Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | SINOVAC BIOTECH LTD |
Entity Central Index Key | 0001084201 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Entity Shell Company | false |
Entity File Number | 001-32371 |
Entity Incorporation, State or Country Code | B9 |
Entity Address, Address Line One | No. 39 Shangdi Xi Road |
Entity Address, Address Line Two | Haidian District |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 100085 |
Entity Common Stock, Shares Outstanding | 99,638,043 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Entity Bankruptcy Proceedings, Reporting Current | false |
Document Accounting Standard | U.S. GAAP |
Auditor Firm ID | 1487 |
Auditor Name | Grant Thornton Zhitong Certified Public Accountants LLP |
Auditor Location | Beijing, China |
Common Stock | |
Document Information [Line Items] | |
Title of 12(b) Security | Common Shares, par value $0.001 per share |
Security Exchange Name | NASDAQ |
Trading Symbol | SVA |
Preferred Stock | |
Document Information [Line Items] | |
Title of 12(b) Security | Preferred Share Purchase Rights |
Security Exchange Name | NASDAQ |
Trading Symbol | SVA |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | No. 39 Shangdi Xi Road |
Entity Address, Address Line Two | Haidian District |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 100085 |
Contact Personnel Name | Nan Wang |
City Area Code | +86 |
Local Phone Number | 10-5693-1800 |
Contact Personnel Fax Number | +86-10-5693-1800 |
Contact Personnel Email Address | ir@sinovac.com |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 1,270,131 | $ 4,278,124 |
Restricted cash (note 3) | 5,166 | 8,253 |
Short-term investments (note 4) | 9,953,042 | 7,034,569 |
Accounts receivable - net (note 6) | 440,019 | 537,118 |
Inventories (note 7) | 139,874 | 180,719 |
Prepaid expenses and deposits | 11,621 | 15,242 |
Income tax receivable | 10,703 | 72,371 |
Total current assets | 11,830,556 | 12,126,396 |
Property, plant and equipment - net (note 8) | 979,617 | 993,781 |
Prepaid land lease payments (note 9) | 65,540 | 69,815 |
Intangible assets - net (note 10) | 8,520 | 9,699 |
Long-term prepaid expenses (note 13(b)) | 24 | 23 |
Long-term investments (note 4) | 684,285 | 661,440 |
Prepayments for acquisition of equipment | 6,772 | 120,912 |
Deferred tax assets (note 15) | 29,790 | 71,118 |
Right-of-use assets (notes 11 and 13(b)) | 45,525 | 58,586 |
Other non-current assets | 7,345 | 2,798 |
Total assets | 13,657,974 | 14,114,568 |
Current liabilities | ||
Short-term bank loans and current portion of long-term bank loans (note 12) | 76,089 | 293 |
Loan from a non-controlling shareholder (note 13 (a)) | 0 | 4,358 |
Accounts payable and accrued liabilities (note 14) | 973,949 | 905,923 |
Income tax payable | 41,258 | 0 |
Deferred revenue (note 16) | 20,127 | 17,955 |
Deferred government grants (note 17) | 1,586 | 15,120 |
Dividend payable (note 19) | 29,089 | 141,993 |
Lease liability (notes 11 and 13(b)) | 5,806 | 5,993 |
Total current liabilities | 1,147,904 | 1,091,635 |
Deferred revenue | 200 | 0 |
Deferred government grants (note 17) | 5,865 | 4,477 |
Long-term bank loans (note 12) | 177,817 | 11,513 |
Deferred tax liability | 263,711 | 241,526 |
Lease liability (notes 11 and 13(b)) | 39,271 | 52,516 |
Other non-current liabilities (note 15) | 439 | 240 |
Total long-term liabilities | 487,303 | 310,272 |
Total liabilities | 1,635,207 | 1,401,907 |
Commitments and contingencies (notes 18 and 24) | ||
EQUITY | ||
Preferred stock (note 19) Authorized 50,000,000 shares at par value of $0.001 each Issued and outstanding: 14,630,813, including 14,630,813 held in trust (2022 - 14,630,813, 14,630,813) | 15 | 15 |
Common stock (note 19) Authorized: 100,000,000 shares at par value of $0.001 each Issued and outstanding: 99,502,243, including 27,777,341 held in trust (2022 - 99,638,043, 27,777,341 ) | 100 | 100 |
Additional paid-in capital | 541,258 | 540,582 |
Accumulated other comprehensive income (loss) | (490,055) | (383,276) |
Statutory surplus reserves (note 21) | 1,539,584 | 1,538,013 |
Accumulated earnings | 7,118,516 | 7,225,987 |
Total shareholders' equity | 8,709,418 | 8,921,421 |
Non-controlling interests | 3,313,349 | 3,791,240 |
Total equity | 12,022,767 | 12,712,661 |
Total liabilities and equity | $ 13,657,974 | $ 14,114,568 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 07, 2018 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Preferred Stock, Shares Issued | 14,630,813 | 14,630,813 | |
Preferred Stock, Shares Outstanding | 14,630,813 | 14,630,813 | |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 99,638,043 | 99,502,243 | |
Common Stock, Shares, Outstanding | 99,638,043 | 99,502,243 | |
Trust [Member] | |||
Preferred Stock, Shares Issued | 14,630,813 | 14,630,813 | |
Common Stock, Shares, Issued | 27,777,341 | 27,777,341 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Sales (note 23) | $ 448,269 | $ 1,492,761 | $ 19,374,904 |
Cost of sales | 181,516 | 684,456 | 1,072,221 |
Gross profit | 266,753 | 808,305 | 18,302,683 |
Selling, general and administrative expenses (including rent expenses incurred to related parties of 2023 - $778, 2022 - $819, 2021 - $851) (note 13(b)) | 466,324 | 823,543 | 591,167 |
Provision for doubtful accounts | 2,638 | 4,268 | 2,967 |
Research and development expenses | 344,515 | 442,108 | 155,040 |
- Loss on disposal and impairment of property, plant and equipment (note 8) | 78,720 | 5,213 | 977 |
Government grants recognized in income | (22,423) | (760) | (725) |
Total operating expenses | 869,774 | 1,274,372 | 749,426 |
Operating income (loss) | (603,021) | (466,067) | 17,553,257 |
Interest and financing expenses - (including interest expenses incurred t to a related party, 2023 - $173, 2022 - $354, 2021 - $916) (note 13(a)) | (2,260) | (1,264) | (2,836) |
Interest income | 85,114 | 190,818 | 102,568 |
Other income (expense), net | 367,133 | 301,751 | (89,948) |
Income (loss) before income taxes | (153,034) | 25,238 | 17,563,041 |
Income tax recovery (expense) (note 15) | (105,321) | 62,893 | (3,104,130) |
Net income (loss) | (258,355) | 88,131 | 14,458,911 |
Less: (Income) loss attributable to non-controlling interests | 158,437 | 25,735 | (5,991,431) |
Net income (loss) attributable to shareholders of Sinovac | (99,918) | 113,866 | 8,467,480 |
Preferred stock dividends | (5,982) | (5,982) | (5,982) |
Net income (loss) attributable to common shareholders of Sinovac | (105,900) | 107,884 | 8,461,498 |
Other comprehensive income (loss), net of tax of nil | |||
Foreign currency translation adjustments | (280,426) | (859,045) | 193,098 |
Unrealized gain/(loss) | 65,900 | 0 | 0 |
Comprehensive income (loss) | (472,881) | (770,914) | 14,652,009 |
Less: comprehensive (income) loss attributable to non-controlling interests | 266,184 | 370,882 | (6,073,832) |
Comprehensive income/loss attributable to shareholders of Sinovac | $ (206,697) | $ (400,032) | $ 8,578,177 |
Earnings/loss per share (note 22) | |||
Basic net income (loss) per share | $ (1.06) | $ 1.08 | $ 85.20 |
Diluted net income (loss) per share | $ (1.06) | $ 1 | $ 74.27 |
Weighted average number of shares of common stock outstanding | |||
– Basic | 99,607,574 | 99,502,243 | 99,311,551 |
– Diluted | 99,607,574 | 114,172,782 | 114,005,983 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Rent Expenses Incurred To Related Party | $ 778 | $ 819 | $ 851 |
Interest expenses incurred to related party | $ 173 | $ 354 | $ 916 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Total | Common Stock | Preferred Stock | Additional Paid-in Capital | Subscriptions Receivable | Accumulated Other Comprehensive Income (Loss) | Statutory Surplus Reserves | Accumulated Earnings | Total Shareholders’ Equity | Non-controlling Interest |
Balance at Dec. 31, 2020 | $ 1,120,125,000 | $ 99,000 | $ 15,000 | $ 538,924,000 | $ (7,109,000) | $ 19,925,000 | $ 50,377,000 | $ 144,241,000 | $ 746,472,000 | $ 373,653,000 |
Balance (in shares) at Dec. 31, 2020 | 99,294,743 | |||||||||
Balance (in shares) at Dec. 31, 2020 | 14,630,813 | |||||||||
Share-based compensation (note 20) | 7,735,000 | $ 0 | $ 0 | 7,735,000 | 0 | 0 | 0 | 0 | 7,735,000 | 0 |
Exercise of stock options (note 20) | 1,033,000 | $ 1,000 | 0 | 1,032,000 | 0 | 0 | 0 | 0 | 1,033,000 | 0 |
Exercise of stock options (note 20) (in shares) | 207,500 | |||||||||
Dividend accrued and paid (note 19) | (1,904,893,000) | $ 0 | 0 | 0 | 0 | 0 | 0 | (5,982,000) | (5,982,000) | (1,898,911,000) |
Other comprehensive income (loss) | ||||||||||
- Other comprehensive income (loss) attributable to non-controlling interests | 82,401,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 82,401,000 |
- Other comprehensive income (loss) attributable to shareholders of Sinovac | 110,697,000 | 0 | 0 | 0 | 0 | 110,697,000 | 0 | 0 | 110,697,000 | 0 |
Net income (loss) for the year | ||||||||||
- Net income (loss) attributable to non-controlling interests | 5,991,431,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,991,431,000 |
- Net income attributable to shareholders of Sinovac | 8,467,480,000 | 0 | 0 | 0 | 0 | 0 | 0 | 8,467,480,000 | 8,467,480,000 | 0 |
- Transfer to statutory surplus reserves (note 21) | 0 | 0 | 0 | 0 | 0 | 0 | 1,463,920,000 | (1,463,920,000) | 0 | 0 |
Balance at Dec. 31, 2021 | 13,876,009,000 | $ 100,000 | $ 15,000 | 547,691,000 | (7,109,000) | 130,622,000 | 1,514,297,000 | 7,141,819,000 | 9,327,435,000 | 4,548,574,000 |
Balance (in shares) at Dec. 31, 2021 | 99,502,243 | |||||||||
Balance (in shares) at Dec. 31, 2021 | 14,630,813 | |||||||||
Exercise of stock options (note 20) (in shares) | 0 | |||||||||
Subscriptions receivable | 0 | $ 0 | $ 0 | (7,109,000) | 7,109,000 | 0 | 0 | 0 | 0 | 0 |
Dividend accrued and paid (note 19) | (392,434,000) | 0 | 0 | 0 | 0 | 0 | 0 | (5,982,000) | (5,982,000) | (386,452,000) |
Other comprehensive income (loss) | ||||||||||
- Other comprehensive income (loss) attributable to non-controlling interests | (345,147,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (345,147,000) |
- Other comprehensive income (loss) attributable to shareholders of Sinovac | (513,898,000) | 0 | 0 | 0 | 0 | (513,898,000) | 0 | 0 | (513,898,000) | 0 |
Net income (loss) for the year | ||||||||||
- Net income (loss) attributable to non-controlling interests | (25,735,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (25,735,000) |
- Net income attributable to shareholders of Sinovac | 113,866,000 | 0 | 0 | 0 | 0 | 0 | 0 | 113,866,000 | 113,866,000 | 0 |
- Transfer to statutory surplus reserves (note 21) | 0 | 0 | 0 | 0 | 0 | 0 | 23,716,000 | (23,716,000) | 0 | 0 |
Balance at Dec. 31, 2022 | $ 12,712,661,000 | $ 100,000 | $ 15,000 | 540,582,000 | $ 0 | (383,276,000) | 1,538,013,000 | 7,225,987,000 | 8,921,421,000 | 3,791,240,000 |
Balance (in shares) at Dec. 31, 2022 | 99,502,243 | 99,502,243 | ||||||||
Balance (in shares) at Dec. 31, 2022 | 14,630,813 | |||||||||
Exercise of stock options (note 20) | $ 676,000 | $ 0 | $ 0 | 676,000 | 0 | 0 | 0 | 676,000 | 0 | |
Exercise of stock options (note 20) (in shares) | 135,800 | 135,800 | 0 | |||||||
Dividend accrued and paid (note 19) | $ (217,689,000) | $ 0 | $ 0 | 0 | 0 | 0 | (5,982,000) | (5,982,000) | (211,707,000) | |
Other comprehensive income (loss) | ||||||||||
- Other comprehensive income (loss) attributable to non-controlling interests | (107,747,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (107,747,000) | |
- Other comprehensive income (loss) attributable to shareholders of Sinovac | (106,779,000) | 0 | 0 | 0 | (106,779,000) | 0 | 0 | (106,779,000) | 0 | |
Net income (loss) for the year | ||||||||||
- Net income (loss) attributable to non-controlling interests | (158,437,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (158,437,000) | |
- Net income attributable to shareholders of Sinovac | (99,918,000) | 0 | 0 | 0 | 0 | 0 | (99,918,000) | (99,918,000) | 0 | |
- Transfer to statutory surplus reserves (note 21) | 0 | 0 | 0 | 0 | 0 | 1,571,000 | (1,571,000) | 0 | 0 | |
Balance at Dec. 31, 2023 | $ 12,022,767,000 | $ 100,000 | $ 15,000 | $ 541,258,000 | $ (490,055,000) | $ 1,539,584,000 | $ 7,118,516,000 | $ 8,709,418,000 | $ 3,313,349,000 | |
Balance (in shares) at Dec. 31, 2023 | 99,638,043 | 99,638,043 | ||||||||
Balance (in shares) at Dec. 31, 2023 | 14,630,813 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income (loss) | $ (258,355) | $ 88,131 | $ 14,458,911 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
- Deferred income taxes (note 15) | 76,324 | (83,010) | 265,096 |
- Share-based compensation (note 20) | 0 | 0 | 7,735 |
- Inventory provision (note 7) | 52,527 | 140,004 | 70,133 |
- Provision for doubtful accounts | 2,638 | 4,268 | 2,967 |
- Loss on disposal and impairment of property, plant and equipment (note 8) | 78,720 | 5,213 | 977 |
- Depreciation of property, plant and equipment (note 8) | 140,467 | 153,819 | 84,446 |
- Amortization of prepaid land lease payments (note 9) | 2,228 | 1,749 | 2,203 |
- Amortization of intangible assets (note 10) | 2,050 | 1,029 | 183 |
- Government grants recognized in income | (22,423) | (760) | (725) |
- Investment income | (248,085) | 0 | 0 |
Changes in: | |||
- Accounts receivable | 82,147 | 289,600 | (710,355) |
- Inventories | (16,766) | 30,382 | (334,062) |
- Income tax (recoverable)/payable | 101,378 | (1,275,296) | 1,216,717 |
- Prepaid expenses and deposits | 3,265 | 22,519 | (143,324) |
- Deferred revenue | 2,883 | (58,485) | (288,779) |
- Accounts payable and accrued liabilities | 109,430 | (86,860) | 720,858 |
- Other non-current assets/liabilities | (4,431) | (3,048) | (440) |
Net cash provided by (used in) operating activities | 103,997 | (770,745) | 15,352,541 |
Financing activities | |||
- Proceeds from bank loans | 243,395 | 151 | 13,511 |
- Repayments of bank loans | (308) | (2,981) | (33,436) |
- Proceeds from issuance of common stock, net of share issuance costs | 676 | 0 | 1,033 |
- Dividend paid | (328,080) | (263,171) | (1,875,892) |
- Proceeds from subsidiary' s financing | 0 | 11,291 | 0 |
- Government grants received (note 17) | 12,499 | 14,797 | 4,317 |
- Loan from a non-controlling shareholder (note 13(a)) | 0 | 0 | 7,119 |
- Repayments of loan from a non-controlling shareholder (note 13(a)) | (4,245) | (1,486) | (13,332) |
Net cash used in financing activities | (76,063) | (241,399) | (1,896,680) |
Investing activities | |||
- Proceeds from redemption and sales of investments | 5,575,287 | 6,327,521 | 6,567,491 |
- Proceeds from dissolution of subsidiary | 0 | 114,352 | 0 |
- Proceeds from disposal of equipment | 39 | 608 | 172 |
- Acquisition of intangible assets | (1,145) | (9,568) | (154) |
- Prepaid land lease payments | 0 | (35,683) | (30,986) |
- Purchase of investments | (8,222,005) | (11,658,465) | (8,826,611) |
- Acquisition of property, plant and equipment | (144,543) | (393,800) | (719,823) |
- Purchase of equity method investments | (133,767) | (105,435) | (13,663) |
- Distributions by equity method investees | 2,021 | 0 | 0 |
Net cash used in investing activities | (2,924,113) | (5,760,470) | (3,023,574) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (114,901) | (560,769) | 137,269 |
Increase (decrease) in cash and cash equivalents and restricted cash | (3,011,080) | (7,333,383) | 10,569,556 |
Cash and cash equivalents and restricted cash, beginning of year | 4,286,377 | 11,619,760 | 1,050,204 |
Cash and cash equivalents and restricted cash, end of year | 1,275,297 | 4,286,377 | 11,619,760 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 5,348 | 1,112 | 2,799 |
Cash paid (received) for income taxes | $ (55,764) | $ 1,321,563 | $ 1,487,979 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (99,918) | $ 113,866 | $ 8,467,480 |
Insider Trading Policies and Pr
Insider Trading Policies and Procedures | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). They include the accounts of Sinovac Biotech Ltd., which is incorporated under the laws of Antigua and Barbuda, and its wholly owned or controlled subsidiaries (collectively, the “Company”). All significant intercompany transactions have been eliminated. Details of the Company’s significant subsidiaries are as follows: Name Date of Place of Percentage of Percentage of Principal activities Sinovac Biotech October 2008 Hong Kong 100 % 100 % International sales Sinovac Biotech Co., Ltd. April 2001 People’s 73.09 % 73.09 % Research and development, Sinovac Life Sciences Co., Ltd. May 2009 PRC 59.24 % 59.24 % Research and development, Sinovac (Dalian) Vaccine January 2010 PRC 68 % 68 % Research and development, Sinovac Biomed Co., Ltd. April 2015 PRC 100 % 100 % Distribution of Sinovac Biotech (Singapore) August 2020 Singapore 100 % 100 % International sales |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Use of Estimates In preparation of the Company’s consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates made by management include provision for product returns, allowance for doubtful accounts, inventory provisions, impairment of long-lived assets, fair value of options granted and related forfeiture rates, and realizability of deferred tax assets. On an ongoing basis, management reviews its estimates to ensure that these estimates appropriately reflect changes in the Company’s business and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company’s consolidated financial statements could be materially impacted. (b) Cash and Cash Equivalents Cash equivalents consist of highly liquid investments that are readily convertible to cash generally with maturities of three months or less when purchased. (c) Restricted Cash Restricted cash is cash held as collateral for transactions the Company has entered into. The ending balance of cash and cash equivalents and restricted cash presented in the consolidated statements of cash flows in 2023 is $ 1,275,297 (2022 - $ 4,286,377 , 2021 - $ 11,619,760 ). It includes $ 1,270,131 cash and cash equivalents (2022 - $ 4,278,124 , 2021 - $ 11,608,855 ) and $ 5,166 restricted cash (2022 - $ 8,253 , 2021 - $ 10,905 ) as presented in the consolidated balance sheets (d) Investments Short-term investments All highly liquid investments with original maturities between three months and one year are classified as short-term investments. Investments that are expected to be realized in cash during the next twelve months are also included in short-term investments. The Company accounts for short-term debt investments in accordance with ASC Topic 320, Investments—Debt Securities (“ASC 320”). The Company classifies the short-term investments in debt as “held-to-maturity,” “trading” or “available-for-sale,” whose classification determines the respective accounting methods stipulated by ASC 320. Dividend and interest income, including amortization of the premium and discount arising at acquisition, for all categories of investments in securities are included in earnings. Any realized gains or losses on the sale of the short-term investments are determined on a specific identification method, and such gains and losses are reflected in earnings during the period in which gains or losses are realized. Securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost less allowance for credit losses. Securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. Debt investments not classified as trading or as held-to-maturity are classified as available-for-sale debt securities, which are reported at fair value, with unrealized gains and losses recorded in “Accumulated other comprehensive income (loss)” on the consolidated balance sheets. The allowance for credit losses of the held-to-maturity debt securities reflects the Company’s estimated expected losses over the contractual lives of the held-to-maturity debt securities and is charged to “Other income, net” in the consolidated statements of comprehensive income (loss). Estimated allowances for credit losses are determined by considering reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. As of December 31, 2023 and 2022, the allowance for credit losses provided for the held-to-maturity debt securities held by the Company were $nil. Long-term investments The Company’s long-term investments consist of equity method investments and held-to-maturity debt investments with original maturities greater than one year. Investments in entities in which the Company can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC Topic 323, Investments-Equity Method and Joint Ventures (“ASC 323”). Under the equity method, the Company initially records its investment at cost and the difference between the cost of the equity investee and the amount of the underlying equity in the net assets of the equity investee is accounted for as if the investee were a consolidated subsidiary. The Company subsequently adjusts the carrying amount of its investment to recognize the Company’s proportionate share of each equity investee’s net income or loss into earnings. The Company will discontinue applying the equity method if an investment (plus additional financial support provided to the investee, if any) has been reduced to zero. The Company evaluates its equity method investments for impairment at each reporting date, or more frequently if events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. For equity securities without readily determinable fair value and do not qualify for the NAV practical expedient, the Company elects to use the measurement alternative to measure those investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. Significant judgements are required to determine (i) whether observable price changes are orderly transactions and identical or similar to an investment held by the Company; and (ii) the selection of appropriate valuation methodologies and underlying assumptions, including expected volatility and the probability of exit events as it relates to liquidation and redemption features used to measure the price adjustments for the difference in rights and obligations between instruments. Equity securities with readily determinable fair values are measured at fair value, and any changes in fair value are recognized in "Other income (expense), net" in the consolidated statements of comprehensive income (loss). (e) Accounts Receivable The Company adopted accounts for allowance for doubtful account in accordance with Accounting Standards Codification Topic 326, Credit Losses (“ASC 326”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized costs. The Company estimates an allowance for doubtful accounts based on historical experience, the age of the accounts receivable balances, credit quality of the Company’s customers, current and forecasted future economic conditions and other factors that may affect its customers’ ability to pay. (f) Inventories Inventories are stated at the lower of cost or net realizable value. The cost of work in progress and finished goods is determined on a weighted-average cost basis and includes direct material, direct labor and overhead costs. Net realizable value represents the anticipated selling price, net of distribution cost, less estimated costs to completion for work in progress. (g) Property, Plant and Equipment Property, plant and equipment are recorded at cost. Significant additions and improvements are capitalized, while repairs and maintenance are charged to expenses as incurred. Equipment purchased for specific research and development projects with no alternative use are expensed. Assets under construction are not depreciated until construction is completed and the assets are ready for their intended use. Gains and losses from the disposal of property, plant and equipment are recorded in gain or loss on disposal and impairment of property, plant and equipment included in the consolidated statements of comprehensive income (loss). Depreciation of property, plant and equipment is computed using the straight-line method based on the estimated useful lives of the assets as follows: Plant and buildings 10 to 24 years Machinery and equipment 3 to 10 years Motor vehicles 4 to 7 years Office equipment and furniture 3 to 5 years Leasehold improvements Lesser of useful lives and term of lease (h) Prepaid Land Lease Payments Prepaid land lease payments represent amounts paid for the rights to use land in the PRC and is recorded at purchased cost less accumulated amortization. Amortization is provided on a straight-line basis over the term of the lease agreement, which ranges from 28 to 50 years . (i) Intangible Assets The Company capitalizes patent payment and the purchased cost of vaccines if the vaccine has received a new drug certificate from the National Medical Products Administration (“NMPA) of China. If the vaccine has not received a new drug certificate, the purchase cost is expensed as in-process research and development. Licenses in relation to the production and sales of pharmaceutical products are amortized on a straight-line basis over their respective useful lives. Costs incurred to renew or extend the term of licenses are capitalized and amortized over the license’s useful life on a straight-line basis. The costs of acquiring and developing computer software and cloud computing websites for internal use are capitalized as intangible assets. Computer software and cloud computing related intangible assets are amortized over 5 - 10 years . (j) Impairment of Long-Lived Assets Long-lived assets including property, plant and equipment and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable from the future undiscounted net cash flows expected to be generated by the asset group. An asset group is identified as assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. If the asset group is not fully recoverable, an impairment loss would be recognized for the difference between the carrying value of the asset group and its estimated fair value, based on the discounted net future cash flows or other appropriate methods, such as comparable market values. The Company uses estimates and judgments in its impairment tests and if different estimates or judgment had been utilized, the timing or the amount of any impairment charges could be materially different. (k) Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the carrying values and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is provided if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates and laws. The tax benefit from an uncertain tax position is recognized only if it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the amount that is greater than 50% likely of being realized upon settlement. The Company recognizes a change in available facts after the reporting date but before issuance of the financial statements in the period when the change in facts occur, even if that new information provides a better estimate of the ultimate outcome of an uncertainty. Liabilities associated with uncertain tax positions are classified as long−term unless expected to be settled within one year. Interest and penalties related to uncertain tax positions, if any, are recorded in the provision for income taxes and classified with the related liability on the consolidated balance sheets. (l) Value-added Taxes Value-added taxes (“VAT”) collected from customers relating to product sales and payable t o governmental authorities are presented on a net basis. VAT collected from customers is excluded from revenue. (m) Revenue from Contracts with Customers Revenue is recognized at a point in time when performance obligation is satisfied where control of promised goods is transferred to the Company’s customers in an amount of consideration of which the Company expect to be entitled to in exchange for the goods, and the Company can reasonably estimate return provisions for the goods. Product return provisions are estimated based on historical return and exchange data as well as inventory levels and remaining shelf lives of products in distribution channels. As of December 31, 2023, sales return provision for the Company’s vaccine products was $ 70,888 (December 31, 2022 - $ 17,719 ). Sales return provision as a percentage of sales was 15.8 % and 1.2 % in 2023 and 2022, respectively. Deferred revenue is generally related to government stockpiling programs and advances received from customers. For government stockpiling programs, the Company generally obtains purchase authorizations from the government for specified amount of products at a specified price and no rights of return are provided. Revenue is recognized when the government takes delivery of the products. If the products expire prior to delivery, these expired products are recognized as revenue once cash is received and have passed government inspection. For the year ended December 31, 2023, the Company did not have any significant incremental costs of obtaining contracts with customers or costs incurred in fulfilling contracts with customers that shall be recognized as an asset and amortized to expenses in a pattern that matches