ZLABNasdaqPharmaceutical PreparationsUS GAAP · USD

Zai Lab Ltd

Zai Lab Ltd is a biopharmaceutical company focused on discovering, developing, and commercializing medicines for oncology, immunology, neuroscience, and infectious diseases. The company operates through a network of subsidiaries and commercial infrastructure centered in Greater China, with manufacturing and development activities in Suzhou, China.

Kysy yhtiöstä
Liikevaihto460milj. USD
+15,3 %v/v
Liikevoitto (EBIT)−229milj. USD
+18,7 %v/v
EBIT-marginaali−49,9%
+20,8 %-yks.v/v
Nettotulos−176milj. USD
+31,7 %v/v
Vapaa kassavirta−159milj. USD
+27,9 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−750−500−2500250500milj. USD2020: 49 milj. USD2020: EBIT −302 milj. USD20202021: 144 milj. USD2021: EBIT −700 milj. USD20212022: 215 milj. USD2022: EBIT −404 milj. USD20222023: 267 milj. USD2023: EBIT −367 milj. USD20232024: 399 milj. USD2024: EBIT −282 milj. USD20242025: 460 milj. USD2025: EBIT −229 milj. USD2025460−229
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Zai Lab Ltd

Liiketoiminta

Osuus liikevaihdosta
Oncology products65 %

Cancer therapies including ZEJULA, QINLOCK, OPTUNE, and AUGTYRO.

Immunology products20 %

Autoimmune and neuromuscular therapies including VYVGART and VYVGART Hytrulo.

Infectious disease products12 %

Anti-infective therapy including NUZYRA and XACDURO.

Other commercial and patient-program products3 %

Pre-commercial or other product sales and collaboration-related revenue.

Tuotteet

Raportoitu · osuus liikevaihdosta
41,3%20,6%13,3%10,6%FY2025100 %
  • Zejula41,3 %
  • Vyvgart Vyvgart Hytrulo20,6 %
  • Nuzyra13,3 %
  • Optune10,6 %
  • Qinlock7,8 %
  • Muut6,4 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Zai Lab sells primarily to third-party distributors, who then supply healthcare providers and hospitals, mainly in mainland China. Its commercial products are used in hospital and specialty-care settings, where access, reimbursement, and distributor coverage are important to adoption.

Pharmaceutical distributors

Buy finished products for resale into hospital and retail channels; they are the direct customers and manage inventory and distribution.

Hospitals and medical centers

End users of the therapies, especially major medical centers across Greater China that drive uptake of specialty medicines.

Healthcare providers and specialists

Oncologists, neurologists, immunologists, and infectious disease physicians who prescribe the products.

Patients covered by public or private reimbursement

Patients whose access depends on NRDL inclusion, supplemental insurance, or hospital coverage.

Strategia

Zai Lab’s strategy is to expand patient access to its commercial products while advancing a pipeline across oncology, immunology, neuroscience, and infectious disease. It also emphasizes business development, strategic partnerships, and internal discovery to broaden its portfolio and support future launches and new indications.

Increase access and adoption of commercial productsLyhyt aikaväli

Broader reimbursement and hospital coverage drive prescription volume in China’s specialty-drug market.

Advance pipeline and new indicationsKeskipitkä aikaväli

New approvals and label expansions can extend product life cycles and diversify revenue.

Strengthen business development and partnershipsKeskipitkä aikaväli

Licensing and collaboration agreements provide access to external assets and commercialization rights.

Maantiede

The business is centered in Greater China, especially mainland China, where most product revenue is generated and where the commercial organization covers major medical centers. Zai Lab is incorporated in the United States but operates manufacturing and operating subsidiaries in mainland China, with additional holding and financing entities outside mainland China.

Riskit

Zai Lab faces regulatory, geopolitical, and execution risks tied to operating a China-centered biopharmaceutical business with U.S. listing exposure. Its revenue depends heavily on a limited number of distributors and on reimbursement, hospital adoption, supply continuity, and compliance with complex Chinese and cross-border rules.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Distributor concentration1China-U.S. geopolitical and regulatory risk2Regulatory and data compliance3Commercial adoption and reimbursement risk4Supply and manufacturing execution5Cybersecurity and third-party dependence6
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Distributor concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A limited number of distributors account for a meaningful share of product revenue, so loss of a major customer could reduce sales quickly.

    Kohdistuu: Five largest customers accounted for about 33.1% of product revenue in 2025.

  2. China-U.S. geopolitical and regulatory riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company is U.S.-listed but operates primarily in mainland China, exposing it to policy, capital-flow, and compliance constraints.

    KohdistuuCross-border subsidiariesFinancingOperations in mainland ChinaHong Kong
  3. Regulatory and data complianceVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Biopharma operations require compliance with drug, cybersecurity, personal information, and human genetic resource rules.

    KohdistuuChina Counter-Espionage LawData Security LawCyber Security LawPIPLRelated rules
  4. Commercial adoption and reimbursement riskVaikutus: KeskitasoTodennäköisyys: Korkea

    Sales depend on hospital access, NRDL inclusion, and supplemental insurance coverage.

    Kohdistuu: Specialty medicines sold into mainland China hospital channels.

  5. Supply and manufacturing executionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    The company relies on internal and third-party manufacturing for commercial and clinical supply.

    Kohdistuu: Suzhou manufacturing facilities and external collaboration partners.

  6. Cybersecurity and third-party dependenceVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Sensitive clinical, commercial, and personal data move through vendors and cloud systems.

    KohdistuuThird-party distributorsService providersCloud environment migration
Kysy Clarifolta: Zai Lab Ltd

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition and rebate reserves

Revenue is recorded on delivery, but estimated distributor rebates are accrued in the same period and can materially change net sales.

Vaikutus: Net product revenue and gross-to-net deductions

Inventory provisions

Higher inventory provisions, especially for purchased products, can raise cost of product revenue.

Vaikutus: Cost of product revenue and margins

License and collaboration accounting

Upfront, milestone, and royalty payments under collaboration agreements can create lumpy expense and revenue recognition.

Vaikutus: Collaboration revenue and royalty expense timing

Foreign currency remeasurement

RMB and USD movements affect the value of China-based operations and intercompany balances.

Vaikutus: Other income/expense and net earnings

Share-based compensation

Equity awards are valued using option-pricing assumptions and recognized over vesting periods.

Vaikutus: Operating expenses

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Päivitetty: 24.9.2026

Zai Lab Ltd (ZLAB) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo