(Yicai Global) March 28 -- CanSino Biologics' stock price dropped after the Chinese biotech firm reported a loss for last year, as global Covid-19 vaccinations stalled and the cost of sales soared.

CanSino [SHA: 688185] closed down 2.5 percent at CNY118.60 (USD17.22) today, bringing the decline so far this year to almost 19 percent. Its Hong Kong-listed shares [HKG: 6185] ended 5.2 percent lower at HKD45.15 (USD5.75) each. They have fallen 32 percent to date.

The net loss tallied CNY909 million (USD132 million) in the 12 months ended Dec. 31, compared with a net profit of CNY1.9 billion (USD275.9 million) the year before, the Tianjin-based firm said in an earnings report released yesterday. Revenue plunged 76 percent to CNY1 billion.

The annual loss surpassed the combined total of CanSino’s losses between 2017 and 2020, which amounted to CNY760 millionThe need for Covid-19 jabs in China and overseas declined last year, CanSino noted. The rate of coronavirus vaccinations slowed globally, with an oversupply in some areas and increased market competition, it said, adding that income from sales of Covid-19 vaccines plunged.

CanSino’s cost of sales surged 152 percent to CNY267 million last year, as personnel numbers and marketing expenses rose.

Founded in 2009, CanSino went from strength to strength during the height of the pandemic. Its inhalation-based vaccine won regulatory approval and was released on a large scale last year before China dropped its Covid-19 control measures.

Editor: Martin Kadiev