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Jun 30, 2025
Zai Lab Q2 2025 Earnings Report
Zai Lab announced its second quarter 2025 financial results, showing revenue growth and improved operating loss, driven by strong performance in key product segments.
Key Takeaways
Zai Lab reported a 9% year-over-year increase in total revenues to $110.0 million for the second quarter of 2025. The company significantly improved its operating loss by 28% year-over-year to $54.9 million, and by 37% on an adjusted basis, remaining on track to achieve profitability in the fourth quarter of 2025. Key product VYVGART showed strong growth with record patient utilization.
Total revenues increased by 9% year-over-year to $110.0 million in Q2 2025.
Operating loss improved by 28% year-over-year to $54.9 million, and adjusted operating loss improved by 37% to $34.2 million.
VYVGART and VYVGART Hytrulo sales grew 46% quarter-over-quarter to $26.5 million, driven by extended therapy duration and increased market penetration.
The company reaffirmed its full-year 2025 revenue guidance of $560 million to $590 million and is on track for profitability in Q4 2025.
Revenue by Segment
Forward Guidance
Zai Lab reaffirmed its full-year 2025 revenue guidance and expects to achieve profitability in the fourth quarter of 2025, driven by continued commercial momentum and pipeline advancements.
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.
- Initiation of a global registrational study for ZL-1310 (DLL3 ADC) in second-line ES-SCLC in the second half of 2025.
- Expected China regulatory submission for bemarituzumab in first-line gastric cancer in the second half of 2025.
- Anticipated NMPA approvals for KarXT in schizophrenia, Tisotumab Vedotin in cervical cancer, and Repotrectinib in NTRK+ solid tumors.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the provided text.
- Evolving competitive dynamics within the PARPi class impacting ZEJULA sales.
- Ocular events observed with greater frequency and severity in the bemarituzumab arm in the FORTITUDE-101 study.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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