Tifcemalimab

2025年，注定将成为中国创新药行业的又一里程碑，以“创新七君”为代表的头部创新力量，即将跨越盈亏平衡点，实现“研发-商业化-国际化”的闭环。撰文| Erin距离2023年，E药经理人首次根据市值框定出代表中国创新力量的“创新七君”—— 百济、信达、康方、君实、再鼎、荣昌、和黄，他们也都曾位于“中国医药创新企业100强”榜单前列。两年过去，以"创新七君"为代表的中国医药创新的第一梯队，已经站上盈亏平衡的分界点。他们的“造血”之路不尽相同，“撞线”节点也有差异，但都在过去一年进行了漂亮的商业化反击。率先实现盈利的信达生物，凭借覆盖KRAS、ROS1等前沿靶点的15款商业化产品矩阵，展现多维打法；百济神州，核心产品泽布替尼海外销售额突破26亿美元，昭示中国创新药企首次在血液肿瘤领域与MNC分庭抗礼；君实、荣昌，通过提质增效实现毛利率突破80%，印证精细化运营对盈亏平衡的重构能力。值得一提的是，就在今天，高盛预估康方生物的依沃西将在2041年销售峰值将达530亿美元，受此消息影响，康方股价收盘大涨12.86%。显然，2025年即将成为“七君”们的里程碑之年，也将是行业分水岭。不过，一个共识是，未来在“七君”们纷纷迈入商业化反哺研发的新周期后，中国创新军团正以梯队化攻势，在全球医药创新版图上刻下新坐标。商业化“造血”路盈利与提质增效，几乎成了七君在2025年财报季的焦点。创新药“二哥”信达生物率先实现盈利，净利润达 3.3 亿元。营收方面，在信达生物约94.2亿元的总收入中，产品收入就有82.3 亿元，同比增幅高达43.6%。信达的独特性在于，在业界纷纷竞争“大单品”的风潮中，其商业化产品组合已经多达15款，且囊括了多款带有“国内首款”光环的新药，包括KRAS G12C抑制剂氟泽雷塞片、ROS1 抑制剂己二酸他雷替尼胶囊、EGFR TKI利厄替尼片、全球首款非共价 BTK 抑制剂匹妥布替尼片以及中国首款 IGF-1R 单克隆抗体替妥尤单抗 N01 注射液。值得一提的是，凭借在抗肿瘤、减重、心血管及代谢领域较为全面的布局，以及眼科和自免重磅产品即将迎来的商业化放量，信达生物还立下了2027年实现200亿元收入的目标。另外，百济、和黄、再鼎也都提出了明确的盈利预期，君实、荣昌、康方虽然并未明确时间，但随着业绩数字的持续攀升，其距离盈亏平衡点似乎也近在咫尺。不过，从他们的收入曲线来看，产品力所转化而来的商业价值变现是核心，但来源却不尽相同，部分企业通过国际化战略实现业绩跃迁，也有企业则聚焦本土市场精耕细作，依托国内庞大患者群体建立优势。创新药“一哥”百济神州，其业绩数字跳跃之路，就是凭借海外市场，逐步迈向盈利的典型。2024年，百济收入达272.14亿元，同比增长56.2%，归母净利润同比减亏约26%。BTK抑制剂泽布替尼与PD-1替雷利珠单抗依然是百济神州的主要收入来源，尤其是泽布替尼，在2023年突破10亿美元大关后，2024年凭借在全球70多个市场获批，以及在美国市场比肩伊布替尼的适应证数量的全球战绩，实现收入翻番达26.44亿美元（约188.59亿元）。不仅如此，在今年的JPM大会上，百济神州联合创始人、董事长兼首席执行官欧雷强高调表示，百济神州即将迈入下一阶段，预计2025年将实现全年经营利润为正。同样凭借产品海外上市带来显著业绩攀升的还有和黄医药，2024年实现综合收入6.302亿美元，应占净收益为3770万美元。而呋喹替尼海外市场的首年销售表现，则成了其营收的关键支撑。据悉，呋喹替尼全年在中国以外市场实现销售额2.9亿美元。要知道，呋喹替尼在2021-2023年销售额总计才约为2.68亿美元，也就是说，2024年作为呋喹替尼出海首个完整年度，其海外市场销售额就已经打破呋喹替尼在国内市场的“天花板”。康方与再鼎，是凭借差异化显著的产品力，抢先占据蓝海市场，实现收入跃升的代表。据悉，再鼎的2024年全年总收入为3.99亿美元，同比增长50%，其主要动力就来自艾加莫德在上市首个完整年度就实现了9360万美元的产品收入净额。康方生物也凭借手握两款FIC属性双抗产品——PD-1/CTLA-4双抗卡度尼利单抗和PD-1/VEGF双抗依沃西单抗迎来里程碑式的发展之年。2024年，康方不仅产品商业化销售再创新高，达20.02亿元，同比增加24.88%，也再度获得来自合作方Summit的授权收入1.216亿元，为其稳健现金流添砖加瓦。而君实和荣昌，则是“七君”中通过提质增效，带来业绩数字显著提升的代表。君实于2024年实现营业收入19.48亿元，同比增长29.67%，净亏损额同比收窄43.90%。主要来自于两大原因：核心产品PD-1特瑞普利单抗在美国、欧盟、印度、英国、约旦、澳大利亚等多个国家和地区获得批准上市，同时其在国内市场新增4个适应证，带动君实营收大幅增长。除此之外，君实还在财报中强调，“提质增效重回报行动”方案对公司的销售效率提升、亏损收窄带来显著影响。据悉，君实生物的研发投入总额占营业收入比 例已经从2023年的128.95%，减少至2024年的65.45%；研发人员数量在一年间减少超100人；公司整体毛利率提升16.39个百分点至81.12%。荣昌同样如此，全年实现营业收入17.17亿元，迎来58.5%爆发式增长的背后，除了两大核心单品泰它西普和维迪西妥单抗持续放量，更是企业在精细化运营下，销售费用率下降16.3个百分点至55.3%，综合毛利率提高3个百分点达到80.4%的结果。 推荐阅读 * 再鼎医药新十年：在大单品时代迈向盈利* 单日暴涨17%！创新药二哥提前盈利，引爆了什么？国际化步伐不停七家药企在2024年共同迈出了走向盈利的步伐，到了2025年，也同样将国际化视为关键增长点。目前走得最快的显然是百济神州。如果说，泽布替尼是百济神州在血液肿瘤领域的基础，BCL2抑制剂Sonrotoclax和BTK蛋白降解剂BGB-16673则是，百济神州将于2025年打出的下一张“王牌”。有意思的是，百济神州似乎在血液肿瘤领域释放出直接挑战艾伯维头部地位的信号。据悉，继泽布替尼“头对头”打败伊布替尼后，百济神州已经开启Sonrotoclax针对全球首款BCL2抑制剂——来自艾伯维维奈克拉的“头对头”临床，有望再次冲击BIC之位。并且百济神州还计划，最快将于2025年下半年递交Sonrotoclax的上市申请。在信达的规划中，2025年也将是其国际化加速之年，尤其是信达在财报中明确规划“将推动近10款下一代创新药进入全球临床开发。另至2030年，将实现5款创新管线进入全球三期临床研究。”不出意外，抗肿瘤依旧是信达未来国际化的首发管线。其进展最快的两条管线——治疗胃癌的CLDN18.2 ADC IBI343和治疗肺癌、黑色素瘤的IBI363，都进入到了全球关键临床阶段。值得一提的是，IBI363还启动了首个挑战帕博利珠单抗头对头关键注册临床研究。曾经以License-in模式著称的再鼎，其国际化进程与自研管线的推进同时进行。再鼎的在研管线DLL3 ADC ZL-1310已成为全球首个取得初步临床数据的DLL3 ADC管线，野心直指全球BIC。