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Jun 30, 2023
Zai Lab Q2 2023 Earnings Report
Achieved strong growth in commercial products and made significant progress in late-stage development programs.
Key Takeaways
Zai Lab reported a 45% year-over-year increase in total product revenue, reaching $68.9 million in the second quarter of 2023. The company also gained approval for VYVGART in China and saw positive data for efgartigimod in CIDP. They anticipate corporate profitability by the end of 2025.
Total product revenue of $68.9 million for Q2 2023, representing 45% year-over-year growth (53% at constant exchange rate).
VYVGART approved in China for generalized myasthenia gravis (gMG), with launch preparations underway.
Primary endpoint met in ADHERE trial of VYVGART Hytrulo for treatment of chronic inflammatory demyelinating polyneuropathy (CIDP).
Cash position of $876.4 million as of June 30, 2023.
Revenue by Segment
Forward Guidance
Zai Lab expects to have over 15 commercial-stage products and at least one IND per year for global best-in-class/first-in-class assets by the end of 2028. They anticipate a revenue compound annual growth rate of over 50% from 2023 to 2028 and expect to reach corporate profitability by the end of 2025.
Positive Outlook
- Over 15 commercial-stage products in 2028 (versus 5 today)
- Over 8 clinical-stage global-right products in 2028 with at least one Investigational New Drug application (IND) per year (versus 3 today)
- Revenue compound annual growth rate (CAGR) of >50% from 2023 to 2028
- Significant revenue growth
- Expanding operating margins to lead to corporate profitability by the end of 2025
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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