Sunshine Biopharma Inc. (NASDAQ: SBFM)

Sunshine Biopharma Inc is a pharmaceutical company engaged in the research development and commercialization of life-saving medicines across therapeutic areas including oncology and antivirals. The company operates through two wholly owned subsidiaries: Nora Pharma Inc which markets and distributes generic prescription drugs in Canada and Sunshine Biopharma Canada Inc which develops and sells over-the-counter supplements. Sunshine Biopharma Inc also conducts proprietary drug development programs focused on K1.1 mRNA for liver cancer and SBFM-PL4 a protease inhibitor for SARS Coronavirus infections. The company's commercial operations center on securing rights to pharmaceutical products for sale in Canada and globally through in-licensing supply agreements cross-licensing and distribution arrangements.

Sunshine Biopharma Inc generates revenue primarily through the sale of generic prescription drugs and over-the-counter supplements in Canada. Nora Pharma Inc sells 71 generic prescription drugs on the Canadian market covering therapeutic areas such as oncology cardiovascular antibiotics antivirals antipsychotics and others. These drugs are sold under the Nora Pharma label after obtaining regulatory approval from Health Canada. Sunshine Biopharma Canada Inc manufactures and sells OTC products including Essential9™ Calcium-Vitamin D L-Citrulline and Taurine under Natural Product Numbers issued by Health Canada. Revenue is derived from sales to pharmacies and retail channels including Amazon.ca where OTC products are exclusively distributed. The company also maintains a pipeline of 22 additional generic drugs in development for launch in 2026 targeting cardiovascular oncology gastroenterology central nervous system diabetes urology endocrinology anti-infective and anti-inflammatory indications.

The company operates through the following segments: Generic Prescription Drugs Over-the-Counter Products and Proprietary Drug Development.

• The Generic Prescription Drugs segment involves Nora Pharma Inc acquiring rights to import market sell and distribute pharmaceutical products in Canada through in-licensing and supply agreements cross-licensing and distribution agreements. Under in-licensing Nora Pharma purchases drug dossiers from partners files them with Health Canada and sells products under its own label after approval. Cross-licensing involves receiving authorization from partners for products already approved in Canada followed by obtaining its own Health Canada approval. Distribution agreements allow Nora Pharma to market sell and distribute partner products under the partners label. This segment currently offers 71 generic prescription drugs with 22 more in pipeline for 2026 launch.

• The Over-the-Counter Products segment is managed by Sunshine Biopharma Canada Inc which develops and sells OTC supplements in Canada. The company holds four Natural Product Numbers from Health Canada authorizing manufacture and sale of Essential9™ Calcium-Vitamin D L-Citrulline and Taurine. These products are sold exclusively through Amazon.ca in Canada and were previously sold via Amazon.com in the United States until Q3 2025.

• The Proprietary Drug Development segment focuses on two pipeline candidates: K1.1 mRNA an LNP encapsulated mRNA therapeutic for liver cancer and SBFM-PL4 a protease inhibitor for SARS Coronavirus infections. K1.1 mRNA has shown efficacy in reducing liver tumor size in xenograft mice and is undergoing further animal testing. SBFM-PL4 has demonstrated antiviral activity in cell cultures and rodent models with favorable pharmacokinetics and lung accumulation. The company holds a Notice of Allowance from the USPTO for its PCT patent application on SBFM-PL4 and has an exclusive worldwide license from the University of Arizona for related technology.

Sunshine Biopharma Inc operates in the highly competitive Canadian generic pharmaceuticals market valued at approximately $10.4 billion USD in 2024 and projected to reach $19.7 billion USD by 2033. The company faces competition from more than 35 active generic players in Canada where the top three hold about 50% market share. Despite being a relatively new entrant Nora Pharma has demonstrated strong year-over-year sales growth. In proprietary drug development the company competes with major pharmaceutical firms such as Pfizer Merck Gilead Eli Lilly and Regeneron in antivirals and with oncology leaders including Merck Amgen Roche Pfizer Bristol-Myers Squibb and Novartis. Its OTC products contend in a crowded market where Essential9™ is positioned as the only essential amino acid supplement containing all nine essential amino acids in capsule form.

Sunshine Biopharma Inc serves customers primarily through retail and institutional channels in Canada. Its generic prescription drugs are sold to pharmacies across Quebec Ontario Alberta and British Columbia via Nora Pharma’s sales representatives. The company provides pharmacy support activities including human resources commercial technical assistance and training to enhance marketplace visibility. Over-the-counter products are sold to consumers exclusively through Amazon.ca in Canada. The company does not disclose specific customer names such as pharmacy chains or institutional buyers in the filing.