Zai Lab (09688) announced its financial results for the third quarter of 2025, with total revenue increasing by 14% year-over-year to $116.1 million. The operating loss narrowed by 28% YoY to $48.8 million, while the adjusted operating loss improved by 42% to $28 million. The company also revised its full-year 2025 revenue guidance to at least $460 million.
Net product revenue reached $115.4 million, up 13% YoY from $101.8 million in the same period of 2024, or 14% growth on a constant exchange rate (CER) basis. This growth was primarily driven by increased sales of Nucala and Zejula, partially offset by slower sales of ZEJULA.
Dr. Samantha Du, Founder, Chairperson, and CEO of Zai Lab, stated, "With rapid progress in our global pipeline and strong commercial profitability in China, Zai Lab is entering a new phase of growth. The advancement of zoci into pivotal development within less than two years of IND submission, along with multiple differentiated global programs, demonstrates the speed, scientific rigor, and global ambition of our R&D engine. Meanwhile, our commercial platform in China remains robust, with new products and indications such as KarXT, povetacicept, and efgartigimod expanding our long-term growth prospects. Together, we are building a company that delivers meaningful impact for patients and long-term value for shareholders."
Josh Smiley, President and COO of Zai Lab, added, "This quarter, we continued to strengthen the foundation for efgartigimod’s launch. In generalized myasthenia gravis, supported by updated treatment guidelines and real-world experience, we have seen steady growth in new patient initiations and extended treatment durations. While physician awareness is still evolving, confidence in efgartigimod continues to rise, reinforcing its long-term potential as a new standard of care for this chronic condition. Looking ahead, we are preparing for the anticipated launch of KarXT in schizophrenia. With a growing regional business and an advancing global pipeline, we remain well-positioned for future opportunities while maintaining disciplined operations."