Shanghai Junshi Biosciences Co Ltd

Junshi Biosciences announced its 2026 interim financial results, reporting total revenue of approximately RMB1,696 million for the first half of 2026, a 45% increase year-over-year, driven by higher sales of pharmaceutical products. Domestic sales of its core product toripalimab reached approximately RMB1,299 million, up 36%, while out-licensing revenue rose 149% to approximately RMB152 million. The company turned profitable, with profit attributable to owners reaching RMB26 million, a swing of approximately RMB439 million from the prior year, and excluding share-based payment effects, profit was RMB153 million. R&D expenses totaled approximately RMB644 million, and the company ended the period with cash and financial products of approximately RMB3,670 million, bolstered by a RMB1,000 million net cash inflow from its 2026 first tranche of technology innovation bonds. In business updates, the company highlighted regulatory approvals for toripalimab in multiple countries, a licensing deal with Fosun Wanbang for roconkibart in Greater China, and a collaboration with the Institute of Microbiology, Chinese Academy of Sciences for a dengue vaccine.

Junshi Biosciences released its semi-annual report for 2026, achieving operating revenue of 1.696 billion yuan, up 45.18 percent year on year. Net profit attributable to shareholders of the listed company was 21.663 million yuan, turning from a loss to a profit compared with the same period last year. Among this, second-quarter net profit was 42 million yuan, while first-quarter net profit was negative 21 million yuan, also turning from a loss to a profit on a quarter-on-quarter basis.

The positive rate for COVID-19 tests has recently climbed to 20.3%, driving up market demand for antiviral drugs. Yet physical pharmacies are widely out of stock, with some staff even recommending anti-flu medications such as oseltamivir and baloxavir marboxil. Six domestically developed oral COVID-19 treatments have now been approved in China, including Genuine Biotech’s Jiebeian, Simcere Pharmaceutical’s Xiannuoxin, Junshi Biosciences’ Mindewei, Zonsen Pharmaceutical’s Leruiling, Cosunter’s Taizhongding, and Aisen Pharmaceutical’s Aoweining. However, multiple pharmacies reported that none of these drugs appeared in their inventories. Online platforms, by contrast, all have them available. Data from JD Pharmacy shows that transaction volumes for COVID-19 medications in July rose nearly fourfold month on month. Faced with surging demand, Simcere Pharmaceutical said it has activated an emergency production mechanism. Cosunter noted that sales of Taizhongding have increased and it will broaden hospital coverage. Junshi Biosciences has also launched an emergency plan to ensure supply. Industry insiders point out that earlier regulatory restrictions confined COVID-19 drugs mainly to hospitals and online sales, and they are calling for a reassessment of retail channel controls.

Shanghai Junshi Biosciences announced that China's National Medical Products Administration has accepted a supplemental biologics license application for toripalimab as perioperative treatment for resectable stage II-III non-small cell lung cancer. The application covers toripalimab combined with platinum-based chemotherapy followed by toripalimab monotherapy. The submission is supported by the Phase III NEOTORCH trial, which enrolled 501 patients and met its primary endpoints of event-free survival and major pathological response in the stage II-III population. Junshi noted that toripalimab plus chemotherapy reduced the surgery cancellation rate to 17.8% compared to 26.7% with chemotherapy alone, and among 314 patients who underwent surgery, the combination achieved higher tumor downstaging and lymph node downstaging rates. Toripalimab is already approved in China for twelve indications and in nearly 50 countries internationally.

Junshi Biosciences has completed the issuance of its second tranche of sci-tech innovation bonds for 2026, with an actual total issuance of 300 million yuan, a coupon rate of 2.59 percent, and a maturity of three years. In the first quarter of 2026, the company achieved revenue of 726 million yuan, with a net loss attributable to the parent company of 20.56 million yuan.

Shanghai Junshi Biosciences has entered a license agreement with Fosun Wanbang Pharma Group, a wholly-owned subsidiary of Fosun Pharma, for the development, registration, manufacturing and commercialization of roconkibart in the Greater China region. Junshi Biosciences will receive an upfront payment of RMB215 million and is eligible for milestone payments of up to RMB1.125 million plus double-digit tiered royalties on net sales. Roconkibart is an anti-IL-17A monoclonal antibody that has completed a Phase 3 study in moderate to severe plaque psoriasis, showing a 91% PASI 90 response rate at week 16 and a 65% PASI 100 response rate at week 52. Its new drug application for that indication was accepted by China's National Medical Products Administration in December 2025, and Phase 2 follow-up for ankylosing spondylitis has also finished.