$ZLAB Zai Lab Ltd | Understand Stock

What Do They Do?

Sells medicines for cancer, immune disorders and infectious diseases to healthcare providers in Greater China.

How Do They Make Money?

It sells medicines to distributors in Greater China when products are delivered and accepted; payment is generally due within one year. It also earns collaboration revenue from promotional activities.

revenue

Segment	Share	How money arrives
ZEJULA Sold outright	41% FY2022: 68%	Sold outright
VYVGART / VYVGART Hytrulo Sold outright	21% FY2022: 0.0%	Sold outright
NUZYRA Sold outright	13% FY2022: 2.5%	Sold outright
OPTUNE Sold outright	11% FY2022: 22%	Sold outright
QINLOCK Sold outright	7.8% FY2022: 7.0%	Sold outright
XACDURO Sold outright	5.0% FY2022: 0.0%	Sold outright
AUGTYRO Sold outright	1.2% FY2022: 0.0%	Sold outright
Other Sold outright	0.2%	Sold outright

Who Are Their Customers?

Independent third-party distributors buy the commercial products in Greater China and sell them to healthcare providers. Zai Lab selects distributors for their distribution networks and customer-management capabilities.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 20% from one customer

Do Revenues Turn Into Profits?

No. It lost $175.5M in FY2025.

Operating income, FY2025

−50% of revenue

▼ −19% (Loss) vs FY2024 (−$282.1M, −71%)

Net income, FY2025

−38% of revenue

▼ −32% (Loss) vs FY2024 (−$257.1M, −64%)

Free cash flow, FY2025

−35% of revenue

▼ −28% (Loss) vs FY2024 (−$220.5M, −55%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −3%; vs $110M in Q2 FY2025
Net income: ▲ +25% (Loss); vs −$40.7M in Q2 FY2025

ZEJULA share of product revenue, net vs 37.6% in Q2 FY2025

Growing. Revenue grew 3.2x in 4 years, from $144.3M in FY2021 to $460.2M in FY2025, about 34% a year.

Broader commercial portfolio Earlier commercialized products included ZEJULA, OPTUNE, QINLOCK and NUZYRA; the latest report also covers VYVGART, XACDURO and AUGTYRO, adding immune-disease treatment and further infection and cancer medicines to its commercial offerings.

Revenue over time

ZEJULA VYVGART / VYVGART Hytrulo NUZYRA OPTUNE QINLOCK XACDURO AUGTYRO Other VYVGART

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025