Sunshine Biopharma Inc. announced today that it has filed its 2024 annual report on Form 10-K, revealing strong financial performance for the fiscal year. The company reported that revenue in 2024 grew to $34.9 million, marking a substantial 45% increase over the $24.1 million revenue reported in 2023. This growth reflects the robust performance of its commercial operations.
The significant increase in annual revenue is primarily attributable to the successful expansion and enhanced marketing efforts of Nora Pharma Inc., the company's Canadian generic pharmaceutical subsidiary. This commercial segment is designed to generate consistent revenue streams. These revenues are vital for supporting Sunshine Biopharma's ambitious proprietary drug development programs.
The 45% year-over-year revenue growth underscores the effectiveness of the company's dual business model. Strong commercial performance provides the necessary financial foundation to fund high-potential, innovative research and development in oncology and antivirals. This financial strength is critical for the company's long-term value creation.
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