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Founded in 1999, Sinovac is a Chinese-based pharmaceutical company specializing in vaccine development and sales. Its journey onto the NASDAQ in 2003 came via a reverse merger, with the company's initial revenue being minimal. Sinovac’s early success was tied to nimble responses to regional epidemics. During the 2009 H1N1 (swine flu) outbreak, Sinovac developed China's first swine flu vaccine, garnering $84 million in sales and $42 million in operating profit—a significant windfall at the time.
Similarly, in 2017, during an outbreak of hand, foot, mouth disease across Asia, Sinovac again proved quick to market, boosting its revenues and establishing itself as a leading vaccine developer in China. However, behind the scenes, controversy simmered beneath the company’s public success stories.