"ys-biopharma-announces-unaudited-financial-results-for-the-first-quarter-of-fiscal-year-2024","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=21204","title":{"rendered":"YS Biopharma Announces Unaudited Financial Results for the First Quarter of Fiscal Year 2024"},"content":{"rendered":"
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Pipeline makes progress towards commercialization as robust demand for YSJA rabies vaccine continues<\/p>\n

Gross margin increases to 80.3%; balance sheet remains strong<\/p>\n

GAITHERSBURG, Md.<\/span>, Aug. 16, 2023 \/PRNewswire\/ — YS Biopharma Co., Ltd. (NASDAQ: YS) (“YS Biopharma” or the “Company”), a global biopharmaceutical company dedicated to discovering, developing, manufacturing, and delivering new generations of vaccines and therapeutic biologics for infectious diseases and cancer, today announced its unaudited financial results for the first quarter of the fiscal year ended March 31, 2024<\/span> (the “first quarter of fiscal year 2024”).<\/span><\/p>\n

Dr. David Shao<\/span>, Director, President, and CEO of YS Biopharma, commented, “During the first quarter of fiscal year 2024, our top-line came under pressure from tight inventory levels of finished products available for sale, caused by the lingering impacts of COVID-related disruptions at our YSJA rabies vaccine manufacturing facilities. While these disruptions occurred in late 2022 and early 2023, the long and complex nature of the vaccine manufacturing process means that we are experiencing the impact at present. In the first quarter, we took several steps to enhance our operations and ensure future stability, including boosting manufacturing productivity, building out our sales network, and streamlining research and development efforts. Demand for our YSJA rabies vaccine remains robust, and we continue to bring our pipeline of promising product candidates, including our next generation PIKA rabies vaccine, towards commercialization. We are confident that we will overcome the near-term difficulties we have faced, and we believe we are well-positioned for sustainable, long-term success.”<\/p>\n

Ms. Brenda Wu<\/span>, CFO of YS Biopharma, added, “In the first quarter of fiscal year 2024, our total revenues were RMB176.3 million<\/span>, as we continued to deal with the fallout of COVID-related disruptions on our supply chains and manufacturing operations. Our gross profit for the quarter was RMB141.6 million<\/span>, and we recorded a solid gross profit margin of 80.3%. As of the end of the first quarter, our balance sheet remains strong, and we plan to diligently monitor our expenses in order to create a stable foundation for our long-term growth. We are confident in our business model and excited for the opportunities the future holds.”<\/p>\n

Business Updates<\/u><\/b><\/p>\n

YSJA\u2122 <\/sup>Rabies Vaccine<\/b><\/p>\n

YS Biopharma’s marketed vaccine product, YSJA\u2122<\/sup> rabies vaccine, was the first aluminum-free lyophilized rabies vaccine launched in China<\/span>. Since the Company commenced production at its current GMP-compliant facilities in February 2020<\/span>, and, since it commenced the product’s commercialization in late 2020, market intake of the Company’s YSJA rabies vaccine has been consistent and strong. As of June 30, 2023<\/span>, YS Biopharma had sold more than 22.2 million doses of YSJA\u2122<\/sup> rabies vaccines to approximately 1,725 CDC customers, which represents over 60% of CDC customers in China<\/span>.<\/p>\n

Clinical Pipeline<\/u><\/b><\/p>\n

YS Biopharma continues to advance its portfolio of innovative product candidates under various clinical development stages, including PIKA rabies vaccine, PIKA recombinant COVID-19 vaccine, and PIKA YS-ON-001.<\/p>\n

PIKA Rabies Vaccine<\/b><\/p>\n