Solution Group announced the 2022 quarter-four result where the group reported a loss of RM31.45 mil for the quarter and for the whole year a loss of RM38.95mil. The loss reported in the quarter was mainly attributed to the impairment of the COVID-19 vaccine slow-moving stocks of RM30.19 million.
The company said it feels that it is prudent to provide full impairment on the vaccine stock in its inventory which constitutes of finished products and drug substances. This was due to the low demand for COVID-19 vaccines and the remaining shelf life of about 10 months. However, it said there were some prospects for a new product known as Convedicia Air which is the world’s first inhaled COVID-19 vaccine. As the composition of the drug substance for inhaled vaccine is the same as the intramuscular version, the existing stock of drug substance can be used to formulate and manufacture finished products for the inhaled vaccine.
It added there were strong interest in using the inhaled version as it has minimal side effects as compared to the intramuscular version.
