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FORT LAUDERDALE - Sunshine Biopharma Inc. (NASDAQ:SBFM) announced Wednesday that its Canadian subsidiary, Nora Pharma Inc., has launched NIOPEG, the company’s first biosimilar drug. The company, currently valued at $6.61 million, maintains strong liquidity with a healthy current ratio of 4.25, according to InvestingPro data.
NIOPEG is comparable to the reference biologic drug NEULASTA (Pegfilgrastim), a long-acting form of recombinant human granulocyte colony-stimulating factor used to decrease infection incidence in patients receiving chemotherapy for non-myeloid malignancies. The product is available in a prefilled 6mg/0.6mL syringe.
According to the company’s press release, the global market for NEULASTA and its biosimilars was estimated at $4.5 billion in 2024, with Verified Market Reports projecting growth to $9.2 billion by 2033. Sunshine Biopharma has shown strong revenue growth of 35.51% over the last twelve months, maintaining a gross profit margin of 30.48%. InvestingPro analysis suggests the stock is currently undervalued, with analysts setting a target price of $7.
The Canadian market represents a smaller portion of global sales, but remains significant due to high per capita biologics spending. Biologic drug sales in Canada reached $10 billion in 2020, accounting for approximately one-third of total pharmaceutical spending in the country.
"The launch of NIOPEG as a biosimilar to NEULASTA represents a strategic milestone in our growth trajectory," said Dr. Steve Slilaty, CEO of Sunshine Biopharma, in the statement.
Sunshine Biopharma currently has 72 generic prescription drugs on the Canadian market with plans to launch more than 12 additional drugs through the remainder of 2025. While InvestingPro data shows the company is rapidly burning through cash, it maintains more cash than debt on its balance sheet. The company is also conducting research on an mRNA-Lipid Nanoparticle targeted for liver cancer and a protease inhibitor for SARS Coronavirus infections.
In other recent news, Sunshine Biopharma Inc. has been active with several significant developments. The company announced the completion of additional studies supporting its K1.1 mRNA Lipid Nanoparticle as a potential treatment for liver cancer, showing promising results in mice. Furthermore, Sunshine Biopharma secured approximately $2.46 million through a registered direct offering, with the proceeds aimed at general corporate purposes and working capital. The company has also launched several generic drugs in Canada through its subsidiary, Nora Pharma Inc. These include Gabapentin, a generic version of Neurontin, and Lurasidone, a generic version of Latuda, both contributing to its growing presence in the Canadian market. Additionally, the launch of Everolimus, a generic equivalent of Afinitor, marks another step in expanding its portfolio. Sunshine Biopharma continues to focus on proprietary drug development, including treatments for liver cancer and SARS Coronavirus infections. The company’s plans for 2025 include launching more than 12 additional drugs, including NIOPEG®, a biosimilar to NEULASTA®. These developments reflect Sunshine Biopharma’s ongoing efforts to enhance its market offerings and research initiatives.
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