Shanghai Junshi Biosciences Co (1877) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 rose 45% year-over-year to RMB1,696 million, driven by strong pharmaceutical sales, out-licensing income, and international expansion.

• Profit attributable to owners was RMB26 million, a turnaround from a RMB413 million loss in H1 2025; adjusted profit (excluding share-based payments) was RMB153 million.

• TUOYIⓇ (toripalimab) domestic sales grew 36% year-over-year to RMB1,299 million, supported by expanded indications and NRDL coverage.

• Sufficient liquidity maintained, with RMB3,670 million in cash and financial products as of June 30, 2026.

• R&D expenses decreased 14% to RMB644 million due to resource optimization.

Financial highlights

• Gross profit reached RMB1,279 million (+38% YoY); gross margin improved.

• Out-licensing revenue surged 149% to RMB254 million.

• Selling and distribution expenses rose 4% to RMB507 million, mainly from sales team expansion.

• Administrative expenses increased 34% to RMB279 million, largely due to share-based payment expenses.

• IFRS loss for the period was RMB37 million, but adjusted profit was RMB282 million.

Outlook and guidance

• Continued focus on innovative drug R&D, expanding clinical pipeline, and accelerating global commercialization, especially for toripalimab.

• Plans to further optimize production, enhance commercialization, and accelerate global regulatory filings.

• Sufficient cash reserves and credit lines to support ongoing R&D and expansion.