根据再鼎在今年JPM大会上披露的信息，ZL-1310治疗小细胞肺癌的全球1a期临床研究取得了出色的ORR和安全性数据。据悉，最快在2027年，ZL-1310有望成为再鼎首个获得批准并实现商业化的全球权利管线。值得关注的是，基于目前再鼎的商业化进展，以及未来国际化成绩，再鼎还在JPM大会上明确公司的两大预期：即将在2025年底前实现盈利；到2028年，再鼎医药将手握15个商业化产品，攀登20亿美元营收高峰。此外，在2025年，再鼎还将推进三款自研管线IL-13/IL-31双抗ZL-1503、ROR1 ADC ZL-6301、LRRC15 ADC ZL-6201进入全球1期临床研究阶段。呋喹替尼在海外销售额的突飞猛进，为和黄医药的国际化开了个好头，后续国际化产品也在有序进行。根据和黄财报，赛沃替尼也计划在美国提交上市申请，有望成为其第二个国际化产品。另一款血液学药物索乐匹尼布也在美国、欧洲的临床试验推进过程中，有望成为其在血液疾病领域打头阵的产品。同样，君实的国际化未来也集中押宝在抗肿瘤和自免两大领域，其治疗肺癌的BTLA单抗tifcemalimab已经进入国际多中心III期研究。该产品还是全球首个进入临床的BTLA单抗。不过，除了这款产品，君实的大多数国际化管线都还在早期研发进程中。当然，这也符合君实一直以来的行事风格——集中精力，聚焦差异化核心。荣昌和康方的国际化也都聚焦在自身优势领域，前者主要在突进衍生于核心ADC平台和双抗ADC平台的管线开展国际临床；后者则致力于与海外合作伙伴共同将其在头对头临床中打败K药的双抗产品推向全球。总结来看，自2023年初的“财报季”，E药经理人首次根据市值排名，框定出市值最高的七家Biotech，并将其命名为“创新七君”。三年时间，E药经理人持续跟踪，这七家标杆Biotech企业虽发展轨迹各异，却完整演绎了创新药企进化三部曲：从商业化探索期的艰难回血，到共临出海风险，最终到如今纷纷实现从“烧钱研发”到商业价值变现的进化，并且在国际化方面都谋得一方天地。作为头部创新药企，他们一路走来，从商业化自我造血，到国际业务深入布局，为行业提供了可借鉴的升级范本。站在2025年新起点观察，新生代Biotech也正复刻头部企业成长路径：如康诺亚，仅2025年开年一个月，就抬出两笔BD夺得行业视线；再如百利天恒，依靠与BMS的百亿BD大单，目前稳居登顶中国双抗出海价值榜首；也如亚盛，在纳斯达克上市后，首份业绩答卷就收入大增342%；同样，迪哲在2024年第二款创新属性拉满的新药上市后，营收也增长近300%。可以期待，在下一个三年，不只“创新七君”，以及康诺亚、百利天恒们，来自中国的Biotech或将凭借商业化盈利与全球化突破的双重维度持续发力，在全球创新药市场挣得话语权。一审| 黄佳二审| 李芳晨三审| 李静芝精彩推荐大事件 | IPO | 融资&交易 | 财报季 | 新产品 | 研发日 | 里程碑 | 行业观察 | 政策解读 | 深度案例 | 大咖履新 | 集采&国谈 | 出海 | 高端访谈 | 技术&赛道 | E企谈 | 新药生命周期 | 市值 | 新药上市 | 商业价值 | 医疗器械 | IND | 周年庆大药企 | 竞争力20强 | 恒瑞 | 石药 | 中生制药 | 齐鲁 | 复星 | 科伦 | 翰森 | 华润 | 国药 | 云南白药 | 天士力 | 华东 | 上药创新药企 | 创新100强 | 百济 | 信达 | 君实 | 复宏汉霖 | 康方 | 和黄 | 荣昌 | 亚盛｜康宁杰瑞｜贝达｜微芯｜再鼎｜亚虹跨国药企｜ＭＮＣ卓越｜辉瑞｜AZ｜诺华｜罗氏｜BMS｜默克｜赛诺菲｜GSK｜武田｜礼来｜诺和诺德｜拜耳供应链｜赛默飞｜药明｜凯莱英｜泰格｜思拓凡｜康龙化成｜博腾｜晶泰｜龙沙｜三星启思会 | 声音·责任 | 创百汇 | E药经理人理事会 | 微解药直播 | 大国新药 | 营销硬观点 | 投资人去哪儿 | 分析师看赛道 | 药事每周谈 | 中国医药手册

SHANGHAI, March 28, 2025 (GLOBE NEWSWIRE) -- Shanghai Junshi Biosciences Co., Ltd (“Junshi Biosciences,” HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies, announced its financial results for the full year of 2024 and provided corporate updates. FINANCIAL HIGHLIGHTS Total revenue of Junshi Biosciences was approximately RMB1,948 million in 2024, representing an increase of approximately 30% compared to 2023, which was mainly due to the increase in revenue from pharmaceutical products, in particular: the domestic sales revenue of our core product, toripalimab, was approximately RMB1,501 million, representing an increase of approximately 66% compared to 2023.Total research and development (“R&D”) expenses of the company were approximately RMB1,275 million in 2024, representing a decrease of approximately 34% compared to 2023. The decrease in R&D expenses was mainly due to the company’s cost control policy and efforts to optimize resource allocation and focus on R&D pipelines with greater potential. In addition, a number of clinical trials of our core product, toripalimab, successively met the primary endpoints, which also contributed to the natural decline of R&D expenditure.Loss attributable to owners of the company decreased to RMB1,282 million in 2024, representing a decrease of approximately RMB999 million or approximately 