Junshi Biosciences Reports 28% Revenue Growth in 2025; Absci Schedules Q4 Results
Junshi Biosciences reported total revenue of approximately RMB2,498 million in 2025, a 28% increase year-over-year, driven by toripalimab sales growth. Absci Corporation announced it will report fourth quarter and full year 2025 financial results on March 24, 2026.
Shanghai Junshi Biosciences reported total revenue of approximately RMB2,498 million in 2025, representing an increase of approximately 28% compared to 2024. The increase was mainly due to the increase in revenue from sales of pharmaceutical products, in particular the domestic sales revenue of the company's core product, toripalimab, was approximately RMB2,068 million, representing an increase of approximately 38% compared to 2024.
Total research and development expenses of the company were approximately RMB1,384 million in 2025, representing an increase of approximately 9% compared to 2024. The increase in R&D expenses was mainly due to the company's focus on more competitive and innovative R&D pipelines and accelerated clinical development in 2025.
Net cash inflow from financing activities was approximately RMB2,232 million, which fully covered the cash outflows in operating and investing activities, leading to an increase in bank balances and cash. A successful placing of new H shares on 20 June 2025 generated a net cash inflow of approximately RMB940 million for the company. As of the end of 2025, the company's aggregate balance of bank balances and cash and financial products was approximately RMB3,195 million.
Junshi Biosciences' innovative R&D field has expanded from monoclonal antibodies to the research and development of various drug modalities, including small molecule drugs, polypeptide drugs, antibody drug conjugates (ADC), bi-specific or multi-specific antibodies, bispecific antibody drug conjugates, fusion protein, nucleic acid drugs and vaccines. A total of four drugs have been commercialized, a number of products are undergoing phase 3 clinical studies or in the stage of marketing application, and various innovative drugs that are competitive in the international market are undergoing accelerated clinical trials.
In January 2025, the indication of toripalimab for the treatment of unresectable or metastatic melanoma after failure of standard systemic therapy was approved by the National Medical Products Administration of China for conversion from conditional approval to regular approval. The indication of VV116/JT001 (MINDEWEI) for the treatment of adult patients with mild to moderate coronavirus disease 2019 was also approved by the NMPA for conversion from conditional approval to regular approval in January 2025.
In January 2025, the New Chemical Entity application for toripalimab in combination with cisplatin and gemcitabine, for the first-line treatment of adults with metastatic or recurrent, locally advanced nasopharyngeal carcinoma and toripalimab, as a single agent, for the treatment of adults with recurrent unresectable or metastatic NPC with disease progression on or after a platinum-containing chemotherapy was approved by the Therapeutic Goods Administration of the Australian Government Department of Health and Aged Care. Toripalimab became the first immuno-onocology treatment for NPC in Australia.
The investigational new drug application for JS212 (a recombinant humanized epidermal growth factor receptor and human epidermal growth factor receptor 3 bispecific ADC) was accepted by the NMPA in January 2025 and approved by the NMPA in March 2025. The IND application of JS212 multi-cohort combined drug application was approved by the NMPA in November 2025. In December 2025, the IND application for JS212 for the treatment of advanced solid tumors was approved by the U.S. Food and Drug Administration.
In February 2025, the IND application for JS213 (a PD-1 and interleukin-2 bifunctional antibody fusion protein) was approved by the NMPA.
Separately, Absci Corporation, a clinical-stage biopharmaceutical company advancing breakthrough therapeutics designed with generative AI, announced the company will report business updates and financial and operating results for the fourth quarter and full year 2025 after market close on Tuesday, March 24, 2026. Absci management will webcast a corresponding conference call beginning at 4:30 p.m. Eastern Time to discuss its business developments, financial and operating results, and outlook.