(Yicai) Jan. 16 -- Wantai Biological Pharmacy said it expects profit to have shrunk by as much as 93 percent last year, mainly because of a decline in revenue from human papillomavirus vaccines. 

Net profit likely fell 90 percent to 93 percent to between CNY86 million and CNY120 million (USD11.7 million to USD16.4 million) last year from the previous one, the Beijing-based firm said yesterday. The company also saw its annual earnings slip in 2023.

In addition, Wantai predicted it will lose between CNY155 million and CNY222 million after deducting non-recurring items last year, which is the first loss since the company was listed in April 2020.

Wantai's revenue mainly comes from the vaccine and diagnostic sectors. The former was affected by market adjustments, centralized procurement, and the expanded user age of the nine-valent HPV jab, with sales missing expectations last year, according to the company.

However, Wantai has been promoting international sales in multiple ways and channels, with its overseas operating income surging 55 percent last year from 2023, according to the company.

Wantai's Cecolin became the first domestic HPV vaccine approved for sale in China, with the bivalent jab hitting the market in May 2020 and boosting the company's financial performance for a while, thanks to strong sales. However, revenue from Cecolin has been shrinking since the first half of 2023.

In addition to Wantai, Chongqing-based producer of quadrivalent and nine-valent HPV vaccines Zhifei Biological Products saw its net profit plunge 67 percent in the three quarters ended Sept. 30 from a year earlier due to weak sales.

Wantai is trying to promote the launch of its nine-valent HPV jab, with its sales application for the female indication being accepted last August. In November, the firm announced that its subsidiary in southern Xiamen got the nod from the National Medical Products Administration to carry out trials of a male indication.

Shares of Wantai [SHA: 603392] climbed 0.2 percent to CNY68.40 (USD9.33) apiece as of 1.50 p.m. in Shanghai today. The stock shed 5.8 percent over the previous year.

Editor: Martin Kadiev