the timing of the revenue recognition of the related contract. The Company does not have contract assets since revenue is recognized as control of goods is transferred and the Company has an unconditional right to the consideration since payment is due based only upon the passage of time. Contract liabilities consist of advance payments from customers. Contract liabilities are reported in a net position on a customer-by-customer basis at the end of each reporting period. All contract liabilities are included in deferred revenue on the consolidated balance sheets. For the year ended December 31, 2023, the Company recognized sales of $ 3,715 related to contract liabilities as of January 1, 2023. (n) Shipping and Handling Shipping and handling fees billed to customers are included in sales. Costs related to shipping and handling are recognized in selling, general and administrative expenses in the consolidated statements of comprehensive income. For the year ended December 31, 2023, $ 7,859 of shipping and handling costs was included in selling, general and administrative expenses (2022 - $ 14,550 , 2021 - $ 54,885 ). (o) Advertising Expenses Advertising costs are expensed as incurred and included in selling, general and administrative expenses. Advertising costs were $ 1,553 for the year ended December 31, 2023 (2022 - $ 6,010 , 2021 - $ 7,688 ). (p) Research and Development Research and development ("R&D") costs are expensed as incurred and are disclosed as a separate line item in the Company’s consolidated statements of comprehensive income (loss). R&D costs consist primarily of the remuneration of R&D staff, depreciation, material, clinical trial costs as well as amortization of acquired technology and know-how used in R&D with alternative future uses. R&D costs also include costs associated with collaborative R&D and in-licensing arrangements, including upfront fees paid to collaboration partners in connection with technologies which have not reached technological feasibility and do not have an alternative future use. Reimbursement of R&D costs for arrangements with collaboration partners is recognized when the obligations are incurred. Under certain R&D arrangements with third parties, the Company may be required to make payments that are contingent on the achievement of specific development, regulatory and/or commercial milestones. Before a product receives regulatory approval, license fees and milestone payments made to third parties are expensed as incurred. License fees and milestone payments made to third parties after regulatory approval is received are capitalized and amortized over the remaining life of the agreement with third parties. (q) Government Grants Government grants received from the PRC government by the PRC operating subsidiaries of the Company are recognized when there is reasonable assurance that the amount is receivable and all the conditions specified in the grant have been met. Government grants for R&D are recognized as a reduction to R&D expenses when the expenses are incurred in the same period as when the conditions attached to the grants are met, or recognized as government grants in income in the period when the conditions are met after the expenses are incurred. Government grants for property, plant and equipment are deferred and recognized as a reduction to the related depreciation and amortization expenses in the same manner as the property, plant and equipment are depreciated. Interest subsidies are recorded as a reduction to interest and financing ex penses in the consolidated statements of comprehensive income (loss), or recorded as a reduction to interest capitalized if the subsidies granted are related to a specific borrowing associated with building a qualifying asset. For government loans received at below market interest rate, the difference between the face value of the loan and fair value using the effective interest rate method is recorded as deferred government grants. (r) Retirement and Other Post-retirement Benefits Full-time employees of the Company in the PRC participate in a government mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. PRC labor regulations require that the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company has no legal obligation for the benefits beyond the contributions. Total amounts for employee retirement and other post-retirement benefits incurred was $ 37,689 for the year ended December 31, 2023 (2022 - $ 31,247 , 2021 - $ 18,243 ). (s) Foreign Currency Translation and Transactions The Company maintains accounting records in functional currencies as follows: U.S. dollars (“$”) for Sinovac Biotech. Ltd., Sinovac Hong Kong and Sinovac Singapore, and Renminbi Yuan (“RMB”) for the PRC subsidiaries. The Company uses the US$ as its reporting currency. At the transaction date, each asset, liability, revenue and expense is re-measured into the functional currency by the use of the exchange rate in effect at that date. At each period end, foreign currency monetary assets, and liabilities are re-measured into the functional currency by using the exchange rate in effect at the balance sheet date. The Company recognized foreign exchange gain of $ 45,543 for the year ended December 31, 2023 (2022 - gain $ 265,091 , 2021 - loss $ 68,026 ). Assets and liabilities of subsidiaries with functional currencies other than US$ are translated into US$ at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at ave rage exchange rates. Gains and losses from such translations are recorded in accumulated other comprehensive income, a component of shareholders’ equity. (t) Share-based Compensation Compensation expense for costs related to all share-based payments, including grants of stock options, is recognized through a fair-value based method. The Company uses the Black-Scholes option-pricing model to determine the grant date fair value for stock options. The Company uses the grant date stock price to determine the grant date fair value of restricted shares. The Company has elected to recognize share-based compensation costs using the straight-line method over the requisite service period with a graded vesting schedule, provided that the amount of compensation costs recognized at any date is at least equal to the portion of the grant date value of the awards that are vested at that date. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share based compensation costs are recorded net of estimated forfeitures such that expense is recorded only for those awards that are expected to vest. (u) Comprehensive Income (Loss) The Company’s comprehensive income (loss) consists of net income (loss) and foreign currency translation adjustments. (v) Earnings (Loss) Per Share Earnings (loss) per share is calculated in accordance with Accounting Standards Codification (“ASC”) 260 Earnings per Share . Basic earnings (loss) per share is computed by dividing the net income (loss) attributable to shareholders of Sinovac by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share is computed in accordance with the treasury stock method and based on the weighted average number of common shares and dilutive common share equivalents. Dilutive common share equivalents are excluded from the computation of diluted earnings (loss) per share if their effects would be anti-dilutive. (w) Leases The Company determines if an arrangement is a lease or contains a lease at lease inception. For operating leases, the Company recognizes a right-of-use asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. (x) Fair Value Measurements Assets and liabilities subject to fair value measurements are required to be disclosed within a specified fair value hierarchy. The fair value hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following categories based on the lowest level input used that is significant to a particular fair value measurement: • Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets and liabilities in markets that are not active. • Level 3 — Unobservable inputs for the asset or liability. The carrying values of cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities and short-term bank loans and the current portion of long-term debt approximate their fair value because of their short-term nature. Fair value of mutual funds are measured based on quoted prices in active markets. Fair value of held-to-maturity debt investments and financial institution products other than mutual funds classified as available-for-sale debt investments are measured based on significant other observable inputs. Fair value of the long-term bank loans is determined based on level 2 inputs, and the carrying amounts of long-term bank loans approximate fair value as the related interest rates approximate rates currently offered by financial institutions for similar debt instruments. For equity securities accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured to fair value. The Company also measures property, plant and equipment at fair value on a non-recurring basis only if an impairment charge were to be recognized. There were no non-recurring fair value measurements for the years ended December 31, 2023 and 2022, except for fair value measurement of certain long-lived assets for the impairment charged in 2023 as disclosed in note 8. Assets and liabilities measured on a recurring basis or disclosed at fair value are summarized below: Fair value measurement or disclosure at Dec 31, 2023 using at Dec 31, 2022 using Total Level 1 Level 2 Total Level 1 Level 2 Fair value measurements on a recurring basis Short-term investments: Held-to-maturity debt investments $ 2,256,215 $ — $ 2,256,215 $ 7,034,569 $ — $ 7,034,569 Available-for-sale debt investments 7,696,827 534,985 7,161,842 — — — Long-term investments: Held-to-maturity debt investments 435,841 — 435,841 537,500 — 537,500 Total assets measured at fair value 10,388,883 534,985 9,853,898 7,572,069 — 7,572,069 Financial liabilities: Bank loans 253,906 — 253,906 11,806 — 11,806 Total liabilities measured at fair value 253,906 — 253,906 11,806 — 11,806 Total recurring fair value measurements $ 10,642,789 $ 534,985 $ 10,107,804 $ 7,583,875 $ — $ 7,583,875 (y) Concentration of Risks Exchange Rate Risks The Company operates in China, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility of foreign exchange rates between the U.S. dollars and the RMB. In 2023, foreign exchange gain is $ 45,543 (2022 gain - $ 265,091 , 2021 loss- $ 68,026 ). As of December 31, 2023, cash and cash equivalents of $ 524,003 (RMB 3,720 million) is denominated in RMB and are held in PRC and Hong Kong (December 31, 2022 - $ 1,490,336 (RMB 10,279 million) ). Currency Convertibility Risks Substantially all of the Company’s operating activities are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with other information such as suppliers’ invoices, shipping documents and signed contracts. Concentration of Credit Risks Financial instruments that potentially subject the Company to concentration of credit risks consist primarily of cash and cash equivalents, restricted cash, short-term investments and accounts receivable, the balances of which are stated on the consolidated balance sheets which represent the Company’s maximum exposure. The Company places its cash and cash equivalents, restricted cash, and short-term investments in reputable financial institutions in Hong Kong and China. Concentration of credit risks with respect to accounts receivables is linked to the concentration of revenue. The Company’s customers are mainly various government agencies in China. No single customer of the Company accounted for more than 10% of the total sales for the years ended December 31, 2023, 2022 and 2021. To manage credit risk, the Company performs ongoing credit evaluations of customers’ financial condition. Interest Rate Risks The Company is subject to interest rate risk. Interests of the interest-bearing loans are charged at variable rates based on the People’s Bank of China (note 12). (z) Recently Issued Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which focuses on improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. A public entity shall disclose for each reportable segment the significant expense categories and amounts that are regularly provided to the CODM and included in reported segment profit or loss. ASU 2023-07 also requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Entities are permitted to disclose more than one measure of a segment’s profit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the consolidated financial statements. ASU 2023-07 is applied retrospectively to all periods presented in financial statements, unless it is impracticable. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect that the adoption of this guidance to have a material impact on its consolidated financial statements. On December 14, 2023, the FASB issued ASU 2023-09, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The ASU amends ASC 740-10-50-12 to require public business entities (“PBEs”) to disclose a reconciliation between the amount of reported income tax expense (or benefit) from continuing operations and the amount computed by multiplying the income (or loss) from continuing operations before income taxes by the applicable statutory federal (national) income tax rate of the jurisdiction (country) of domicile. If PBE is not domiciled in the United States, the federal (national) income tax rate in such entity’s jurisdiction (country) of domicile shall normally be used in the rate reconciliation. The amendments prohibit the use of different income tax rates for subsidiaries or segments. Further, PBEs that use an income tax rate in the rate reconciliation that is other than the U.S. income tax rate must disclose the rate used and the basis for using it. The ASU also adds ASC 740-10-50-12A, which requires entities to annually disaggregate the income tax rate reconciliation between the following eight categories by both percentages and reporting currency amounts: (1) State and local income tax, net of federal (national) income tax effect; (2) Foreign tax effects; (3) Effect of changes in tax laws or rates enacted in the current period; (4) Effect of cross-border tax laws; (5) Tax credits; (6) Changes in valuation allowances; (7) Nontaxable or nondeductible items; (8) Changes in unrecognized tax benefits. PBEs must apply the ASU’s guidance to annual periods beginning after December 15, 2024 (2025 for calendar-year-end PBEs). Early adoption is permitted. Entities may apply the amendments prospectively or may elect retrospective application. The Company is currently evaluating the impact of the amendments on its consolidated financial statements. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | 3. Restricted Cash As of December 31, 2023, the balance of $ 5,166 (December 31, 2022 – $ 8,253 ) represents cash collateral held as guarantee for export sales contracts, which are restricted until November 2025 the latest. December 31, 2023 2022 Restricted Cash $ 5,166 $ 8,253 Total Restricted Cash $ 5,166 $ 8,253 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 4. Investments Short-term investments As of December 31, 2023 and 2022, the Company’s short-term investments were comprised of only debt securities. Short-term held-to-maturity investments and available-for-sale investments were mainly deposits in commercial banks and wealth management products issued by commercial banks and other financial institutions. The carrying value of short-term investments as of December 31, 2023 and 2022 approximate their fair value. During the years ended December 31, 2023, 2022 and 2021, the Company recorded interest and investment income from its short-term investments of $ 364,369 , $ 18,401 and $ 51,034 in the consolidated statements of comprehensive income (loss), respectively. As of December 31, 2023 and 2022, the Company’s gross unrealized gain of available-for-sale investments was $ 65,900 and $ nil , respectively. Short-term investments classification as of December 31, 2023 and 2022 were shown as below: December 31, 2023 2022 Held-to-maturity debt investments $ 2,256,215 $ 7,034,569 Available-for-sale debt investments 7,696,827 — Total short-term investments $ 9,953,042 $ 7,034,569 Long-term investments The following table sets forth a breakdown of the categories of long-term investments held by the Company as of the dates indicated: December 31, 2023 2022 Long-term held-to-maturity debt investments $ 435,841 $ 537,500 Equity method investments and private equity 248,444 123,940 Total long-term investments $ 684,285 $ 661,440 Long-term held-to-maturity debt investments Long-term held-to-maturity debt investment represents deposits in financial institutions with contractual maturities due over one year for which the Company has the positive intent and ability to hold those securities to maturity. Long-term held-to-maturity debt investments will mature in the next one to two years. During the years ended December 31, 2023, 2022 and 2021, the Company recorded interest and investment income from its long-term held-to-maturity investment of $ 4,097 , $ 2,842 and $ 14,143 in the consolidated statements of comprehensive income (loss) respectively. Equity method investments Equity investment in Keyvac Biyolojik Ürünler Sanayi ve Ticaret Anonim Şirketi In 2021, Sinovac LS through one of its wholly owned subsidiaries Sinovac Life Sciences (Hainan) Co., Ltd. and a business partner in the Republic of Turkey formed a joint venture Keyvac Biyolojik Ürünler Sanayi ve Ticaret Anonim Şirketi (“Keyvac”) in the Republic of Turkey, with the focus on manufacturing and commercialization of vaccines. The Company owns about 32.6 % of Keyvac, and accounts for this investment under the equity method in accordance with ASC 323 due to the joint control over Keyvac’s operations through board of directors representation and voting rights. Equity investment in Chongqing Evaheart MEDICAL Device Co., Ltd. In February 2023, Sinovac LS invested in Series A Financing of Chongqing Evaheart MEDICAL Device Co., Ltd. ("Evaheart"). The Company as a reporting issuer indirectly owns about 4.2 % of Evaheart as of December 31, 2023. The Company was considered to have significant influence over Evaheart and accounts for such investment as an equity method investment in accordance with ASC 323, because the Company has veto right on significant matters and can actively participate in the operating and financing policies of Evaheart through its board of directors representation and voting rights. Equity investment in UPH Biopharmaceutical (Private) Limited In April 2023, Sinovac LS entered into a joint venture agreement with JW SEZ (Private) Limited and Hong Kong Tantu Co., Limited to establish UPH Biopharmaceutical (Private) Limited ("UPH") to manufacture and commercialize plasma products in Pakistan. The Company owns about 30.2 % of UPH, and accounts for such investment under the equity method in accordance with ASC 323 due to the joint control over UPH’s operations through board of directors representation and voting rights. Equity investment in SKY Biologics Co., Ltd In August 2023, the Company through its wholly owned subsidiary Sinovac Hong Kong entered into an agreement with Keding Investment Limited to establish SKY Biologics Co., Ltd ("SKY Biologics") to seek for investment opportunities in other biotech companies. Sinovac Hong Kong invested a total of $ 101.4 million representing 45 % of SKY Biologics and can exercise significant influence on SKY Biologics through its voting rights and therefore, accounts for such investment under the equity method in accordance with ASC 323. The Company invests in equity securities of certain companies whose securities are not publicly traded and fair value is not readily determinable and where the Company has concluded it does not have significant influence based on its ownership percentage and other factors. These investments are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. In 2022, the Company, through its wholly owned subsidiary, Sinovac Hong Kong, and Sinovac Biomed, invested in companies that operate in the biotech supply chain industry. There were no impairment charges recognized on equity investments without readily determinable fair value for the years ended December 31, 2023 and 2022. In 2022 and 2023, the Company, through its subsidiaries, invested in certain of Vivo Capital as limited partner and accounts for the investments under the equity method. |
Trust for Incentive
Trust for Incentive | 12 Months Ended |
Dec. 31, 2023 | |
Distribution Policy, Members or Limited Partners [Abstract] | |
Trust for Incentive | 5. Trust for Incentive In June 2022, the Company approved a long term incentive plan in the aggregate amount of $ 1.4 billion to all employees within the Company following the Company’s successful COVID-19 campaign (the “Incentive Plan”). To implement the Incentive Plan, Sinovac Trust for Incentive (the “Trust”) between Sinovac LS and CITIC Trust Co., Ltd (the “Trustee”) has been set up. The Company has the direct ability to control the Trust as the Trustee is required to act in accordance with the Trust deed and because the Company has the power to direct the activities of the Trust, the Trust is consolidated into the Company’s consolidated financial statements. The assets held in the Trust that are being used as investments to satisfy the Company’s obligations under the Incentive Plan are recorded in short-term investments in the amount of $ 639 million and in long-term investments in the amount of $ 297 million as of December 31, 2023. $ 535 million were paid under the Incentive Plan during the year ended December 31, 2022 and $ nil was paid during the year ended December 31, 2023. $ 605 million have been accrued as deferred compensation liability as of December 31, 2023. |
Accounts Receivable - Net
Accounts Receivable - Net | 12 Months Ended |
Dec. 31, 2023 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Accounts Receivable – net | 6. Accounts Receivable – net December 31, 2023 2022 Trade receivables $ 439,466 $ 509,483 Allowance for doubtful accounts ( 13,456 ) ( 12,469 ) 426,010 497,014 Other receivables 14,009 40,104 Total accounts receivable $ 440,019 $ 537,118 The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company estimates the allowance based on historical experience, the age of the accounts receivable balances, credit quality of the Company’s customers, current and forecasted future economic conditions, and other factors that may affect customers’ ability to pay. For the year ended December 31, 2023 and 2022, additions to the allowance for doubtful accounts, write-offs and recoveries of trade receivables were not material to the Company’s consolidated financial statements. The Company’s maximum exposure to credit risk at the balance sheets date relating to trade receivables is summarized as follows: December 31, 2023 2022 Aging within one year, net of allowance for doubtful accounts $ 326,405 $ 424,060 Aging greater than one year, net of allowance for doubtful accounts 99,605 72,954 Total trade receivables $ 426,010 $ 497,014 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 7. Inventories December 31, 2023 2022 Raw materials $ 61,998 $ 88,021 Work in progress 43,904 45,976 Finished goods 33,972 46,722 Total inventories $ 139,874 $ 180,719 For the year ended December 31, 2023, the Company charged $ 17,300 of excessive fixed production overhead to cost of sales (2022 - $ 97,514 , 2021 - $ 8,582 ) For the year ended December 31, 2023, cost of sales includes $ 52,527 of inventory provision for products that are likely to expire before being sold (2022 - $ 140,004 , 2021 - $ 70,133 ). |
Property, Plant, and Equipment
Property, Plant, and Equipment - Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment - net | 8. Property, Plant and Equipment - net December 31, 2023 2022 Cost Construction in progress $ 142,708 $ 331,500 Plant and buildings 392,503 326,908 Machinery and equipment 550,208 343,724 Motor vehicles 3,972 4,987 Office equipment and furniture 39,501 28,959 Leasehold improvements 320,297 215,477 Land 7,020 7,272 Total cost $ 1,456,209 $ 1,258,827 Less: Accumulated depreciation Plant and buildings $ 51,538 $ 39,045 Machinery and equipment 218,740 146,299 Motor vehicles 2,603 2,263 Office equipment and furniture 18,094 9,709 Leasehold improvements 107,292 67,730 Total accumulated depreciation $ 398,267 $ 265,046 Less: Impairment Machinery and equipment $ 51,331 $ — Office equipment and furniture 1,783 — Leasehold improvements 21,902 — Construction in progress 3,309 — Total impairment $ 78,325 $ — Property, plant and equipment, net $ 979,617 $ 993,781 Buildings and machinery and equipment of Sinovac Dalian with a net book value of $ 32,677 (RMB 232.0 million) were pledged as collateral for a bank loan from China Everbright Bank (notes 12 (a)). Net depreciation expense for the year ended December 31, 2023 was $ 140,467 (2022 - $ 153,819 , 2021 - $ 84,446 ), after deduction of amortized government grants specifically related to qualified property, plant and equipment. Loss on disposal of equipment for the year ended December 31, 2023 was $ 395 (2022 - $ 5,213 , 2021 - $ 977 ). As the COVID pandemic came to an end in 2023, the Company identified impairment indicators on certain of its certain machinery, equipment and leasehold improvements. The Company performed a recoverability test by comparing the forecasted undiscounted cash flow to be generated from continuous use of these assets to the asset carrying values. As the carrying values exceeded the projected undiscounted cash flow, the Company measured the impairment amount by estimating the fair value of the assets. The Company determined the fair value using the cost approach by estimating the amount that currently would be required to construct or purchase assets of comparable utility. The estimate also considers the physical deterioration, economic obsolescence, and alternative future use. It was determined the fair value of these assets was $ 24,188 compared to the carrying value of $ 102,295 as at December 31, 2023. The impairment of $ 78,325 was recorded as at December 31, 2023. |
Prepaid Land Lease Payments
Prepaid Land Lease Payments | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Land And Lease Payments [Abstract] | |
Prepaid Land Lease Payments | 9. Prepaid Land Lease Payments December 31, 2023 2022 Prepaid land lease payments $ 76,119 $ 78,356 Less: accumulated amortization ( 10,579 ) ( 8,541 ) Net carrying value $ 65,540 $ 69,815 Amortization expense for prepaid land lease payments for the year ended December 31, 2023 was $ 2,228 (2022 - $ 1,749 , 2021 - $ 2,203 ). |
Intangible Asset - Net
Intangible Asset - Net | 12 Months Ended |
Dec. 31, 2023 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangible Asset - Net | Intangible Assets - net December 31, 2023 2022 Computer software $ 18,106 $ 10,411 Less: accumulated amortization 9,586 712 Net carrying value $ 8,520 $ 9,699 Amortization expense for intangible assets for the year ended December 31, 2023 was $ 2,050 (2022 - $ 1,029 , 2021 - $ 183 ). |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 11. Leases The Company’s operating leases mainly related to plants and buildings, some of which include options to extend leases that have not been included in the calculation of the Company’s lease liabilities and right-of-use assets. The Company recognizes rent on a straight-line basis over the expected term of the lease, which includes rent holidays and scheduled rent increases. For leases with terms greater than 12 months, the Company records the related asset and lease liability at the present value of lease payments over the lease term. As of December 31, 2023, there were no finance leases entered into by the Company. As of December 31, 2023, the weighted average remaining lease term was 9 .1 years (2022 - 10.0 years, 2021 - 10.0 years) and weighted average discount rate was 4.9 % (2022 - 4.9 %, 2021 - 4.9 %) for the Company’s operating leases. Operating leases cost excluding cost of short-term leases for the year ended December 31, 2023 was $ 7,730 (2022 - $ 9,102 , 2021 - $ 16,220 ). Short-term leases cost for the year ended December 31, 2023 was $ 9,516 (2022 - $ 3,158 , 2021 - $ 1,464 ). Supplemental cash flow information related to operating leases was as follows: For the year 2023 2022 Cash payments for operating leases $ 7,955 $ 13,992 Right-of-use assets obtained in exchange for operating lease liabilities — — Future lease payments under operating leases as of December 31, 2023 were as follows: 2024 $ 8,024 2025 6,038 2026 5,961 2027 6,221 2028 6,210 Thereafter 23,338 Total future lease payments 55,792 Less: Imputed interest 10,715 Total lease liability balance $ 45,077 Minimum future rental payments under short-term leases for the year ending December 31, 2023 was $ 287 . As of December 31, 2023, there were no operating leases that have not yet commenced . |
