Zai Lab Ltd (ZLAB) shares tumbled 5.01% in pre-market trading on Thursday following the release of its second-quarter earnings report. The biopharmaceutical company posted narrower losses but fell short of revenue expectations, disappointing investors.
For the quarter ended June 30, Zai Lab reported a loss of $0.37 per American Depository Share, an improvement from the $0.82 loss per share in the same period last year. This beat the FactSet analyst consensus estimate of a $0.40 loss per share. However, the company's revenue of $109.98 million, while up 9.43% year-over-year, significantly missed the analyst expectations of $125.63 million.
The substantial revenue miss appears to be overshadowing the narrower losses, leading to the negative market reaction. Investors may be concerned about Zai Lab's growth trajectory, given the 12.46% shortfall compared to analyst estimates. As the company continues to navigate the challenging biopharmaceutical landscape, market participants will likely keep a close eye on its ability to meet future revenue targets and progress towards profitability.
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