Zai Lab Limited
- Open
- 19.05
- Day high
- 19.61
- Day low
- 18.79
- Prev close
- 19.00
- Volume
- 348K
- Mkt cap
- $2.2B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.3
- P/S
- 4.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$4.7M over the last 3 months (0 open-market buys, 19 sales)
- 🏛Institutions reducing (13F)
Zai Lab Limited (ZLAB) is a Healthcare company listed on NASDAQ. The stock is down 46% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 19 sales (SEC Form 4).
Zai Lab Limited (ZLAB) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ZLAB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.53 | $-0.46 | +12.6% | $100M | -8.1% |
| Feb 26, 2026 | $-0.44 | $-0.46 | -4.5% | $128M | +4.0% |
| Nov 6, 2025 | $-0.28 | $-0.33 | -17.9% | $116M | -8.4% |
| Aug 7, 2025 | $-0.37 | $-0.37 | +0.0% | $110M | -26.8% |
| May 8, 2025 | $-0.50 | $-0.45 | +10.0% | $106M | -16.5% |
| Feb 27, 2025 | $-0.61 | $-0.80 | -31.1% | $109M | -1.0% |
| Feb 27, 2024 | $-0.87 | $-0.98 | -12.6% | $66M | -8.7% |
| Mar 1, 2023 | $-1.04 | $-0.65 | +37.5% | $63M | -14.9% |
| Nov 9, 2022 | $-1.20 | $-1.68 | -40.0% | $58M | +7.1% |
| Aug 9, 2022 | $-0.95 | $-1.44 | -51.6% | $48M | +2.2% |
| Dec 31, 2020 | — | $-8.75 | — | $15M | — |
| Aug 13, 2020 | $-0.99 | $-10.79 | -989.7% | $11M | — |
ZLAB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | Edmondson Frazor Titus IIIofficer: Chief Legal Officer | Option | 14,600 | — |
| Jun 29, 2026 | Chen Yajingofficer: Chief Financial Officer | Option | 6,250 | — |
| Jun 29, 2026 | Du Yingdirector, officer: Chairperson & CEO | Option | 58,800 | — |
| Jun 29, 2026 | Du Yingdirector, officer: Chairperson & CEO | Sell | 24,543 | $17.46 |
| Jun 29, 2026 | Edmondson Frazor Titus IIIofficer: Chief Legal Officer | Sell | 4,103 | $17.46 |
| Jun 29, 2026 | Chen Yajingofficer: Chief Financial Officer | Sell | 2,264 | $17.46 |
| Jun 24, 2026 | Lis Williamdirector | Sell | 7,040 | $18.09 |
| Jun 22, 2026 | MOULDER LEON O JRdirector | Grant | 22,371 | — |
| Jun 22, 2026 | WIRTH PETERdirector | Grant | 22,371 | — |
| Jun 22, 2026 | Lis Williamdirector | Grant | 22,371 | — |
| Jun 22, 2026 | Morrison Scott Wdirector | Grant | 22,371 | — |
| Jun 22, 2026 | DIEKMAN JOHN Ddirector | Grant | 22,371 | — |
| Jun 22, 2026 | Vounatsos Micheldirector | Grant | 22,371 | — |
| Jun 22, 2026 | GAYNOR RICHARDdirector | Grant | 22,371 | — |
| Jun 22, 2026 | Leung Nisadirector | Grant | 22,371 | — |
Source: ZLAB SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full ZLAB insider & 13F page →Zai Lab Limited company profile
Overview
Zai Lab Limited (NASDAQ:ZLAB) is a Chinese biopharmaceutical company founded in 2013 and headquartered in Shanghai. The company went public on NASDAQ in September 2017. Zai Lab has evolved from a pure licensing and development company into a commercial-stage biopharmaceutical enterprise with a growing portfolio of marketed products and an extensive pipeline of investigational therapies. The company focuses primarily on bringing innovative medicines to patients in China and other Asian markets, while also developing select assets for global markets.
Business
Zai Lab operates in the biopharmaceutical industry, which involves the discovery, development, manufacturing, and commercialization of drugs derived from biological sources. The company's business model centers on in-licensing promising drug candidates from global pharmaceutical companies, conducting clinical trials to obtain regulatory approval in China, and then commercializing these products in the Chinese market. The company's commercial portfolio includes several key products across different therapeutic areas. ZEJULA (niraparib) is a PARP inhibitor used to treat ovarian cancer and represents the company's largest revenue generator. VYVGART (efgartigimod) is a treatment for generalized myasthenia gravis, a rare autoimmune neuromuscular disorder, and has shown strong growth since its launch. OPTUNE is a unique medical device that delivers tumor treating fields for glioblastoma brain cancer. NUZYRA (omadacycline) is an antibiotic for treating bacterial infections, while QINLOCK (ripretinib) treats gastrointestinal stromal tumors. The company's pipeline spans four main therapeutic areas: 1. Oncology products account for approximately 60-65% of current revenues, including treatments for various cancers such as lung, ovarian, and brain cancers. 2. Autoimmune disorders represent a growing segment with products like VYVGART, contributing roughly 25-30% of revenues. 3. Infectious diseases include antibiotics and antiviral treatments, making up about 10-15% of revenues. 4. Neuroscience programs focus on psychiatric conditions like schizophrenia and neurological disorders. Zai Lab's development pipeline includes over 40 drug candidates in various stages of clinical development, with several late-stage programs expected to reach market in the coming years. Notable pipeline assets include KarXT for schizophrenia, multiple antibody-drug conjugates for cancer treatment, and expanded indications for existing products.
