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In 2025, Sinovac Biotech Ltd., one of China’s major vaccine producers, recorded an annual revenue of *** billion U.S. dollars. Compared with 2020, the company's annual revenue increased almost 37-fold in 2021, reaching nearly ** billion U.S. dollars. 

CoronaVac

Sinovac's substantial growth is largely driven by the strong demand for CoronaVac, its COVID-19 vaccine. By the end of January 2022, almost 2.5 billion doses of CoronaVac had been manufactured at production sites in China and abroad, positioning Sinovac as one of the most prominent COVID-19 vaccine suppliers globally. 

The international market

Unlike CanSino Biologics Inc., which heavily relies on international sales, Sinovac sold most of its products within China’s borders. However, a considerable share of Sinovac’s COVID-19 vaccine doses was also exported through sales and donations, primarily to middle-income economies. The inactivated vaccine is adopted by dozens of countries and recognized by the World Health Organization, despite having a lower efficacy rate against COVID-19 than mRNA vaccines such as Comirnaty and Moderna’s Spikevax.