Revenue growth has decelerated from a 94.9% year-over-year increase in 2023Q4 to a 9.1% contraction by 2026Q1, while operating margins remain pressured at -17.3%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Jul'08 | Jul'07 |
|---|
| Sales/Revenue | 35.49M | 36.31M | 34.87M | 24.09M | 4.35M | 228.43K | 71.41K | 21.12K | 447.2K | 0 | 0 | 1.71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -2.04% | 4.11% | 44.75% | 454.42% | 1802.41% | 219.88% | 238.1% | -95.28% | - | - | -100% | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 23.96M | 24.38M | 24.2M | 15.75M | 2.65M | 117.83K | 25.85K | 11.05K | 391.08K | 6.63K | 60.73K | 0 | 263.33K | 475K | 250K | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 67.16% | 69.41% | 65.39% | 60.96% | 51.58% | 36.2% | 52.32% | 87.45% | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 11.53M | 11.92M | 10.67M | 8.34M | 1.7M | 110.6K | 45.56K | 10.07K | 56.12K | -6.63K | -60.73K | 1.71K | -263K | -475K | -250K | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 32.49% | 32.84% | 30.59% | 34.61% | 39.04% | 48.42% | 63.8% | 47.68% | 12.55% | - | - | 100% | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 11.75% | 27.95% | 391.53% | 1434.03% | 142.73% | 352.42% | -82.05% | 946.57% | 89.08% | -3655.68% | 100.65% | 44.63% | -90% | - | - | - | - | - | - |
| Operating Expenses | 16.11M | 16.4M | 16.48M | 13.12M | 10.37M | 2.55M | 622.44K | 651.71K | 1.22M | 857.19K | 993.11K | 781.99K | 1.49M | 1.46M | 456.68K | 556.2K | 537.38K | 20 | 26.08K | 13.12K |
| OpEx % of Revenue | - | 45.18% | 47.26% | 54.47% | 238.65% | 1116.65% | 871.64% | 3085.59% | 273.4% | - | - | 45783.67% | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 19.33M | 19.63M | 14.94M | 10.83M | 9.48M | 1.87M | 606.64K | 622.73K | 1.21M | 850.56K | 899.58K | 769.08K | 1.43M | 1.8M | 704.85K | 413.55K | 537.38K | 20 | 26.08K | 13.12K |
| SG&A % of Revenue | - | 54.06% | 42.83% | 44.95% | 218.11% | 816.8% | 849.52% | 2948.39% | 270% | - | - | 45027.93% | - | - | - | - | - | - | - | - |
| Research & Development | -183.55K | 604.31K | 933.9K | 1.86M | 811.86K | 672.21K | 1.73K | 15.2K | 12.8K | 0 | 32.79K | 8.66K | 327K | 137.4K | 1.83K | 142.65K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.66% | 2.68% | 7.7% | 18.68% | 294.28% | 2.42% | 71.99% | 2.86% | - | - | 506.85% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -469.4K | -3.83M | 610.53K | 438.88K | 80.4K | 12.74K | 14.07K | 13.77K | -871.73K | 6.63K | 60.73K | 4.25K | 9.77K | 6.08K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -4.58M | -4.48M | -5.81M | -4.79M | -8.67M | -2.44M | -576.87K | -641.64K | -1.17M | -857.19K | -993.11K | -780.28K | -1.75M | -1.94M | -706.68K | -556K | -537K | -15.65K | -26.08K | -13.12K |
| Operating Margin % | -12.9% | -12.34% | -16.67% | -19.86% | -199.6% | -1068.24% | -807.83% | -3037.91% | -260.85% | - | - | -45683.67% | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 22.94% | -21.46% | 44.83% | -255.47% | -322.99% | 10.09% | 45% | -36.09% | 13.69% | -27.28% | 55.54% | 9.35% | -173.96% | -27.1% | -3.54% | -3331.09% | 39.99% | -98.74% | - |
| EBITDA | -4.23M | -4.15M | -5.59M | -4.64M | -8.65M | -2.43M | -562.81K | -627.86K | -1.12M | -850.56K | -932.38K | -776.03K | -10K | -6K | -3.29K | -556K | -537K | -1.2M | -26.08K | -13.12K |
| EBITDA Margin % | -11.93% | -11.42% | -16.02% | -19.24% | -199.03% | -1062.66% | -788.14% | -2972.69% | -249.82% | - | - | -45434.78% | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 22.48% | 25.8% | -20.54% | 46.4% | -256.3% | -331.3% | 10.36% | 43.8% | -31.35% | 8.77% | -20.15% | -7660.26% | -66.67% | -82.37% | 99.41% | -3.54% | 55.29% | -4505.74% | -98.74% | - |
