Shanghai-based Junshi Biosciences reported a sharp turnaround for the six months ended 30 June 2026, posting a profit attributable to shareholders of RMB25.50 million compared with a RMB413.43 million loss a year earlier.
Revenue jumped 45% year-on-year to RMB1.70 billion, driven by a 33% increase in pharmaceutical product sales to RMB1.41 billion and a 149% rise in licensing income to RMB254 million. Domestic sales of flagship anti-PD-1 therapy TUOYI® (toripalimab) climbed 36% to RMB1.30 billion.
Cost control and higher sales volumes narrowed losses sharply. Research and development spending fell 14% to RMB644 million, while selling and distribution expenses edged up 4% to RMB507 million. Administrative expenses rose 34% to RMB279 million, reflecting share-based payment charges linked to new option schemes.
Adjusted for non-cash items, including RMB128 million of share-based payments, non-IFRS profit reached RMB281.80 million, reversing a RMB302.90 million adjusted loss in the prior-year period.
The group’s cash position strengthened, with bank balances, cash and short-term financial products totaling RMB3.67 billion at period-end. Net cash inflow from financing activities was RMB1.64 billion, supported by a RMB1.00 billion technology-innovation bond issuance in January 2026.
Total assets increased 15% to RMB14.22 billion, while total liabilities rose 27% to RMB8.05 billion, resulting in net assets of RMB6.17 billion. The gearing ratio climbed to 50.46% from 24.08% at year-end 2025, reflecting expanded borrowing for R&D and capacity expansion.
Operationally, four products—TUOYI®, JUNMAIKANG®, MINDEWEI® and JUNSHIDA®—are now commercialized, with TUOYI® accounting for the bulk of sales and holding 13 approved indications in mainland China. International momentum accelerated: by August 2026 toripalimab was approved in more than 50 countries, including new clearances in Oman, Qatar, Singapore, Malaysia, South Africa, Peru, Brazil, Saudi Arabia, Thailand and Vietnam during the first half.
Junshi advanced multiple late-stage programs. The supplemental NDA for TUOYI® plus chemotherapy as perioperative treatment in stage II-III non-small cell lung cancer was accepted in July 2026, while subcutaneous toripalimab (JS001sc) filed NDAs covering 12 tumor indications in March 2026. Key pipeline assets such as bispecific antibody JS207 (PD-1/VEGF) and ADC JS212 (EGFR/HER3) progressed through Phase II studies with combination strategies under evaluation.
Externally, the company secured a licensing deal with Fosun Wanbang for anti-IL-17A antibody Roconkibart (JS005), receiving an upfront RMB215 million and potential milestones up to RMB1.13 billion plus double-digit royalties.
Junshi Biosciences declared no interim dividend for the period and reiterated a strategy centered on enhancing operational efficiency, accelerating global expansion and sustaining investment in first-in-class and best-in-class therapeutics.
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