Executive Summary

Sunshine Biopharma delivered Q1 2025 revenue of $8.90M, up 18% year over year, with gross profit of $2.73M and net loss of $(1.18)M; sequentially revenue declined versus Q4 2024, but year-over-year trends remained positive .
No formal guidance was provided; management highlighted new product launches (6 generics) and R&D progress (K1.1 mRNA-LNP liver cancer program) as growth drivers .
The company appointed a new Chief Commercial Officer, Michel Roy, signaling a focus on commercial execution and pipeline scaling .
Consensus estimates from S&P Global for Q1 2025 EPS and revenue were unavailable; comparisons to Street were not possible.

What Went Well and What Went Wrong

Year-over-year top-line growth: Revenues increased 18% YoY to $8.90M, supported by ongoing portfolio expansion and commercial efforts .
Product momentum: 6 new generics launched in Q1 (antibiotics, GI disorders, schizophrenia), augmenting a broader portfolio of 70 generics on market and 13 more scheduled for 2025 .
R&D progress: Additional orthotopic human tumor model studies in mice further confirmed K1.1 mRNA-LNP as a novel therapeutic for hepatocellular carcinoma, strengthening the proprietary pipeline .
- Quote: “We are thrilled to report strong financial results… we are focused on expanding our product pipeline, strengthening partnerships, and driving long-term sustainable growth.” — CEO Dr. Steve Slilaty .

Sequential deceleration: Revenue of $8.90M in Q1 2025 was down vs Q4 2024 ($9.59M*) and roughly flat vs Q3 2024 ($8.44M); momentum is positive YoY but moderated QoQ .
Continued losses: Net loss remained elevated at $(1.18)M in Q1 2025, implying ongoing pressure from operating costs and the investment cycle .
Lack of guidance: No formal revenue, margin, or OpEx guidance was disclosed, limiting near-term visibility into trajectory and profitability timelines .

Metric	Q3 2024	Q4 2024	Q1 2025
Revenue ($USD)	$8,435,178	$9,594,992*	$8,901,341
Gross Profit ($USD)	$2,866,151	$3,093,049*	$2,730,426
Gross Margin (%)	33.98%	32.24%*	30.67%*
Net Income ($USD)	$(1,197,803)	$(2,158,212)*	$(1,179,771)
Diluted EPS - Continuing Ops ($USD)	$(0.9450)*	$(1.0033)*	$(0.4364)*

Values with asterisk retrieved from S&P Global.

Year-over-year comparisons:

Q1 2025 vs Q1 2024: Revenue $8.90M vs $7.54M, +18% ; Gross profit $2.73M vs $2.35M ; Net loss $(1.18)M vs $(1.28)M (improved) .

Not disclosed in company materials for Q1 2025; revenue growth attributed to new products and expanded sales via Nora Pharma Inc. in prior communications .

KPI	Q2 2024	Q3 2024	Q1 2025
Generics on market (Canada)	61	63	70
New generics launched in period	Not disclosed	Not disclosed	6
Additional products scheduled (forward)	32 (2024–2025)	32 (2024–2025)	13 (remainder of 2025)
Regulatory approvals	NIOPEG® (Health Canada, 2024)	—	Reinforced in background section
Proprietary R&D milestones	—	YTD PLpro research noted (2024)	K1.1 mRNA-LNP mouse studies confirmation

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2025 / Q2–Q4 2025	Not issued	Not issued	Maintained (no formal guidance)
Gross Margin	FY 2025	Not issued	Not issued	Maintained (no formal guidance)
OpEx	FY 2025	Not issued	Not issued	Maintained (no formal guidance)
EPS	FY 2025	Not issued	Not issued	Maintained (no formal guidance)
Taxes / OI&E	FY 2025	Not issued	Not issued	Maintained (no formal guidance)
Dividends	FY 2025	None	None	Maintained

Note: No formal earnings call transcript was included in company filings; thematic analysis draws from 8-K press releases and the FY 2024 release .

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q1 2025)	Trend
Commercial execution / product launches	67% YoY revenue growth; portfolio at 61 generics; 32 scheduled; sequential sales up; focus on profitability	42% YoY quarterly revenue growth; portfolio at 63 generics; YTD +54% revenue	6 new generics launched; portfolio at 70 generics; revenues +18% YoY	Improving scale, steady launches
Regulatory milestones	NIOPEG® approval via Health Canada noted in FY context	Continued reference to upcoming launches	NIOPEG® positioned among 2025 launches	Building oncology presence
Proprietary R&D (K1.1 mRNA-LNP)	—	Proof-of-concept studies completed (2024)	Additional orthotopic mouse studies confirming potential in HCC	Advancing preclinical validation
Proprietary R&D (PLpro inhibitor)	J. Med. Chem. publication demonstrating efficacy (2024)	—	—	Foundational 2024 milestone
Profitability focus	Management intent to reach profitability; operations optimization	“Relentlessly pursuing profitability”	CEO emphasizes operational excellence and sustainable growth	Ongoing, sustained focus

Strategic focus: Management underscored expansion of the product pipeline, strengthening partnerships, and driving long-term sustainable growth, tying commercial momentum to broader R&D efforts .
Quote: “Sunshine Biopharma remains steadfast in its commitment to innovation, operational excellence, and delivering value to our stakeholders… I am confident that we will continue to build on this momentum throughout the year.” — CEO Dr. Steve Slilaty .
FY context: The company raised ~$10M gross proceeds in an underwritten offering to expand sales operations and achieved Health Canada approval for NIOPEG®, supporting 2025 commercialization strategy .

No Q&A session details or transcript were provided in company filings for Q1 2025; investor insights are drawn from the 8-K press release and FY release .

S&P Global consensus estimates for Q1 2025 were not available for EPS or revenue; no Street comparison could be made.

Metric	Period	Wall Street Consensus	Actual	Beat/Miss
Revenue ($USD)	Q1 2025	Unavailable	$8,901,341	N/A
Primary EPS ($USD)	Q1 2025	Unavailable	$(0.4364)*	N/A

Values with asterisk retrieved from S&P Global.

Positive YoY growth with 6 new product launches indicates sustained commercial traction; portfolio expanded to 70 generics in Canada with 13 more slated for 2025 .
Sequential moderation vs Q4 2024 suggests near-term demand or timing variability; watch quarterly cadence and launch timing impacts on top-line ($9.59M* in Q4 vs $8.90M in Q1) .
Continued operating losses reflect ongoing investment; monitor G&A intensity and potential scaling benefits as launches mature (Q1 G&A $4.03M; net loss $(1.18)M) .
R&D catalysts: Additional K1.1 mRNA-LNP data in hepatocellular carcinoma and prior PLpro publication provide optionality; track preclinical-to-clinical transition milestones .
Absence of formal guidance and Street estimates limits visibility; position sizing should consider execution risk and timing of regulatory/commercial milestones .
Near-term trading implications: Headlines around product launches, regulatory progress (NIOPEG® roll-out), and any financing or partnership news likely to drive sentiment; monitor press releases cadence .
Medium-term thesis: Scaling generics base with selective proprietary assets could improve margin profile over time; profitability hinges on operating leverage and disciplined OpEx.