| D&A (Non-Cash Add-back) | 344.14K | 332.07K | 223.53K | 149.15K | 25.16K | 12.74K | 14.07K | 13.77K | 49.36K | 6.63K | 60.73K | 4.25K | 1.75M | 1.93M | 703.39K | 0 | 0 | 0 | 0 | 0 |
| EBIT | -5.98M | -5.95M | -5.36M | -3.97M | -26.47M | -12.11M | -2.62M | -962.15K | 0 | -935.41K | -993.11K | -1.35M | -1.75M | -2.48M | -707.95K | -556K | -537K | -1.2M | 0 | 0 |
| Net Interest Income | 253.96K | 280.9K | 487.23K | 674.67K | 479.24K | -328.82K | -168.1K | -115.9K | 0 | 0 | 0 | -307K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 253.96K | 280.9K | 496K | 811.97K | 518.65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 8.77K | 137.31K | 39.41K | 328.82K | 168.1K | 115.9K | 159.42K | 104.83K | 34.73K | 307.21K | 179.1K | 6.46K | 1.27K | 0 | 0 | 0 | 5.03K | -13.12K |
| Other Income/Expense | -1.4M | -1.47M | 443.15K | 674.42K | -17.84M | -10M | -2.21M | -436.42K | -830.2K | -183.05K | -2.5M | -872.63K | -179K | -555K | -1.27K | 0 | 0 | -1.19M | 0 | 0 |
| Pretax Income | -5.98M | -5.95M | -5.37M | -4.11M | -26.51M | -12.44M | -2.78M | -1.08M | -2.16M | -1.04M | -3.5M | -1.65M | -1.93M | -2.49M | -707.95K | 0 | -537K | 0 | 0 | 0 |
| Pretax Margin % | -16.84% | -16.4% | -15.4% | -17.06% | -610.07% | -5444.41% | -3898.74% | -5104.18% | -482.15% | - | - | -96774.47% | - | - | - | - | - | - | - | - |
| Income Tax | 61.77K | 21.61K | -234.86K | 395.17K | 233.3K | 0 | 0 | 0 | 0 | 1.29K | 0 | 0 | 0 | 0 | 0 | 556.2K | 0 | 0 | 31.11K | 13.12K |
| Effective Tax Rate % | -1.03% | -0.36% | 4.37% | -9.61% | -0.88% | 0% | 0% | 0% | 0% | -0.12% | 0% | 0% | 0% | 0% | 0% | - | 0% | - | - | - |
| Net Income | -6.04M | -5.98M | -5.13M | -4.51M | -26.74M | -12.44M | -2.78M | -1.66M | -2.16M | -1.04M | -3.5M | -1.65M | -1.93M | -2.49M | -707.95K | -556K | -537K | 0 | -31.11K | -13.12K |
| Net Margin % | -17.01% | -16.46% | -14.72% | -18.7% | -615.44% | -5444.41% | -3898.74% | -7860.85% | -482.15% | - | - | -96774.47% | - | - | - | - | - | - | - | - |
| Net Income Growth % | -20.06% | -16.39% | -13.94% | 83.15% | -115.05% | -346.7% | -67.69% | 23% | -107.28% | 70.25% | -111.55% | 14.53% | 22.36% | -251.86% | -27.33% | -3.54% | - | 100% | -137.04% | - |
| Net Income (Continuing) | -6.04M | -5.98M | -5.13M | -4.51M | -26.74M | -12.44M | -2.78M | -1.08M | 0 | -1.04M | -3.5M | -1.65M | -1.93M | -2.49M | -707.95K | -556K | -537K | 0 | -31.11K | -13.12K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -12.31 | -14.40 | -73.20 | -3513.60 | -35236.40 | -95200.00 | -32148.90 | -188669.40 | -1420.00 | -238.40 | -1646.30 | -999999.00 | -5261.70 | -8271.90 | -2756.80 | -2283.30 | -3507.70 | 0.00 | -664.60 | -280.40 |
| EPS Growth % | 28.45% | 80.33% | 97.92% | 90.03% | 62.99% | -196.12% | 82.96% | -13186.58% | -495.64% | 85.52% | 99.99% | -314039.54% | 36.39% | -200.05% | -20.74% | 34.91% | - | 100% | -137.02% | - |
| EPS (Basic) | - | -14.40 | -73.20 | -3513.60 | -35236.40 | -97743.20 | -32148.90 | -188669.40 | -1420.00 | -238.40 | -1646.30 | -999999.00 | -5261.70 | -8271.90 | -2756.80 | -2283.30 | -3507.70 | 0.00 | -664.60 | -280.40 |
| Diluted Shares Outstanding | 490.6K | 415.71K | 70.17K | 1.22K | 759 | 131 | 87 | 177 | 1.52K | 4.36K | 0 | 153 | 368 | 301 | 257 | 244 | 153 | 2.35K | 47 | 47 |
| Basic Shares Outstanding | 490.6K | 415.71K | 70.17K | 1.22K | 759 | 131 | 87 | 177 | 1.52K | 4.36K | 0 | 153 | 368 | 301 | 257 | 244 | 153 | 2.35K | 47 | 47 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical milestone funding gap
As reported in recent quarterly filings, Sunshine Biopharma's revenue growth has decelerated significantly, shifting from a 94.9% year-over-year increase in 2023Q4 to a contraction of 9.1% by 2026Q1, suggesting that the company's core nutritional supplement business may be reaching a saturation point in its current distribution channels.
