Zai Lab Q2 revenue grows 9% YoY to $110M; operating loss improves 28%; targets Q4 profitability

Zai Lab Ltd

2025-Q2 EPS reported -$0.08 revenue$216,464,000

Product revenue $109.1M (+9% YoY); VYVGART sales $26.5M (+46% QoQ); ZEJULA $41.0M (down from $45M YoY).
GAAP operating loss $54.9M (improved 28% YoY); adjusted operating loss $34.2M (improved 37% YoY).
Net loss $40.7M vs $80.3M YoY; cash $832.3M as of June 30, 2025.
Reaffirms FY2025 revenue guidance $560M-$590M; on track for adjusted profitability in Q4 2025.
Pipeline: ZL-1310 ORR 79% at 1.6mg/kg in 2L ES-SCLC; bemarituzumab Phase 3 met OS endpoint; China submission H2 2025.

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