Part 8/13:
Then, the COVID-19 pandemic struck in 2020—a global tragedy that turned into a golden opportunity for Sinovac. Their COVID-19 vaccine was approved in China in June 2021, with rapid international approvals following. The result was an astronomical surge in revenue—$19 billion in 2021 with a profit margin exceeding 90%. This was a one-time windfall, capped by the huge demand for vaccines and the negligible cost of production in subsequent units.