Shanghai-based biotech Junshi Biosciences (HKG: 1877) released its financial report for the third quarter of 2022, showing revenues over the nine months down 55.18% year-on-year (YOY) to RMB 1.218 billion (USD 167.2 million). The decline was primarily due to decreasing technology licensing income, which could not be offset by increasing drug sales. Revenues for the third quarter alone plummeted 54.91% YOY to RMB 272.33 million (USD 37.4 million).
Tuoyi Sales and Approvals
Despite the overall revenue decline, the company’s Tuoyi (toripalimab) continued to show strong performance. Sales of Tuoyi reached RMB 218 million (USD 29.9 million) in the third quarter, marking a continuous month-on-month growth for three quarters. The programmed death-1 (PD-1) inhibitor has obtained six indication approvals to date, including melanoma, nasopharyngeal carcinoma (NPC), and urothelial cancer (UC), all of which are included on the National Reimbursement Drug List (NRDL). Additional indications for esophageal squamous cell carcinoma (ESCC) and gastric cancer are expected to be included in the NRDL negotiation this year. In September, the drug received its sixth marketing approval for use in non-small cell lung cancer (NSCLC) with no EGFR/ALK mutations, in combination with chemotherapy.
Future Outlook
Junshi Biosciences continues to focus on expanding the indications for Tuoyi and enhancing its market presence. The company remains committed to leveraging its innovative capabilities to bring more effective treatments to patients, despite the current challenges in technology licensing income.-Fineline Info & Tech
