Full Press Release Details
BIOPHARMA REPORTS OPERATING RESULTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023
Sales Grew at an Average Rate of 14%
Per Quarter During the Year
NEW YORK, NY / ACCESSWIRE / April
1, 2024 / Sunshine Biopharma Inc. (NASDAQ: "SBFM") (the "Company"), a pharmaceutical company offering and researching
life-saving medicines in a variety of therapeutic areas including oncology and antivirals today announced that it has filed its 2023 financial
results on Form 10-K on Thursday March 28, 2024. The following are highlights of the report:
"We are happy with our
2023 results, as we continue to strive to achieve profitability," said Dr. Steve Slilaty, CEO of Sunshine Biopharma. "We look
forward to further growth in 2024 and beyond as we expand our operations and bring more life-saving drugs to market," he added.
The following are key items contained
in the Company's Income Statement included in the 2023 10-K:
| 2023 | 2022 | |||||||
| Sales | $ | 24,092,787 | $ | 4,345,603 | ||||
| Gross Profit | $ | 8,339,171 | $ | 1,696,575 | ||||
| General & Administrative Expenses | $ | 13,124,470 | $ | 28,697,325 | ||||
| Goodwill impairment | $ | - | $ | 18,326,719 | ||||
| Net Loss | $ | 4,506,044 | $ | 26,744,440 |
About Sunshine Biopharma Inc.
Sunshine Biopharma currently 52 generic
prescription drugs on the market in Canada and 32 additional drugs scheduled to be launched in Canada in 2024 and 2025. In addition, Sunshine
Biopharma is conducting a proprietary drug development program which is comprised of (i) K1.1 mRNA for liver cancer, and (ii) PLpro protease
inhibitor for SARS Coronavirus infections. For more information, please visit: www.sunshinebiopharma.com.
Safe Harbor Forward-Looking Statements
This press release may contain "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934,
each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including
without limitation statements regarding the Company's product development and business prospects, and can be identified by the use of
words such as "may," "will," "expect," "project," "estimate," "anticipate,"
"plan," "believe," "potential," "should," "continue" or the negative versions of those
words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking
statements are based on information currently available to the Company and its current plans or expectations and are subject to a number
of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize,
or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected,
intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable,
the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the securities
laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to
For Additional Information Contact:
Camille Sebaaly, CFO