Shanghai Junshi Biosciences Co (1877) H2 2024 earnings summary

Executive summary

• Achieved total revenue of RMB1,948 million for 2024, up 30% year-over-year, driven by strong pharmaceutical product sales, especially TUOYI® (toripalimab), which saw domestic sales rise 66%.

• Loss attributable to owners narrowed by 44% to RMB1,282 million, reflecting improved sales efficiency and cost controls.

• R&D expenses decreased 34% to RMB1,275 million due to cost optimization and successful clinical milestones.

• Cash and equivalents stood at RMB2,917 million, supporting ongoing development.

Financial highlights

• Gross profit increased to RMB1,449 million from RMB835 million in 2023.

• Selling and distribution expenses rose 17% to RMB985 million, mainly for new indication launches.

• Administrative expenses slightly decreased by 2% to RMB548 million.

• Basic and diluted loss per share improved to RMB1.30 from RMB2.32.

• No dividend declared for 2024.

Outlook and guidance

• Plans to accelerate late-stage pipeline R&D and expand early-stage clinical programs in 2025.

• Focus on international expansion, new drug targets, and production capacity increases.

• Continued investment in commercialization and global partnerships to drive future growth.