By Fineline Cube 
Shanghai Junshi Biosciences Co., Ltd. (HKG: 1877, SHA: 688180) announced its unaudited interim results for the six months ended June 30, 2026, reporting revenue of RMB 1,696.2 million, a 45.18% year‑on‑year increase, and swinging to a net profit of RMB 21.7 million versus a net loss of RMB 412.7 million in the same period last year — marking the company’s first‑ever semiannual profitability since its listing. Growth was primarily driven by expanded commercial sales of its core checkpoint inhibitor toripalimab (TUOYI) and a broad late‑stage pipeline advancing toward potential approvals.
Financial Highlights – 1H 2026
| Metric | 1H 2026 | 1H 2025 | YoY Change |
|---|---|---|---|
| Total Revenue | RMB 1,696.2 million | RMB 1,168.3 million* | +45.18% |
| Net Profit (attributable to shareholders) | RMB 21.7 million | Net loss of RMB 412.7 million | Swung to profit |
| Pharmaceutical Product Sales | RMB 1,407 million | — | +33% |
| Toripalimab (TUOYI) Domestic Sales | ~RMB 1,299 million | — | ~+36% |
| R&D Investment | RMB 644 million | — | — |
*1H 2025 total revenue implied by the reported 45.18% year‑on‑year growth.
Commercial Performance – Toripalimab (TUOYI)
- Core Product: Toripalimab, the company’s flagship anti‑PD‑1 monoclonal antibody, generated approximately RMB 1,299 million in domestic sales, up roughly 36% year on year
- China Approvals: Toripalimab has received approval for 13 indications in Mainland China
- Reimbursement Coverage: 12 of the 13 approved indications are included in the National Reimbursement Drug List (NRDL), supporting broad patient access and volume growth
- Global Footprint: The drug has been approved in over 50 countries and regions worldwide, underscoring its international commercial reach
Pipeline & R&D Progress
- Late‑Stage Portfolio: Five product candidates are in Phase III clinical trials, of which two are under NDA review
- Next‑Generation Assets: Advancing multiple innovative candidates with global competitiveness, including:
- JS207 – PD‑1/VEGF bispecific antibody
- JS212 – EGFR/HER3 antibody‑drug conjugate (ADC)
- JS213 – PD‑1/IL‑2 fusion protein
- R&D Investment: RMB 644 million in the first half of 2026
- Clinical Activity: Over 85 clinical studies ongoing, with more than 700 patients enrolled during the period
Market Impact & Outlook
- Profitability Milestone: The swing from a RMB 412.7 million loss to a RMB 21.7 million profit represents Junshi’s first semiannual profitability since listing — a key validation of its commercial model and a potential inflection point for investor sentiment.
- Sustained Toripalimab Momentum: With 13 approved indications, broad NRDL coverage, and approval in 50+ markets, toripalimab remains a durable revenue engine even amid intense PD‑1 competition in China.
- Pipeline Optionality: Two NDAs under review and three globally competitive next‑generation assets (JS207, JS212, JS213) position the company for continued revenue diversification beyond toripalimab.
- Watch Items: NDA outcomes for the two Phase III candidates, Phase III readouts for JS207/JS212/JS213, and whether first‑half profitability can be sustained through the full year given ongoing RMB 600M+ semiannual R&D spend.
Forward‑Looking Statements – This brief is for informational purposes only and does not constitute investment advice. Interim results are unaudited; statements regarding pipeline development, approvals, and future financial performance are forward‑looking and subject to risks and uncertainties; actual results may differ materially. Refer to official announcements and filings from Shanghai Junshi Biosciences for authoritative details.-Fineline Info & Tech