Zheng Quan Shi Bao Wang·2025-10-28 15:57Core Insights - Junshi Bioscience (688180.SH) reported a significant increase in revenue and a reduction in net loss for the first three quarters of 2025, with total revenue reaching 1.806 billion yuan, a year-on-year growth of 42.06%, and a narrowed net loss of 596 million yuan, a decrease of 35.72% [1] - The company's core product, Toripalimab, has shown continuous growth in sales, achieving 1.495 billion yuan in revenue for the first three quarters, a 40% increase year-on-year, and has maintained a sequential growth for six consecutive quarters since 2024 [1][2] Financial Performance - For Q3 2025, Junshi Bioscience reported revenue of 637 million yuan, reflecting a year-on-year increase of 31.40% [1] - The company had a strong cash position with a total of 3.270 billion yuan in cash and financial assets as of the end of Q3 2025 [1] Product Development and Clinical Recognition - Toripalimab's clinical value has been recognized internationally, particularly highlighted at the 2025 ESMO annual meeting, where its combination therapy with ADC drug was presented, showing significant improvements in overall survival and progression-free survival compared to traditional chemotherapy [2] - The new indication for Toripalimab has been accepted for review by the NMPA in China, marking the 13th indication application for the drug [2] Global Commercialization and Market Expansion - Toripalimab has been approved in over 40 countries and regions across four continents, including major markets like the US and EU, with recent approvals in Pakistan and Canada [3] - The company has established a global commercialization network covering over 80 countries through partnerships with various pharmaceutical companies [3] R&D Pipeline and Future Prospects - Junshi Bioscience has developed over 50 drug candidates, with a focus on accelerating R&D in innovative pipelines, including next-generation therapies [3][4] - The company is preparing to submit a marketing application for its anti-IL-17A monoclonal antibody, JS005, which has shown positive results in a Phase III study for psoriasis [4] - A new equity incentive plan was introduced, indicating the company's confidence in achieving revenue targets of at least 2.4 billion yuan in 2025 [4]