2025-12-31 16:02Summary of Junshi Biosciences Conference Call Company Overview - Junshi Biosciences has four products currently on the market: PD-1 Toripalimab, TNF-α drug, COVID-19 drug VV116, and PCSK9 inhibitor. The total peak sales are expected to reach 7.5 billion RMB, corresponding to approximately 24 billion HKD at a 3x PS valuation [2][4]. Core Insights and Arguments - Sales Projections: - Toripalimab is projected to generate sales of 2 billion RMB in 2025, with a year-on-year growth of 35%-40% expected in 2026. Future growth will depend on the approval and market release of the subcutaneous formulation, with peak sales anticipated between 5 billion to 6 billion RMB [2][5]. - The combined peak sales for the other three products are estimated at 7.5 billion RMB [6]. - Clinical Pipeline: - Junshi has five projects in Phase III clinical trials, including BTRA combined with PD-1 for small cell perioperative indications, PI3K inhibitors for HR-positive breast cancer, and Claudin 18.2 ADC for gastric cancer. The peak sales for these projects are expected to reach around 8 billion RMB [2][7]. - The company is actively advancing the registration clinical trials for first-line gastric cancer indications and plans to leverage global MRCT for competitive differentiation [2][7]. - Notable Phase II Trials: - Key drugs in Phase II trials include PD-L1 VEGF fusion protein, EGFR HER3 ADC, and DKK1 inhibitor. The PD-L1 VEGF fusion protein shows excellent safety and efficacy, potentially becoming part of future IO plus ADC combination therapies. The EGFR HER3 ADC is expected to enter registration clinical trials in the second half of 2026, with promising affinity data [2][8]. Additional Important Insights - Valuation and Market Position: - Junshi Biosciences is currently undervalued, with its market capitalization reflecting only the value of existing products and not fully accounting for the potential of its R&D pipeline. The management has improved, and sales growth is accelerating, indicating a significant turning point for the company [4]. - Future Outlook: - The future prospects for Junshi Biosciences are considered very promising, with several new drug projects showing best-in-class potential and expectations for international expansion. The company is expected to experience strong performance growth, with its valuation potential not yet fully recognized by the market [3][9].