44% compared to 2023.As of the end of 2024, the company’s aggregate balance of bank balances and cash and financial products was approximately RMB2,917 million, ensuring a relatively sufficient cash position to support the company’s development. BUSINESS HIGHLIGHTS During 2024, our commitment to addressing “unmet medical needs” has driven original, innovative and breakthrough progress in the discovery, R&D and commercialization of innovative therapies and drugs through accelerating international development. Here are the notable achievements and milestones: Advancements in the pipeline: 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 (ADCs), bi-specific or multi-specific antibodies, bispecific antibody drug conjugates, fusion protein and nucleic acid drugs, as well as the exploration of next-generation innovative therapies, including cancer and autoimmune diseases. Our product pipelines cover five major therapeutic areas, including malignant tumors, autoimmune diseases, chronic metabolic diseases, neurologic diseases and infectious diseases. A total of four drugs have been commercialized, around 30 assets are undergoing clinical trials, and over 20 drug candidates are at the preclinical drug development stage. In January 2024, Coherus BioSciences, a partner of Junshi Biosciences, announced that toripalimab was available for access and administration in the United States. Prior to this, toripalimab (US trade name: LOQTORZI®) was approved for marketing by the US Food and Drug Administration (the “FDA”) in October 2023, and is the first drug for the treatment of nasopharyngeal carcinoma (“NPC”) in the United States. At present, it is also the only preferred drug recommended in the National Comprehensive Cancer Network (“NCCN”) Clinical Practice Guidelines in Oncology for Head and Neck Cancers 2025.V1 for the treatment of recurrent/ metastatic NPC across all lines.In January 2024, the new drug application (the “NDA”) for toripalimab for the treatment of NPC was accepted by the Singapore Health Sciences Authority (the “HSA”). In March 2025, the NDA for toripalimab (Singapore trade name: LOQTORZI®) in combination with cisplatin and gemcitabine for the first-line treatment of adult patients with recurrent, not amenable to surgery or radiotherapy, or metastatic NPC has been approved by the HSA. Toripalimab has become the first and only approved immuno-oncology treatment for NPC in Singapore.In April 2024, the Japanese Pharmaceuticals and Medical Devices Agency (the “PMDA”) agreed that the company may proceed with a randomized, double-blind, placebo-controlled, international multi-regional phase 3 clinical study of tifcemalimab (a recombinant humanized anti-BTLA monoclonal antibody, code: TAB004/JS004) in combination with toripalimab as consolidation therapy for patients with limited-stage small cell lung cancer (“LS-SCLC”) without disease progression following chemo-radiotherapy.In April 2024, the supplemental new drug application (the “sNDA”) for