Zai Lab LtdZLABEarnings & Financial Report
Zai Lab Ltd is a global biopharmaceutical company focused on developing, manufacturing and commercializing innovative therapies for oncology, autoimmune disorders, infectious diseases and other unmet medical needs. It operates primarily in the Greater China region and partners with leading global biotech firms to expand access to life-saving treatments for underserved patient populations.
Revenue
$109.1M
Gross Profit
$66.1M
Operating Profit
$-54.9M
Net Profit
$-40.7M
Gross Margin
60.6%
Operating Margin
-50.3%
Net Margin
-37.3%
YoY Growth
9.0%
EPS
$-0.04
Zai Lab Ltd Q2 FY2025 Financial Summary
Zai Lab Ltd reported revenue of $109.1M (up 9.0% YoY) for Q2 FY2025, with a net profit of $-40.7M (up 49.3% YoY) (-37.3% margin). Cost of goods sold was $43.0M, operating expenses totaled $121.0M.
Key Financial Metrics
| Total Revenue | $109.1M |
|---|---|
| Net Profit | $-40.7M |
| Gross Margin | 60.6% |
| Operating Margin | -50.3% |
| Report Period | Q2 FY2025 |
Revenue Breakdown
Zai Lab Ltd Q2 FY2025 revenue of $109.1M breaks down across 7 segments, led by Zejula at $41.0M (37.6% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Zejula | $41.0M | 37.6% |
| Vyvgart Vyvgart Hytrulo | $26.5M | 24.3% |
| Nuzyra | $14.3M | 13.1% |
| Optune | $12.4M | 11.3% |
| Qinlock | $8.5M | 7.8% |
| XACDURO | $4.6M | 4.2% |
| AUGTYRO | $1.4M | 1.3% |
Zai Lab Ltd Revenue by Segment — Quarterly Trend
Zai Lab Ltd revenue by segment across the last 4 reported quarters, showing how each business line (such as Zejula and Vyvgart Vyvgart Hytrulo) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Zejula | $56.0M | $42.4M | $41.0M | $49.5M |
| Vyvgart Vyvgart Hytrulo | — | $27.7M | $26.5M | — |
| Nuzyra | $16.0M | $15.4M | $14.3M | $15.1M |
| Optune | $11.9M | $12.7M | $12.4M | $11.4M |
| Qinlock | $9.7M | $8.9M | $8.5M | $8.5M |
Zai Lab Ltd Annual Revenue by Year
Zai Lab Ltd annual revenue history includes year-by-year totals (for example, 2025 revenue was $457.2M).
| Year | Annual Revenue |
|---|---|
| 2025 | $457.2M |
| 2024 | $397.6M |
| 2023 | $266.7M |
| 2022 | $212.7M |
Zai Lab Ltd Quarterly Revenue & Net Profit History
Zai Lab Ltd results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $127.1M | +17.1% | N/A | N/A |
| Q3 FY2025 | $115.4M | +13.3% | $-36.0M | -31.2% |
| Q2 FY2025 | $109.1M | +9.0% | $-40.7M | -37.3% |
| Q1 FY2025 | $105.7M | +21.2% | $-48.4M | -45.8% |
| Q4 FY2024 | $108.5M | +64.8% | N/A | N/A |
| Q3 FY2024 | $101.8M | +47.1% | $-41.7M | -40.9% |
| Q2 FY2024 | $100.1M | +45.4% | $-80.3M | -80.2% |
| Q1 FY2024 | $87.1M | +38.8% | $-53.5M | -61.4% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $87.1M | $100.1M | $101.8M | $108.5M | $105.7M | $109.1M | $115.4M | $127.1M |
| YoY Growth | 38.8% | 45.4% | 47.1% | 64.8% | 21.2% | 9.0% | 13.3% | 17.1% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $988.4M | $987.4M | $985.3M | $1.19B | $1.17B | $1.16B | $1.16B | $1.17B |
| Liabilities | $226.3M | $283.2M | $317.7M | $344.9M | $362.6M | $372.4M | $399.0M | $456.9M |
| Equity | $762.2M | $704.2M | $667.7M | $840.9M | $810.8M | $791.7M | $759.9M | $715.5M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $-90.1M | $-42.2M | $-26.8M | $-55.8M | $-61.7M | $-31.0M | $-32.0M | $-26.0M |