China-based Junshi Biosciences (HKG: 1877, SHA: 688180) has released its 2022 preliminary earnings estimate, indicating RMB 1.45 billion (USD 209.57 million) in revenues, down 63.89% year-on-year (YOY). The significant decline in revenues is attributed to the loss of licensing income and royalties from the COVID-19 antibody etesevimab (JS016/LY-CoV016), which was co-developed in overseas markets with Eli Lilly and Co (NYSE: LLY).
Core Product Performance
Despite the overall revenue decline, Junshi Biosciences’ core product, the programmed death-1 (PD-1) inhibitor Tuoyi (toripalimab), achieved significant growth compared to the previous year. The drug secured two additional marketing approvals in China, expanding its market reach and therapeutic applications. Additionally, JunMaiKang, a biosimilar version of AbbVie’s auto-immune disease drug Humira (adalimumab) co-developed by Mabwell, received a total of eight indication nods in the country, further strengthening Junshi’s position in the autoimmune disease market.
Clinical Development Milestones
In 2022, Junshi Biosciences also made significant progress in its clinical development pipeline. Nine drug candidates obtained clinical trial approvals in China, while three IND awards were granted in the United States. These approvals and awards highlight the company’s continued commitment to innovation and the development of novel therapies across various disease areas.
Strategic Implications
The 2022 preliminary earnings report reflects the challenges faced by Junshi Biosciences due to the loss of revenue from etesevimab. However, the growth of Tuoyi and the expansion of JunMaiKang, along with the company’s robust clinical development pipeline, demonstrate Junshi’s resilience and strategic focus on long-term growth. The company’s ability to secure multiple marketing approvals and clinical trial approvals positions it well for future success in the global biopharmaceutical market.-Fineline Info & Tech