toripalimab in combination with axitinib for the first-line treatment for patients with medium to high risk unresectable or metastatic renal cell carcinoma (“RCC”) was approved by the National Medical Products Administration of China (the “NMPA”). This is the first approved immunotherapy for renal carcinoma in China.In April 2024, the NDA for toripalimab in combination with cisplatin and gemcitabine for 1) the first-line treatment of adults with metastatic or recurrent locally advanced NPC and 2) toripalimab, as a single agent, for the treatment of adults with recurrent, unresectable, or metastatic NPC with disease progression on or after platinum-containing chemotherapy was accepted by the Drug Office of the Department of Health, Hong Kong Special Administration Region Government (the “DO”), and was approved by the Pharmacy and Poisons Board of Hong Kong (the “PPB”) in October 2024, making toripalimab the first and only immunotherapy drug for NPC in Hong Kong SAR, China.In June 2024, the primary endpoints of progression-free survival (“PFS”, based on independent radiographic review) and overall survival (“OS”) of a multinational multi-center, randomized, open-label, active controlled phase III clinical study (the HEPATORCH study, NCT04723004) of TUOYI® in combination with bevacizumab for the first-line treatment of advanced hepatocellular carcinoma (“HCC”) met the pre-defined efficacy boundary. The sNDA was accepted by the NMPA in July 2024 and was approved by the NMPA in March 2025.In June 2024, the sNDA for TUOYI® in combination with etoposidein plus platinum as the first-line treatment of extensive-stage small cell lung cancer (“ES-SCLC”) was approved by the NMPA.In June 2024, the sNDA for TUOYI® in combination with paclitaxel for injection (albumin-bound) for the first-line treatment of recurrent or metastatic triple-negative breast cancer (“TNBC”) with a well-validated test to evaluate PD-L1 positive (CPS ≥ 1) was approved by the NMPA.In July 2024, the investigational new drug (“IND”) application for JS125 (a targeted histone deacetylases (“HDACs”) inhibitor) was accepted by the NMPA and approved in September 2024.In July 2024, a positive opinion was obtained from the Committee for Medicinal Products for Human Use (the “CHMP”) of the European Medicines Agency (the “EMA”) for the marketing authorization application (the “MAA”) of toripalimab (European trade name: LOQTORZI®), which recommended approval for the treatment of two indications: toripalimab in combination with cisplatin and gemcitabine for the first-line treatment of adult patients with recurrent, not amenable to surgery or radiotherapy, or metastatic NPC, and toripalimab in combination with cisplatin and paclitaxel for the first-line treatment of adult patients with unresectable advanced, recurrent, or metastatic esophageal squamous cell carcinoma (“ESCC”). In September 2024, this MAA was approved by the European Commission (the “EC”). The approval is applicable to all 27 member