Revenue model
Zai Lab generates revenue primarily through product sales of its commercialized medicines to hospitals, clinics, and distributors in China. The company operates a direct sales model with its own commercial team that markets products to healthcare providers. Revenue recognition occurs when products are delivered to customers, typically hospitals and specialty clinics that treat the relevant patient populations. The company's business model involves several key revenue drivers. Product sales constitute the primary revenue source, with pricing determined by market dynamics and inclusion in China's National Reimbursement Drug List (NRDL), which provides government insurance coverage and significantly expands patient access. Milestone payments and royalties from out-licensing arrangements provide additional revenue streams, though these represent a smaller portion of total revenues. Several factors influence Zai Lab's profitability margins. Positive margin drivers include NRDL inclusion for products, which dramatically increases patient access and sales volumes despite lower unit prices. The company benefits from China's large patient population and growing healthcare spending. Economies of scale in manufacturing and distribution improve margins as volumes increase. Negative margin pressures come from intense competition in oncology markets, price negotiations with Chinese government payers, and substantial ongoing research and development expenses. The company faces regulatory risks and potential pricing pressures from government healthcare reforms. Currency fluctuations between the US dollar and Chinese yuan affect margins since the company reports in US dollars but generates most revenue in yuan. Manufacturing costs, particularly for biologics, represent significant expenses, though the company is working to localize production to reduce costs. The competitive landscape in China's pharmaceutical market continues to intensify with both domestic and international players vying for market share.
Competitive moat
Zai Lab's competitive moat is moderate and primarily built on several key advantages, though it faces significant competitive pressures. The company's strongest moat elements include its established commercial infrastructure in China, with experienced sales teams and relationships with key hospitals and specialists. This commercial expertise provides advantages in navigating China's complex healthcare system and regulatory environment. The company benefits from first-mover advantages in several therapeutic areas, particularly with products like VYVGART in myasthenia gravis and ZEJULA in ovarian cancer maintenance therapy. These early market positions help establish strong relationships with key opinion leaders and treatment centers. Zai Lab's licensing relationships with global pharmaceutical companies provide access to innovative therapies that might otherwise be unavailable in China. However, the company's moat faces several challenges. Most of Zai Lab's products are in-licensed rather than internally discovered, limiting long-term exclusivity and creating dependence on external partners. The company operates in highly competitive therapeutic areas where multiple companies are developing similar treatments. China's evolving regulatory environment and pricing pressures from government payers create ongoing challenges. The competitive landscape includes both multinational pharmaceutical companies entering China directly and domestic Chinese biotechnology companies developing competing products. Generic competition poses a long-term threat as patents expire. The company's ability to maintain its moat depends on continued successful product launches, expanding its pipeline through business development, and building stronger capabilities in drug discovery and development. Zai Lab's moat is strengthened by its growing expertise in clinical development within China's regulatory framework and its ability to conduct global clinical trials. The company's financial resources and established market presence provide advantages in competing for new licensing opportunities and partnerships.
Risks & safety
Zai Lab presents a moderate margin of safety profile with both strengths and concerns for investors. • Liquidity and Solvency: Strong cash position of $757 million as of Q1 2025, providing substantial runway. Current ratio of 3.26 indicates solid short-term liquidity. Low debt-to-equity ratio of 0.24 shows conservative capital structure. • Cash Burn: Quarterly free cash flow burn of approximately $65 million, suggesting current cash provides roughly 3+ years of runway at current burn rates. Company targeting profitability by Q4 2025, which would significantly improve cash dynamics. • Valuation Metrics: Trading at 4.8x book value, which appears elevated for a loss-making company. Revenue multiple of approximately 10x based on 2025 guidance suggests moderate valuation relative to growth prospects. • Operating Performance: Revenue growth of 22% year-over-year demonstrates strong commercial execution. Negative EBITDA of $56 million quarterly reflects ongoing investment phase but improving trajectory. • Other Considerations: Regulatory risks in China's evolving healthcare policy environment. Currency exposure to Chinese yuan fluctuations. Dependence on in-licensed products creates partnership risks. Strong pipeline with multiple late-stage assets provides potential upside catalysts.
Recent development
Over the past several years, Zai Lab has executed a strategic transformation from a development-stage company to a commercial-stage biopharmaceutical enterprise. The company has successfully launched multiple products, with VYVGART emerging as a significant growth driver since its approval for generalized myasthenia gravis in China. The launch has exceeded expectations, treating over 10,000 patients and generating substantial revenue growth. The company has expanded its commercial portfolio through several key product approvals and launches. Recent additions include AUGTYRO for ROS1 non-small cell lung cancer, XACDURO for serious bacterial infections, and VYVGART Hytrulo for both generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy. These launches represent Zai Lab's strategy of building a diversified portfolio across multiple therapeutic areas. Pipeline development has accelerated significantly, with the company advancing multiple late-stage programs. KarXT for schizophrenia has shown positive Phase 3 results and represents a potential major commercial opportunity in China's large patient population. The company's oncology pipeline has strengthened with the advancement of ZL-1310, a DLL3 antibody-drug conjugate for small cell lung cancer, which is progressing toward potential FDA approval by 2027. Strategic partnerships and business development activities have expanded the company's global footprint. Zai Lab has added several antibody-drug conjugate programs to its pipeline and is exploring opportunities to develop select assets for global markets rather than just regional Chinese commercialization. The company has also focused on building internal discovery capabilities while continuing to in-license promising external assets. Operational improvements have been a key focus, with the company working toward profitability by the end of 2025. Management has implemented cost control measures while maintaining robust investment in research and development. The company has also begun localizing manufacturing for key products to improve margins and supply chain reliability.
ZLAB company profile · for informational purposes only — not investment advice.
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