Biopharmaceutical company Sinovac Biotech Ltd (NASDAQ:SVA) stated on Tuesday that it recorded a loss to common shareholders of USD7.4m ( USD0.07 per basic and diluted share) for the first quarter ended 31 March 2020.

This marks a dip in earnings when compared with net income to common shareholders of USD1.2m (USD0.01 per basic and diluted share) in the same period of the previous year.

Sales of USD15.4m were recorded for the first quarter of 2020, down 57.9% from sale of USD36.6m in the first quarter of 2019.

While operating expenses decreased, net income attributable to common shareholders was impacted by the decrease in sales.

R&D expenses of USD5.7m were reported in the first quarter of 2020, a rise versus R&D of USD4.5m in the prior year period, as it continued to invest in its product pipeline including sIPV and PPV, as well as the research and development of the COVID-19 vaccine.