states of the European Union (the “EU”), Iceland, Norway and Liechtenstein, making toripalimab the first and only drug for the treatment of NPC and the only first-line treatment for advanced or metastatic ESCC regardless of PD-L1 status in Europe.In August 2024, the sNDA for toripalimab as the first-line treatment for unresectable or metastatic melanoma was accepted by the NMPA.In September 2024 and November 2024, toripalimab was approved for marketing in India and Jordan, respectively, for the treatment of two indications: toripalimab in combination with cisplatin and gemcitabine, for the first-line treatment of adults with metastatic or recurrent, locally advanced NPC 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. Toripalimab officially commenced commercial sales in India in 2024.In October 2024, the NDA for ongericimab injection (a recombinant humanized anti-PCSK9 monoclonal antibody injection, trade name: JUNSHIDA) as the treatment for adult patients with primary hypercholesterolemia (non-familial) and mixed dyslipidemia was approved for marketing by the NMPA.In November 2024, toripalimab (UK trade name: LOQTORZI®) obtained the marketing authorisation from the United Kingdom’s (the “UK”) Medicines and Healthcare products Regulatory Agency (the “MHRA”) for the treatment of two indications: toripalimab in combination with cisplatin and gemcitabine for the first-line treatment of adult patients with recurrent, not amenable to surgery or radiotherapy, or metastatic NPC, and toripalimab in combination with cisplatin and paclitaxel for the first-line treatment of adult patients with unresectable advanced, recurrent, or metastatic ESCC. Toripalimab has become the first and only drug for the treatment of NPC and the only first-line treatment for advanced or metastatic ESCC regardless of PD-L1 status in the UK.In November 2024, four new indications of toripalimab were successfully included in Category B of the National Drug List for Basic Medical Insurance, Work-Related Injury Insurance and Maternity Insurance (Year 2024) (the “NRDL”). The ten approved indications of toripalimab in the Chinese mainland were all included in the NRDL, and TUOYI® is the only anti-PD-1 monoclonal antibody included in the NRDL for the treatment of melanoma, perioperative treatment of non-small cell lung cancer (“NSCLC”), treatment of renal carcinoma and treatment of TNBC. Update on business operations In June 2024, Junshi Biosciences convened the 2023 annual general meeting, the 2024 first class meeting of A shareholders and the 2024 first class meeting of H shareholders, and completed the election of the fourth session of the Board of Directors and the board of supervisors of the company and other matters.In July 2024, Suzhou Union Biopharm Co., Ltd., a wholly-owned subsidiary of Junshi Biosciences, received the CERTIFICATE OF GMP COMPLIANCE OF A MANUFACTURER issued by The Ireland Health Products Regulatory Authority (the “HPRA”) in accordance with the relevant