Bank Loans
Bank Loans | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Bank Loans | 12. Bank Loans Summarized below are bank loans as of December 31, 2023 and 2022: December 31, 2023 2022 China Everbright Bank (a) $ 1,440 $ 293 China Merchants Bank (b) 74,649 — Bank loans due within one year 76,089 293 China Everbright Bank (a) 9,736 11,513 China Merchants Bank (b) 70,409 — Bank of Beijing (c) 70,424 — China Construction Bank (d) 27,248 — Long-term bank loans 177,817 11,513 Total bank loans $ 253,906 $ 11,806 (a) On November 17, 2020, Sinovac Dalian entered into a maximum credit facility of $ 28,169 (RMB 200 million) with China Everbright Bank to finance its purchase of property, plant and equipment, with a term from November 17, 2020 to November 16, 2028. The loan bears annual interest rate at 145 basis point below the prime rate of a five-year term loan published by the People’s Bank of China, at 2.85 %. Interest is payable quarterly and principal installment repayments began in 2023 and shall be fully paid by November 16, 2028. As of December 31, 2023, $ 1,440 (RMB 10 million) is recorded in bank loans due within one year and $ 9,736 (RMB 69 million) is recorded in long-term bank loans. Certain machinery and equipment of Sinovac Dalian with a net book value of $ 32,683 (RMB 232 million) were pledged as collateral. (b) On January 12, 2023, Sinovac Life Sciences entered into a maximum credit facility of $ 211,271 (RMB 1,500 million) with China Merchants Bank to support its daily operation. The loans bear annual interest rate at 8 5 basis point below the prime rate of a one-year term loan published by the People’s Bank of China, at 2.8 %. Interest is payable quarterly and principal installment repayments began in 2023 and shall be fully paid by January 12, 2025. Sinovac Life Sciences repaid $ 3,860 (RMB 27 million) in principal and interest in 2023. As of December 31, 2023, $ 74,649 (RMB 530 million) is recorded in bank loans due within one year and $ 70,409 (RMB 500 million) is recorded in long-term bank loans. (c) On April 14, 2023, Sinovac Life Sciences entered into a maximum credit facility of $ 70,424 (RMB 500 million) with Bank of Beijing to support its daily operation . The loan bears annual interest rate from 7 5 basis point to 80 basis poin t below the prime rate of a one-year term loan published by the People’s Bank of China, ranges from 2.65 % to 2.90 %. Interest is payable quarterly and principal installment repayments began in 2025 and shall be fully paid by April 28, 2026. As of December 31, 2023, $ 70,424 (RMB 500 million) is recorded in long-term bank loans. (d) On May 31, 2023, Sinovac Biotech (Yidao) Co., Ltd. entered into a maximum credit facility of $ 183,101 (RMB 1,300 million) with China Construction Bank to finance its purchase of property, plant and equipment, with a term from June 15, 2023 to June 14, 2041. The loan bears annual interest rate at 118 basis point below the prime rate of a five-year term loan published by the People’s Bank of China, at 3.12 %. Interest is payable quarterly and principal installment repayments began in 2026 and shall be fully paid by June 14, 2041. As of December 31, 2023, $ 27,248 (RMB 193 million) is recorded in long-term bank loans. Certain construction in progress and prepaid land lease payments of Sinovac Biotech (Yidao) Co., Ltd. with a net book value of $ 75,888 (RMB 539 million) were pledged as collateral. Aggregate maturities of loans for each of the next 5 years following December 31, 2023 are as follows: Within 1 year $ 76,089 In 2025 114,949 In 2026 31,106 In 2027 2,433 After 2027 29,329 Total $ 253,906 The weighted average interest rate for all short-term and long-term bank loans was 2.83 % in 2023 (2022 - 5.88 % , 2021 - 5.64 % ). The weighted average interest rate for short-term loans was 2.80 % in 2023 (2022 – 5.88 % , 2021 – 4.65 % ). The Company incurred $ 2,260 in interest and financing expenses for the year ended December 31, 2023 (2022 - $ 1,264 , 2021 - $ 3,023 ), no ne was capitalized in property, plant and equipment for the year ended December 31, 2023 (2022 - $ nil , 2021 - $ 187 ). |
Related Party Transactions and
Related Party Transactions and Balances | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Balances | 13. Related Party Transactions and Balances (a) Loan from a non-controlling shareholder December 31, 2023 2022 Loan - current $ — $ 4,358 $ — $ 4,358 The Company had a loan due to Dalian Jin Gang Group, the non-controlling shareholder of Sinovac Dalian, with a total amount of $ 4,225 (RMB 30 million) was borrowed in August 2020 and was repaid on August 9, 2023. The loan was unsecured, bearing interest at 6.5 % per year and payable monthly . Interest expense was $ 168 in 2023 (2022 - $ 354 , 2021 - $ 916 ). As of December 31, 2023, no interest is owed on the loans from the non-controlling shareholder (December 31, 2022 - $ 8 ). Interest of $ 176 , $ 359 and $ 929 was paid to the non-controlling shareholder for the years ended December 31, 2023, 2022 and 2021, respectively. (b) The Company entered into the following transactions in the normal course of operations with related parties: For the year ended December 31, 2023 2022 2021 Rent expenses to SinoBioway Biotech Group Co. Ltd. (“SinoBioway”). $ 756 $ 796 $ 830 Rent expenses to Dalian Jin Gang Group (“Jin Gang”). 22 23 21 Investment income (loss) from VIVO Capital’s funds ( 148 ) 2,702 — In 2004, the Company entered into two operating lease agreements with SinoBioway, the non-controlling shareholder of Sinovac Beijing, with respect to Sinovac Beijing’s production plant and laboratory in Beijing, China with annual lease payments totaling $ 197 (RMB 1.4 million). The leases commenced on August 12, 2004 and have a term of 20 years. One of the lease agreements was amended on August 12, 2010 with the rent increasing from $ 64 (RMB 0.5 million) to $ 197 (RMB 1.4 million) per year. In June 2007, the Company entered into another operating lease agreement with SinoBioway, with respect to the expansion of Sinovac Beijing’s production plant in Beijing, China, for an annual lease payment of $ 288 (RMB 2.0 million). The lease commenced in June 2007 and h as a term of 20 years. In September 2010, the Company entered into another operating lease agreement with SinoBioway with respect to expansion of Sinovac R&D’s business in research and development activities for an annual lease payment of $ 142 (RMB 1.0 million). The lease commenced on September 30, 2010 and has a term of 5 years. On April 8, 2013, the Company entered into four supplemental agreements with SinoBioway, under which the expiration date of all operating lease agreements were extended to April 7, 2033. In 2019, the Company entered into an operating lease agreement with Jin Gang, the non-controlling shareholder of Sinovac Dalian, to rent refrigeration storage with the space of 2,000 sq.m. with an annual rent amounted $ 49 (RMB 0.3 million). The lease commenced on January 1, 2019 and has a term of 5 years. On June 30, 2019, the lease agreement was amended for a remaining 5.5 years, and the annual rent was changed to $ 22 (RMB 0.2 million) as the space of the leased refrigeration storage was reduced to 1,000 sq.m. In 2019, the Company also entered into a management service agreement with Jin Gang, pursuant to which it provided the Company with management service related to the operating lease agreement with an annual management service fee of $ 14 (RMB 0.1 million). The management service agreement was amended on June 30, 2019, and the annual management service fee was changed to $ 6 (RMB 44,000 ). As of December 31, 2023, $ 5,736 in right-of use asset and $ 5,394 in current and non-current lease liability are related to the leases with SinoBioway and Jin Gang. In 2023, the Company invested $ 9,692 to certain Vivo Capitals funds, where one of the Company’s independent board of director is the Managing Partner of Vivo Capital. In 2023, Sinovac Life Sciences entered into an agreement with China Minsheng Bank Co., Ltd to provide a loan guarantee to SKY Biologics Co., Ltd. in the amount of approximately $ 194.4 million (RMB 1.4 billion). Sinovac Hong Kong and Keding Investment (Hong Kong) Limited hold 45 % and 55 % equity interests in SKY Biologics Co., Ltd., respectively, and also have provided counter guarantees to Sinovac Life Science proportionately with respect to its loan guarantee. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 14. Accounts Payable and Accrued Liabilities December 31, 2023 2022 Trade payables $ 17,291 $ 19,825 Machinery and equipment payables 50,040 67,475 Accrued expenses 250,565 242,528 Value added tax payable 1,619 1,784 Withholding tax payable 656 254,302 Other tax payable 488 554 Bonus and benefit payables 643,855 311,440 Other payables 9,435 8,015 Total accounts payable and accrued liabilities $ 973,949 $ 905,923 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes Antigua and Barbuda Under the current laws of Antigua and Barbuda, the Company is not subject to tax on income or capital gains. Additionally, upon payments of dividends by the Company to its shareholders, no Antigua and Barbuda withholding tax will be imposed. Hong Kong Under Hong Kong tax laws, Sinovac Hong Kong is subject to Hong Kong Profits Tax rate at 16.5 %, and is exempted from income tax on its foreign-derived income. There are no withholding taxes in Hong Kong on remittance of dividends. Singapore Under Singapore tax laws, Sinovac Singapore is subject to Singapore Income Tax rate at 17 %, and is exempted from income tax on its foreign-derived income. There are no withholding taxes in Singapore on remittance of dividends. China Effective from January 1, 2008, the PRC’s statutory income tax rate is 25 %. The Company’s PRC subsidiaries are subject to income tax at the statutory rate of 25 % except for Sinovac Beijing, Sinovac Dalian and Sinovac LS. Sinovac Beijing, Sinovac Dalian, and Sinovac LS have been reconfirmed as a “High and New Technology Enterprise” (“HNTE”) in 2023 for a period of three years , and are subject to a preferential income tax rate of 15 % from 2023 to 2025. The Company’s income before income tax consists of: For the year ended December 31, 2023 2022 2021 Non-PRC $ 139,608 $ 48,500 $ 94,372 PRC ( 292,642 ) ( 23,262 ) 17,468,669 Total $ ( 153,034 ) $ 25,238 $ 17,563,041 The Company’s income taxes consists of: For the year ended December 31, 2023 2022 2021 Current income tax expense $ ( 28,997 ) $ ( 20,117 ) $ ( 2,839,034 ) Deferred tax recovery (expense) ( 76,324 ) 83,010 ( 265,096 ) Total income tax recovery (expense) $ ( 105,321 ) $ 62,893 $ ( 3,104,130 ) The following is a reconciliation of the Company’s total income tax expenses to the amount computed by applying the PRC statutory income tax rate of 25 % to its income before income taxes for the years ended December 31, 2023, 2022 and 2021: For the year ended December 31, 2023 2022 2021 Income before income taxes $ ( 153,034 ) $ 25,238 $ 17,563,041 Income tax expense at the PRC statutory rate ( 75,942 ) ( 6,310 ) ( 4,390,760 ) International tax rate differential ( 469 ) ( 1,665 ) 5,303 Super deduction for research and development expenses 40,899 84,008 159,235 Non-deductible expenses ( 33,920 ) ( 55,748 ) ( 227,821 ) Effect of preferential tax rate 10,515 ( 4,213 ) 1,774,595 Change in valuation allowance ( 83,704 ) ( 12,707 ) ( 4,135 ) Effect of PRC withholding tax 36,921 59,006 ( 426,737 ) Other adjustments 379 522 6,190 Income tax recovery (expense) $ ( 105,321 ) $ 62,893 $ ( 3,104,130 ) The tax effects of temporary differences that give rise to the Company’s deferred tax assets are as follows: December 31, 2023 2022 Inventories 9,747 16,573 Accrued expenses 83,309 64,283 Deferred government grants 1,183 2,935 Fixed assets ( 29,122 ) ( 12,673 ) Tax losses carried forward 65,338 16,961 Less: valuation allowance ( 100,665 ) ( 16,961 ) Deferred tax assets $ 29,790 $ 71,118 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible or utilized. The Company considers projected future taxable income and tax planning strategies in making this assessment. Based upon an assessment of the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible or can be utilized. The Company evaluates its valuation allowance requirements at end of each reporting period by reviewing all available evidence, both positive and negative, and considering whether, based on the weight of that evidence, a valuation allowance is needed. When circumstances cause a change in management’s judgment about the realizability of deferred tax assets, the impact of the change on the valuation allowance is generally reflected in income from operations. The future realization of the tax benefit of an existing deductible temporary difference ultimately depends on the existence of sufficient taxable income of the appropriate character within the carry forward period available under applicable tax law. The Company’s valuation allowance increased by $ 83,704 from $ 16,961 as of December 31, 2022 to $ 100,665 as of December 31, 2023. Tax loss carry-forwards of the Company’s PRC subsidiaries in the amount of $ 389,661 (RMB 2,767 million) as of December 31, 2023 will expire from 2024 to 2033 , if not utilized. As of December 31, 2023, deferred tax liabilities of $ 234,382 represents withholding tax for the potential remittance of earnings from the PRC subsidiaries to Sinovac Hong Kong, accrued at a 5 % withholding tax rate. Under the PRC tax regulations, dividends from PRC companies to their overseas parents in respect of earnings derived from January 1, 2008 onwards are subject to PRC dividend withholding tax at 10 %, which could be reduced to 5 % should treaty benefits be applicable. The changes in unrecognized tax benefits are as follows: For the year ended December 31, 2023 2022 2021 Balance on January 1 81 275 561 Additions for tax positions of the current year — — — Additions for tax positions of the prior years — — — Settlement with the taxing authority — — — Lapse of statute of limitations ( 81 ) ( 194 ) ( 286 ) Balance on December 31 $ — $ 81 $ 275 The Company recognizes interest and penalties, if any, related to unrecognized tax benefits, and such interest and penalties are reversed when statute of limitations lapse. For the year ended December 31, 2023, the Company reversed $ nil in interest (December 31, 2022 - $ 106 , December 31, 2021 - $ 135 ). The Company had $ nil accrued interest as of December 31, 2023 (December 31, 2022 - $ 64 ). The PRC tax law provides statute of limitations ranging from three to five years and for transfer pricing related matters, it could be extended to 10 years. In general, the PRC tax authorities have up to five years to conduct examinations of the tax filings of the Company’s PRC subsidiaries. Accordingly, the PRC subsidiaries’ tax years of 2018 - 2023 remain open to examination by the respective tax authorities. As of December 31, 2023, the Company had unrecognized tax benefits $ nil (December 31, 2022 - $ 81 , December 31, 2021 - $ 275 ) and such balance was included in “other non-current liabilities”. As of December 31, 2023, unrecognized tax benefits amounting to $ nil would affect the effective tax rate if recognized (December 31, 2022 - $ 81 , December 31, 2021 - $ 275 ). The Company does not expect the amount of unrecognized tax benefits would change significantly in the next 12 months. |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Revenue [Abstract] | |
Deferred Revenue | 16. Deferred Revenue Current deferred revenue includ ed $ 20,127 of advances from customers (December 31, 2022 - $ 17,749 ) and $ 200 from the PRC government for stockpiling of H5N1 and hepatitis A vaccines (December 31, 2022 - $ 206 ). The Company’s deferred revenue balances change due to timing of advance payments rec eived from customers and timing of delivery of products to customers. |
Deferred Government Grants
Deferred Government Grants | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Government Grant [Abstract] | |
Deferred Government Grants | 17. Deferred Government Grants Deferred government grants represent funding received from the government for research and development (“R&D”) or investment in constructing or improving production facilities. The amount of deferred government grants as of December 31, 2023 is net of R&D expenditures, deduction of depreciation expenses, and the amount recognized as government grant income. The Company received $ 8,571 of government grants in 2023 (2022 - $ 6,984 , 2021 - $ 2,660 ) that were deferred. In addition, the Company received $ 4,367 in other government grants and subsidies for the year ended December 31, 2023 and recognized as income in the statements of comprehensive income (loss) (2022 - $ 7,638 , 2021 - $ 1,690 ). Summarized below are deferred government grants as of December 31, 2023 and 2022: December 31, 2023 2022 Government grants for property, plant and equipment (a) $ 627 $ 261 Government grants for research and development (b) 959 14,859 Current deferred government grants 1,586 15,120 Government grants for property, plant and equipment (a) 3,921 1,978 Government grants for research and development (b) 1,944 2,499 Non-current deferred government grants 5,865 4,477 Total deferred government grants $ 7,451 $ 19,597 (a) The Company has four deferred government grants related to property, plant and equipment. The Company has fulfilled these grants’ conditions. $ 627 will be amortized in 2024 which was included in the current portion of deferred government grant and $ 3,921 will be amortized after 2024 which was included in the non-current portion of deferred government grants. $ 546 was recorded as a reduction to depreciation expense for the year ended December 31, 2023 (2022 - $ 457 , 2021 - $ 569 ), and $ 7 was recorded as government grant recognized in income for the year ended December 31, 2023 (2022 - $ nil , 2021 - $ 79 ). (b) The Company has nine deferred government grants related to various research and development projects. The Company expects to fulfill six grants’ conditions in 2024 and recorded $ 959 as the current portion of deferred government grants, while the remaining three grants’ conditions are expected to be fulfilled after 2024 and $ 1,944 is recorded in the non-current portion of deferred government grants. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies (a) Other Commitments In addition to commitments disclosed in note 24, commitments related to R&D expenditures are $ 32,290 as of December 31, 2023. Commitments related to capital expenditures for the Company are approximately $ 4,378 as of December 31, 2023. (b) Litigation Matters US Litigation Delaware Chancery Court Action On March 5, 2018, the Company filed a lawsuit in the Court of Chancery of the State of Delaware seeking a determination whether 1Globe, The Chiang Li Family, OrbiMed and other shareholders of Sinovac Biotech Ltd. had triggered Sinovac Antigua’s shareholder rights agreement (the “Rights Agreement”) by forming a group holding approximately 45% of outstanding shares of Sinovac Biotech Ltd., in excess of the Rights Agreement’s threshold of 15%, and acting in concert prior to the Company’s annual general meeting of shareholders held on February 6, 2018 (the “ 2017 AGM”). The Rights Agreement is intended to promote the fair and equal treatment of all Sinovac shareholders and ensure that no person or group can gain control of Sinovac through undisclosed voting arrangements, open market accumulation or other tactics potentially disadvantaging the interest of all shareholders. On April 12, 2018, 1Globe filed an amended answer to the Company’s complaint, counterclaims, and a third-party complaint against Mr. Weidong Yin alleging, among other allegations, that the Rights Agreement is not valid, that Mr. Yin and the Buyer Consortium (comprising Mr. Weidong Yin, the chairman, president and chief executive officer of Sinovac Biotech Ltd., SAIF partners IV L.P., or SAIF, C-Bridge Healthcare Fund II, L.P., Advantech Capital L.P., Vivo Capital Fund VIII, L.P. and Vivo Capital Surplus Fund VIII, L.P.) had previously triggered the Rights Agreement, and that 1Globe did not trigger the Rights Agreement. The Company and its board of directors believes that the actions taken by the board of directors were appropriate under the circumstances and that the allegations of the counterclaims and third-party complaint are without merit. 1Globe asks for various measures of equitable relief and also includes a claim for its costs, including attorneys’ fees. On July 31, 2018, following the Company motions for partial summary judgment and an expedited trial date, the Delaware Chancery Court effectively stayed the action pending receipt of a post-trial decision from the Antigua Court in the matter captioned 1Globe Capital, LLC and Sinovac Biotech Ltd., Claim No. ANUHCV 2018/0120. On December 19, 2018, the Antigua Court issued a judgment (the “Antigua Court’s Judgment”) affirming the validity of Sinovac Antigua’s Rights Agreement under Antigua law, and finding that “there was a secret plan to take control” of the Company at the 2017 AGM. Based upon the Antigua Court’s judgment and other facts known to the board of directors, the Company’s board of directors determined that certain of the Company’s shareholders, including 1Globe Capital LLC (“1Globe”), The Chiang Li Family, OrbiMed Advisors LLC and OrbiMed Capital LLC (together “OrbiMed”), and certain additional shareholders (collectively, the “Shareholder Group”), together with their affiliates and associates (collectively, the “Collaborating Shareholders”) became Acquiring Persons as defined under the Rights Agreement, on or prior to the 2017 AGM and their conduct resulted in a “Trigger Event” under the Rights Agreement. As a result of becoming Acquiring Persons, the approximately 28.7 million Rights held by the Collaborating Shareholders automatically became void under the terms of the Rights Agreement. Pursuant to the Rights Agreement, the board of directors elected to exchange the approximately 42.4 million valid and outstanding Rights held by the Company’s shareholders (not including the Collaborating Shareholders) for a combination of approximately 27.8 million Common Shares and approximately 14.6 million Series B Preferred Shares, all of which the Company issued into a trust on February 22, 2019 for the benefit of the holders of the valid and outstanding Rights. On March 6, 2019, the Delaware Chancery Court entered a status quo order providing that the Company not distribute any of the Exchange Shares to rights holders until the final disposition of the pending Delaware litigation or further order of the Court. On April 8, 2019, the Delaware Chancery Court stayed the Delaware litigation pending the final outcome of 1Globe’s appeal of the Antigua Judgment. The Antigua litigation is ongoing, see “Antigua Litigation” below, and there the Delaware Chancery Court action remains stayed. On September 6, 2023, MW Gestion, an institutional asset manager based in France, filed a class action complaint on behalf of all Sinovac shareholders against Sinovac; Weidong Yin; and other managers and directors of Sinovac, including Nan Wang, Simon Anderson, Yuk Lam Lo, Kenneth Lee, Meg Mei, and Shan Fu (the “Individual Defendants” and collectively with Sinovac the “Sinovac Defendants”); and Wilmington Trust National Association. MW Gestion alleges breach of contract, breach of fiduciary duty, and wrongful dilution claims against the Sinovac Defendants, as well as aiding and abetting breach of contract and breach of fiduciary duty against the Individual Defendants. MW Gestion’s claims stem from a private investment in public equity transaction on July 2, 2018, and Sinovac’s implementation of its Rights Agreement on February 22, 2019. Sinovac and certain other defendants filed a motion to dismiss all claims on November 20, 2023, and the motion was fully briefed as of February 27, 2024. Massachusetts District Court Actions On March 5, 2018, the Company also filed a lawsuit in the United States District Court for Massachusetts alleging violations of Section 13(d) of the Securities Exchange Act of 1934 by 1Globe and The Chiang Li Family. The lawsuit alleges, among other things, that the defendant shareholders failed to make required disclosures on Schedule 13D regarding their intentions to attempt to replace the Company’s board of directors. On May 21, 2018, 1Globe answered and filed counterclaims against the Company and certain of its executives, alleging violations of Section 10(b) of the Exchange Act and various state law claims. In response to the Company’s motion to dismiss 1Globe’s counterclaims, on August 1, 2018, 1Globe filed amended counterclaims against the Company and certain of its executives, alleging violations of Section 10(b) of the Exchange Act and Rule 10b-5, as well as state law claims of abuse of process, fraudulent misrepresentation, negligent misrepresentation, and aiding and abetting such violations, primarily arising out of allegedly false and/or misleading statements made by the Company regarding its business, operational, and financial results. On August 17, 2018, the Massachusetts Court granted a consent motion to extend the deadline for the Company’s response to 1Globe’s counterclaims (and for any subsequent opposition by 1Globe) until after the Antigua Court issued a ruling in the matter captioned 1Globe Capital, LLC and Sinovac Biotech Ltd., Claim No. ANUHCV 2018/0120. On December 19, 2018, the Antigua Court issued a judgment, which 1Globe appealed on January 29, 2019. Per the Massachusetts Court’s order, the parties have filed periodic status reports regarding the pending court proceedings in Antigua. No date for the Company’s response to 1Globe’s counterclaims has been set. The Company is vigorously pursuing this lawsuit; however, the Company cannot predict whether an ultimate outcome will be favorable or unfavorable, nor estimate the amount or range of potential loss (if any) at this time. Also on August 1, 2018, 1Globe filed a motion for preliminary injunction seeking to enjoin the Company from, inter alia, altering the capital structure of the Company. On October 15, 2018, the Massachusetts Court denied 1Globe’s motion. On November 14, 2018, 1Globe filed an appeal of the denial of its motion for preliminary injunction to the United States Court of Appeals for the First Circuit. On January 10, 2019, 1Globe filed a motion to hold its appeal in abeyance pending the outcome of its separate appeal of the Antigua Court’s judgment, which the Company opposed. In October 2019, 1Globe voluntarily dismissed the appeal. Separately, Heng Ren Investments LP (“Heng Ren”) filed suit against the Company and Mr. Weidong Yin for alleged breach of fiduciary duties and wrongful equity dilution on May 31, 2019, in Massachusetts state court. The Company removed the matter from state court to the United States District Court for the District of Massachusetts. Subsequently, on April 29, 2021, Heng Ren filed an amended complaint which alleged that Mr. Yin breached fiduciary duties owed to minority shareholders, that the Company aided and abetted breaches of fiduciary duties, and that both the Company and Mr. Yin engaged in wrongful equity dilution. Heng Ren requested damages, attorneys’ fees, and prejudgment interest. On September 14, 2020, the Company filed a motion to dismiss Heng Ren’s claims. In July 2021, the Company moved to dismiss Heng Ren’s amended complaint in the federal court in Massachusetts. On March 4, 2022, the court granted the motion as to the breach of fiduciary duty claims and denied the motion as to the wrongful equity dilution claim, and denied reconsideration of its decision on the motion. Sinovac has answered the complaint. The Company has answered the complaint. Pursuant to the current schedule, the close of fact discovery is April 26, 2024, the deadline for initial summary judgment motions is August 23, 2024, and, should the case not be resolved through settlement or at summary judgment, trial is set to begin on December 9, 2024. On December 5, 2022, a purported shareholder filed a putative class action complaint in Massachusetts federal court, asserting a claim under Section 204 of the Antigua and Barbuda International Business Corporations Act related to the PIPE transaction, alleging that all shareholders were harmed in an identical manner to one another by the PIPE transaction because the shares that were issued in the PIPE transaction allegedly undervalued Sinovac and all shareholders were purportedly wrongfully diluted as a result. The purported shareholder is represented by the same attorney who represents Heng Ren, and requests damages, attorneys’ fees, and prejudgment interest. On January 18, 2023, Sinovac filed a motion to dismiss. The motion was fully briefed as of March 9, 2023. On September 13, 2023, the court granted the motion to dismiss on all claims. Plaintiff did not appeal dismissal, and the time for appeal has expired. Therefore, this matter has been resolved in Sinovac’s favor. Antigua Litigation On March 13, 2018, 1Globe filed a complaint against Sinovac Antigua in the Antigua Court. The complaint seeks a declaration that the five persons purportedly proposed on the Non-Public Submission at the 2017 AGM were elected as directors of Sinovac Antigua at that meeting, an order of the Antigua Court that those directors be installed as Sinovac Antigua’s board of directors, and a declaration that any actions taken on behalf of Sinovac Antigua at the direction of the board of directors since the 2017 AGM are null and void. On April 10, 2018, 1Globe filed a notice of application in the Antigua Court seeking an order declaring the result of the disputed election, an urgent order restraining Sinovac Antigua’s board of directors from acting, pending determination of the dispute, including acting to initiate or continue litigation against the Shareholder Group, and other related relief. The first hearing took place on May 9, 2018. In July 2018, the Antigua court heard an application by 1Globe for interim injunctive relief preventing Sinovac Antigua from exercising its rights under the Rights Agreement. This application was unsuccessful, but the judge set an expedited timetable to trial. The trial of the matter took place from December 3 to 5, 2018. On December 19, 2018, the judge handed down his judgment, finding in Sinovac Antigua’s favor in full, dismissing 1Globe’s claim and declaring that the Rights Agreement was validly adopted as a matter of Antigua law. On January 29, 2019, 1Globe filed a Notice of Appeal. On March 4, 2019, 1Globe filed an application for urgent interim relief, seeking an injunction to prevent Sinovac Antigua from continuing to implement its Rights Agreement until the resolution of the appeal. This urgent interim relief application was heard on April 4, 2019, at which the Court of Appeal made an order restraining Sinovac Antigua in similar terms to the Delaware Court order of March 6, 2019, together with restraint from operating the Rights Agreement in any way that affects 1Globe’s rights or shareholding until determination of the appeal. 