China’s Junshi Biosciences (HKG: 1877; SHA: 688180) has released its financial report for the first half of 2023, recording RMB 670 million (USD 91.9 million) in revenues, a 29.21% year-on-year (YOY) decrease, primarily due to decreased licensing income. Despite this, commercialized products generated RMB 625 million (USD 85.8 million), marking a 103% YOY increase. Research and development expenditure for the period was RMB 949 million (USD 130.2 million), down 10.7% YOY.
Strong Performance of Commercialized Products
During the period, Junshi’s programmed death-1 (PD-1) inhibitor Tuoyi (toripalimab) generated RMB 447 million (USD 61.3 million), up 50% YOY. As of the reporting date, Tuoyi has been sold in over 4,000 medical institutions and 2,000 professional and private drugstores. Additionally, three supplementary New Drug Applications (sNDAs) for Tuoyi are under review for various cancer treatments.
COVID-19 Therapy Mindewei’s Market Performance
COVID-19 therapy Mindewei (deuremidevir) obtained conditional approval in January for the treatment of mild to moderate COVID-19 adult cases and was temporarily included in the National Reimbursement Drug List (NRDL). After a price adjustment in April, the drug was re-listed in the NRDL and generated RMB 110 million (USD 15 million) during the period, accessible in more than 2,200 hospitals.
Biosimilar Version of Humira and Patent Portfolio
Partner Mabwell’s biosimilar version of AbbVie’s Humira (adalimumab) brought in RMB 68 million (USD 9.3 million) during the period, with online procurement completed in 25 provinces. In 2023, the drug was entered into 67 formularies covering 172 hospitals and 955 pharmacies accumulatively. As of the reporting date, Junshi Bio owns 126 patents, including 98 overseas patents, and has nearly 30 programs under clinical development.-Fineline Info & Tech
