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Mar 31, 2025
Zai Lab Q1 2025 Earnings Report
Financial Results for the First Quarter of 2025
Key Takeaways
Zai Lab reported a 22% year-over-year increase in total revenues for the first quarter of 2025, reaching $106.5 million. Operating loss improved significantly, declining 20% year-over-year. The company remains on track to achieve profitability in the fourth quarter of 2025.
Total revenues grew 22% year-over-year to $106.5 million in Q1 2025.
Operating loss improved by 20% year-over-year to $56.3 million.
Adjusted operating loss improved by 25% year-over-year to $37.1 million.
Zai Lab maintains a strong cash position of $857.3 million as of March 31, 2025.
Revenue by Segment
Forward Guidance
Zai Lab reaffirmed its full-year 2025 revenue guidance of $560 million to $590 million and remains on track to achieve profitability in the fourth quarter of 2025. The company anticipates strong sequential growth for VYVGART and expects late-stage pipeline assets like bemarituzumab and KarXT to drive future growth.
Positive Outlook
- Reaffirming full-year 2025 revenue guidance of $560 million to $590 million.
- On track to achieve profitability in the fourth quarter of 2025.
- VYVGART patient volumes rebounded in March and April, anticipating strong sequential growth.
- Late-stage pipeline (bemarituzumab, KarXT) expected to fuel future growth.
- Planned initiation of registrational study for ZL-1310 in ES-SCLC in H2 2025.
Challenges Ahead
- VYVGART quarter-over-quarter growth impacted by seasonality early in the year.
- R&D expenses increased due to upfront fees for license agreements.
- Decision to discontinue the global Phase 2 clinical trial of ZL-1102.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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