1Globe’s appeal of the Antigua Court’s Judgment was heard on September 18, 2019. On December 9, 2021, the Court of Appeal handed down its judgment, dismissing all grounds of appeal and upholding the Antigua Judgment. The Court of Appeal also confirmed that Sinovac Antigua’s Rights Agreement was consistent with its Articles of Incorporation and By-laws, and Antiguan business law. In January 2022, the Court of Appeal extended the order initially made on April 4, 2019, that restrains Sinovac Antigua from taking further action under its Rights Agreement, including the distribution of the previously issued Exchange Shares, until the conclusion of any appeal to the Privy Council. 1Globe applied for leave to appeal to the Privy Council, and the hearing of that application was held on February 24, 2022, in which the Court of Appeal granted 1Globe leave to appeal certain grounds to the Privy Council. On April 19, 2022, 1Globe renewed its application directly to the Privy Council for leave to appeal on its ground of appeal concerning the validity of the Rights Agreement. On July 13, 2022, 1Globe filed its Notice of Appeal on those grounds on which the Court of Appeal had granted 1Globe leave to appeal. On September 16, 2022, 1Globe filed an application to the Privy Council seeking permission to amend its existing application for permission to appeal and its existing Notice of Appeal, and to seek permission to appeal on another ground rejected by the Court of Appeal concerning the exercise of the Antigua Court’s discretion. Sinovac responded on October 21, 2022. On February 15, 2023, the Privy Council made a procedural decision to allow amendment of its existing application for permission to appeal, and decided to deal with procedural and substantive issues together at the Final Hearing. The final substantive hearing before the Privy Council is listed for July 10 to 11, 2024. The judgment will be reserved and delivered in writing at a later date. The appeal outcome is therefore pending. As such, the final appeal is ongoing as of the date of these financial statements. The company cannot predict or estimate an outcome or economic burden for this case at this time. |
Preferred and Common Stock
Preferred and Common Stock | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Preferred and Common Stock | 19. Preferred and Common Stock Share Capital On February 22, 2019, pursuant to the Rights Agreement, the Company’s board of directors elected to exchange the approximately 42.4 million valid and outstanding Rights held by the Company’s shareholders (not including the Collaborating Shareholders) for a combination of 27,777,341 common shares and 14,630,813 Series B Convertible Preferred Shares (the “Preferred Shares”), all of which the Company issued into a trust on February 22, 2019 for the benefit of the holders of the valid and outstanding Rights under the Company’s Rights Agreement. The Preferred Shares issued share equally in all dividends and distributions made on the common shares and vote together with the common shares on all matters brought before the shareholders, in each case on an as-converted basis and subject to applicable law. Each preferred share is convertible into one common share at the option of the Company, or automatically upon a successful shareholder vote to increase the authorized number of common shares of the Company. Until the Preferred Shares are converted into common shares (or until the Preferred Shares are listed on a nationally recognized securities exchange), they will earn a preferred dividend equal to $ 0.41 per share per annum, payable quarterly in arrears. As of December 31, 2023, there were 14,630,813 preferred stock issued and outstanding, and the Company accrued $ 5,982 in preferred stock dividends for the year ended December 31, 2023. Each share of common stock is entitled to one vote per share and is entitled to dividends when declared by the Company’s board of directors. As of December 31, 2023 and 2022, there were 99,638,043 and 99,502,243 shares of common stock outstanding, respectively. In 2021, the Company issued 207,500 shares of common stock on the exercise of employee stock options with exercise price of $ 4.98 per share. In 2021, the Company cancelled nil restricted shares previously issued to employees of the Company due to employee termination. In 2022, there was no common stock issued due to no exercise of employee stock options. In 2023, the Company issued 135,800 shares of common stock on the exercise of employee stock options with exercise price of $ 4.98 per share. |
Stock Options
Stock Options | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Options | 20. Stock Options (a) Stock Option Plan The board of directors approved a stock option plan (the “2003 Plan”) effective on November 1, 2003, pursuant to which directors, officers, employees and consultants of the Company are eligible to receive grants of options for the Company’s common stock. The 2003 Plan expired on November 1, 2023. Up to 10 % of the Company’s then outstanding common stocks were reserved for issuance under the 2003 Plan. T he 2003 Plan expired on November 1, 2023 and no further awards may be granted since the termination. Each stock option entitles its holder to purchase one share of common stock of the Company. Options may be granted for a term not exceeding 10 years from the date of grant. The 2003 Plan was administered by the board of directors. On August 22, 2012, the board of directors approved a new stock option plan (the “2012 Plan”), which allowed the Company to issue up to 4,000,000 options for common shares and restricted shares of the Company to directors, officers, employees and consultants of the Company. Each stock option entitles its holder to purchase one share of common stock of the Company. Options and restricted shares may be granted for a term not exceeding 10 years from the date of grant. The 2012 Plan is administered by the board of directors. The 2012 Plan have expired on August 22, 2022. As of December 31, 2023, we had granted all the awards authorized under the 2012 Plan. On May 1, 2015, the Company granted 729,000 restricted shares (the “Restricted Shares”) at par value of $ 0.001 and 1,341,000 options (the “Options”) under the 2012 Plan with an exercise price of $ 4.98 , being the quoted market price of the Company’s shares at the time of grant. The options will expire on April 30, 2023 . One-fifth of the Restricted Shares and Options shall vest on the first, second, third, fourth and fifth anniversaries of date of grant, respectively. The Restricted Shares are not subject to any restriction on transfer and repurchase after they are vested. 20 % of the Options and Restricted Shares were vested on May 1, 2016. On December 16, 2016, the board of directors approved that an additional 30% of the Options to be vested on December 16, 2016, and restrictions of an additional 30% of the Restricted Shares were removed on December 16, 2016. On April 25, 2018, the board of directors approved that all remaining unvested Options and Restricted Shares that were granted on May 1, 2015 were fully vested on April 25, 2018. On March 7, 2018, the Company granted 2,000,000 restricted shares (the “2018 Restricted Shares”) at par value of $ 0.001 under the 2012 Plan, to certain officers and employees of the Company. 60 % of the 2018 Restricted Shares will vest on the third anniversary of the date of grant, the remaining 40 % 2018 Restricted Shares will vest on the fourth and the fifth anniversary evenly. 60 % of the 2018 Restricted Shares vested on March 7, 2021. On November 11, 2021, the board of directors approved that all remaining unvested 2018 Restricted Shares that were granted on March 7, 2018 were fully vested on November 11, 2021. On September 16, 2020, the board of directors approved an employee share ownership plan (the “2020 ESOP”), where options were granted to officers and employees of the Company the right to purchase up to a 15 % equity interest in Sinovac LS upon exercise of the options. The options have an exercise price of $ 12,000 that vested immediately and have a life of eight years . (b) Valuation Assumptions The Company used the Black-Scholes option-pricing model in determining the fair value of stock options issued under the 2020 ESOP, and valuation assumptions include expected volatility of 73.22 %, an expected life of 2 years, a risk-free interest rate of 2.72 %, and a dividend rate of 0 %. As Sinovac LS is a private company with limited equity transactions in the past, expected volatility is estimated based on share price volatilities of a group of public traded development stage vaccine companies and development stage East Asian pharmaceutical companies that most closely represent the stage of Sinovac LS at the time. The expected life represents the amount of time that options granted are expected to be outstanding based on forecasted exercise behavior. The risk-free interest rate is based on the rate at grant date of Chinese government bond yield with an average term equal to the expected term of the option. There were no options granted in the years ended December 31, 2023 and 2022. (c) Share-based Payment Award Activity A summary of the Company’s stock options activity for the 2003 and 2012 Plan is presented below: Number Weighted Aggregate Outstanding as of January 1, 2023 172,500 $ 4.98 $ 257,025 Granted — — — Exercised ( 135,800 ) 4.98 ( 202,342 ) Forfeited / Expired ( 36,700 ) 4.98 ( 54,683 ) Outstanding as of December 31, 2023 — $ — $ — Vested and expected to vest at December 31, 2023 — $ — $ — Exercisable as of December 31, 2023 — $ — $ — As of December 31, 2023, there were no stock options outstanding as all stock options had been exercised or had expired. The grant date fair value of options issued under the 2020 ESOP is $ 7,200 and the options can acquire 15 % of Sinovac LS’s equity interest upon exercise. The options were fully exercised in 2020. The aggregate intrinsic value of the options exercised under the 2020 ESOP was $ 3,000 . Share-based compensation expense, included in cost of sales, selling, general and administrative expenses and R&D expenses is charged to operations over the vesting period of the options using the straight-line amortization method. The share-based compensation expense was $ nil in 2023 (2022 - $ nil , 2021 - $ 7,735 ). As of December 31, 2023, there was no unrecognized compensation cost related to non-vested stock options and non-vested restricted shares, granted under the 2012 Plan. The aggregate intrinsic value of the Company’s stock options is calculated as the difference between the exercise price of the options and the quoted price of the common shares that were in the money. The aggregate intrinsic value of the Company’s stock options exercised under the 2003 Plan and the 2012 Plan was $ nil for year ended December 31, 2023, determined as of the date of option exercise (2022 - $ nil , 2021 - $ 257 ). The estimated fair value of stock options vested during the year ended December 31, 2023 was $ nil (2022 - $ nil , 2021 – $ nil ). |
Statutory Surplus Reserves
Statutory Surplus Reserves | 12 Months Ended |
Dec. 31, 2023 | |
Statutory Surplus Reserves [Abstract] | |
Statutory Surplus Reserves | 21. Statutory Surplus Reserves Pursuant to Chinese company law applicable to foreign investment companies, the Company’s PRC subsidiaries are required to maintain statutory surplus reserves. The statutory surplus reserves are to be appropriated from net income after taxes, and should be at least 10 % of the after tax net income determined in accordance with accounting principles and relevant financial regulations applicable to PRC enterprises (“PRC GAAP”). The Company has an option of not appropriating the statutory surplus reserve after the statutory surplus reserve is equal to 50 % of the subsidiary’s registered capital. Statutory surplus reserves are recorded as a component of shareholders’ equity. The statutory surplus reserve as of December 31, 2023 is $ 1,539,584 (2022 - $ 1,538,013 ). Sinovac Biomed has not accumulated any profit since inception. No appropriation to the statutory surplus reserves and staff welfare and bonus were made. Dividends declared by the Company’s PRC subsidiaries are based on the distributable profits as reported in their statutory financial statements reported in accordance with PRC GAAP, which differ from the results of operations reflected in the consolidated financial statements prepared in accordance with US GAAP. The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its PRC subsidiaries. As of December 31, 2023, the Company has $ nil dividend payable to common shareholders (December 31, 2022 - $ nil ), and has $ 29,089 dividend payable to preferred shareholders (December 31, 2022- $ 23,107 ). Under PRC laws and regulations, statutory surplus reserves are restricted to set-off against losses, expansion of production and operation and increasing registered capital of the respective company, and are not distributable other than upon liquidation. Staff welfare and bonus funds are restricted to expenditures for the collective welfare of employees. The reserves are not allowed to be transferred to the Company in terms of cash dividends, loans or advances, nor are they allowed for distribution except under liquidation. Amounts restricted include the PRC subsidiaries’ paid-in capital, additional paid-in capital and statutory surplus reserves of the Company’s PRC subsidiaries totaling $ 1,937,250 (RMB 12,672 million) as of December 31, 2023 (December 31, 2022, $ 1,930,199 (RMB 12,640 million)). Further, foreign exchange and other regulations in the PRC further restrict the Company’s PRC subsidiaries from transferring funds to the Company in the form of loans, advances or cash dividends. As of December 31, 2023, amounts restricted include the net assets of the Company’s PRC subsidiaries, which amounted to $ 5,008,306 (December 31, 2022 - $ 5,873,741 ). |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 22. Earnings per Share The following table sets forth the computation of basic and diluted income attributable to common shareholders of Sinovac per share (in thousands, except for number of shares and per share data): For the year ended December 31 2023 2022 2021 Numerator Net income (loss) $ ( 258,355 ) $ 88,131 $ 14,458,911 Less: Income (loss) attributable to non-controlling interests ( 158,437 ) ( 25,735 ) 5,991,431 Income (loss) attributable to shareholders of Sinovac ( 99,918 ) 113,866 8,467,480 Less: Preferred stock dividends 5,982 5,982 5,982 Net income (loss) attributable to shareholders of Sinovac ( 105,900 ) 107,884 8,461,498 Net income (loss) attributable to shareholders of Sinovac for computing diluted net income per share ( 99,918 ) 113,866 8,467,480 Denominator Basic weighted average number of common shares outstanding 99,607,574 99,502,243 99,311,551 Dilutive effect of stock options and preferred shares — 14,670,539 14,694,432 Diluted weighted average number of common shares outstanding 99,607,574 114,172,782 114,005,983 Earnings per share Basic net (loss) income per share ( 1.06 ) 1.08 85.20 Diluted net income (loss) per share ( 1.06 ) 1.00 74.27 As the Company announced on February 22, 2019, the Company’s Board of Directors determined that certain shareholders became Acquiring Persons, and a Trigger Event occurred under the Rights Agreement. As a result, 27,777,341 new common and 14,630,813 preferred shares of the Company were issued into a trust for the benefit of the holders of the valid and outstanding Rights. Releasing these shares from the trust is contingent on an outcome from the Company’s legal proceeding in Antigua (Note 18). Without the effect of the implementation of the Rights Agreement and the newly issued common and preferred shares, basic and diluted weighted average number of common shares outstanding would be 71,830,233 , and the basic and diluted loss per share for 2023 would be $ 1.39 . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 23. Segment Information The Company operates exclusively in the biotechnology sector. The Company’s business is considered as operating in one segment. The Company’s Chief Executive Officer is the chief operating decision maker and reviews the consolidated results of operations when making decisions about resources allocation and assessing performance of the Company as a whole. Most revenues are generated from the subsidiaries located in China. Total long-lived assets of $ 1,045,157 including prepaid land lease payments, property, plant and equipment are primarily located in mainland China (December 31, 2022 - $ 1,063,596 ). The Company’s total assets by geographic location are as follows: December 31, 2023 2022 Assets Mainland China $ 9,816,174 $ 10,878,034 Outside Mainland China 3,841,800 3,236,534 Total Assets $ 13,657,974 $ 14,114,568 The Company’s revenues by market type are as follows: For the year ended December 31, 2023 2022 2021 Sales EPI $ 10,238 $ 732,578 $ 10,552,059 Private Pay 370,818 384,192 349,083 Export 67,213 375,991 8,473,762 Total Sales $ 448,269 $ 1,492,761 $ 19,374,904 The Company’s revenues are attributed to geographic locations as follows: For the year ended December 31, 2023 2022 2021 Sales Mainland China $ 381,056 $ 1,116,770 $ 10,901,142 Outside Mainland China 67,213 375,991 8,473,762 Total Sales $ 448,269 $ 1,492,761 $ 19,374,904 |
Collaboration Agreements
Collaboration Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Collaboration Agreements Disclosure [Abstract] | |
Collaboration Agreements | 24. Collaboration Agreements (a) In March 2009, the Company entered into a technology transfer agreement (with an amendment agreement entered into on December 14, 2011) with Tianjin CanSino Biotechnology Inc. (“Tianjin Cansino”). According to the agreement, Tianjing Cansino will transfer the technology related to pneumococcal vaccine to the Company and jointly develop the technology with the Company. The collaboration term under the technology transfer agreement is from March 12, 2009 to eight years after the first sale of the vaccine developed under the technology transfer agreement in the Chinese market. Under the terms of the technology transfer agreement, the Company will make milestone payments of up to $ 3,000 and royalty payments ranging from 6 % to 10 % of net sales in China. Both parties will work together to develop international markets for the products. On November 17, 2009 and December 14, 2011, two amendment agreements were signed for the payment of $ 300 for the transfer of an additional six serotypes and related technology. As of December 31, 2021, the Company made total milestone payments of $ 1,200 ($ 1,000 under the agreement dated as of March 12, 2009 and $ 200 under the amendment agreement dated as of December 14, 2011). The remaining milestone payments will be paid when the Company achieves each specific milestone, which includes obtaining clinical trials approval, completing clinical trials and achievement of desired results, and achievement of commercial sales. In January 2015, the Company entered into the third amendment to the technology transfer agreement dated March 12, 2009 and the two amendment agreements dated November 17, 2009 and December 24, 2011, respectively. By entering into this third amendment, the technology transfer agreement was amended to be a licensing agreement. The remaining milestone and royalty payments under the technology transfer agreement have been reduced. Both the Company and Tianjin Cansino are free to develop pneumococcal vaccines or to collaborate with other companies for the same purpose. The Company did no t make any payment or recorded any research and development expenses for the years ended December 31, 2023, 2022 and 2021, respectively. (b) In August 2009, the Company entered into a patent license agreement with the National Institutes of Health (“NIH”), an agency of the United States Public Health Services within the Department of Health and Human Services. NIH has granted us a non-exclusive license to import and use certain Rotavirus Strains and Monoclonal Antibodies (“Biological Materials”) to develop an oral rotavirus vaccine and produce the vaccine in commercial sales and launch into market. NIH has also gra nted us the right to use certain documentation associated with the Biological Materials for this research and development project. The term of the license under the patent license agreement, as amended in 2022, is from August 18, 2009 to the later of (a) the expiration of all royalty obligations under the licensed rights where such rights exist and (b) twelve years after the first commercial sale by the Company where such rights have existed but expired or have never existed, unless the agreement is terminated earlier per the provisions included therein. The Company has agreed to pay NIH a license issue royalty of $ 80 upon execution of the agreement and a non-refundable minimum annual royalty of $ 8 , and royalty payments on net sales ranging from 1.5 % to 4 % depending on the sales territory and the customers. For each country in the licensed territory under the patent license agreement, the Company has also agreed to pay NIH benchmark royalties in the total amount of $ 330 upon achieving the benchmarks as specified in the patent license agreement, including completion of clinical trials, obtaining regulatory approval for marketing, and achievement of commercial sales. The Company recorded license royalty of $ 8 for the year ended December 31, 2023 as R&D expenses (2022 - $ nil , 2021 - $ nil ). (c) In August 2011, the Company licensed from Medimmune, LLC, a US based pharmaceutical company, certain non-exclusive rights to use patented reverse genetics technology pertaining to H5N1 influenza virus strain production for vaccines. The Company has agreed to pay an upfront license fee and milestone payments of up to an aggregate of $ 9,900 based upon achievement of cumulative net sales of licensed products in China (including Hong Kong and Macau), as well as royalty payments in single digit of net sales of the licensed products in China (including Hong Kong and Macau). License fee and royalties of $ 3,400 accrued at the end of 2011 were paid in 2012. The Company did no t accrue any royalty payment in 2023, 2022 and 2021. (d) In April 2014, the Company entered into a non-exclusive license agreement (the “Agreement”) with The Institute for Translational Vaccinology (“INTRAVACC”), a governmental institute working under the Dutch Ministry of Public Health, Welfare and Sports, to develop and commercialize the Sabin Inactivated Polio Vaccine (“sIPV”) for distribution in China and other countries. The agreement has a term of 50 years. The Company has agreed to pay INTRAVACC up to $ 2,406 (€ 1.5 million), net of PRC tax, including an entrance fee and milestone payments upon achieving specific milestones. The Company has also agreed to pay royalty payments in a single digit percentage of net sales generated worldwide from the product or products developed under the Agreement. The Company paid a royalty fee of $ 135 (€ 124,117 ), $ 68 (€ 60,000 ) and $ 72 (€ 60,000 ) for the year ended December 31, 2023, 2022 and 2021. (e) In September 2015, Sinovac Dalian entered into a technology transfer and supply agreement with GlaxoSmithKline Biologicals SA, or GSK, to use GSK’s measles seeds to develop combination vaccines containing measles for the China market. Under this agreement, GSK agreed to transfer its measles seeds, provide reasonable assistance and relevant technical materials to Sinovac Dalian for the purpose of developing and producing combination vaccines containing measles. The Company did no t make any payment for purchasing measles seeds to GSK for the years ended December 31, 2023, 2022 and 2021. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. Subsequent Events Aside from those disclosed in note 18 to the financial statements, no other reportable events or transactions take place after the balance sheet date. |
Condensed Financial Information
Condensed Financial Information of the Parent Company | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of the Parent Company | 26. Condensed Financial Information of the Parent Company Balance Sheets December 31, 2023 2022 ASSETS Current assets Cash and cash equivalents $ 10,037 $ 104,926 Short-term investments 97,936 — Prepaid expenses and other receivables 340 490 Amount due from subsidiaries 22,653 31,019 Dividends receivable 3,195 3,195 Total current assets 134,161 139,630 Investment in subsidiaries 8,614,568 8,813,550 Total assets $ 8,748,729 $ 8,953,180 LIABILITIES AND EQUITY Current liabilities Accrued expenses and other payables $ 3,533 $ 4,617 Amount due to subsidiaries 6,689 4,035 Dividend payable 29,089 23,107 Total current liabilities 39,311 31,759 Total liabilities $ 39,311 $ 31,759 EQUITY Preferred stock 15 15 Authorized 50,000,000 shares at par value of $ 0.001 each Issued and outstanding: 14,630,813 (2022 – 14,630,813 ) Common stock 100 100 Authorized: 100,000,000 shares at par value of $ 0.001 each Issued and outstanding: 99,638,043 (2022 – 99,502,243 ) Additional paid-in capital 541,258 540,582 Accumulated other comprehensive income (loss) ( 490,055 ) ( 383,276 ) Retained earnings 8,658,100 8,764,000 Total shareholders’ equity 8,709,418 8,921,421 Total liabilities and equity $ 8,748,729 $ 8,953,180 Statements of Comprehensive Income (Loss) For the year ended December 31 2023 2022 2021 Selling, general and administrative expenses 11,418 9,362 15,148 Total operating expenses 11,418 9,362 15,148 Loss from operations ( 11,418 ) ( 9,362 ) ( 15,148 ) Other income (expenses) 1,981 ( 40 ) 94 Interest income 837 768 248 Equity earnings (losses) of subsidiaries, net of tax ( 91,318 ) 122,500 8,482,286 Net income (loss) ( 99,918 ) 113,866 8,467,480 Preferred stock dividends ( 5,982 ) ( 5,982 ) ( 5,982 ) Net income (loss) attributable to common shareholders ( 105,900 ) 107,884 8,461,498 Net income (loss) ( 99,918 ) 113,866 8,467,480 Foreign currency translation adjustments ( 106,779 ) ( 513,898 ) 110,697 Total comprehensive income (loss) $ ( 206,697 ) $ ( 400,032 ) $ 8,578,177 Statements of Cash Flows For the year ended December 31 2023 2022 2021 Operating activities Net income $ ( 99,918 ) $ 113,866 $ 8,467,480 Adjustments to reconcile net loss to net cash provided by (used in) - Share-based compensation — — 7,735 - Equity in earnings of subsidiaries 91,318 ( 122,500 ) ( 8,482,286 ) Changes in: - Amount due from subsidiaries 8,366 ( 40 ) 62,686 - Prepaid expenses and other receivables 150 1,176 795 - Amount due to subsidiaries 3,539 ( 2,573 ) 507 - Accrued expenses and other payables ( 1,084 ) ( 11,162 ) 11,544 Net cash (used in) provided by operating activities 2,371 ( 21,233 ) 68,461 Financing activities - Proceeds from issuance of common stock, net of share issuance costs 676 — 1,032 Net cash provided by financing activities 676 — 1,032 Investing activities - Purchase of short-term investments ( 97,936 ) — — Net cash provided by investing activities ( 97,936 ) — — (Decrease) increase in cash and cash equivalents ( 94,889 ) ( 21,233 ) 69,493 Cash and cash equivalents, beginning of year 104,926 126,159 56,666 Cash and cash equivalents, end of year $ 10,037 $ 104,926 $ 126,159 (a) Basis of presentation The condensed financial information has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the Company used the equity method to account for investment in its subsidiaries. The Company records its investment in its subsidiaries under the equity method of accounting. Such investment is presented on the balance sheets as “Investment in subsidiaries” and share of their income (loss) as “Equity earnings (losses) of subsidiaries” in the statements of comprehensive income (loss). Each of the Company’s PRC subsidiaries has restrictions on its ability to pay dividends to the Company under PRC laws and regulations (Note 21). The subsidiaries did not pay any dividends to the Company for the years presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted by reference to the consolidated financial statements. (b) Commitments The Company does not have any significant commitments or long-term obligations as of any of the periods presented, except for those disclosed in the consolidated financial statements (notes 18 and 2 4). |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | (a) Use of Estimates In preparation of the Company’s consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates made by management include provision for product returns, allowance for doubtful accounts, inventory provisions, impairment of long-lived assets, fair value of options granted and related forfeiture rates, and realizability of deferred tax assets. On an ongoing basis, management reviews its estimates to ensure that these estimates appropriately reflect changes in the Company’s business and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company’s consolidated financial statements could be materially impacted. |
