Junshi Biosciences Reports 2024 Interim Financial Results and Corporate Updates

Shanghai Junshi Biosciences Co., Ltd ("Junshi Biosciences"), a prominent biopharmaceutical company driven by innovation, has disclosed its interim financial results for the first half of 2024 and offered updates on its corporate achievements.

Financial Highlights

For the half-year ending June 30, 2024, Junshi Biosciences reported a total revenue of approximately RMB786 million, reflecting a 17% growth compared to the same period in 2023. This revenue increase was largely attributed to an 11% rise in sales from pharmaceutical products. Notably, domestic sales of their flagship product TUOYI® (toripalimab) surged to approximately RMB671 million, marking a 50% increase from the previous year.

The company also managed to reduce its research and development (R&D) expenses by 42%, totaling approximately RMB546 million. This reduction was largely due to strategic cost control measures and a focus on optimizing resource allocation. Significant clinical trials for TUOYI® successfully met their primary endpoints, which contributed to the overall decline in R&D expenditure.

Junshi Biosciences saw a decrease in losses attributable to the company's owners, dropping to RMB646 million, a 35% reduction compared to the previous year. The company maintained a robust financial position with an aggregate balance of bank balances, cash, and financial products standing at approximately RMB3,311 million by the end of June 2024, despite a slight decrease of RMB467 million from the end of 2023.

Business Highlights

In the first half of 2024, Junshi Biosciences concentrated on addressing unmet medical needs and made significant strides in the discovery, development, and commercialization of innovative therapies and drugs. The company expanded its innovative R&D pipeline, which now includes a variety of drug modalities such as small molecules, polypeptide drugs, antibody-drug conjugates (ADCs), bi-specific or multi-specific antibodies, and nucleic acid drugs. The company's product pipelines encompass five major therapeutic areas: malignant tumors, autoimmune diseases, chronic metabolic diseases, neurologic diseases, and infectious diseases. Currently, three drugs—TUOYI®, JUNMAIKANG, and MINDEWEI—are available in the market, with approximately 30 assets in clinical trials and over 20 drug candidates in the pre-clinical stage.

Significant milestones include the inclusion of multiple Junshi Biosciences' drugs in the National Drug List for Basic Medical Insurance, Work-Related Injury Insurance, and Maternity Insurance, implemented in January 2024. TUOYI® received three new indications, and MINDEWEI was included for treating mild to moderate COVID-19 in adults.

In January 2024, the company's partner, Coherus BioSciences, Inc., announced the availability of toripalimab in the United States, following its FDA approval in October 2023. This marked the first Chinese-developed innovative biological drug to be recommended in the NPC guidelines of the National Comprehensive Cancer Network (NCCN).

Further international progress includes the acceptance of a new drug application by Singapore's Health Sciences Authority and the Japanese Pharmaceuticals and Medical Devices Agency's approval to initiate a clinical study involving tifcemalimab in combination with toripalimab. Additionally, China’s NMPA approved multiple supplemental new drug applications (sNDAs) for TUOYI® in various cancer treatments.

Business Operations

By mid-2024, Junshi Biosciences had successfully completed Good Manufacturing Practice and Good Clinical Practice inspections by the European Union. The European Commission is currently reviewing marketing authorization applications for toripalimab for the first-line treatment of NPC and ESCC.

In June 2024, the company held its 2023 annual general meeting and first class meetings of A and H shareholders for 2024, during which the fourth session of the Board of Directors and Supervisors was elected.

About Junshi Biosciences

Founded in December 2012, Junshi Biosciences is dedicated to discovering, developing, and commercializing innovative therapeutics with a diversified R&D pipeline that includes over 50 drug candidates across various therapeutic areas. The company has introduced several drugs to both Chinese and international markets, including toripalimab, China’s first domestically produced anti-PD-1 monoclonal antibody approved in China and the US. The company employs approximately 2,500 people across the United States and China, with a mission to provide world-class, affordable, and innovative drugs globally.

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