Junshi Biosciences Announces 2025 Full Year Financial Results and Provides Corporate Updates

Core Viewpoint - Junshi Biosciences reported strong financial results for 2025, with significant revenue growth driven by its core product, toripalimab, and continued advancements in its R&D pipeline [1][3]. Financial Highlights - Total revenue for Junshi Biosciences in 2025 was approximately RMB2,498 million, marking a 28% increase from 2024 [3]. - Revenue from domestic sales of toripalimab reached approximately RMB2,068 million, reflecting a 38% increase compared to 2024 [3]. - R&D expenses totaled approximately RMB1,384 million, an increase of 9% from 2024, attributed to a focus on innovative R&D pipelines [3]. - Net cash inflow from financing activities was approximately RMB2,232 million, covering cash outflows in operating and investing activities [3]. - As of the end of 2025, the company had approximately RMB3,195 million in bank balances and cash, indicating a strong cash position [3]. Business Highlights - Junshi Biosciences expanded its R&D pipeline to include various drug modalities such as small molecule drugs, polypeptide drugs, and antibody drug conjugates [3]. - Four drugs have been commercialized, with several products in phase 3 clinical studies or marketing application stages [3]. - Notable regulatory approvals in 2025 included: - Toripalimab's conversion to regular approval for treating unresectable or metastatic melanoma in January [3]. - Approval of JS212 for advanced solid tumors by the FDA in December [3]. - Multiple approvals for toripalimab in combination therapies for various cancers in different regions, including Australia, Singapore, and the UAE [4]. - The company entered a distribution agreement with LEO Pharma for toripalimab in the EU and UK, with an upfront payment of EUR15 million [7]. Update on Business Operations - Suzhou Union Biopharm passed an unannounced FDA inspection for CGMP in June 2025 [7]. - The company completed a placing of new H shares, raising approximately HK$1,026 million for innovative drug development and working capital [7]. - The 2025 A Share and H Share Option Incentive Schemes were approved in September 2025 [7].