Cash and Cash Equivalents | (b) Cash and Cash Equivalents Cash equivalents consist of highly liquid investments that are readily convertible to cash generally with maturities of three months or less when purchased. |
Restricted Cash | (c) Restricted Cash Restricted cash is cash held as collateral for transactions the Company has entered into. The ending balance of cash and cash equivalents and restricted cash presented in the consolidated statements of cash flows in 2023 is $ 1,275,297 (2022 - $ 4,286,377 , 2021 - $ 11,619,760 ). It includes $ 1,270,131 cash and cash equivalents (2022 - $ 4,278,124 , 2021 - $ 11,608,855 ) and $ 5,166 restricted cash (2022 - $ 8,253 , 2021 - $ 10,905 ) as presented in the consolidated balance sheets |
Investments | (d) Investments Short-term investments All highly liquid investments with original maturities between three months and one year are classified as short-term investments. Investments that are expected to be realized in cash during the next twelve months are also included in short-term investments. The Company accounts for short-term debt investments in accordance with ASC Topic 320, Investments—Debt Securities (“ASC 320”). The Company classifies the short-term investments in debt as “held-to-maturity,” “trading” or “available-for-sale,” whose classification determines the respective accounting methods stipulated by ASC 320. Dividend and interest income, including amortization of the premium and discount arising at acquisition, for all categories of investments in securities are included in earnings. Any realized gains or losses on the sale of the short-term investments are determined on a specific identification method, and such gains and losses are reflected in earnings during the period in which gains or losses are realized. Securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost less allowance for credit losses. Securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. Debt investments not classified as trading or as held-to-maturity are classified as available-for-sale debt securities, which are reported at fair value, with unrealized gains and losses recorded in “Accumulated other comprehensive income (loss)” on the consolidated balance sheets. The allowance for credit losses of the held-to-maturity debt securities reflects the Company’s estimated expected losses over the contractual lives of the held-to-maturity debt securities and is charged to “Other income, net” in the consolidated statements of comprehensive income (loss). Estimated allowances for credit losses are determined by considering reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. As of December 31, 2023 and 2022, the allowance for credit losses provided for the held-to-maturity debt securities held by the Company were $nil. Long-term investments The Company’s long-term investments consist of equity method investments and held-to-maturity debt investments with original maturities greater than one year. Investments in entities in which the Company can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC Topic 323, Investments-Equity Method and Joint Ventures (“ASC 323”). Under the equity method, the Company initially records its investment at cost and the difference between the cost of the equity investee and the amount of the underlying equity in the net assets of the equity investee is accounted for as if the investee were a consolidated subsidiary. The Company subsequently adjusts the carrying amount of its investment to recognize the Company’s proportionate share of each equity investee’s net income or loss into earnings. The Company will discontinue applying the equity method if an investment (plus additional financial support provided to the investee, if any) has been reduced to zero. The Company evaluates its equity method investments for impairment at each reporting date, or more frequently if events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. For equity securities without readily determinable fair value and do not qualify for the NAV practical expedient, the Company elects to use the measurement alternative to measure those investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. Significant judgements are required to determine (i) whether observable price changes are orderly transactions and identical or similar to an investment held by the Company; and (ii) the selection of appropriate valuation methodologies and underlying assumptions, including expected volatility and the probability of exit events as it relates to liquidation and redemption features used to measure the price adjustments for the difference in rights and obligations between instruments. Equity securities with readily determinable fair values are measured at fair value, and any changes in fair value are recognized in "Other income (expense), net" in the consolidated statements of comprehensive income (loss). |
Accounts Receivable | (e) Accounts Receivable The Company adopted accounts for allowance for doubtful account in accordance with Accounting Standards Codification Topic 326, Credit Losses (“ASC 326”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized costs. The Company estimates an allowance for doubtful accounts based on historical experience, the age of the accounts receivable balances, credit quality of the Company’s customers, current and forecasted future economic conditions and other factors that may affect its customers’ ability to pay. |
Inventories | (f) Inventories Inventories are stated at the lower of cost or net realizable value. The cost of work in progress and finished goods is determined on a weighted-average cost basis and includes direct material, direct labor and overhead costs. Net realizable value represents the anticipated selling price, net of distribution cost, less estimated costs to completion for work in progress. |
Property, Plant and Equipment | (g) Property, Plant and Equipment Property, plant and equipment are recorded at cost. Significant additions and improvements are capitalized, while repairs and maintenance are charged to expenses as incurred. Equipment purchased for specific research and development projects with no alternative use are expensed. Assets under construction are not depreciated until construction is completed and the assets are ready for their intended use. Gains and losses from the disposal of property, plant and equipment are recorded in gain or loss on disposal and impairment of property, plant and equipment included in the consolidated statements of comprehensive income (loss). Depreciation of property, plant and equipment is computed using the straight-line method based on the estimated useful lives of the assets as follows: Plant and buildings 10 to 24 years Machinery and equipment 3 to 10 years Motor vehicles 4 to 7 years Office equipment and furniture 3 to 5 years Leasehold improvements Lesser of useful lives and term of lease |
Prepaid Land Lease Payments | (h) Prepaid Land Lease Payments Prepaid land lease payments represent amounts paid for the rights to use land in the PRC and is recorded at purchased cost less accumulated amortization. Amortization is provided on a straight-line basis over the term of the lease agreement, which ranges from 28 to 50 years . |
Intangible Assets | (i) Intangible Assets The Company capitalizes patent payment and the purchased cost of vaccines if the vaccine has received a new drug certificate from the National Medical Products Administration (“NMPA) of China. If the vaccine has not received a new drug certificate, the purchase cost is expensed as in-process research and development. Licenses in relation to the production and sales of pharmaceutical products are amortized on a straight-line basis over their respective useful lives. Costs incurred to renew or extend the term of licenses are capitalized and amortized over the license’s useful life on a straight-line basis. The costs of acquiring and developing computer software and cloud computing websites for internal use are capitalized as intangible assets. Computer software and cloud computing related intangible assets are amortized over 5 - 10 years . |
Impairment of Long-Lived Assets | (j) Impairment of Long-Lived Assets Long-lived assets including property, plant and equipment and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable from the future undiscounted net cash flows expected to be generated by the asset group. An asset group is identified as assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. If the asset group is not fully recoverable, an impairment loss would be recognized for the difference between the carrying value of the asset group and its estimated fair value, based on the discounted net future cash flows or other appropriate methods, such as comparable market values. The Company uses estimates and judgments in its impairment tests and if different estimates or judgment had been utilized, the timing or the amount of any impairment charges could be materially different. |
Income Taxes | (k) Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the carrying values and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is provided if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates and laws. The tax benefit from an uncertain tax position is recognized only if it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the amount that is greater than 50% likely of being realized upon settlement. The Company recognizes a change in available facts after the reporting date but before issuance of the financial statements in the period when the change in facts occur, even if that new information provides a better estimate of the ultimate outcome of an uncertainty. Liabilities associated with uncertain tax positions are classified as long−term unless expected to be settled within one year. Interest and penalties related to uncertain tax positions, if any, are recorded in the provision for income taxes and classified with the related liability on the consolidated balance sheets. |
Value-Added Taxes | (l) Value-added Taxes Value-added taxes (“VAT”) collected from customers relating to product sales and payable t o governmental authorities are presented on a net basis. VAT collected from customers is excluded from revenue. |
Revenue from Contracts with Customers | (m) Revenue from Contracts with Customers Revenue is recognized at a point in time when performance obligation is satisfied where control of promised goods is transferred to the Company’s customers in an amount of consideration of which the Company expect to be entitled to in exchange for the goods, and the Company can reasonably estimate return provisions for the goods. Product return provisions are estimated based on historical return and exchange data as well as inventory levels and remaining shelf lives of products in distribution channels. As of December 31, 2023, sales return provision for the Company’s vaccine products was $ 70,888 (December 31, 2022 - $ 17,719 ). Sales return provision as a percentage of sales was 15.8 % and 1.2 % in 2023 and 2022, respectively. Deferred revenue is generally related to government stockpiling programs and advances received from customers. For government stockpiling programs, the Company generally obtains purchase authorizations from the government for specified amount of products at a specified price and no rights of return are provided. Revenue is recognized when the government takes delivery of the products. If the products expire prior to delivery, these expired products are recognized as revenue once cash is received and have passed government inspection. For the year ended December 31, 2023, the Company did not have any significant incremental costs of obtaining contracts with customers or costs incurred in fulfilling contracts with customers that shall be recognized as an asset and amortized to expenses in a pattern that matches the timing of the revenue recognition of the related contract. The Company does not have contract assets since revenue is recognized as control of goods is transferred and the Company has an unconditional right to the consideration since payment is due based only upon the passage of time. Contract liabilities consist of advance payments from customers. Contract liabilities are reported in a net position on a customer-by-customer basis at the end of each reporting period. All contract liabilities are included in deferred revenue on the consolidated balance sheets. For the year ended December 31, 2023, the Company recognized sales of $ 3,715 related to contract liabilities as of January 1, 2023. |
Shipping and Handling | (n) Shipping and Handling Shipping and handling fees billed to customers are included in sales. Costs related to shipping and handling are recognized in selling, general and administrative expenses in the consolidated statements of comprehensive income. For the year ended December 31, 2023, $ 7,859 of shipping and handling costs was included in selling, general and administrative expenses (2022 - $ 14,550 , 2021 - $ 54,885 ). |
Advertising Expenses | (o) Advertising Expenses Advertising costs are expensed as incurred and included in selling, general and administrative expenses. Advertising costs were $ 1,553 for the year ended December 31, 2023 (2022 - $ 6,010 , 2021 - $ 7,688 ). |
Research and Development Expense | (p) Research and Development Research and development ("R&D") costs are expensed as incurred and are disclosed as a separate line item in the Company’s consolidated statements of comprehensive income (loss). R&D costs consist primarily of the remuneration of R&D staff, depreciation, material, clinical trial costs as well as amortization of acquired technology and know-how used in R&D with alternative future uses. R&D costs also include costs associated with collaborative R&D and in-licensing arrangements, including upfront fees paid to collaboration partners in connection with technologies which have not reached technological feasibility and do not have an alternative future use. Reimbursement of R&D costs for arrangements with collaboration partners is recognized when the obligations are incurred. Under certain R&D arrangements with third parties, the Company may be required to make payments that are contingent on the achievement of specific development, regulatory and/or commercial milestones. Before a product receives regulatory approval, license fees and milestone payments made to third parties are expensed as incurred. License fees and milestone payments made to third parties after regulatory approval is received are capitalized and amortized over the remaining life of the agreement with third parties. |
Government Grants | (q) Government Grants Government grants received from the PRC government by the PRC operating subsidiaries of the Company are recognized when there is reasonable assurance that the amount is receivable and all the conditions specified in the grant have been met. Government grants for R&D are recognized as a reduction to R&D expenses when the expenses are incurred in the same period as when the conditions attached to the grants are met, or recognized as government grants in income in the period when the conditions are met after the expenses are incurred. Government grants for property, plant and equipment are deferred and recognized as a reduction to the related depreciation and amortization expenses in the same manner as the property, plant and equipment are depreciated. Interest subsidies are recorded as a reduction to interest and financing ex penses in the consolidated statements of comprehensive income (loss), or recorded as a reduction to interest capitalized if the subsidies granted are related to a specific borrowing associated with building a qualifying asset. For government loans received at below market interest rate, the difference between the face value of the loan and fair value using the effective interest rate method is recorded as deferred government grants. |
Retirement and Other Post-retirement Benefits | (r) Retirement and Other Post-retirement Benefits Full-time employees of the Company in the PRC participate in a government mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. PRC labor regulations require that the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company has no legal obligation for the benefits beyond the contributions. Total amounts for employee retirement and other post-retirement benefits incurred was $ 37,689 for the year ended December 31, 2023 (2022 - $ 31,247 , 2021 - $ 18,243 ). |
Foreign Currency Translation And Transactions | (s) Foreign Currency Translation and Transactions The Company maintains accounting records in functional currencies as follows: U.S. dollars (“$”) for Sinovac Biotech. Ltd., Sinovac Hong Kong and Sinovac Singapore, and Renminbi Yuan (“RMB”) for the PRC subsidiaries. The Company uses the US$ as its reporting currency. At the transaction date, each asset, liability, revenue and expense is re-measured into the functional currency by the use of the exchange rate in effect at that date. At each period end, foreign currency monetary assets, and liabilities are re-measured into the functional currency by using the exchange rate in effect at the balance sheet date. The Company recognized foreign exchange gain of $ 45,543 for the year ended December 31, 2023 (2022 - gain $ 265,091 , 2021 - loss $ 68,026 ). Assets and liabilities of subsidiaries with functional currencies other than US$ are translated into US$ at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at ave rage exchange rates. Gains and losses from such translations are recorded in accumulated other comprehensive income, a component of shareholders’ equity. |
Share-based Compensation | (t) Share-based Compensation Compensation expense for costs related to all share-based payments, including grants of stock options, is recognized through a fair-value based method. The Company uses the Black-Scholes option-pricing model to determine the grant date fair value for stock options. The Company uses the grant date stock price to determine the grant date fair value of restricted shares. The Company has elected to recognize share-based compensation costs using the straight-line method over the requisite service period with a graded vesting schedule, provided that the amount of compensation costs recognized at any date is at least equal to the portion of the grant date value of the awards that are vested at that date. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share based compensation costs are recorded net of estimated forfeitures such that expense is recorded only for those awards that are expected to vest. |
Comprehensive Income (Loss) | (u) Comprehensive Income (Loss) The Company’s comprehensive income (loss) consists of net income (loss) and foreign currency translation adjustments. |
Earnings (Loss) Per Share | (v) Earnings (Loss) Per Share Earnings (loss) per share is calculated in accordance with Accounting Standards Codification (“ASC”) 260 Earnings per Share . Basic earnings (loss) per share is computed by dividing the net income (loss) attributable to shareholders of Sinovac by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share is computed in accordance with the treasury stock method and based on the weighted average number of common shares and dilutive common share equivalents. Dilutive common share equivalents are excluded from the computation of diluted earnings (loss) per share if their effects would be anti-dilutive. |
Leases | (w) Leases The Company determines if an arrangement is a lease or contains a lease at lease inception. For operating leases, the Company recognizes a right-of-use asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. |
Fair Value Measurements | (x) Fair Value Measurements Assets and liabilities subject to fair value measurements are required to be disclosed within a specified fair value hierarchy. The fair value hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following categories based on the lowest level input used that is significant to a particular fair value measurement: • Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets and liabilities in markets that are not active. • Level 3 — Unobservable inputs for the asset or liability. The carrying values of cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities and short-term bank loans and the current portion of long-term debt approximate their fair value because of their short-term nature. Fair value of mutual funds are measured based on quoted prices in active markets. Fair value of held-to-maturity debt investments and financial institution products other than mutual funds classified as available-for-sale debt investments are measured based on significant other observable inputs. Fair value of the long-term bank loans is determined based on level 2 inputs, and the carrying amounts of long-term bank loans approximate fair value as the related interest rates approximate rates currently offered by financial institutions for similar debt instruments. For equity securities accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured to fair value. The Company also measures property, plant and equipment at fair value on a non-recurring basis only if an impairment charge were to be recognized. There were no non-recurring fair value measurements for the years ended December 31, 2023 and 2022, except for fair value measurement of certain long-lived assets for the impairment charged in 2023 as disclosed in note 8. Assets and liabilities measured on a recurring basis or disclosed at fair value are summarized below: Fair value measurement or disclosure at Dec 31, 2023 using at Dec 31, 2022 using Total Level 1 Level 2 Total Level 1 Level 2 Fair value measurements on a recurring basis Short-term investments: Held-to-maturity debt investments $ 2,256,215 $ — $ 2,256,215 $ 7,034,569 $ — $ 7,034,569 Available-for-sale debt investments 7,696,827 534,985 7,161,842 — — — Long-term investments: Held-to-maturity debt investments 435,841 — 435,841 537,500 — 537,500 Total assets measured at fair value 10,388,883 534,985 9,853,898 7,572,069 — 7,572,069 Financial liabilities: Bank loans 253,906 — 253,906 11,806 — 11,806 Total liabilities measured at fair value 253,906 — 253,906 11,806 — 11,806 Total recurring fair value measurements $ 10,642,789 $ 534,985 $ 10,107,804 $ 7,583,875 $ — $ 7,583,875 |
Concentration of Risks | (y) Concentration of Risks Exchange Rate Risks The Company operates in China, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility of foreign exchange rates between the U.S. dollars and the RMB. In 2023, foreign exchange gain is $ 45,543 (2022 gain - $ 265,091 , 2021 loss- $ 68,026 ). As of December 31, 2023, cash and cash equivalents of $ 524,003 (RMB 3,720 million) is denominated in RMB and are held in PRC and Hong Kong (December 31, 2022 - $ 1,490,336 (RMB 10,279 million) ). Currency Convertibility Risks Substantially all of the Company’s operating activities are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with other information such as suppliers’ invoices, shipping documents and signed contracts. Concentration of Credit Risks Financial instruments that potentially subject the Company to concentration of credit risks consist primarily of cash and cash equivalents, restricted cash, short-term investments and accounts receivable, the balances of which are stated on the consolidated balance sheets which represent the Company’s maximum exposure. The Company places its cash and cash equivalents, restricted cash, and short-term investments in reputable financial institutions in Hong Kong and China. Concentration of credit risks with respect to accounts receivables is linked to the concentration of revenue. The Company’s customers are mainly various government agencies in China. No single customer of the Company accounted for more than 10% of the total sales for the years ended December 31, 2023, 2022 and 2021. To manage credit risk, the Company performs ongoing credit evaluations of customers’ financial condition. Interest Rate Risks The Company is subject to interest rate risk. Interests of the interest-bearing loans are charged at variable rates based on the People’s Bank of China (note 12). |
Recently Issued Accounting Standards | (z) Recently Issued Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which focuses on improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. A public entity shall disclose for each reportable segment the significant expense categories and amounts that are regularly provided to the CODM and included in reported segment profit or loss. ASU 2023-07 also requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Entities are permitted to disclose more than one measure of a segment’s profit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the consolidated financial statements. ASU 2023-07 is applied retrospectively to all periods presented in financial statements, unless it is impracticable. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect that the adoption of this guidance to have a material impact on its consolidated financial statements. On December 14, 2023, the FASB issued ASU 2023-09, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The ASU amends ASC 740-10-50-12 to require public business entities (“PBEs”) to disclose a reconciliation between the amount of reported income tax expense (or benefit) from continuing operations and the amount computed by multiplying the income (or loss) from continuing operations before income taxes by the applicable statutory federal (national) income tax rate of the jurisdiction (country) of domicile. If PBE is not domiciled in the United States, the federal (national) income tax rate in such entity’s jurisdiction (country) of domicile shall normally be used in the rate reconciliation. The amendments prohibit the use of different income tax rates for subsidiaries or segments. Further, PBEs that use an income tax rate in the rate reconciliation that is other than the U.S. income tax rate must disclose the rate used and the basis for using it. The ASU also adds ASC 740-10-50-12A, which requires entities to annually disaggregate the income tax rate reconciliation between the following eight categories by both percentages and reporting currency amounts: (1) State and local income tax, net of federal (national) income tax effect; (2) Foreign tax effects; (3) Effect of changes in tax laws or rates enacted in the current period; (4) Effect of cross-border tax laws; (5) Tax credits; (6) Changes in valuation allowances; (7) Nontaxable or nondeductible items; (8) Changes in unrecognized tax benefits. PBEs must apply the ASU’s guidance to annual periods beginning after December 15, 2024 (2025 for calendar-year-end PBEs). Early adoption is permitted. Entities may apply the amendments prospectively or may elect retrospective application. The Company is currently evaluating the impact of the amendments on its consolidated financial statements. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Significant Intercompany Transactions | All significant intercompany transactions have been eliminated. Details of the Company’s significant subsidiaries are as follows: Name Date of Place of Percentage of Percentage of Principal activities Sinovac Biotech October 2008 Hong Kong 100 % 100 % International sales Sinovac Biotech Co., Ltd. April 2001 People’s 73.09 % 73.09 % Research and development, Sinovac Life Sciences Co., Ltd. May 2009 PRC 59.24 % 59.24 % Research and development, Sinovac (Dalian) Vaccine January 2010 PRC 68 % 68 % Research and development, Sinovac Biomed Co., Ltd. April 2015 PRC 100 % 100 % Distribution of Sinovac Biotech (Singapore) August 2020 Singapore 100 % 100 % International sales |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Assets | Depreciation of property, plant and equipment is computed using the straight-line method based on the estimated useful lives of the assets as follows: Plant and buildings 10 to 24 years Machinery and equipment 3 to 10 years Motor vehicles 4 to 7 years Office equipment and furniture 3 to 5 years Leasehold improvements Lesser of useful lives and term of lease |
