Sou Hu Wang·2025-10-28 13:37Core Insights - Junshi Biosciences (688180.SH/1877.HK) reported a continuous increase in commercial revenue and accelerated R&D of differentiated innovative pipelines, showcasing improved sustainable operational capabilities [1][2]. Financial Performance - For the first three quarters, Junshi Biosciences achieved operating revenue of 1.806 billion yuan, a year-on-year increase of 42.06%, while narrowing its net loss to 596 million yuan, a reduction of 35.72% [1]. - In Q3 alone, the company recorded operating revenue of 637 million yuan, reflecting a year-on-year growth of 31.40% [2]. Product Performance - The core product, Tuoyi® (Tremelimumab), generated sales of 1.495 billion yuan in the first three quarters, marking a 40% year-on-year increase [2]. - Tuoyi® has seen six consecutive quarters of sequential growth since 2024, driven by enhanced sales efficiency and the inclusion of more indications in medical insurance [2]. Global Expansion - As of the end of Q3, Tuoyi® has been approved for marketing in over 40 countries and regions across four continents, including major markets like the U.S. and EU, with ongoing expansion into emerging regions [2][6]. - The global commercialization network has been established through partnerships with companies like Coherus and Dr. Reddy's, covering over 80 countries [2][6]. R&D and Pipeline Development - Junshi Biosciences is focusing on next-generation therapies, with high-potential pipelines such as JS207 (PD-1/VEGF), JS212 (HER3/EGFR dual antibody ADC), and JS015 (DKK1 monoclonal antibody) advancing rapidly [2][8]. - The company has developed over 50 drug candidates, including four commercialized products and nearly 30 in clinical stages, indicating strong product iteration capabilities [8]. Clinical Achievements - At the recent ESMO conference, Tuoyi® was highlighted for its combination therapy with ADC drug Vadisizumab, achieving significant clinical results, including an overall survival extension to 31.5 months compared to traditional chemotherapy [5][6]. - The company has also received positive results from its ongoing studies, including the registration study for JS005 (anti-IL-17A monoclonal antibody) in treating moderate to severe plaque psoriasis, which is expected to lead to a market application [11]. Strategic Initiatives - In September 2025, Junshi Biosciences launched an equity incentive plan with performance targets, reflecting strong confidence in future performance [3]. - The company is actively exploring combination therapies for its products, enhancing its competitive edge in the oncology market [9][10].