SHANGHAI, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Shanghai Junshi Biosciences Co., Ltd ("Junshi Biosciences," HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies, announced its 2024 interim financial results and provided corporate updates.
FINANCIAL HIGHLIGHTS
As of June 30, 2024, the total revenue of Junshi Biosciences was approximately RMB786 million during the first half of 2024, representing an increase of approximately 17% compared to 2023. The growth was mainly due to the approximately 11% increase in revenue from pharmaceutical products compared to 2023. In particular, the domestic sales revenue of our core product, TUOYI® (toripalimab), reached approximately RMB671 million, representing an increase of approximately 50% compared to 2023.
Total research and development ("R&D") expenses were approximately RMB546 million for the first half of 2024, representing a decrease of approximately 42% compared to 2023. The decrease in R&D expenses was mainly due to the company's cost control policy, efforts to optimize resource allocation and focus on R&D pipelines with greater potential. In addition, several clinical trials for our core product, TUOYI®, successively met their primary endpoints, contributing to the natural decline of R&D expenditure.
Loss attributable to owners of the company decreased to RMB646 million for the first half of 2024, representing a decrease of approximately RMB351 million or approximately 35% compared to 2023.
As of June 30, 2024, the company's aggregate balance of bank balances, cash and financial products was approximately RMB3,311 million, a slight decrease of RMB467 million compared to the balance at the end of 2023, which ensured our relatively sufficient cash position to support the company's development.
BUSINESS HIGHLIGHTS
During the first half of 2024, we focused on addressing "unmet medical needs". We have made original, innovative and breakthrough progress in the discovery, R&D and commercialization of innovative therapies and novel drugs with accelerating international development. The following achievements and milestones were reached:
Advancements in the pipeline: the company's innovative R&D field has expanded beyond monoclonal antibodies to a wider range of drug modalities, including small molecules drugs, polypeptide drugs, antibody-drug conjugates (ADCs), bi-specific or multi-specific antibodies and nucleic acid drugs. The company is also exploring next-generation innovative therapies including cancer and autoimmune diseases. The product pipelines cover five major therapeutic areas, including malignant tumors, autoimmune diseases, chronic metabolic diseases, neurologic diseases and infectious diseases. A total of three drugs (TUOYI®, JUNMAIKANG and MINDEWEI) are currently on the market, around 30 ...