Summary of Assets and Liabilities Measured on a Recurring Basis | Assets and liabilities measured on a recurring basis or disclosed at fair value are summarized below: Fair value measurement or disclosure at Dec 31, 2023 using at Dec 31, 2022 using Total Level 1 Level 2 Total Level 1 Level 2 Fair value measurements on a recurring basis Short-term investments: Held-to-maturity debt investments $ 2,256,215 $ — $ 2,256,215 $ 7,034,569 $ — $ 7,034,569 Available-for-sale debt investments 7,696,827 534,985 7,161,842 — — — Long-term investments: Held-to-maturity debt investments 435,841 — 435,841 537,500 — 537,500 Total assets measured at fair value 10,388,883 534,985 9,853,898 7,572,069 — 7,572,069 Financial liabilities: Bank loans 253,906 — 253,906 11,806 — 11,806 Total liabilities measured at fair value 253,906 — 253,906 11,806 — 11,806 Total recurring fair value measurements $ 10,642,789 $ 534,985 $ 10,107,804 $ 7,583,875 $ — $ 7,583,875 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Restricted Cash | December 31, 2023 2022 Restricted Cash $ 5,166 $ 8,253 Total Restricted Cash $ 5,166 $ 8,253 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Short-term Investments Classifications | Short-term investments classification as of December 31, 2023 and 2022 were shown as below: December 31, 2023 2022 Held-to-maturity debt investments $ 2,256,215 $ 7,034,569 Available-for-sale debt investments 7,696,827 — Total short-term investments $ 9,953,042 $ 7,034,569 |
Summary Long-term Investments Held by Company | The following table sets forth a breakdown of the categories of long-term investments held by the Company as of the dates indicated: December 31, 2023 2022 Long-term held-to-maturity debt investments $ 435,841 $ 537,500 Equity method investments and private equity 248,444 123,940 Total long-term investments $ 684,285 $ 661,440 |
Accounts Receivable - Net (Tabl
Accounts Receivable - Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Accounts Receivable | December 31, 2023 2022 Trade receivables $ 439,466 $ 509,483 Allowance for doubtful accounts ( 13,456 ) ( 12,469 ) 426,010 497,014 Other receivables 14,009 40,104 Total accounts receivable $ 440,019 $ 537,118 |
Schedule of Maximum Exposure to Credit Risk Relating to Trade Receivables | The Company’s maximum exposure to credit risk at the balance sheets date relating to trade receivables is summarized as follows: December 31, 2023 2022 Aging within one year, net of allowance for doubtful accounts $ 326,405 $ 424,060 Aging greater than one year, net of allowance for doubtful accounts 99,605 72,954 Total trade receivables $ 426,010 $ 497,014 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | December 31, 2023 2022 Raw materials $ 61,998 $ 88,021 Work in progress 43,904 45,976 Finished goods 33,972 46,722 Total inventories $ 139,874 $ 180,719 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant And Equipment - net | December 31, 2023 2022 Cost Construction in progress $ 142,708 $ 331,500 Plant and buildings 392,503 326,908 Machinery and equipment 550,208 343,724 Motor vehicles 3,972 4,987 Office equipment and furniture 39,501 28,959 Leasehold improvements 320,297 215,477 Land 7,020 7,272 Total cost $ 1,456,209 $ 1,258,827 Less: Accumulated depreciation Plant and buildings $ 51,538 $ 39,045 Machinery and equipment 218,740 146,299 Motor vehicles 2,603 2,263 Office equipment and furniture 18,094 9,709 Leasehold improvements 107,292 67,730 Total accumulated depreciation $ 398,267 $ 265,046 Less: Impairment Machinery and equipment $ 51,331 $ — Office equipment and furniture 1,783 — Leasehold improvements 21,902 — Construction in progress 3,309 — Total impairment $ 78,325 $ — Property, plant and equipment, net $ 979,617 $ 993,781 |
Prepaid Land Lease Payments (Ta
Prepaid Land Lease Payments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Land And Lease Payments [Abstract] | |
Schedule of Prepaid Land Lease Payments | December 31, 2023 2022 Prepaid land lease payments $ 76,119 $ 78,356 Less: accumulated amortization ( 10,579 ) ( 8,541 ) Net carrying value $ 65,540 $ 69,815 |
Intangible Asset - Net (Tables)
Intangible Asset - Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of Intangible Asset - Net | December 31, 2023 2022 Computer software $ 18,106 $ 10,411 Less: accumulated amortization 9,586 712 Net carrying value $ 8,520 $ 9,699 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Supplemental Cash Flow Information Relating to Operating Leases | Supplemental cash flow information related to operating leases was as follows: For the year 2023 2022 Cash payments for operating leases $ 7,955 $ 13,992 Right-of-use assets obtained in exchange for operating lease liabilities — — |
Schedule of Future Lease Payments under Operating Leases | Future lease payments under operating leases as of December 31, 2023 were as follows: 2024 $ 8,024 2025 6,038 2026 5,961 2027 6,221 2028 6,210 Thereafter 23,338 Total future lease payments 55,792 Less: Imputed interest 10,715 Total lease liability balance $ 45,077 |
Bank Loans (Tables)
Bank Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Bank Loans | Summarized below are bank loans as of December 31, 2023 and 2022: December 31, 2023 2022 China Everbright Bank (a) $ 1,440 $ 293 China Merchants Bank (b) 74,649 — Bank loans due within one year 76,089 293 China Everbright Bank (a) 9,736 11,513 China Merchants Bank (b) 70,409 — Bank of Beijing (c) 70,424 — China Construction Bank (d) 27,248 — Long-term bank loans 177,817 11,513 Total bank loans $ 253,906 $ 11,806 (a) On November 17, 2020, Sinovac Dalian entered into a maximum credit facility of $ 28,169 (RMB 200 million) with China Everbright Bank to finance its purchase of property, plant and equipment, with a term from November 17, 2020 to November 16, 2028. The loan bears annual interest rate at 145 basis point below the prime rate of a five-year term loan published by the People’s Bank of China, at 2.85 %. Interest is payable quarterly and principal installment repayments began in 2023 and shall be fully paid by November 16, 2028. As of December 31, 2023, $ 1,440 (RMB 10 million) is recorded in bank loans due within one year and $ 9,736 (RMB 69 million) is recorded in long-term bank loans. Certain machinery and equipment of Sinovac Dalian with a net book value of $ 32,683 (RMB 232 million) were pledged as collateral. (b) On January 12, 2023, Sinovac Life Sciences entered into a maximum credit facility of $ 211,271 (RMB 1,500 million) with China Merchants Bank to support its daily operation. The loans bear annual interest rate at 8 5 basis point below the prime rate of a one-year term loan published by the People’s Bank of China, at 2.8 %. Interest is payable quarterly and principal installment repayments began in 2023 and shall be fully paid by January 12, 2025. Sinovac Life Sciences repaid $ 3,860 (RMB 27 million) in principal and interest in 2023. As of December 31, 2023, $ 74,649 (RMB 530 million) is recorded in bank loans due within one year and $ 70,409 (RMB 500 million) is recorded in long-term bank loans. (c) On April 14, 2023, Sinovac Life Sciences entered into a maximum credit facility of $ 70,424 (RMB 500 million) with Bank of Beijing to support its daily operation . The loan bears annual interest rate from 7 5 basis point to 80 basis poin t below the prime rate of a one-year term loan published by the People’s Bank of China, ranges from 2.65 % to 2.90 %. Interest is payable quarterly and principal installment repayments began in 2025 and shall be fully paid by April 28, 2026. As of December 31, 2023, $ 70,424 (RMB 500 million) is recorded in long-term bank loans. (d) On May 31, 2023, Sinovac Biotech (Yidao) Co., Ltd. entered into a maximum credit facility of $ 183,101 (RMB 1,300 million) with China Construction Bank to finance its purchase of property, plant and equipment, with a term from June 15, 2023 to June 14, 2041. The loan bears annual interest rate at 118 basis point below the prime rate of a five-year term loan published by the People’s Bank of China, at 3.12 %. Interest is payable quarterly and principal installment repayments began in 2026 and shall be fully paid by June 14, 2041. As of December 31, 2023, $ 27,248 (RMB 193 million) is recorded in long-term bank loans. Certain construction in progress and prepaid land lease payments of Sinovac Biotech (Yidao) Co., Ltd. with a net book value of $ 75,888 (RMB 539 million) were pledged as collateral. |
Schedule of Aggregate Maturities of Loans | Aggregate maturities of loans for each of the next 5 years following December 31, 2023 are as follows: Within 1 year $ 76,089 In 2025 114,949 In 2026 31,106 In 2027 2,433 After 2027 29,329 Total $ 253,906 |
Related Party Transactions an_2
Related Party Transactions and Balances (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Loan From Non-controlling Shareholder | (a) Loan from a non-controlling shareholder December 31, 2023 2022 Loan - current $ — $ 4,358 $ — $ 4,358 |
Schedule of Related Party Transactions and Balances | (b) The Company entered into the following transactions in the normal course of operations with related parties: For the year ended December 31, 2023 2022 2021 Rent expenses to SinoBioway Biotech Group Co. Ltd. (“SinoBioway”). $ 756 $ 796 $ 830 Rent expenses to Dalian Jin Gang Group (“Jin Gang”). 22 23 21 Investment income (loss) from VIVO Capital’s funds ( 148 ) 2,702 — |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Table) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | December 31, 2023 2022 Trade payables $ 17,291 $ 19,825 Machinery and equipment payables 50,040 67,475 Accrued expenses 250,565 242,528 Value added tax payable 1,619 1,784 Withholding tax payable 656 254,302 Other tax payable 488 554 Bonus and benefit payables 643,855 311,440 Other payables 9,435 8,015 Total accounts payable and accrued liabilities $ 973,949 $ 905,923 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Before Income Tax | The Company’s income before income tax consists of: For the year ended December 31, 2023 2022 2021 Non-PRC $ 139,608 $ 48,500 $ 94,372 PRC ( 292,642 ) ( 23,262 ) 17,468,669 Total $ ( 153,034 ) $ 25,238 $ 17,563,041 |
Schedule of Company's Income Taxes | The Company’s income taxes consists of: For the year ended December 31, 2023 2022 2021 Current income tax expense $ ( 28,997 ) $ ( 20,117 ) $ ( 2,839,034 ) Deferred tax recovery (expense) ( 76,324 ) 83,010 ( 265,096 ) Total income tax recovery (expense) $ ( 105,321 ) $ 62,893 $ ( 3,104,130 ) |
Schedule of Income Before Income Taxes | The following is a reconciliation of the Company’s total income tax expenses to the amount computed by applying the PRC statutory income tax rate of 25 % to its income before income taxes for the years ended December 31, 2023, 2022 and 2021: For the year ended December 31, 2023 2022 2021 Income before income taxes $ ( 153,034 ) $ 25,238 $ 17,563,041 Income tax expense at the PRC statutory rate ( 75,942 ) ( 6,310 ) ( 4,390,760 ) International tax rate differential ( 469 ) ( 1,665 ) 5,303 Super deduction for research and development expenses 40,899 84,008 159,235 Non-deductible expenses ( 33,920 ) ( 55,748 ) ( 227,821 ) Effect of preferential tax rate 10,515 ( 4,213 ) 1,774,595 Change in valuation allowance ( 83,704 ) ( 12,707 ) ( 4,135 ) Effect of PRC withholding tax 36,921 59,006 ( 426,737 ) Other adjustments 379 522 6,190 Income tax recovery (expense) $ ( 105,321 ) $ 62,893 $ ( 3,104,130 ) |
Schedule Company's Deferred Tax Assets | The tax effects of temporary differences that give rise to the Company’s deferred tax assets are as follows: December 31, 2023 2022 Inventories 9,747 16,573 Accrued expenses 83,309 64,283 Deferred government grants 1,183 2,935 Fixed assets ( 29,122 ) ( 12,673 ) Tax losses carried forward 65,338 16,961 Less: valuation allowance ( 100,665 ) ( 16,961 ) Deferred tax assets $ 29,790 $ 71,118 |
Schedule of Changes in Unrecognized Tax Benefits | The changes in unrecognized tax benefits are as follows: For the year ended December 31, 2023 2022 2021 Balance on January 1 81 275 561 Additions for tax positions of the current year — — — Additions for tax positions of the prior years — — — Settlement with the taxing authority — — — Lapse of statute of limitations ( 81 ) ( 194 ) ( 286 ) Balance on December 31 $ — $ 81 $ 275 |
Deferred Government Grants (Tab
Deferred Government Grants (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Government Grant [Abstract] | |
Summary of Deferred Government Grants | Summarized below are deferred government grants as of December 31, 2023 and 2022: December 31, 2023 2022 Government grants for property, plant and equipment (a) $ 627 $ 261 Government grants for research and development (b) 959 14,859 Current deferred government grants 1,586 15,120 Government grants for property, plant and equipment (a) 3,921 1,978 Government grants for research and development (b) 1,944 2,499 Non-current deferred government grants 5,865 4,477 Total deferred government grants $ 7,451 $ 19,597 (a) The Company has four deferred government grants related to property, plant and equipment. The Company has fulfilled these grants’ conditions. $ 627 will be amortized in 2024 which was included in the current portion of deferred government grant and $ 3,921 will be amortized after 2024 which was included in the non-current portion of deferred government grants. $ 546 was recorded as a reduction to depreciation expense for the year ended December 31, 2023 (2022 - $ 457 , 2021 - $ 569 ), and $ 7 was recorded as government grant recognized in income for the year ended December 31, 2023 (2022 - $ nil , 2021 - $ 79 ). (b) The Company has nine deferred government grants related to various research and development projects. The Company expects to fulfill six grants’ conditions in 2024 and recorded $ 959 as the current portion of deferred government grants, while the remaining three grants’ conditions are expected to be fulfilled after 2024 and $ 1,944 is recorded in the non-current portion of deferred government grants. |
Stock Options (Tables)
Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Company's Stock Options Activity | A summary of the Company’s stock options activity for the 2003 and 2012 Plan is presented below: Number Weighted Aggregate Outstanding as of January 1, 2023 172,500 $ 4.98 $ 257,025 Granted — — — Exercised ( 135,800 ) 4.98 ( 202,342 ) Forfeited / Expired ( 36,700 ) 4.98 ( 54,683 ) Outstanding as of December 31, 2023 — $ — $ — Vested and expected to vest at December 31, 2023 — $ — $ — Exercisable as of December 31, 2023 — $ — $ — |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Income Attributable to Shareholders | The following table sets forth the computation of basic and diluted income attributable to common shareholders of Sinovac per share (in thousands, except for number of shares and per share data): For the year ended December 31 2023 2022 2021 Numerator Net income (loss) $ ( 258,355 ) $ 88,131 $ 14,458,911 Less: Income (loss) attributable to non-controlling interests ( 158,437 ) ( 25,735 ) 5,991,431 Income (loss) attributable to shareholders of Sinovac ( 99,918 ) 113,866 8,467,480 Less: Preferred stock dividends 5,982 5,982 5,982 Net income (loss) attributable to shareholders of Sinovac ( 105,900 ) 107,884 8,461,498 Net income (loss) attributable to shareholders of Sinovac for computing diluted net income per share ( 99,918 ) 113,866 8,467,480 Denominator Basic weighted average number of common shares outstanding 99,607,574 99,502,243 99,311,551 Dilutive effect of stock options and preferred shares — 14,670,539 14,694,432 Diluted weighted average number of common shares outstanding 99,607,574 114,172,782 114,005,983 Earnings per share Basic net (loss) income per share ( 1.06 ) 1.08 85.20 Diluted net income (loss) per share ( 1.06 ) 1.00 74.27 |
Segment Information (Table)
Segment Information (Table) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Total Assets by Geographic Area | The Company’s total assets by geographic location are as follows: December 31, 2023 2022 Assets Mainland China $ 9,816,174 $ 10,878,034 Outside Mainland China 3,841,800 3,236,534 Total Assets $ 13,657,974 $ 14,114,568 |
Schedule of Revenues by Market Type | The Company’s revenues by market type are as follows: For the year ended December 31, 2023 2022 2021 Sales EPI $ 10,238 $ 732,578 $ 10,552,059 Private Pay 370,818 384,192 349,083 Export 67,213 375,991 8,473,762 Total Sales $ 448,269 $ 1,492,761 $ 19,374,904 |
Schedule of Revenues are Attributed to Geographic Locations | The Company’s revenues are attributed to geographic locations as follows: For the year ended December 31, 2023 2022 2021 Sales Mainland China $ 381,056 $ 1,116,770 $ 10,901,142 Outside Mainland China 67,213 375,991 8,473,762 Total Sales $ 448,269 $ 1,492,761 $ 19,374,904 |
Condensed Financial Informati_2
Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Balance Sheets | Balance Sheets December 31, 2023 2022 ASSETS Current assets Cash and cash equivalents $ 10,037 $ 104,926 Short-term investments 97,936 — Prepaid expenses and other receivables 340 490 Amount due from subsidiaries 22,653 31,019 Dividends receivable 3,195 3,195 Total current assets 134,161 139,630 Investment in subsidiaries 8,614,568 8,813,550 Total assets $ 8,748,729 $ 8,953,180 LIABILITIES AND EQUITY Current liabilities Accrued expenses and other payables $ 3,533 $ 4,617 Amount due to subsidiaries 6,689 4,035 Dividend payable 29,089 23,107 Total current liabilities 39,311 31,759 Total liabilities $ 39,311 $ 31,759 EQUITY Preferred stock 15 15 Authorized 50,000,000 shares at par value of $ 0.001 each Issued and outstanding: 14,630,813 (2022 – 14,630,813 ) Common stock 100 100 Authorized: 100,000,000 shares at par value of $ 0.001 each Issued and outstanding: 99,638,043 (2022 – 99,502,243 ) Additional paid-in capital 541,258 540,582 Accumulated other comprehensive income (loss) ( 490,055 ) ( 383,276 ) Retained earnings 8,658,100 8,764,000 Total shareholders’ equity 8,709,418 8,921,421 Total liabilities and equity $ 8,748,729 $ 8,953,180 |
Schedule of Statements of Comprehensive Income (Loss) | Statements of Comprehensive Income (Loss) For the year ended December 31 2023 2022 2021 Selling, general and administrative expenses 11,418 9,362 15,148 Total operating expenses 11,418 9,362 15,148 Loss from operations ( 11,418 ) ( 9,362 ) ( 15,148 ) Other income (expenses) 1,981 ( 40 ) 94 Interest income 837 768 248 Equity earnings (losses) of subsidiaries, net of tax ( 91,318 ) 122,500 8,482,286 Net income (loss) ( 99,918 ) 113,866 8,467,480 Preferred stock dividends ( 5,982 ) ( 5,982 ) ( 5,982 ) Net income (loss) attributable to common shareholders ( 105,900 ) 107,884 8,461,498 Net income (loss) ( 99,918 ) 113,866 8,467,480 Foreign currency translation adjustments ( 106,779 ) ( 513,898 ) 110,697 Total comprehensive income (loss) $ ( 206,697 ) $ ( 400,032 ) $ 8,578,177 |
Schedule of Statements of Cash Flows | Statements of Cash Flows For the year ended December 31 2023 2022 2021 Operating activities Net income $ ( 99,918 ) $ 113,866 $ 8,467,480 Adjustments to reconcile net loss to net cash provided by (used in) - Share-based compensation — — 7,735 - Equity in earnings of subsidiaries 91,318 ( 122,500 ) ( 8,482,286 ) Changes in: - Amount due from subsidiaries 8,366 ( 40 ) 62,686 - Prepaid expenses and other receivables 150 1,176 795 - Amount due to subsidiaries 3,539 ( 2,573 ) 507 - Accrued expenses and other payables ( 1,084 ) ( 11,162 ) 11,544 Net cash (used in) provided by operating activities 2,371 ( 21,233 ) 68,461 Financing activities - Proceeds from issuance of common stock, net of share issuance costs 676 — 1,032 Net cash provided by financing activities 676 — 1,032 Investing activities - Purchase of short-term investments ( 97,936 ) — — Net cash provided by investing activities ( 97,936 ) — — (Decrease) increase in cash and cash equivalents ( 94,889 ) ( 21,233 ) 69,493 Cash and cash equivalents, beginning of year 104,926 126,159 56,666 Cash and cash equivalents, end of year $ 10,037 $ 104,926 $ 126,159 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Significant Intercompany Transactions (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Sinovac Hong Kong | ||
Minority Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | 100% |
Sinovac Beijing | ||
Minority Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 73.09% | 73.09% |
Sinovac LS | ||
Minority Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 59.24% | 59.24% |
Sinovac Dalian | ||
Minority Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 68% | 68% |
Sinovac Biomed Co., Ltd. | ||
Minority Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | 100% |
Sinovac Singapore | ||
Minority Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | 100% |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) $ in Thousands, ¥ in Millions | 12 Months Ended | ||||||
Jan. 01, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2020 USD ($) | |
Significant Accounting Policies [Line Items] | |||||||
Cash and cash equivalents and restricted cash | $ 1,275,297 | $ 4,286,377 | $ 11,619,760 | $ 1,050,204 | |||
Cash and cash equivalents | 1,270,131 | 4,278,124 | 11,608,855 | ||||
Restricted cash | 5,166 | 8,253 | 10,905 | ||||
Revenue Recognition, Sales Returns, Reserve for Sales Returns | $ 70,888 | $ 17,719 | |||||
Percentage of sales return provision | 15.80% | 1.20% | |||||
Sales | $ 3,715 | ||||||
Advertising Expense | $ 1,553 | $ 6,010 | 7,688 | ||||
Employee retirement and other post-retirement benefits incurred | 37,689 | 31,247 | 18,243 | ||||
Foreign Currency Transaction Gain (Loss), before Tax | 45,543 | 265,091 | (68,026) | ||||
Cash and Cash Equivalents, at Carrying Value, Total | 524,003 | 1,490,336 | ¥ 3,720 | ¥ 10,279 | |||
Related Party [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Due to Related Parties, current and noncurrent | 0 | 4,358 | |||||
Shipping and Handling [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Shipping, Handling and Transportation Costs | 7,859 | 14,550 | $ 54,885 | ||||
Fair Value, Recurring [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Financial assets measured on recurring basis | 10,388,883 | 7,572,069 | |||||
Level 1 [Member] | Fair Value, Recurring [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Financial assets measured on recurring basis | 534,985 | 0 | |||||
Level 2 [Member] | Fair Value, Recurring [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Financial assets measured on recurring basis | $ 9,853,898 | $ 7,572,069 | |||||
Use Rights [Member] | Minimum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 28 years | 28 years | |||||
Use Rights [Member] | Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 50 years | 50 years | |||||
Computer Software and Cloud Computing Websites [Member] | Minimum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | 5 years | |||||
Computer Software and Cloud Computing Websites [Member] | Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Details) | Dec. 31, 2023 |
Plant And Building [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 24 years |
Plant And Building [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Motor vehicles [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Motor vehicles [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 4 years |
Office Equipment And Furniture [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Office Equipment And Furniture [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term investments: | ||
Held-to-maturity debt investments | $ 2,256,215 | $ 7,034,569 |
Available-for-sale debt investments | 7,696,827 | 0 |
Long-term investments: | ||
Held-to-maturity debt investments | 435,841 | 537,500 |
Total assets measured at fair value | 10,388,883 | 7,572,069 |
Financial liabilities: | ||
Bank loans | 253,906 | 11,806 |
Total liabilities measured at fair value | 253,906 | 11,806 |
Total recurring fair value measurements | 10,642,789 | 7,583,875 |
Level 1 [Member] | ||
Short-term investments: | ||
Held-to-maturity debt investments | 0 | 0 |
Available-for-sale debt investments | 534,985 | 0 |
Long-term investments: | ||
Held-to-maturity debt investments | 0 | 0 |
Total assets measured at fair value | 534,985 | 0 |
Financial liabilities: | ||
Bank loans | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Total recurring fair value measurements | 534,985 | 0 |
Level 2 [Member] | ||
Short-term investments: | ||
Held-to-maturity debt investments | 2,256,215 | 7,034,569 |
Available-for-sale debt investments | 7,161,842 | 0 |
Long-term investments: | ||
Held-to-maturity debt investments | 435,841 | 537,500 |
Total assets measured at fair value | 9,853,898 | 7,572,069 |
Financial liabilities: | ||
Bank loans | 253,906 | 11,806 |
Total liabilities measured at fair value | 253,906 | 11,806 |
Total recurring fair value measurements | $ 10,107,804 | $ 7,583,875 |
Restricted Cash - Additional In
Restricted Cash - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | |||
Restricted cash | $ 5,166 | $ 8,253 | $ 10,905 |
Restricted Cash - Schedule of R
Restricted Cash - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Total Restricted Cash | $ 5,166 | $ 8,253 | $ 10,905 |
Restricted Cash [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Total Restricted Cash | $ 5,166 | $ 8,253 |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2023 | Apr. 30, 2023 | |
Schedule Of Held To Maturity Securities [Line Items] | |||||
Interest and investment income | $ 85,114,000 | $ 190,818,000 | $ 102,568,000 | ||
Unrealized gain of available-for-sale investments | 65,900,000 | 0 | $ 0 | ||
Impairment charges on equity investments | $ 0 | 0 | |||
Keyvac | |||||
Schedule Of Held To Maturity Securities [Line Items] | |||||
Equity interest percentage | 32.60% | ||||
Evaheart | |||||
Schedule Of Held To Maturity Securities [Line Items] | |||||
Equity interest percentage | 4.20% | ||||
UPH | |||||
Schedule Of Held To Maturity Securities [Line Items] | |||||
Equity interest percentage | 30.20% | ||||
SKY | |||||
Schedule Of Held To Maturity Securities [Line Items] | |||||
Equity investment | $ 101,400,000 | ||||
Equity interest percentage | 45% | ||||
Short-term Investments | |||||
Schedule Of Held To Maturity Securities [Line Items] | |||||
Interest and investment income | $ 364,369,000 | 18,401,000 | $ 51,034,000 | ||
Long-term Investments | |||||
Schedule Of Held To Maturity Securities [Line Items] | |||||
Interest and investment income | $ 4,097,000 | $ 2,842,000 | $ 14,143,000 |
Investments - Summary of Short-
Investments - Summary of Short-term Investments Classifications (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity debt investments | $ 2,256,215 | $ 7,034,569 |
Available-for-sale debt investments | 7,696,827 | 0 |
Total short-term investments | $ 9,953,042 | $ 7,034,569 |
Investments - Summary Long-term
Investments - Summary Long-term Investments Held by Company (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Long-term held-to-maturity debt investments | $ 435,841 | $ 537,500 |
Equity method investments and private equity investments without readily determinable fair values | 248,444 | 123,940 |
Total long-term investments | $ 684,285 | $ 661,440 |
Trust for Incentive - Additiona
Trust for Incentive - Additional Information (Details) - Incentive Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Trust for Incentive [Line Items] | |||
Long Term incentive plan aggregate amount | $ 1,400 | ||
