Zai Lab reported a net loss of USD 101.84 million for the six months ended 30 June 2026, widening 14% year on year, as a higher research and development bill offset resilient product launches.
Net product revenue retreated 6% to USD 201.31 million. A 31% slide in ovarian-cancer therapy Zejula sales (USD 62.05 million) and a 7% drop in Vyvgart/Vyvgart Hytrulo (USD 41.42 million) overshadowed strong gains from hospital-acquired infection treatment Xacduro, which almost tripled to USD 16.53 million, and antibiotic Nuzyra, up 13% to USD 33.36 million. Collaboration revenue more than doubled to USD 4.62 million.
Cost of product revenue increased 6% to USD 86.48 million, trimming gross margin, while research and development expenses climbed 14% to USD 127.36 million on higher licensing fees, including a USD 8.00 million payment tied to MediLink’s DLL3-targeting ADC and USD 29.00 million across other partnerships. Selling, general and administrative costs edged up 3% to USD 137.94 million, reflecting ongoing commercial support.
Basic and diluted loss per share widened to USD 0.09 from USD 0.08 a year earlier.
Liquidity remained solid with USD 718.64 million in cash, cash equivalents, restricted cash and short-term investments at period-end, against USD 238.10 million in short-term debt. The gearing ratio rose to 39% from 29% at year-end 2025.
Key pipeline and commercial milestones included: • China launch of KarXT, the first schizophrenia therapy with a novel M1/M4 mechanism in more than 70 years. • China NMPA approval of antibody-drug conjugate TIVDAK for recurrent or metastatic cervical cancer following chemotherapy. • Presentation of positive Phase 1 data for DLL3-targeting ADC zocilurtatug pelitecan (Zoci) in small-cell lung cancer and extrapulmonary NECs; FDA Fast Track designation and EMA/FDA orphan drug designations secured. • New global collaborations with Amgen and Boehringer Ingelheim to study Zoci in combination regimens. • Participation in successful global Phase 3 studies for efgartigimod (Vyvgart) in ocular MG and autoimmune myositis, and for povetacicept in IgA nephropathy. • Regulatory filing in China for Optune TTFields in pancreatic cancer following FDA approval.
Headcount rose to 1,871 from 1,797 at end-2025, while total remuneration costs slipped to USD 127.0 million. No interim dividend was declared.
Zai Lab affirmed its three-pillar strategy of accelerating medicines to patients, expanding its pipeline through internal R&D and partnerships, and pursuing commercial execution to progress toward profitability.