| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 95.56 | 9.6% |
| Total Income | 95.56 | 9.6% |
| Expenditure | 164.94 | 1.8% |
| PBT | -49.58 | 2.4% |
| Net Profit | -51.02 | 5.3% |
| OPM | -72.61% | 19.31pp |
| NPM | -53.39% | 7.54pp |
| EPS | -0.05 | 25.0% |
Zai Lab Announces Q1 2026 Financial Results: Revenue $99.6 Million
07 May 2026 · 7 May, 3:43 pm
Summary
Zai Lab Limited announced its financial results for the first quarter of 2026, with total revenues of $99.6 million. Product revenue, net decreased by 10% year-over-year to $95.6 million. The decrease in product revenue was primarily driven by decreased sales for ZEJULA, partially offset by increased sales for XACDURO and NUZYRA. The company is advancing its global pipeline, including zocilurtatug pelitecan (zoci) and ZL-1503 (IL-13/IL-31Rα).
Key Highlights
- 1
Zai Lab reported total revenues of $99.6 million for the first quarter of 2026.
- 2
Product revenue, net was $95.6 million in the first quarter of 2026, representing a 10% year-over-year decrease.
- 3
ZEJULA sales were $30.0 million in the first quarter of 2026, compared to $49.5 million for the same period in 2025.
- 4
XACDURO sales were $8.6 million in the first quarter of 2026, compared to $1.1 million for the same period in 2025.
- 5
NUZYRA sales were $16.3 million in the first quarter of 2026, compared to $15.1 million for the same period in 2025.
- 6
Research and Development expenses were $65.6 million in the first quarter of 2026, compared to $60.7 million for the same period in 2025.
- 7
Net loss was $51.0 million in the first quarter of 2026, or a loss per ordinary share attributable to stockholders of $0.05.
Management Comments
Samantha Du
We continue to accelerate the development of our global pipeline, with numerous clinical trials underway across oncology and immunology. During the quarter, we made strong progress advancing zoci, with AACR data reinforcing its differentiated profile in both SCLC and epNECs, collaborations with Amgen and Boehringer Ingelheim to evaluate zoci as a potential backbone therapy, and rapid enrollment in the registrational DLLEVATE study, which is on track to be fully enrolled in the first half of 2027. We also continue to advance our growing portfolio of global clinical programs, including ZL-1503 (IL-13/IL-31Rα) for atopic dermatitis. This reflects the strength of our R&D engine, which is designed to scale and deliver a pipeline of differentiated new products. At the same time, our commercially profitable regional business provides a stable foundation, with several near-term opportunities expected to support future growth.
Josh Smiley
We are deepening our presence in key markets to capitalize on underlying demand for VYVGART and are expanding our regional footprint as we prepare for the launch of KarXT in China in the second quarter. Supported by national guidelines and an addressable population of ~8 million schizophrenia patients, KarXT’s launch positions us to bring the first novel therapy in decades to this critical market, with potential NRDL inclusion next year. In addition, we anticipate a potential regulatory approval for TIVDAK this year, and with positive Phase 3 readouts for povetacicept and elegrobart, we have additional opportunities for future growth. Across all efforts, we remain focused on driving consistent execution throughout our commercial portfolio.
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