Zai Lab Q3 revenue up 14% to $116.1M; loss narrows; revises FY2025 guidance to at least $460M

Zai Lab Ltd

2025-Q3 EPS reported -$0.11 revenue$332,559,000

Product revenue $115.4M (+13% YoY); VYVGART $27.7M, ZEJULA $42.4M, NUZYRA $15.4M.
Operating loss improved 28% YoY to $48.8M GAAP; adjusted operating loss $28.0M (-42% YoY).
Net loss $36.0M ($0.33/ADS) vs $41.7M ($0.42/ADS) in Q3 2024.
Global registrational study for zoci (DLL3 ADC) initiated; Phase 1 data showed 68% ORR at 1.6 mg/kg in 2L+ ES-SCLC.
Cash $817.2M; FY2025 revenue guidance revised to at least $460M.

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