Junshi Biosciences Announces 2024 Full Year Financial Results and Provides Corporate Updates
SHANGHAI, March 28, 2025 (GLOBE NEWSWIRE) -- Shanghai Junshi Biosciences Co., Ltd ("Junshi Biosciences," HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies, announced its financial results for the full year of 2024 and provided corporate updates.
FINANCIAL HIGHLIGHTS
Total revenue of Junshi Biosciences was approximately RMB1,948 million in 2024, representing an increase of approximately 30% compared to 2023, which was mainly due to the increase in revenue from pharmaceutical products, in particular: the domestic sales revenue of our core product, toripalimab, was approximately RMB1,501 million, representing an increase of approximately 66% compared to 2023.
Total research and development ("R&D") expenses of the company were approximately RMB1,275 million in 2024, representing a decrease of approximately 34% compared to 2023. The decrease in R&D expenses was mainly due to the company's cost control policy and efforts to optimize resource allocation and focus on R&D pipelines with greater potential. In addition, a number of clinical trials of our core product, toripalimab, successively met the primary endpoints, which also contributed to the natural decline of R&D expenditure.
Loss attributable to owners of the company decreased to RMB1,282 million in 2024, representing a decrease of approximately RMB999 million or approximately 44% compared to 2023.
As of the end of 2024, the company's aggregate balance of bank balances and cash and financial products was approximately RMB2,917 million, ensuring a relatively sufficient cash position to support the company's development.
BUSINESS HIGHLIGHTS
During 2024, our commitment to addressing "unmet medical needs" has driven original, innovative and breakthrough progress in the discovery, R&D and commercialization of innovative therapies and drugs through accelerating international development. Here are the notable achievements and milestones:
Advancements in the pipeline: Junshi Biosciences' innovative R&D field has expanded from monoclonal antibodies to the research and development of various drug modalities, including small molecule drugs, polypeptide drugs, antibody drug conjugates (ADCs), bi-specific or multi-specific antibodies, bispecific antibody drug conjugates, fusion protein and nucleic acid drugs, as well as the exploration of next-generation innovative therapies, including cancer and autoimmune diseases. Our product pipelines cover five major therapeutic areas, including malignant tumors, autoimmune diseases, chronic metabolic diseases, neurologic diseases and infectious diseases. A total of four drugs have been commercialized, around 30 assets are undergoing clinical trials, and over 20 drug candidates are at the preclinical drug development stage.
In January 2024, Coherus BioSciences, a partner of Junshi Biosciences, announced that toripalimab was available for access and administration in the United States. Prior to this, toripalimab (US trade name: LOQTORZI®) was approved for marketing by the US Food and Drug Administration (the "FDA") in October 2023, and is the first drug for the treatment of nasopharyngeal carcinoma ("NPC") in the United States. At present, it is also the only preferred drug recommended in the National Comprehensive Cancer Network ("NCCN") Clinical Practice Guidelines in Oncology for Head and Neck Cancers 2025.V1 for the treatment of recurrent/ metastatic NPC across all lines.
In January 2024, the new drug application (the "NDA") for toripalimab for the treatment of NPC was accepted by the Singapore Health Sciences Authority (the "HSA"). In March 2025, the NDA for toripalimab (Singapore trade name: LOQTORZI®) in combination with cisplatin and gemcitabine for the first-line treatment of adult patients with recurrent, not amenable to surgery or radiotherapy, or metastatic NPC has been approved by the HSA. Toripalimab has become the first and only approved immuno-oncology treatment for NPC in Singapore.
In April 2024, the Japanese Pharmaceuticals and Medical Devices Agency (the "PMDA") agreed that the company may proceed with a randomized, double-blind, placebo-controlled, international ...
