Junshi Biosciences Announces Full Year 2020 Financial Results And Provides Corporate Updates

SHANGHAI, China, March 30, 2021 (GLOBE NEWSWIRE) -- Junshi Biosciences (HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development and commercialization of novel therapies, announced financial results for the full year 2020 and provided corporate updates.

Full Year 2020 Financial Highlights

• Total revenues increased 106% to RMB1,595 million for the full year ended December 31, 2020. Sales of toripalimab reached RMB1,003 million with gross profit margin of 89%. Additional revenues included out-licensing revenue of RMB405 million and research collaboration service revenue of RMB 88 mil.
• The research and development (“R&D”) expenses were RMB1,778 million for the full year ended December 31, 2020, representing an increase of 88% from the same period in 2019. The increase was primarily due to continued increasing investment in in-house projects and more R&D collaboration and license-in activities. The R&D fields of the Company have expanded from monoclonal antibodies to more drug types, including small molecule drugs, antibody drug conjugates (ADCs), bifunctional fusion proteins and cell therapies, as well as the exploration of next-generation innovative therapies for cancer and autoimmune diseases.
• Net cash from financing activities was RMB4,414 million for the full year ended December 31, 2020, which was mainly attributable to the successful new issuance of A shares on the STAR Market of the Shanghai Stock Exchange (the “STAR Market”) with RMB4,497 million through the initial public offering on 15 July 2020.
• Total comprehensive expense was RMB1,688 million for the full year ended December 31, 220, representing an increase of 128% compared to the year 2019, which was mainly attributable to the revenue from sales of toripalimab, revenue from out-licensing and service income but offset by the increasing R&D expenses, administrative expenses and selling and distribution expenses.
• Cash and cash equivalents as of December 31, 2020 were RMB3,385 million compared to RMB1,214 million as of December 31, 2019. The increase mainly came from funds raised from the listing of the Company’s A shares on the STAR Market on 15 July 2020.