Obligations under incentive plan recorded in short term investments | $ 639 | ||
Obligations under incentive plan recorded in long term investments | 297 | ||
Amount paid under incentive plan | 0 | $ 535 | |
Incentives accrued as deferred compensation liability | $ 605 |
Accounts Receivable - Net - Sch
Accounts Receivable - Net - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivables, net, current, total | $ 440,019 | $ 537,118 |
Trade Accounts Receivable | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivables, gross, current | 439,466 | 509,483 |
Allowance for doubtful accounts | (13,456) | (12,469) |
Accounts receivables, net, current, total | 426,010 | 497,014 |
Other Receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivables, net, current, total | $ 14,009 | $ 40,104 |
Accounts Receivable - Net - S_2
Accounts Receivable - Net - Schedule of Maximum Exposure to Credit Risk Relating to Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivables, net, current, total | $ 440,019 | $ 537,118 |
Trade Accounts Receivable Aging Within One Year | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivables, net, current, total | 326,405 | 424,060 |
Trade Accounts Receivable Aging Greater Than One Year | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivables, net, current, total | 99,605 | 72,954 |
Trade Receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivables, net, current, total | $ 426,010 | $ 497,014 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 61,998 | $ 88,021 |
Work in progress | 43,904 | 45,976 |
Finished goods | 33,972 | 46,722 |
Total inventories | $ 139,874 | $ 180,719 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |||
Fixed Production Overhead To Cost Of Sales | $ 17,300 | $ 97,514 | $ 8,582 |
- Inventory provision (note 7) | $ 52,527 | $ 140,004 | $ 70,133 |
Property, Plant and Equipment -
Property, Plant and Equipment - Net - Summary of Property,Plant And Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Cost | $ 1,456,209 | $ 1,258,827 |
Less: Accumulated depreciation | 398,267 | 265,046 |
Less: Impairment | 78,325 | 0 |
Property, plant and equipment, net | 979,617 | 993,781 |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 142,708 | 331,500 |
Less: Impairment | 3,309 | 0 |
Plant And Building [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 392,503 | 326,908 |
Less: Accumulated depreciation | 51,538 | 39,045 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 550,208 | 343,724 |
Less: Accumulated depreciation | 218,740 | 146,299 |
Less: Impairment | 51,331 | 0 |
Motor vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 3,972 | 4,987 |
Less: Accumulated depreciation | 2,603 | 2,263 |
Office Equipment And Furniture [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 39,501 | 28,959 |
Less: Accumulated depreciation | 18,094 | 9,709 |
Less: Impairment | 1,783 | 0 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 320,297 | 215,477 |
Less: Accumulated depreciation | 107,292 | 67,730 |
Less: Impairment | 21,902 | 0 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | $ 7,020 | $ 7,272 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Net - Additional Information (Details) $ in Thousands, ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 CNY (¥) | |
Property Plant And Equipment [Line Items] | ||||
Depreciation, Total | $ 140,467 | $ 153,819 | $ 84,446 | |
Loss on disposal of equipment | 395 | 5,213 | $ 977 | |
Carrying value | 979,617 | 993,781 | ||
Impairment | 78,325 | $ 0 | ||
Machinery Equipment and Leasehold Improvements [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Fair value | 24,188 | |||
Carrying value | 102,295 | |||
Impairment | 78,325 | |||
Sinovac Dalian Vaccine Technology Company Ltd | China Everbright Bank [Member] | China Everbright Bank Term Loan [Member] | Buildings And Machinery And Equipment [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Debt Instrument, Collateral Amount | $ 32,677 | ¥ 232 |
Prepaid Land Lease Payments - S
Prepaid Land Lease Payments - Schedule of Prepaid Land Lease Payments (Details) - Use Rights [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Prepaid land lease payments | $ 76,119 | $ 78,356 |
Less: accumulated amortization | (10,579) | (8,541) |
Net carrying value | $ 65,540 | $ 69,815 |
Prepaid Land Lease Payments - A
Prepaid Land Lease Payments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Use Rights [Member] | |||
Amortization Expense Of Prepaid Land Lease Payments [Line Items] | |||
Amortization expense of prepaid land lease payments | $ 2,228 | $ 1,749 | $ 2,203 |
Intangible Asset - Net - Schedu
Intangible Asset - Net - Schedule of Intangible Asset - Net (Details) - Computer Software [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Computer software | $ 18,106 | $ 10,411 |
Less: accumulated amortization | 9,586 | 712 |
Net carrying value | $ 8,520 | $ 9,699 |
Intangible Asset - Net - Additi
Intangible Asset - Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
- Amortization of intangible assets (note 10) | $ 2,050 | $ 1,029 | $ 183 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Weighted average remaining lease term | 9 years 1 month 6 days | 10 years | 10 years |
Weighted average discount rate | 4.90% | 4.90% | 4.90% |
Finance leases | $ 0 | ||
Operating lease cost | 7,730,000 | $ 9,102,000 | $ 16,220,000 |
Short term leases cost | 9,516,000 | $ 3,158,000 | $ 1,464,000 |
Minimum future rental payments | 287,000 | ||
Lessee operating lease, lease not yet commenced | $ 0 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Relating to Operating Leases (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Cash payments for operating leases | $ 7,955,000 | $ 13,992,000 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 0 | $ 0 |
Leases - Schedule of Future Lea
Leases - Schedule of Future Lease Payments under Operating Leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Future lease payments under operating leases | |
2024 | $ 8,024 |
2025 | 6,038 |
2026 | 5,961 |
2027 | 6,221 |
2028 | 6,210 |
Thereafter | 23,338 |
Total future lease payments | 55,792 |
Less: Imputed interest | 10,715 |
Total lease liability balance | $ 45,077 |
Bank Loans - Summary of Bank Lo
Bank Loans - Summary of Bank Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | |||
Bank loans | $ 76,089 | $ 293 | |
Long-term bank loans | 177,817 | 11,513 | |
Total bank loans | 253,906 | 11,806 | |
China Everbright Bank [Member] | |||
Line of Credit Facility [Line Items] | |||
Bank loans | [1] | 1,440 | 293 |
Long-term bank loans | [1] | 9,736 | 11,513 |
China Merchants Bank [Member] | |||
Line of Credit Facility [Line Items] | |||
Bank loans | [2] | 74,649 | 0 |
Long-term bank loans | [2] | 70,409 | 0 |
Bank of Beijing [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-term bank loans | [3] | 70,424 | 0 |
China Construction Bank [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-term bank loans | [4] | $ 27,248 | $ 0 |
[1] On November 17, 2020, Sinovac Dalian entered into a maximum credit facility of $ 28,169 (RMB 200 million) with China Everbright Bank to finance its purchase of property, plant and equipment, with a term from November 17, 2020 to November 16, 2028. The loan bears annual interest rate at 145 basis point below the prime rate of a five-year term loan published by the People’s Bank of China, at 2.85 %. Interest is payable quarterly and principal installment repayments began in 2023 and shall be fully paid by November 16, 2028. As of December 31, 2023, $ 1,440 (RMB 10 million) is recorded in bank loans due within one year and $ 9,736 (RMB 69 million) is recorded in long-term bank loans. Certain machinery and equipment of Sinovac Dalian with a net book value of $ 32,683 (RMB 232 million) were pledged as collateral. On January 12, 2023, Sinovac Life Sciences entered into a maximum credit facility of $ 211,271 (RMB 1,500 million) with China Merchants Bank to support its daily operation. The loans bear annual interest rate at 8 5 basis point below the prime rate of a one-year term loan published by the People’s Bank of China, at 2.8 %. Interest is payable quarterly and principal installment repayments began in 2023 and shall be fully paid by January 12, 2025. Sinovac Life Sciences repaid $ 3,860 (RMB 27 million) in principal and interest in 2023. As of December 31, 2023, $ 74,649 (RMB 530 million) is recorded in bank loans due within one year and $ 70,409 (RMB 500 million) is recorded in long-term bank loans. On April 14, 2023, Sinovac Life Sciences entered into a maximum credit facility of $ 70,424 (RMB 500 million) with Bank of Beijing to support its daily operation . The loan bears annual interest rate from 7 5 basis point to 80 basis poin t below the prime rate of a one-year term loan published by the People’s Bank of China, ranges from 2.65 % to 2.90 %. Interest is payable quarterly and principal installment repayments began in 2025 and shall be fully paid by April 28, 2026. As of December 31, 2023, $ 70,424 (RMB 500 million) is recorded in long-term bank loans. On May 31, 2023, Sinovac Biotech (Yidao) Co., Ltd. entered into a maximum credit facility of $ 183,101 (RMB 1,300 million) with China Construction Bank to finance its purchase of property, plant and equipment, with a term from June 15, 2023 to June 14, 2041. The loan bears annual interest rate at 118 basis point below the prime rate of a five-year term loan published by the People’s Bank of China, at 3.12 %. Interest is payable quarterly and principal installment repayments began in 2026 and shall be fully paid by June 14, 2041. As of December 31, 2023, $ 27,248 (RMB 193 million) is recorded in long-term bank loans. Certain construction in progress and prepaid land lease payments of Sinovac Biotech (Yidao) Co., Ltd. with a net book value of $ 75,888 (RMB 539 million) were pledged as collateral. |
Bank Loans - Summary of Bank _2
Bank Loans - Summary of Bank Loans (Parenthetical) (Details) $ in Thousands, ¥ in Millions | 12 Months Ended | |||||||||||||
May 31, 2023 USD ($) | Apr. 14, 2023 USD ($) | Jan. 12, 2023 USD ($) | Nov. 17, 2020 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 CNY (¥) | May 31, 2023 CNY (¥) | Apr. 14, 2023 CNY (¥) | Jan. 12, 2023 CNY (¥) | Nov. 17, 2020 CNY (¥) | ||
Line of Credit Facility [Line Items] | ||||||||||||||
- Proceeds from bank loans | $ 243,395 | $ 151 | $ 13,511 | |||||||||||
Short-term bank loans and current portion of long-term bank loans (note 12) | 76,089 | 293 | ||||||||||||
Long-term bank loans | 177,817 | 11,513 | ||||||||||||
Bank of Beijing [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Long-term bank loans | [1] | 70,424 | 0 | |||||||||||
Bank of Beijing [Member] | Sinovac Life Sciences | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 70,424 | ¥ 500 | ||||||||||||
Debt instrument, description of variable rate basis | 75 basis point to 80 basis point | |||||||||||||
Long-term bank loans | 70,424 | ¥ 500 | ||||||||||||
Bank of Beijing [Member] | Sinovac Life Sciences | Minimum [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt instrument, interest rate, effective percentage | 2.65% | 2.65% | ||||||||||||
Debt instrument, basis spread on variable rate | 0.75% | |||||||||||||
Bank of Beijing [Member] | Sinovac Life Sciences | Maximum [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt instrument, interest rate, effective percentage | 2.90% | 2.90% | ||||||||||||
Debt instrument, basis spread on variable rate | 0.80% | |||||||||||||
China Merchants Bank [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Short-term bank loans and current portion of long-term bank loans (note 12) | [2] | 74,649 | 0 | |||||||||||
Long-term bank loans | [2] | 70,409 | 0 | |||||||||||
China Merchants Bank [Member] | Sinovac Life Sciences | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt instrument, interest rate, effective percentage | 2.80% | 2.80% | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 211,271 | ¥ 1,500 | ||||||||||||
Repayments of debt | 3,860 | ¥ 27 | ||||||||||||
Debt instrument, description of variable rate basis | 85 basis point | |||||||||||||
Debt instrument, basis spread on variable rate | 0.85% | |||||||||||||
Short-term bank loans and current portion of long-term bank loans (note 12) | 74,649 | 530 | ||||||||||||
Long-term bank loans | 70,409 | 500 | ||||||||||||
China Everbright Bank [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Short-term bank loans and current portion of long-term bank loans (note 12) | [3] | 1,440 | 293 | |||||||||||
Long-term bank loans | [3] | 9,736 | 11,513 | |||||||||||
China Everbright Bank [Member] | Sinovac Dalian | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt instrument, interest rate, effective percentage | 2.85% | 2.85% | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 28,169 | ¥ 200 | ||||||||||||
Debt instrument, description of variable rate basis | 145 basis point | |||||||||||||
Debt instrument, basis spread on variable rate | 1.45% | |||||||||||||
Debt Instrument, Collateral Amount | 32,683 | 232 | ||||||||||||
Short-term bank loans and current portion of long-term bank loans (note 12) | 1,440 | 10 | ||||||||||||
Long-term bank loans | 9,736,000 | 69 | ||||||||||||
China Construction Bank [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Long-term bank loans | [4] | 27,248 | $ 0 | |||||||||||
China Construction Bank [Member] | Sinovac Biotech | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt instrument, interest rate, effective percentage | 3.12% | 3.12% | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 183,101 | ¥ 1,300 | ||||||||||||
Debt instrument, description of variable rate basis | 118 basis point | |||||||||||||
Debt instrument, basis spread on variable rate | 1.18% | |||||||||||||
Debt Instrument, Collateral Amount | $ 75,888 | ¥ 539 | ||||||||||||
Long-term bank loans | $ 27,248 | ¥ 193 | ||||||||||||
[1] On April 14, 2023, Sinovac Life Sciences entered into a maximum credit facility of $ 70,424 (RMB 500 million) with Bank of Beijing to support its daily operation . The loan bears annual interest rate from 7 5 basis point to 80 basis poin t below the prime rate of a one-year term loan published by the People’s Bank of China, ranges from 2.65 % to 2.90 %. Interest is payable quarterly and principal installment repayments began in 2025 and shall be fully paid by April 28, 2026. As of December 31, 2023, $ 70,424 (RMB 500 million) is recorded in long-term bank loans. On January 12, 2023, Sinovac Life Sciences entered into a maximum credit facility of $ 211,271 (RMB 1,500 million) with China Merchants Bank to support its daily operation. The loans bear annual interest rate at 8 5 basis point below the prime rate of a one-year term loan published by the People’s Bank of China, at 2.8 %. Interest is payable quarterly and principal installment repayments began in 2023 and shall be fully paid by January 12, 2025. Sinovac Life Sciences repaid $ 3,860 (RMB 27 million) in principal and interest in 2023. As of December 31, 2023, $ 74,649 (RMB 530 million) is recorded in bank loans due within one year and $ 70,409 (RMB 500 million) is recorded in long-term bank loans. On November 17, 2020, Sinovac Dalian entered into a maximum credit facility of $ 28,169 (RMB 200 million) with China Everbright Bank to finance its purchase of property, plant and equipment, with a term from November 17, 2020 to November 16, 2028. The loan bears annual interest rate at 145 basis point below the prime rate of a five-year term loan published by the People’s Bank of China, at 2.85 %. Interest is payable quarterly and principal installment repayments began in 2023 and shall be fully paid by November 16, 2028. As of December 31, 2023, $ 1,440 (RMB 10 million) is recorded in bank loans due within one year and $ 9,736 (RMB 69 million) is recorded in long-term bank loans. Certain machinery and equipment of Sinovac Dalian with a net book value of $ 32,683 (RMB 232 million) were pledged as collateral. On May 31, 2023, Sinovac Biotech (Yidao) Co., Ltd. entered into a maximum credit facility of $ 183,101 (RMB 1,300 million) with China Construction Bank to finance its purchase of property, plant and equipment, with a term from June 15, 2023 to June 14, 2041. The loan bears annual interest rate at 118 basis point below the prime rate of a five-year term loan published by the People’s Bank of China, at 3.12 %. Interest is payable quarterly and principal installment repayments began in 2026 and shall be fully paid by June 14, 2041. As of December 31, 2023, $ 27,248 (RMB 193 million) is recorded in long-term bank loans. Certain construction in progress and prepaid land lease payments of Sinovac Biotech (Yidao) Co., Ltd. with a net book value of $ 75,888 (RMB 539 million) were pledged as collateral. |
Bank Loans - Schedule of Aggreg
Bank Loans - Schedule of Aggregate Maturities of Loans (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Aggregate annual principal payments of loans payable | |
Within 1 year | $ 76,089 |
In 2025 | 114,949 |
In 2026 | 31,106 |
In 2027 | 2,433 |
After 2027 | 29,329 |
Total | $ 253,906 |
Bank Loans - Additional Informa
Bank Loans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |||
Short-term debt, weighted average interest rate | 2.80% | 5.88% | 4.65% |
Interest costs incurred, total | $ 2,260,000 | $ 1,264,000 | $ 3,023,000 |
Interest costs capitalized | $ 0 | $ 0 | $ 187,000 |
Short Term And Long Term Bank Loans | |||
Line of Credit Facility [Line Items] | |||
Debt, weighted average interest rate | 2.83% | 5.88% | 5.64% |
Related Party Transactions an_3
Related Party Transactions and Balances - Schedule of Loan From Non-controlling Shareholder (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Due to Related Parties, Noncurrent | $ 439 | $ 240 |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Related Parties, Current | 0 | 4,358 |
Due to related parties | $ 0 | $ 4,358 |
Related Party Transactions an_4
Related Party Transactions and Balances - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2019 USD ($) | Jun. 30, 2019 CNY (¥) | Jan. 01, 2019 | Aug. 31, 2020 USD ($) | Aug. 31, 2020 CNY (¥) | Jun. 30, 2019 USD ($) | Jun. 30, 2019 CNY (¥) | Apr. 08, 2013 | Sep. 30, 2010 USD ($) | Sep. 30, 2010 CNY (¥) | Aug. 12, 2010 USD ($) | Aug. 12, 2010 CNY (¥) | Jun. 30, 2007 USD ($) | Jun. 30, 2007 CNY (¥) | Aug. 12, 2004 CNY (¥) | Dec. 31, 2023 USD ($) Loan | Dec. 31, 2023 CNY (¥) Loan | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2019 CNY (¥) | Dec. 31, 2004 USD ($) Agreement | Dec. 31, 2019 CNY (¥) | |
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Proceeds from related party debt | $ 0 | $ 0 | $ 7,119,000 | ||||||||||||||||||||
Interest expenses incurred to related party | $ 173,000 | 354,000 | 916,000 | ||||||||||||||||||||
Dalian Jin Gang Group | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Number of loans due to related party | Loan | 1 | 1 | |||||||||||||||||||||
Proceeds from related party debt | $ 4,225,000 | ¥ 30,000,000 | |||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 6.50% | ||||||||||||||||||||||
Interest expenses incurred to related party | $ 168,000 | 354,000 | 916,000 | ||||||||||||||||||||
Frequency of periodic payment of interest | monthly | monthly | |||||||||||||||||||||
Interest owed on loan from noncontrolling shareholder | $ 0 | 8,000 | |||||||||||||||||||||
Interest paid to noncontrolling shareholder | 176,000 | $ 359,000 | $ 929,000 | ||||||||||||||||||||
Related party transaction, lease term | 5 years | ||||||||||||||||||||||
Related party transaction, operating lease annual rent | $ 49,000 | ¥ 300,000 | |||||||||||||||||||||
Related party transaction, current and non-current lease liability | 5,394,000 | ||||||||||||||||||||||
Dalian Jin Gang Group | Operating Lease Agreement After Amendment | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related party transaction, operating lease annual rent | $ 22,000 | ¥ 200,000 | |||||||||||||||||||||
Related party transaction, lease term | 5 years 6 months | 5 years 6 months | |||||||||||||||||||||
Dalian Jin Gang Group | Management Service Agreement | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related party transaction, annual management fee | $ 14,000 | ¥ 100,000 | |||||||||||||||||||||
Dalian Jin Gang Group | Management Service Agreement Amended | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related party transaction, annual management fee | $ 6,000 | ¥ 44,000 | |||||||||||||||||||||
Sino Bioway Biotech Group Holding Limited | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related party transaction number of supplemental agreements with related party | 4 | ||||||||||||||||||||||
Related party transaction operating leases number of lease agreements amended | 4 | ||||||||||||||||||||||
Related party transaction, operating lease annual rent | 5,736,000 | ||||||||||||||||||||||
Sino Bioway Biotech Group Holding Limited | Operating Lease Agreements Production Plant And Laboratory | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Number of operating lease agreements | Agreement | 2 | ||||||||||||||||||||||
Related party transaction, operating lease annual rent | ¥ 1,400,000 | $ 197,000 | |||||||||||||||||||||
Related party transaction, lease term | 20 years | ||||||||||||||||||||||
Sino Bioway Biotech Group Holding Limited | Operating Lease Agreement After Amendment Production Plant And Laboratory | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related party transaction, operating lease annual rent | $ 197,000 | ¥ 1,400,000 | |||||||||||||||||||||
Sino Bioway Biotech Group Holding Limited | Operating Lease Agreement Before Amendment Production Plant And Laboratory | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related party transaction, operating lease annual rent | $ 64,000 | ¥ 500,000 | |||||||||||||||||||||
Sino Bioway Biotech Group Holding Limited | Operating Lease Agreement Expansion Of Production Plant | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related party transaction, operating lease annual rent | $ 288,000 | ||||||||||||||||||||||
Sino Bioway Biotech Group Holding Limited | Operating Lease Agreement Expansion Of Research And Development Business | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related party transaction, operating lease annual rent | $ 142,000 | ¥ 1,000,000 | ¥ 2,000,000 | ||||||||||||||||||||
Related party transaction, lease term | 5 years | 5 years | 20 years | 20 years | |||||||||||||||||||
Vivo Capitals Funds | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Investment to related party | 9,692,000 | ||||||||||||||||||||||
SKY | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Loan guarantee to related party | $ 194,400,000 | ¥ 1,400,000,000 | |||||||||||||||||||||
SKY | Sinovac Hong Kong | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Equity interest percentage | 45% | ||||||||||||||||||||||
SKY | Keding Investment (Hong Kong) Limited | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Equity interest percentage | 55% |
Related Party Transactions an_5
Related Party Transactions and Balances - Schedule of Related Party Transactions and Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Investment income (loss) | $ (603,021) | $ (466,067) | $ 17,553,257 |
Sino Bioway Biotech Group Holding Limited | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transactions, rent expenses | 756 | 796 | 830 |
Dalian Jin Gang Group | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transactions, rent expenses | 22 | 23 | 21 |
VIVO Capitals Funds | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Investment income (loss) | $ (148) | $ 2,702 | $ 0 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 17,291 | $ 19,825 |
Machinery and equipment payables | 50,040 | 67,475 |
Accrued expenses | 250,565 | 242,528 |
Value added tax payable | 1,619 | 1,784 |
Withholding tax payable | 656 | 254,302 |
Other tax payable | 488 | 554 |
Bonus and benefit payables | 643,855 | 311,440 |
Other payables | 9,435 | 8,015 |
Total accounts payable and accrued liabilities | $ 973,949 | $ 905,923 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) ¥ in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2017 | Dec. 31, 2008 | Dec. 31, 2023 CNY (¥) | Dec. 31, 2020 USD ($) | |
Income Tax [Line Items] | |||||||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 25% | 25% | |||||
Deferred tax assets, valuation allowance | $ 100,665,000 | $ 16,961,000 | |||||
Increase in valuation allowance | 83,704,000 | ||||||
Deferred tax liabilities represents withholding tax | $ 234,382,000 | ||||||
Withholding tax rate | 5% | ||||||
Withholding tax rate before treaty benefits | 10% | ||||||
Withholding tax rate after treaty benefits | 5% | ||||||
Unrecognized Tax Benefits | $ 0 | 81,000 | $ 275,000 | $ 561,000 | |||
Unrecognized tax benefits that would impact effective tax rate | 0 | 81,000 | 275,000 | ||||
Unrecognized tax benefits, interest on income taxes expense | 0 | 106,000 | $ 135,000 | ||||
Unrecognized tax benefits, interest on income taxes accrued | 0 | $ 64,000 | |||||
PRC Subsidiaries | |||||||
Income Tax [Line Items] | |||||||
Operating loss carryforwards | $ 389,661,000 | ¥ 2,767 | |||||
Operating loss carryforwards expiration period | will expire from 2024 to 2033 | ||||||
Income tax statute of limitation for transfer pricing related matters | 10 years | ||||||
PRC Subsidiaries | Earliest Tax Year | |||||||
Income Tax [Line Items] | |||||||
Tax years remain open to examination | 2018 | ||||||
PRC Subsidiaries | Latest Tax Year | |||||||
Income Tax [Line Items] | |||||||
Tax years remain open to examination | 2023 | ||||||
PRC Subsidiaries | Minimum [Member] | |||||||
Income Tax [Line Items] | |||||||
Income tax statute of limitation for transfer pricing related matters | 3 years | ||||||
PRC Subsidiaries | Maximum [Member] | |||||||
Income Tax [Line Items] | |||||||
Income tax statute of limitation for transfer pricing related matters | 5 years | ||||||
Income tax examination conduct years | 5 years | ||||||
Hong Kong | |||||||
Income Tax [Line Items] | |||||||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 16.50% | ||||||
Tax withholdings on remittance of dividends | $ 0 | ||||||
Antigua and Barbuda | |||||||
Income Tax [Line Items] | |||||||
Tax withholdings on remittance of dividends | $ 0 | ||||||
Singapore | |||||||
Income Tax [Line Items] | |||||||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 17% | ||||||
Tax withholdings on remittance of dividends | $ 0 | ||||||
PRC | Sinovac Beijing | |||||||
Income Tax [Line Items] | |||||||
Income tax statute of limitation for transfer pricing related matters | 3 years | ||||||
Income taxes preferential income tax rate | 15% | ||||||
PRC | PRC Subsidiaries | |||||||
Income Tax [Line Items] | |||||||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 25% |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income (loss) before income tax | |||
Non-PRC | $ 139,608 | $ 48,500 | $ 94,372 |
PRC | (292,642) | (23,262) | 17,468,669 |
Income (loss) before income taxes | $ (153,034) | $ 25,238 | $ 17,563,041 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Company's Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current income tax expense | $ (28,997) | $ (20,117) | $ (2,839,034) |
Deferred tax recovery (expense) | (76,324) | 83,010 | (265,096) |
Total income tax recovery (expense) | $ (105,321) | $ 62,893 | $ (3,104,130) |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income before income taxes | $ (153,034) | $ 25,238 | $ 17,563,041 |
Income tax expense at the PRC statutory rate | (75,942) | (6,310) | (4,390,760) |
International tax rate differential | (469) | (1,665) | 5,303 |
Super deduction for research and development expenses | 40,899 | 84,008 | 159,235 |
Non-deductible expenses | (33,920) | (55,748) | (227,821) |
Effect of preferential tax rate | 10,515 | (4,213) | 1,774,595 |
Change in valuation allowance | (83,704) | (12,707) | (4,135) |
Effect of PRC withholding tax | 36,921 | 59,006 | (426,737) |
Other adjustments | 379 | 522 | 6,190 |
Total income tax recovery (expense) | $ (105,321) | $ 62,893 | $ (3,104,130) |
Income Taxes - Schedule Company
Income Taxes - Schedule Company's Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Components of Deferred Tax Assets [Abstract] | ||
Inventories | $ 9,747 | $ 16,573 |
Accrued expenses | 83,309 | 64,283 |
Deferred government grants | 1,183 | 2,935 |
Fixed assets | (29,122) | (12,673) |
Tax losses carried forward | 65,338 | 16,961 |
Less: valuation allowance | (100,665) | (16,961) |
Deferred tax assets | $ 29,790 | $ 71,118 |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrecognized tax benefit | |||
Balance on January 1 | $ 81 | $ 275 | $ 561 |
Additions for tax positions of the current year | 0 | 0 | 0 |
Additions for tax positions of the prior years | 0 | 0 | 0 |
Settlement with the taxing authority | 0 | 0 | 0 |
Lapse of statute of limitations | (81) | (194) | (286) |
