On August 11, ZAI LAB rose 5.97% in regular trading, trading at HK$18.56/share, with turnover of HK$32.02 million.

The move continues post-earnings momentum after the company reported Q2 results on August 6. Total revenue came in at US$106.3 million with net product revenue of US$105.8 million, representing 11% sequential growth and beating market consensus by approximately US$2.5 million. The outperformance was driven by stable contributions from Zejula and continued sales growth of Efgartigimod.

Multiple catalysts are reinforcing sentiment: cervical cancer drug Tivdak received NMPA approval for recurrent or metastatic cervical cancer, while schizophrenia drug KarXT issued its first national prescription and is now available across over 50 hospitals in more than 30 cities. Additionally, the core pipeline asset Zoci received orphan drug designation from the European Medicines Agency for neuroendocrine carcinoma of lung origin, with upcoming ESMO clinical data expected to provide further upside. Citi noted that the sequential product revenue improvement strengthens confidence that the China business will stabilize in H2 and resume meaningful growth next year.

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