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Junshi Biosciences Announces Full-Year 2019 Financial Results and Business Updates

Written by Customer Service on . Posted in Public Companies.

SHANGHAI, March 30, 2020 (GLOBE NEWSWIRE) — Junshi Biosciences (HKEX: 1877), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development and commercialization of novel therapies, announced its audited consolidated annual results of the Company and its subsidiaries for the full-year ended December 31, 2019.
Financial Highlights (IFRS):Total revenue was RMB775 million, mainly due to the sales of toripalimab since its commercialization in February 2019.Due to continued investment in research and development (“R&D”), our R&D expenses were RMB946 million, representing a 75.8% increase from that in 2018. With constant progress in key clinical trials and the introduction of co-R&D and license-in projects, the Company’s R&D pipeline expanded to small molecule drugs and antibody drug conjugates.Selling and distribution expenses were RMB320 million, mainly due to the launch and commercialization of toripalimab.Total comprehensive expense was RMB741 million, representing a slight increase from RMB715 million in 2018, mainly benefits from the contribution of toripalimab sales, but offset by the increase in R&D expenses and administrative expenses.Net cash from financing activities was RMB594 million, principally attributable to net cash from the exercise of over-allotment option of H shares amounting RMB404 million in our initial public offering of H shares on The Stock Exchange of Hong Kong Limited.Net cash used in investing activities was RMB952 million, mainly due to (1) the Lingang Production Base’s construction. The Lingang Production Base is expected to enhance our current production capacity by ten times; and (2) diversification of our R&D pipeline and expansion to small molecule drugs and ADCs through equity investment.Business Highlights

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