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Mar 31
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.
Zai Lab
Zai Lab
Zai Lab Revenue by Segment
Revenue by Segment
VYVGART and VYVGART Hytrulo Revenue
CapyFin.comZEJULA Revenue
CapyFin.comNUZYRA Revenue
CapyFin.com 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.
- No specific negative financial guidance provided beyond the expected operating loss before profitability.
- Potential risks associated with drug development and commercialization.