Balance on December 31 | $ 0 | $ 81 | $ 275 |
Deferred Revenue - Additional I
Deferred Revenue - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Advances From Customers | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue, Current | $ 20,127 | $ 17,749 |
PRC Government for Stockpiling of H5N1 and Hepatitis A Vaccines | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue, Current | $ 200 | $ 206 |
Deferred Government Grants - Ad
Deferred Government Grants - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Grant | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Deferred Government Grants [Line Items] | ||||
Proceeds from government grants received | $ 8,571 | $ 6,984 | $ 2,660 | |
Current deferred government grants | 1,586 | 15,120 | ||
Non-current deferred government grants | 5,865 | 4,477 | ||
Interest subsidy, Rental Fees Subsidy and Other Government Grants | ||||
Deferred Government Grants [Line Items] | ||||
Additional income from government grants | $ 4,367 | 7,638 | 1,690 | |
Government Grants for Property, Plant and Equipment | ||||
Deferred Government Grants [Line Items] | ||||
Number of deferred government grants | Grant | 4 | |||
Current deferred government grants | $ 627 | |||
Non-current deferred government grants | 3,921 | |||
Government grant recorded as reduction To depreciation | 546 | 457 | 569 | |
Revenue from grants | $ 7 | 0 | $ 79 | |
Government Grants For Research And Development | ||||
Deferred Government Grants [Line Items] | ||||
Number of deferred government grants | Grant | 9 | |||
Number of deferred government grants conditions expected to be fulfilled in remainder of fiscal year | Grant | 3 | |||
Current deferred government grants | [1] | $ 959 | 14,859 | |
Non-current deferred government grants | [1] | $ 1,944 | $ 2,499 | |
Number of deferred government grants expects to fulfill | Grant | 6 | |||
[1] The Company has nine deferred government grants related to various research and development projects. The Company expects to fulfill six grants’ conditions in 2024 and recorded $ 959 as the current portion of deferred government grants, while the remaining three grants’ conditions are expected to be fulfilled after 2024 and $ 1,944 is recorded in the non-current portion of deferred government grants. |
Deferred Government Grants - Su
Deferred Government Grants - Summary of Deferred Government Grants (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Current deferred government grants | $ 1,586 | $ 15,120 | |
Non-current deferred government grants | 5,865 | 4,477 | |
Total deferred government grants | 7,451 | 19,597 | |
Government Grants for Property, Plant and Equipment | |||
Current deferred government grants | [1] | 627 | 261 |
Non-current deferred government grants | [1] | 3,921 | 1,978 |
Government Grants For Research And Development | |||
Current deferred government grants | [2] | 959 | 14,859 |
Non-current deferred government grants | [2] | $ 1,944 | $ 2,499 |
[1] The Company has four deferred government grants related to property, plant and equipment. The Company has fulfilled these grants’ conditions. $ 627 will be amortized in 2024 which was included in the current portion of deferred government grant and $ 3,921 will be amortized after 2024 which was included in the non-current portion of deferred government grants. $ 546 was recorded as a reduction to depreciation expense for the year ended December 31, 2023 (2022 - $ 457 , 2021 - $ 569 ), and $ 7 was recorded as government grant recognized in income for the year ended December 31, 2023 (2022 - $ nil , 2021 - $ 79 ). The Company has nine deferred government grants related to various research and development projects. The Company expects to fulfill six grants’ conditions in 2024 and recorded $ 959 as the current portion of deferred government grants, while the remaining three grants’ conditions are expected to be fulfilled after 2024 and $ 1,944 is recorded in the non-current portion of deferred government grants. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | |
Dec. 19, 2018 | Dec. 31, 2023 | |
US Litigation [Member] | ||
Commitments And Contingencies Disclosure | ||
Description of information regarding lawsuit filed about right plan | On March 5, 2018, the Company filed a lawsuit in the Court of Chancery of the State of Delaware seeking a determination whether 1Globe, The Chiang Li Family, OrbiMed and other shareholders of Sinovac Biotech Ltd. had triggered Sinovac Antigua’s shareholder rights agreement (the “Rights Agreement”) by forming a group holding approximately 45% of outstanding shares of Sinovac Biotech Ltd., in excess of the Rights Agreement’s threshold of 15%, and acting in concert prior to the Company’s annual general meeting of shareholders held on February 6, 2018 (the “ 2017 AGM”). | |
US Litigation [Member] | Rights Agreement | ||
Commitments And Contingencies Disclosure | ||
Rights held by collaborating shareholders to void | 28.7 | |
Outstanding rights held by shareholders valid | $ 42,400 | |
US Litigation [Member] | Rights Agreement | Common Shares | ||
Commitments And Contingencies Disclosure | ||
Outstanding rights held by shareholders valid | 27,800 | |
US Litigation [Member] | Rights Agreement | Series B Preferred Shares | ||
Commitments And Contingencies Disclosure | ||
Outstanding rights held by shareholders valid | $ 14,600 | |
Research and Development Arrangement | ||
Commitments And Contingencies Disclosure | ||
Long-term purchase commitment, amount | $ 32,290 | |
Capital Addition Purchase Commitments | ||
Commitments And Contingencies Disclosure | ||
Long-term purchase commitment, amount | $ 4,378 |
Preferred and Common Stock - Ad
Preferred and Common Stock - Additional Information (Details) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | |||
Feb. 22, 2019 $ / shares shares | Feb. 22, 2019 shares | Dec. 31, 2023 USD ($) Vote $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Preferred Stock, Shares Issued | 14,630,813 | 14,630,813 | |||
Preferred Stock, Shares Outstanding | 14,630,813 | 14,630,813 | |||
Preferred stock dividends for the period | $ | $ 5,982 | $ 5,982 | $ 5,982 | ||
Common Stock, Shares, Outstanding | 99,638,043 | 99,502,243 | |||
Common stock vote per share | Vote | 1 | ||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | 135,800 | ||||
Share-based compensation arrangements by share-based payment award, options, exercises in period, weighted average exercise price | $ / shares | $ 4.98 | ||||
Series B Convertible Preferred Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Each preferred share is convertible into common share | 1 | 1 | |||
Preferred shares, dividend payment terms | Until the Preferred Shares are converted into common shares (or until the Preferred Shares are listed on a nationally recognized securities exchange), they will earn a preferred dividend equal to $0.41 per share per annum, payable quarterly in arrears. | ||||
Preferred dividend per share, per annum | $ / shares | $ 0.41 | ||||
Preferred Stock, Shares Outstanding | 14,630,813 | ||||
Preferred stock dividends for the period | $ | $ 5,982 | ||||
Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | 135,800 | 0 | 207,500 | ||
Common Stock | Range Of Exercise Prices Dollars 4.98 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | 135,800 | 207,500 | |||
Share-based compensation arrangements by share-based payment award, options, exercises in period, weighted average exercise price | $ / shares | $ 4.98 | $ 4.98 | |||
Rights Agreement | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding rights held by shareholders valid | 42,400,000 | ||||
Issuance of new shares (note 18) (in shares) | 14,630,813 | ||||
Rights Agreement | Series B Convertible Preferred Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Issuance of new shares (note 18) (in shares) | 14,630,813 | ||||
Rights Agreement | Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Issuance of new shares (note 18) (in shares) | 27,777,341 |
Stock Options - Additional Info
Stock Options - Additional Information (Details) - USD ($) | 12 Months Ended | 240 Months Ended | ||||||||
Mar. 07, 2021 | Sep. 16, 2020 | Mar. 07, 2018 | May 01, 2016 | May 01, 2015 | Aug. 22, 2012 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 01, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock issued during period, shares, restricted stock award, net of forfeitures | 2,000,000 | |||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 0 | |||||||||
Stock options granted | 0 | |||||||||
Stock options outstanding | 0 | 172,500 | ||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value | $ 202,342,000 | |||||||||
Allocated Share-based Compensation Expense | $ 0 | $ 0 | $ 7,735,000 | |||||||
Share-based Compensation Award, Tranche One | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 60% | 60% | ||||||||
Share-based Compensation Award, Tranche Two | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 40% | |||||||||
Share-based Compensation Award, Tranche Three | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 40% | |||||||||
2012 Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock issued during period, shares, restricted stock award, net of forfeitures | 729,000 | |||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, net of forfeitures | 1,341,000 | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 4.98 | |||||||||
Share-based compensation arrangement by share-based payment award, expiration date | Apr. 30, 2023 | |||||||||
Share-based compensation arrangement by share-based payment award, plan modification, description and terms | the board of directors approved that an additional 30% of the Options to be vested on December 16, 2016, and restrictions of an additional 30% of the Restricted Shares were removed on December 16, 2016. On April 25, 2018, the board of directors approved that all remaining unvested Options and Restricted Shares that were granted on May 1, 2015 were fully vested on April 25, 2018. | |||||||||
2012 Plan | Share-based Compensation Award, Tranche One | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 20% | |||||||||
2003 Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation arrangement by share-based payment award, expiration date | Nov. 01, 2023 | |||||||||
Stock options granted | 0 | |||||||||
2020 ESOP | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Exercise price of options vested, granted to officers and employees | $ 12,000 | |||||||||
Share-based compensation arrangement by share-based payment Award, options vesting period | 8 years | |||||||||
Expected volatility | 73.22% | |||||||||
Expected life | 2 years | |||||||||
Risk-free interest rate | 2.72% | |||||||||
Dividend rate | 0% | |||||||||
Stock options granted | 0 | 0 | ||||||||
2020 ESOP | Maximum [Member] | Sinovac LS | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of equity interest right to purchase upon exercise of stock options | 15% | |||||||||
Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation arrangement by share-based payment award, percentage of outstanding Stock maximum | 10% | |||||||||
Share-based compensation arrangement by share-based payment award, options, vested in period, fair value | $ 0 | $ 0 | 0 | |||||||
Stock options | 2012 Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 4,000,000 | |||||||||
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options | $ 0 | |||||||||
Stock options | 2012 Plan | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | |||||||||
Stock options | 2003 Plan | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | |||||||||
Stock options | 2003 Plan and 2012 Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value | $ 0 | $ 0 | $ 257,000 | |||||||
Stock options | 2020 ESOP | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grant date fair value of options issued | 7,200,000 | |||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value | $ 3,000,000 | |||||||||
Stock options | 2020 ESOP | Sinovac LS | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of equity upon exercise of options | 15% | |||||||||
Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||||||||
Restricted Stock | 2012 Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options | $ 0 |
Stock Options - Summary of Comp
Stock Options - Summary of Company's stock Options Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Outstanding at the beginning of the period | shares | 172,500 |
Granted | shares | 0 |
Exercised | shares | (135,800) |
Forfeited / Expired | shares | (36,700) |
Outstanding at the end of the period | shares | 0 |
Vested and expected to vest at the end of the period | shares | 0 |
Exercisable at the end of the period | shares | 0 |
Outstanding at the beginning of the period | $ / shares | $ 4.98 |
Granted | $ / shares | 0 |
Exercised | $ / shares | 4.98 |
Forfeited / Expired | $ / shares | 4.98 |
Outstanding at the end of the period | $ / shares | 0 |
Vested and expected to vest at the end of the period | $ / shares | 0 |
Exercisable at the end of the period | $ / shares | $ 0 |
Outstanding at the beginning of the period | $ | $ 257,025 |
Granted | $ | 0 |
Exercised | $ | (202,342) |
Forfeited / Expired | $ | (54,683) |
Outstanding at the end of the period | $ | 0 |
Vested and expected to vest at the end of the period | $ | 0 |
Exercisable at the end of the period | $ | $ 0 |
Statutory Surplus Reserves - Ad
Statutory Surplus Reserves - Additional Information (Details) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | |
Schedule Of Distribution Of Profits [Line Items] | ||||
Appropriation of net income after taxes to statutory surplus reserve fund required minimum percentage | 10% | |||
Reserve level threshold for mandatory transfer percentage | 50% | |||
Retained earnings, appropriated | $ 1,539,584,000 | $ 1,538,013,000 | ||
Dividends payable, current | 29,089,000 | 141,993,000 | ||
Restricted paid in capital, additional paid in capital and statutory surplus reserves | 1,937,250,000 | ¥ 12,672 | 1,930,199,000 | ¥ 12,640 |
Amount of restricted net assets for consolidated and unconsolidated subsidiaries | 5,008,306,000 | 5,873,741,000 | ||
Common Shares | ||||
Schedule Of Distribution Of Profits [Line Items] | ||||
Dividends payable, current | 0 | 0 | ||
Preferred shareholders | ||||
Schedule Of Distribution Of Profits [Line Items] | ||||
Dividends payable, current | $ 29,089,000 | $ 23,107,000 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Computation of Basic and Diluted Income Attributable to Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator | |||
Net income (loss) | $ (258,355) | $ 88,131 | $ 14,458,911 |
Less: Income (loss) attributable to non-controlling interests | (158,437) | (25,735) | 5,991,431 |
Net income (loss) attributable to shareholders of Sinovac | (99,918) | 113,866 | 8,467,480 |
Less: Preferred stock dividends | 5,982 | 5,982 | 5,982 |
Net income (loss) attributable to common shareholders of Sinovac | (105,900) | 107,884 | 8,461,498 |
Net income (loss) attributable to shareholders of Sinovac for computing diluted net income per share | $ (99,918) | $ 113,866 | $ 8,467,480 |
Denominator | |||
Basic weighted average number of common shares outstanding | 99,607,574 | 99,502,243 | 99,311,551 |
Dilutive effect of stock options and preferred shares | 0 | 14,670,539 | 14,694,432 |
Diluted weighted average number of common shares outstanding | 99,607,574 | 114,172,782 | 114,005,983 |
Earnings per share | |||
Basic net (loss) income per share | $ (1.06) | $ 1.08 | $ 85.20 |
Diluted net income (loss) per share | $ (1.06) | $ 1 | $ 74.27 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Details) - $ / shares | 2 Months Ended | 12 Months Ended | ||
Feb. 22, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share Basic [Line Items] | ||||
Basic weighted average number of common shares outstanding | 99,607,574 | 99,502,243 | 99,311,551 | |
Diluted weighted average number of common shares outstanding | 99,607,574 | 114,172,782 | 114,005,983 | |
Basic net income (loss) per share | $ (1.06) | $ 1.08 | $ 85.20 | |
Diluted net income (loss) per share | $ (1.06) | $ 1 | $ 74.27 | |
Rights Agreement | ||||
Earnings Per Share Basic [Line Items] | ||||
Issuance of new shares | 14,630,813 | |||
Rights Agreement | Common Stock | ||||
Earnings Per Share Basic [Line Items] | ||||
Issuance of new shares | 27,777,341 | |||
Implementation of Rights Agreement and Newly Issued Common and Preferred Shares Not in Effect | ||||
Earnings Per Share Basic [Line Items] | ||||
Basic weighted average number of common shares outstanding | 71,830,233 | |||
Diluted weighted average number of common shares outstanding | 71,830,233 | |||
Basic net income (loss) per share | $ 1.39 | |||
Diluted net income (loss) per share | $ 1.39 |
Segment Information - Additiona
Segment Information - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Number of operating segment | Segment | 1 | |
PRC | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ | $ 1,045,157 | $ 1,063,596 |
Segment Information - Schedule
Segment Information - Schedule of Total Assets by Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Assets | $ 13,657,974 | $ 14,114,568 |
PRC | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Assets | 9,816,174 | 10,878,034 |
Outside Mainland China | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Assets | $ 3,841,800 | $ 3,236,534 |
Segment Information - Schedul_2
Segment Information - Schedule of Revenues by Market Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Sales | $ 448,269 | $ 1,492,761 | $ 19,374,904 |
EPI | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Sales | 10,238 | 732,578 | 10,552,059 |
Private Pay | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Sales | 370,818 | 384,192 | 349,083 |
Export | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Sales | $ 67,213 | $ 375,991 | $ 8,473,762 |
Segment Information - Schedul_3
Segment Information - Schedule of Revenues are Attributed to Geographic Locations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Sales | $ 448,269 | $ 1,492,761 | $ 19,374,904 |
PRC | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Sales | 381,056 | 1,116,770 | 10,901,142 |
Outside Mainland China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Sales | $ 67,213 | $ 375,991 | $ 8,473,762 |
Collaboration Agreements - Addi
Collaboration Agreements - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||
Dec. 14, 2011 USD ($) Serotype | Apr. 30, 2014 | Aug. 31, 2009 USD ($) | Mar. 31, 2009 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2014 USD ($) | Dec. 31, 2014 EUR (€) | Dec. 31, 2012 USD ($) | Aug. 31, 2011 USD ($) | Mar. 12, 2009 USD ($) | |
Accrued royalties, current | $ 0 | $ 0 | $ 0 | ||||||||||||
Milestone fee recorded cost of goods sold | 135,000 | € 124,117 | 68,000 | € 60,000 | 72,000 | € 60,000 | |||||||||
Payments to acquire productive assets | 0 | 0 | 0 | ||||||||||||
Tianjing Can Sino Biotechnology Inc | Technology Transfer Agreement | |||||||||||||||
Term of Collaboration Agreement | 8 years | ||||||||||||||
Collaborative arrangements and noncollaborative arrangement payment for transfer of additional serotypes and related technology | $ 300,000 | ||||||||||||||
Number of additional serotypes signed for transfer | Serotype | 6 | ||||||||||||||
Collaborative arrangements and noncollaborative arrangement milestone payments incurred | 1,200,000 | ||||||||||||||
Collaborative arrangements and noncollaborative arrangement milestone payments incurred for agreement before amendment | $ 1,000,000 | ||||||||||||||
Collaborative arrangements and noncollaborative arrangement milestone payments incurred for amended agreement | $ 200,000 | ||||||||||||||
Payment made or recorded in research and development expenses | 0 | 0 | 0 | ||||||||||||
Tianjing Can Sino Biotechnology Inc | Technology Transfer Agreement | Maximum [Member] | |||||||||||||||
Collaborative arrangements and noncollaborative arrangement milestone payments | $ 3,000,000 | ||||||||||||||
Royalty payment on net sales | 10% | ||||||||||||||
Tianjing Can Sino Biotechnology Inc | Technology Transfer Agreement | Minimum [Member] | |||||||||||||||
Royalty payment on net sales | 6% | ||||||||||||||
National Institute of Health | Patent License Agreement | |||||||||||||||
Term of Collaboration Agreement | 12 years | ||||||||||||||
Collaborative arrangements and noncollaborative arrangement license issue royalty | $ 80,000 | ||||||||||||||
Collaborative arrangements and noncollaborative arrangement license royalty payments upon achievement of benchmarks | 330,000 | ||||||||||||||
Royalty expense | $ 8,000 | $ 0 | $ 0 | ||||||||||||
National Institute of Health | Patent License Agreement | Maximum [Member] | |||||||||||||||
Royalty payment on net sales | 4% | ||||||||||||||
National Institute of Health | Patent License Agreement | Minimum [Member] | |||||||||||||||
Royalty payment on net sales | 1.50% | ||||||||||||||
Collaborative arrangements and noncollaborative arrangement non refundable annual royalty | $ 8,000 | ||||||||||||||
Medimmune LLC | H5N1 Licenses | |||||||||||||||
Collaborative arrangements and noncollaborative arrangement milestone payments incurred | $ 9,900,000 | ||||||||||||||
Collaborative arrangements and noncollaborative arrangement licenses fees and royalties paid | $ 3,400,000 | ||||||||||||||
Institute for Translational Vaccinology | |||||||||||||||
Term of Collaboration Agreement | 50 years | ||||||||||||||
Collaborative arrangements and noncollaborative arrangement milestone payments | € | € 1,500,000 | ||||||||||||||
Collaborative arrangements and noncollaborative arrangement entrance fees and milestone payments | $ 2,406,000 |
Condensed Financial Informati_3
Condensed Financial Information of the Parent Company - Schedule of Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||||
Cash and cash equivalents | $ 1,270,131 | $ 4,278,124 | $ 11,608,855 | |
Short-term investments | 9,953,042 | 7,034,569 | ||
Prepaid expenses and other receivables | 11,621 | 15,242 | ||
Total current assets | 11,830,556 | 12,126,396 | ||
Total assets | 13,657,974 | 14,114,568 | ||
Current liabilities | ||||
Accrued expenses and other payables | 250,565 | 242,528 | ||
Dividend payable | 29,089 | 141,993 | ||
Total current liabilities | 1,147,904 | 1,091,635 | ||
Total liabilities | 1,635,207 | 1,401,907 | ||
EQUITY | ||||
Preferred stock Authorized 50,000,000 shares at par value of $0.001 each Issued and outstanding: 14,630,813 (2022 - 14,630,813) | 15 | 15 | ||
Common stock Authorized: 100,000,000 shares at par value of $0.001 each Issued and outstanding: 99,638,043 (2022 - 99,502,243) | 100 | 100 | ||
Additional paid-in capital | 541,258 | 540,582 | ||
Accumulated other comprehensive income (loss) | (490,055) | (383,276) | ||
Retained earnings | 7,118,516 | 7,225,987 | ||
Total shareholders' equity | 8,709,418 | 8,921,421 | ||
Total liabilities and equity | 13,657,974 | 14,114,568 | ||
Parent Company | ||||
Current assets | ||||
Cash and cash equivalents | 10,037 | 104,926 | $ 126,159 | $ 56,666 |
Short-term investments | 97,936 | 0 | ||
Prepaid expenses and other receivables | 340 | 490 | ||
Amount due from subsidiaries | 22,653 | 31,019 | ||
Dividends receivable | 3,195 | 3,195 | ||
Total current assets | 134,161 | 139,630 | ||
Investment in subsidiaries | 8,614,568 | 8,813,550 | ||
Total assets | 8,748,729 | 8,953,180 | ||
Current liabilities | ||||
Accrued expenses and other payables | 3,533 | 4,617 | ||
Amount due to subsidiaries | 6,689 | 4,035 | ||
Dividend payable | 29,089 | 23,107 | ||
Total current liabilities | 39,311 | 31,759 | ||
Total liabilities | 39,311 | 31,759 | ||
EQUITY | ||||
Preferred stock Authorized 50,000,000 shares at par value of $0.001 each Issued and outstanding: 14,630,813 (2022 - 14,630,813) | 15 | 15 | ||
Common stock Authorized: 100,000,000 shares at par value of $0.001 each Issued and outstanding: 99,638,043 (2022 - 99,502,243) | 100 | 100 | ||
Additional paid-in capital | 541,258 | 540,582 | ||
Accumulated other comprehensive income (loss) | (490,055) | (383,276) | ||
Retained earnings | 8,658,100 | 8,764,000 | ||
Total shareholders' equity | 8,709,418 | 8,921,421 | ||
Total liabilities and equity | $ 8,748,729 | $ 8,953,180 |
Condensed Financial Informati_4
Condensed Financial Information of the Parent Company - Schedule of Balance Sheets (Parenthetical) (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 07, 2018 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Preferred Stock, Shares Issued | 14,630,813 | 14,630,813 | |
Preferred Stock, Shares Outstanding | 14,630,813 | 14,630,813 | |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 99,638,043 | 99,502,243 | |
Common Stock, Shares, Outstanding | 99,638,043 | 99,502,243 | |
Parent Company | |||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Preferred Stock, Shares Issued | 14,630,813 | 14,630,813 | |
Preferred Stock, Shares Outstanding | 14,630,813 | 14,630,813 | |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Common Stock, Shares, Issued | 99,638,043 | 99,502,243 | |
Common Stock, Shares, Outstanding | 99,638,043 | 99,502,243 |
Condensed Financial Informati_5
Condensed Financial Information of the Parent Company - Schedule of Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Selling, general and administrative expenses | $ 466,324 | $ 823,543 | $ 591,167 |
Total operating expenses | 869,774 | 1,274,372 | 749,426 |
Operating income (loss) | (603,021) | (466,067) | 17,553,257 |
Other income (expenses) | 367,133 | 301,751 | (89,948) |
Interest income | 85,114 | 190,818 | 102,568 |
Net income (loss) attributable to shareholders of Sinovac | (99,918) | 113,866 | 8,467,480 |
Preferred stock dividends | (5,982) | (5,982) | (5,982) |
Net income (loss) attributable to common shareholders of Sinovac | (105,900) | 107,884 | 8,461,498 |
- Net income attributable to shareholders of Sinovac | (99,918) | 113,866 | 8,467,480 |
Foreign currency translation adjustments | (280,426) | (859,045) | 193,098 |
Comprehensive income/loss attributable to shareholders of Sinovac | (206,697) | (400,032) | 8,578,177 |
Parent Company | |||
Selling, general and administrative expenses | 11,418 | 9,362 | 15,148 |
Total operating expenses | 11,418 | 9,362 | 15,148 |
Operating income (loss) | (11,418) | (9,362) | (15,148) |
Other income (expenses) | 1,981 | (40) | 94 |
Interest income | 837 | 768 | 248 |
Equity earnings (losses) of subsidiaries, net of tax | (91,318) | 122,500 | 8,482,286 |
Net income (loss) attributable to shareholders of Sinovac | (99,918) | 113,866 | 8,467,480 |
Preferred stock dividends | (5,982) | (5,982) | (5,982) |
Net income (loss) attributable to common shareholders of Sinovac | (105,900) | 107,884 | 8,461,498 |
- Net income attributable to shareholders of Sinovac | (99,918) | 113,866 | 8,467,480 |
Foreign currency translation adjustments | (106,779) | (513,898) | 110,697 |
Comprehensive income/loss attributable to shareholders of Sinovac | $ (206,697) | $ (400,032) | $ 8,578,177 |
Condensed Financial Informati_6
Condensed Financial Information of the Parent Company - Schedule of Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income (loss) attributable to shareholders of Sinovac | $ (99,918) | $ 113,866 | $ 8,467,480 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
- Share-based compensation | 0 | 0 | 7,735 |
Changes in: | |||
- Prepaid expenses and other receivables | 3,265 | 22,519 | (143,324) |
- Accrued expenses and other payables | 109,430 | (86,860) | 720,858 |
Financing activities | |||
- Proceeds from issuance of common stock, net of share issuance costs | 676 | 0 | 1,033 |
Investing activities | |||
Cash and cash equivalents, beginning of year | 4,278,124 | 11,608,855 | |
Cash and cash equivalents, end of year | 1,270,131 | 4,278,124 | 11,608,855 |
Parent Company | |||
Operating activities | |||
Net income (loss) attributable to shareholders of Sinovac | (99,918) | 113,866 | 8,467,480 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
- Share-based compensation | 0 | 0 | 7,735 |
Equity earnings of subsidiaries, net of tax | 91,318 | (122,500) | (8,482,286) |
Changes in: | |||
- Amount due from subsidiaries | 8,366 | (40) | 62,686 |
- Prepaid expenses and other receivables | 150 | 1,176 | 795 |
- Amount due to subsidiaries | 3,539 | (2,573) | 507 |
- Accrued expenses and other payables | (1,084) | (11,162) | 11,544 |
Net cash (used in) provided by operating activities | 2,371 | (21,233) | 68,461 |
Financing activities | |||
- Proceeds from issuance of common stock, net of share issuance costs | 676 | 0 | 1,032 |
Net cash provided by financing activities | 676 | 0 | 1,032 |
Investing activities | |||
- Purchase of short-term investments | (97,936) | 0 | 0 |
Net cash provided by investing activities | (97,936) | 0 | 0 |
(Decrease) increase in cash and cash equivalents | (94,889) | (21,233) | 69,493 |
Cash and cash equivalents, beginning of year | 104,926 | 126,159 | 56,666 |
Cash and cash equivalents, end of year | $ 10,037 | $ 104,926 | $ 126,159 |