Junshi Biosciences announced its monetary outcomes for the 6 months ended June 30, 2020 and provided corporate updates.
First Half 2020 Financial Highlights
Total revenues reached RMB575 million into the first half of 2020, representing an 86% enhance compared because regarding the half that is to begin 2019 year. Sales of Toripalimab was RMB426 million, out of which RMB254 million had been produced in the quarter that is 2nd data that are representing from the outbreak that is initial of in very early 2020. Gross margin increased somewhat to about 90% due to ability utilization and productivity improvement. Sub-licensing and earnings that is solution RMB149 million. Junshi joined as a considerable research collaboration and enable agreement with Lilly and issued Lilly a license to conduct research, development and commercialization of JS016, an drug that is revolutionary the treatment and prevention of COVID-19 in May 2020.
The research and development (“R&D”) costs were RMB709 million within the half that is first of, representing an increase of 92% compared to RMB369 million for enough time scale that is same 2019 12 months.
The increase was primarily because of progress of key clinical studies, more R&D collaboration and license-in tasks expanding our pipelines to molecule that is small, antibody drug conjugates (ADCs) and JS016. The house, plant and equipment (“PPE”) by the end of 2020 increased 11% to RMB2,026 million contrasted using the conclusion of 2019 year june. The development that is significant of PPE was primarily as a result of the construction of the Lingang Production Base, that could enhance our manufacturing that is current capacity ten fold.
Total expense that is comprehensive the Reporting Period was RMB593 million, representing a growth of 105per cent compared to half that is to begin, mainly because of profit generated from Toripalimab sales, service earnings and earnings that are sub-licensing offset by the increase in R&D expenses and administrative and selling expenses.
As of 30 2020, our bank and cash balances reduced to RMB676 million from RMB1,214 million as of 31 2019 December. The decrease was primarily due to: 1) investment in ongoing R&D tasks, new R&D collaboration and license-in jobs; 2) investment in and acquisition of companies into the sector that is pharmaceutical and 3) investment within the production bases particularly the Lingang Production Base. Later, in 2020, the business completed a offering that is public of stocks regarding the STAR Market of the Shanghai Stock Exchange and received gross proceeds of about RMB483.6 million july.
During the Reporting Period, we achieved progress that is respect that is significant our item commercialization, clinical studies and pipeline expansion. The Company’s products concentrated on self-developed items which are biological innovation that is original. That is exact same through technology and co-development transfer/license-in, we further expanded our product pipeline at the time. As associated with finish regarding the Reporting Period, we had 21 medication applicants, including 19 revolutionary medications and 2 biosimilars, covering five healing that is major including malignant tumors, autoimmune conditions, chronic metabolic diseases, neurologic diseases and diseases being infectious. Junshi Biosciences announced its monetary outcomes for the 6 months.