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Zai Lab (ZLAB) investor relations material
Zai Lab Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue grew 14% year-over-year to $116.1 million, driven by NUZYRA, VYVGART, and XACDURO, with commercial profitability in China and a robust global pipeline advancing toward first global approval for Zoci by 2027/2028.
Multiple high-potential assets, including KarXT, povetacicept, and VYVGART, are expected to drive near-term commercial impact and future growth.
Significant improvement in operating leverage and narrowing losses, with net loss for Q3 2025 at $36.0 million, improved from $41.7 million in Q3 2024.
Key pipeline advances include Zoci's global registrational study, KarXT's inclusion in China's national schizophrenia guidelines, and FDA Breakthrough Therapy Designation for povetacicept.
New leadership appointments and the establishment of an Oncology Scientific Advisory Board support organizational growth.
Financial highlights
Total Q3 2025 revenues were $116.1 million, up 14% year-over-year; product revenue, net, was $115.4 million, up from $101.8 million in Q3 2024.
VYVGART/VYVGART Hytrulo revenues grew 2% to $27.7 million, NUZYRA up 54% to $15.4 million, OPTUNE up 64%, and XACDURO contributed $6.4 million.
ZEJULA sales declined 12% year-over-year to $42.4 million but showed sequential stabilization.
Operating loss improved by 28% to $48.8 million; adjusted operating loss was $28.0 million.
Cash and equivalents totaled $817.2 million as of September 30, 2025.
Outlook and guidance
Full-year 2025 revenue guidance raised to at least $460 million.
Profitability expected beyond Q4 2025 due to lower revenue base; updated 2026 guidance to be provided with full-year results.
First global approval for Zoci anticipated in 2027/2028; multiple blockbuster launches expected in 2026-27.
Multiple clinical milestones and regulatory submissions expected in Q4 2025 and 2026, including data readouts and new drug applications.
Sufficient capital is available to fund operations for at least the next 12 months; additional debt facilities have been secured.
Zoci intracranial activity data implications
ZEJULA competitive dynamics strategy
R&D expense reduction and pipeline funding
What is the bar for Zoci's NAC approval?
VYVGART: How to reach 3+ cycles average?
Global pipeline: Prioritize early-stage assets?
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Frequently asked questions
Zai Lab Limited is a biopharmaceutical company that focuses on developing and commercializing therapies for oncology, autoimmune disorders, infectious diseases, and neurological conditions. The company operates at the intersection of global research and localized healthcare needs, with a strong presence in China and the United States. Zai Lab has a broad portfolio that includes both licensed products and proprietary research-driven candidates, targeting areas of significant unmet medical need. The company is headquartered in Shanghai, China, and its shares are on both the Nasdaq and the Hong Kong Stock Exchange.
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