Zai Lab Ltd
HKEX:9688

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Zai Lab Ltd
HKEX:9688
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Price: 14.8 HKD 2.78% Market Closed
Market Cap: 16.6B HKD

Zai Lab Ltd
Investor Relations

Zai Lab Ltd. is an innovative player in the biotech and pharmaceutical landscape, emerging from China with ambitions that stretch globally. Founded in 2013, the company has quickly built a robust portfolio, focusing on oncology, autoimmune disorders, infectious diseases, and neuroscience. Zai Lab has established itself with a hybrid business model that intertwines the agility of a biotech startup with the strategic partnerships of a mature pharmaceutical company. This approach has allowed it to localize and expedite the development of cutting-edge therapeutics for the Chinese market while simultaneously building a presence in international markets. What sets Zai Lab apart is its keen ability to in-license late-stage pharmaceutical assets from global partners, significantly cutting down on the time and resources typically required for new drug development.

The company generates revenue primarily by commercializing these in-licensed drugs in China and neighboring regions. Zai Lab has also expanded its revenue streams through co-development deals, wherein it collaborates with global pharmaceutical giants. This involves sharing research and development costs, thus reducing upfront investment while simultaneously broadening its pipeline. Furthermore, Zai Lab's financial success is bolstered by its strong market position in several key therapeutic areas, driving growth and reinforcing its status as a bridge between international drug innovation and the Chinese healthcare sector. With a focus on rapid commercialization and strong partnerships, Zai Lab continues to blaze a trail in the biopharma industry, well-suited for navigating both domestic and international markets.

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9688
Hang Seng (Hong Kong)
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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 6, 2025
AI Summary
Q3 2025

Revenue Growth: Zai Lab reported Q3 2025 revenue of $116 million, up 14% year-over-year, but revised full-year guidance to at least $460 million, citing a slower ramp in China.

Pipeline Progress: Lead asset Zoci (ZL-1310) advanced rapidly, showing strong efficacy and safety in small cell lung cancer with plans for multiple pivotal studies and a potential first global approval by 2027/2028.

VYVGART Trends: VYVGART remained a key growth driver, with increasing patient numbers and treatment duration, but uptake is slower than expected. Average vials per patient rose 30% year-to-date.

Profitability Path: Commercial business in China is already profitable, but slower top-line growth means company-wide profitability is now expected after Q4 2025.

Cost Discipline: R&D spending dropped 27% and SG&A as a percentage of revenue fell; loss from operations improved 28% to $48.8 million, and adjusted operating loss improved 42%.

Strong Cash Position: Ended Q3 with $817 million in cash, supporting continued investment in pipeline and commercial execution.

Strategic Focus: Zai Lab is prioritizing internal global R&D investments while remaining open to targeted external opportunities.

Key Financials
Revenue
$116.1 million
VYVGART and VYVGART Hytrulo Revenue
$27.7 million
Loss from Operations
$48.8 million
Adjusted Loss from Operations
$28 million
Cash
$817 million
Other Earnings Calls

Management

Dr. Ying Du Ph.D.
Founder, Chairperson & CEO
No Bio Available
Mr. Joshua L. Smiley
President & COO
No Bio Available
Dr. Rafael G. Amado M.D.
President and Head of Global Research & Development
No Bio Available
Dr. Yajing Chen Ph.D.
Chief Financial Officer
No Bio Available
Dr. Peter Huang Ph.D.
Chief Scientific Officer
No Bio Available
Ms. Christine Chiou
Senior VP & Head of Investor Relations
No Bio Available
Mr. Frazor Titus Edmondson III, J.D.
Chief Legal Officer & Joint Corporate Secretary
No Bio Available
Dr. Ning Xu M.D.
Executive VP & Head of Clinical Operations
No Bio Available
Dr. Jonathan J. Wang MBA, Ph.D.
Chief Business Officer
No Bio Available
Dr. James Yan DABT, M.D., Ph.D.
Chief Operating Officer of R&D
No Bio Available

Contacts

Address
SHANGHAI
Shanghai
4560 Jinke Road, Bldg. 1, 4/F, Pudong
Contacts