The transition from high double-digit growth to negative territory indicates that the supplement segment lacks the structural momentum to serve as a reliable engine for long-term R&D funding. Investors should monitor whether this decline reflects broader market competition or specific inventory management issues within the retail segment.
Based on the provided income statement data, the company's gross margin has fluctuated between 25.3% and 36.4% over the last ten quarters, reflecting the inherent volatility and low pricing power associated with the competitive nutritional supplement market that currently dominates the firm's revenue mix.
These thin margins suggest that Sunshine Biopharma lacks the premium pricing power typically associated with specialized pharmaceutical entities. Without a successful transition to proprietary drug sales, the company remains exposed to input cost inflation and retail pricing pressures that prevent meaningful margin expansion.
According to the historical income statement, Sunshine Biopharma has consistently failed to achieve positive operating income, with operating margins reaching as low as -21.2% in 2024Q4, indicating that SG&A expenses continue to outpace the gross profit generated by the company's commercialized supplement product lines.
The inability to scale operating income suggests that the current cost structure is heavily burdened by fixed overheads that do not correlate with top-line performance. This lack of operating leverage implies that the company is not yet achieving the necessary efficiencies to self-fund its clinical development pipeline.
As evidenced by the financial statements, the company's reliance on high SG&A spending relative to its $36.3M TTM revenue base creates a persistent drag on net income, forcing the firm to rely on its limited cash reserves to sustain ongoing R&D and administrative operations.
The cost structure appears misaligned with the current revenue scale, as the company continues to incur significant expenses despite the lack of commercialized pharmaceutical products. This expense discipline warrants further investigation, particularly regarding the sustainability of SG&A levels in the absence of revenue growth.
While management promotes a self-funding biotech strategy, the data suggests that the supplement segment's declining growth and negative net margins, which reached -25.0% in 2025Q4, may indicate that the company is effectively subsidizing its R&D pipeline through unsustainable capital consumption rather than operational cash flow.
Short-term observers may focus on the risk that the supplement business is merely a cash-burning retail operation that masks the underlying volatility of the drug development pipeline. The persistent net losses suggest that the company may face a liquidity crunch if clinical milestones are not met before cash reserves are exhausted.
Quick answers to the most common questions about buying SBFM stock.
For fiscal year 2025, Sunshine Biopharma, Inc. (SBFM) reported total revenue of $36.3M.
Sunshine Biopharma, Inc. (SBFM) reported a net loss of $6.0M for the fiscal year ending 2025.
Sunshine Biopharma, Inc. (SBFM) reported an operating income of $-4.5M, resulting in an operating profit margin of -12.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Sunshine Biopharma, Inc. (SBFM) generated $11.9M in gross profit for the year, representing a gross profit margin of 32.8%. This demonstrates the company's core pricing power and production efficiency.