Shanghai Junshi Biosciences Co (1877) Q3 2026 earnings summary

Executive summary

• 9M 2026 operating income was RMB2,513m, up 39.18% YoY; net loss attributable to shareholders narrowed to RMB149.2m from RMB595.7m. Excluding share-based payment, net profit was RMB31.5m.

• TUOYI domestic sales reached RMB1,964m, up 31% YoY; commercialized products drove revenue growth, and operating cash flow turned positive at RMB165.5m.

Financial highlights

• Q3 revenue was RMB817.2m, up 28.19% YoY; Q3 total loss was RMB214.9m and net loss attributable to shareholders was RMB170.9m.

• 9M total loss narrowed to RMB248.3m from RMB692.4m; net loss attributable to shareholders narrowed to RMB149.2m from RMB595.7m.

• 9M operating cash flow was RMB165.5m versus an outflow of RMB343.4m; investing cash outflow was RMB1.728bn and financing cash inflow was RMB2.462bn.

• 9M net profit attributable to shareholders excluding share-based payment was RMB31.5m, an increase of RMB616.2m YoY.

Outlook and guidance

• Priorities included improving R&D efficiency, strengthening commercial competitiveness, advancing global expansion and deepening operational management.

• Development focus included biological products, selected-target research and combination regimens; clinical programs for JS207, JS212 and JS213 advanced.

• Tifcemalimab plus toripalimab Phase III enrollment across 15 countries and 200+ centers was ongoing, with completion estimated in 2026; Phase III studies of JS107 in advanced gastric/GEJ cancer were underway, with a first-line combination study planned.