君实生物亏损程度持续缩窄 PD-1通过差异化适应症追赶“第一梯队”

Core Viewpoint - Junshi Biosciences (SH688180) reported a continued narrowing of net losses in its 2024 annual report, with significant revenue growth driven by its core product, Toripalimab [1][2] Financial Performance - In 2024, Junshi Biosciences achieved revenue of 1.948 billion yuan, a year-on-year increase of 29.67%, while the net loss was 1.281 billion yuan, representing a 43.89% reduction in losses compared to the previous year [1][2] - The company has now recorded two consecutive years of revenue growth and a reduction in net losses since 2023 [1] Product Performance - Toripalimab generated sales of 1.501 billion yuan in 2023, a 66% increase year-on-year, accounting for 77% of the company's total revenue [1][2] - The product has received approvals for multiple new indications, including late-stage triple-negative breast cancer, late-stage renal cell carcinoma, and extensive small cell lung cancer, with a total of 11 approved indications in mainland China [2][3] Sales and Market Strategy - The sales team has improved efficiency, with a significant increase in per capita sales efficiency and a reduction in sales expense ratio in 2024, which is expected to decrease further in 2025 and 2026 [1][4] - Toripalimab is the only PD-1 monoclonal antibody covered by national health insurance for specific indications, contributing 25% of revenue from lung cancer indications [3] International Expansion - The company anticipates rapid growth in overseas revenue for Toripalimab, having officially launched in the U.S. market in January 2024 and received approvals in over 30 countries and regions [4] R&D Pipeline - The Tifcemalimab project, an anti-tumor anti-BTLA monoclonal antibody, is in phase III clinical trials and is the second-largest investment project for Junshi Biosciences, with expected mid-term data readouts between 2026 and the first half of 2027 [5]