Six Months In, WuXi Juno’s Revenue Just Exceeds RMB 100 Million as Commercialization of High-Priced Cancer Therapy Stalls

CAR-T (Chimeric Antigen Receptor T-cell) therapy has captured significant attention in oncology’s next wave of treatments. Frost & Sullivan projects that the global CAR-T market will reach USD 21.8 billion by 2030, expanding at a compound annual growth rate of 34.8% from 2021 to 2030.

Despite these optimistic forecasts, enterprises centered on CAR-T technologies are finding it difficult to achieve commercial traction. WuXi Juno (688185.SH/02126.HK) reported H1 revenue of RMB 106 million—up 22.5% year-on-year—yet its net loss widened to RMB 267 million, underscoring the challenge of moving from regulatory approval to sustainable market performance.

The company’s flagship product, Benoda®, drives the majority of its revenue. Benoda® is an autologous CAR-T therapy targeting the CD19 antigen on B cells. It has secured approval from China’s National Medical Products Administration for three indications: relapsed or refractory large B-cell lymphoma, follicular lymphoma with relapse within 24 months, and mantle cell lymphoma—including patients previously treated with BTK inhibitors.

Benoda® holds a clear first-mover advantage. It was the first CAR-T therapy in China classified as a Category I biologic and the first to receive both priority review and breakthrough therapy designations under the national major new drug development program. Insurance coverage is also expanding: as of June 30, 2025, Benoda® has been included in over 90 commercial insurance plans and 104 supplemental government medical schemes. WuXi Juno has assembled a comprehensive commercialization team spanning sales, market access, innovative payment solutions, and CAR-T advisory services.

Clinically, the need is substantial. China sees roughly 100,000 new lymphoma cases each year, and CAR-T is increasingly viewed as a more effective option. Yet despite strong demand, Benoda®’s H1 sales reached only RMB 81 million—essentially flat year-on-year. Supplementary income from licensing came via an agreement with major shareholder Juno on April 18, 2025, granting non-exclusive rights to the JW sLVV manufacturing process and related patents for up to USD 10 million. While this deal provided some financial relief, it does little to offset ongoing operational losses, leaving WuXi Juno’s outlook reliant on meaningful sales growth.

Accessibility remains the industry’s greatest hurdle. Although approved in September 2021, CAR-T therapies have reached just about one-fifth of eligible patients, according to Oppenheimer analyst Hartaj Singh. The high cost—typically RMB 1–2 million per treatment—reflects intensive R&D, complex manufacturing, and patent-driven pricing. Moreover, China’s basic medical insurance system maintains implicit ceilings around RMB 300,000 to RMB 500,000, making coverage negotiations for cutting-edge therapies especially difficult. Though Benoda® has made inroads into insurance schemes, the scope and sustainability of future price adjustments remain untested.

Competition is intensifying: by December 31, 2024, six CAR-T products had been approved domestically—three targeting CD19 and three targeting BCMA. In response, WuXi Juno has implemented cost-control measures, cutting sales expenses by 23.2%, administrative costs by 45.7%, and R&D spending by 39.0% in H1, which narrowed its losses but risks stifling innovation.

Meanwhile, the company is reallocating resources to its pipeline. It has launched an investigator-initiated trial for JWCAR201, a dual CD19/20 CAR-T candidate targeting hematologic malignancies, with patient enrollment underway. Additionally, the relma-cel program—derived from Benoda®—entered IND studies in 2024 for moderate to severe systemic lupus erythematosus, completing enrollment by Q1 2025. However, given constrained financial resources and fierce market headwinds, these initiatives may struggle to restore investor confidence without clear commercialization breakthroughs.