regulations of the EMA. This is the first time that the relevant production facilities of toripalimab obtained the GMP certificate of a member state of the EU. According to the GMP mutual recognition system among the EU member states, obtaining the GMP certificate indicates that the production facilities with the certificate have met the GMP standards of the EU.In August 2024, the A shares of Junshi Biosciences (“A Shares”) were included in the SSE STAR Brand Name Drug Index. The index selects 30 securities of companies listed on the STAR Market with the largest market capitalization and engaged in innovative drugs as constituents, reflecting the overall performance of the securities of the companies listed on the STAR Market and engaged in innovative drugs.As of September 2024, the company completed the implementation of the A-Share repurchase plan, with a total of 815,871 A Shares repurchased, accounting for 0.0828% of the total share capital of the company, which will be used for the purpose of share incentives and/or employee stock ownership plan(s) at an appropriate time in the future.In December 2024, the company’s A Shares were included in the CSI A500 Index. The index selects 500 securities with the largest market capitalization and strong liquidity from various sectors as constituents, reflecting the overall performance of the most representative listed companies across different sectors. About Junshi BiosciencesFounded in December 2012, Junshi Biosciences (HKEX: 1877; SSE: 688180) is an innovation-driven biopharmaceutical company dedicated to the discovery, development and commercialization of innovative therapeutics. The company has established a diversified R&D pipeline comprising over 50 drug candidates, with five therapeutic focus areas covering cancer, autoimmune, metabolic, neurological, and infectious diseases. Five of the company’s products have received approvals in China and international markets, one of which is toripalimab, China’s first domestically produced and independently developed anti-PD-1 monoclonal antibody. Toripalimab has been approved in over 35 countries and regions including China, the US, and Europe. During the COVID-19 pandemic, Junshi Biosciences actively shouldered the social responsibilities of a Chinese pharmaceutical company through its involvement in developing etesevimab, MINDEWEI®, and other novel therapies for the prevention and treatment of COVID-19. With a mission of “providing patients with world-class, trustworthy, affordable, and innovative drugs,” Junshi Biosciences is “In China, For Global.” At present, the company boasts approximately 2,500 employees in the United States (San Francisco and Maryland) and China (Shanghai, Suzhou, Beijing, Guangzhou, etc.). For more information, please visit: http://www.junshipharma.com. Junshi Biosciences Contact InformationIR Team:Junshi Biosciencesinfo@junshipharma.com+ 86 021-6105 8800 PR Team:Junshi BiosciencesZhi Lizhi_li@junshipharma.com+ 86 021-6105 8800