(Yicai) March 28 -- Shares in Shanghai Junshi Biosciences surged as much as 11.6 percent in Hong Kong today after the Chinese drugmaker reported that its net losses contracted 44 percent last year from the year before thanks to robust sales of its new cancer drug.

Junshi’s Hong Kong-traded stock [HKG:1877] ended the day up 5 percent at HKD15.38 (USD2) after hitting HKD16.30 earlier in the day. In Shanghai, its share price [SHA:688180] closed up 1.41 percent at CNY30.24 (USD4.16).

Junshi’s net losses narrowed to CNY1.2 billion (USD165.2 million) last year, thanks to strong sales of its cancer drug toripalimab, which trades under the name Tuoyi, and a series of cost-cutting measures, the Shanghai-based firm said in its latest annual financial report released yesterday. Revenue jumped 29.6 percent to CNY1.9 billion (USD269 million).

Sales of Tuoyi alone in China soared 66 percent last year from the year before to CNY1.5 billion (USD206.5 million), accounting for 77 percent of the firm’s annual revenue, the report said. In the first half last year, the drug generated CNY671 million (USD92.3 million) in sales in China, contributing 85 percent of the company’s earnings for the period.

Tuoyi was the first PD-1 monoclonal antibody cancer treatment to be given the greenlight in China, and it has been approved for 11 indications, with several being exclusive or industry-leading therapies by Junshi.

It has also had great success abroad. Tuoyi became the first drug for the treatment of advanced nasopharyngeal cancer to be approved to go to market in the US and the EU when it was given the nod by the US Food and Drug Administration in October 2023 and by the European Commission in September 2024. It was also the first drug independently developed and produced by a Chinese company to be given the greenlight by the FDA.

In addition to the US and the European Union, the drug has also been approved for marketing in countries such as India, the United Kingdom, Jordan, Australia and Singapore. However, the annual report did not provide sales data in overseas markets.

Junshi has ample financial reserves and is planning to select strategic overseas partners to expand the commercialization potential of its medicines abroad. The company is also looking for overseas innovative drugs with significant market potential to license.

Editors: Tang Shihua, Kim Taylor