Zai Lab (ZLAB) Goldman Sachs 45th Annual Global Healthcare Conference summary

Commercial and clinical focus for 2024

• Entered first year of a five-year growth plan targeting 50% CAGR in sales and profitability by 2028, aiming to expand marketed products in China from four to up to 15.

• Major commercial focus is the launch of VYVGART for gMG, with NRDL listing effective January 2024 and strong initial uptake.

• Additional launches planned for AUGTYRO (ROS1 inhibitor) and XACDURO (antibiotic) in the second half of 2024.

• ZEJULA remains the largest product, targeting 20%-25% sales growth and continued market share leadership in ovarian cancer.

• Operational performance and investor feedback have been positive, with Q1 showing strong growth.

VYVGART launch and market execution

• Targeting 1,000 hospitals covering 80% of 170,000 gMG patients in China, with NRDL pricing at $800 per vial ($32,000 annualized).

• Over 1,000 physicians have prescribed VYVGART, with more than a third prescribing to multiple patients.

• Achieved 2,700 new patients in Q1, maintaining a pace of 1,000 new patients per month.

• Confident in surpassing $70 million in first-year sales, aiming for over 10,000 patients started in 2024.

• Sales force expanded from 100 to 200 reps to maximize hospital coverage and medical education.

Pipeline and future indications

• CIDP is the next major indication for VYVGART, with regulatory submission accepted and approval expected in H1 2025.

• CIDP market is smaller but more chronic, with higher drug utilization and limited alternatives.

• Pricing strategy for CIDP will reference gMG pricing, with NRDL introduction targeted for 2026.

• Additional launches and indications are planned, including KarXT and bemarituzumab.