Shanghai Junshi Biosciences Co., Ltd. (Junshi Bio) reported a robust set of unaudited interim results for the six months ended 30 June 2026, marking a decisive return to profitability.
Revenue and Earnings • Total revenue rose 45.2% year on year to RMB1.70 billion, driven primarily by a 36.2% surge in domestic sales of blockbuster PD-1 inhibitor TUOYI® (toripalimab) to RMB1.30 billion. • Out-licensing income expanded to RMB254 million, up 149% from the prior-year period. • Profit attributable to shareholders swung to RMB26 million, an improvement of RMB439 million from the RMB413 million loss recorded in H1 2025. Excluding share-based payments, profit reached RMB153 million.
Cost Discipline • Research and development spending fell 14.0% to RMB644 million as project prioritisation and process optimisation tempered expenditures while maintaining over 85 active clinical studies. • Selling and distribution expenses inched up 4.1% to RMB507 million, largely reflecting headcount growth; marketing costs were trimmed, offset by higher personnel and share-based payment charges. • Administrative expenses increased 34.0% to RMB279 million, mainly due to option-related expenses under the 2025 share incentive schemes.
Liquidity and Capital Structure • Net financing inflow of RMB1.64 billion—including a RMB1.00 billion first-tranche technology innovation bond—more than offset operating and investing cash outlays. • Cash, bank balances and short-term financial products totalled RMB3.67 billion at 30 June 2026, up RMB0.48 billion from year-end 2025. • Borrowings stood at RMB5.82 billion; variable-rate debt carried interest of 2.11%–3.05%, while fixed-rate borrowings averaged 1.17%–2.70%.
Commercial and Pipeline Highlights • Four products are now marketed—TUOYI®, JUNMAIKANG, MINDEWEI and JUNSHIDA—while five candidates are in Phase III, including two NDAs under review. • TUOYI® secured approvals or label expansions across Oman, Qatar, Singapore, Malaysia, South Africa, Peru and Brazil, bringing total market authorisations to more than 50 jurisdictions. • The subcutaneous formulation JS001sc had 12 oncology indications accepted for NDA review in March 2026, the first domestic PD-1 SC filing in China. • Next-generation assets advanced: PD-1/VEGF bispecific JS207 and EGFR/HER3 ADC JS212 have enrolled over 617 patients in Phase II trials; PD-1/IL-2 fusion protein JS213 continues Phase I studies in China and overseas. • A licensing deal with Fosun Wanbang for anti-IL-17A antibody JS005 generated an upfront RMB215 million payment and entitles Junshi Bio to up to RMB1.13 billion in milestones plus double-digit royalties.
Capital Events • Controlling shareholder and Chairman Xiong Jun increased his stake by 3.26 million shares (0.32% of capital) between November 2025 and March 2026, investing RMB100.64 million. • Post-period, Junshi Bio completed two additional technology innovation bond issues totalling RMB1.00 billion in July and August 2026, further bolstering liquidity.
Outlook Management reiterated its focus on “improving quality, reducing cost and enhancing efficiency,” with cash resources deemed sufficient to fund ongoing R&D, clinical advancement and global commercial rollout.