10-K · February 26, 2026
Zai Lab positions itself as a commercial-stage, China-focused global biopharma with seven launched programs in Greater China and a strategy to accelerate medicines to patients, expand its pipeline, and drive commercial…
Earnings analysis · 10-Q
ZLAB earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Zai Lab reported a disappointing Q1 2026 with revenue of $99.6 million, falling short of expectations by $8.85 million and reflecting a 10% year-over-year decline, primarily due to a significant drop in ZEJULA sales.…
Read full summary
Zai Lab reported a disappointing Q1 2026 with revenue of $99.6 million, falling short of expectations by $8.85 million and reflecting a 10% year-over-year decline, primarily due to a significant drop in ZEJULA sales. The net loss increased to $51 million from $48.4 million a year ago, indicating continued challenges in achieving profitability amidst rising operational costs and shifting market dynamics.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.05
What stood out
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Revenue Decline
Total revenue of $99.6 million was down 10% year-over-year from $105.7 million.
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Increased Net Loss
Net loss for Q1 2026 increased to $51.0 million, compared to $48.4 million in Q1 2025.
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Product Revenue Drop in ZEJULA
Sales from ZEJULA decreased by 39%, from $49.5 million to $30 million.
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Higher Collaboration Revenue
Collaboration revenue surged by 384%, from $837,000 to $4.1 million.
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R&D Expense Increase
Research and development expenses increased by 8% to $65.6 million from $60.7 million.
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Foreign Currency Gains
Foreign currency gains increased substantially to $14.8 million from $0.65 million a year earlier.
What to watch
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Sales Volume Decrease Risks
Sales for ZEJULA decreased significantly by 39%, indicating market challenges.
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Operational Losses Increase
Loss from operations rose 23% to $69.4 million from $56.3 million.
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Cash Flow Concerns
Net cash used in operating activities was $11.9 million, down from $61.7 million the prior year, indicating ongoing cash pressure despite improvements.
Management's outlook
No specific forward guidance provided.
Earlier filings 4
10-Q · November 6, 2025
Zai Lab reported Q3 2025 total revenues of $116,095,000 (up from $102,265,000 in Q3 2024) and a GAAP net loss of $35,963,000 (loss per share $0.03). Operating loss narrowed to $(48,822,000) from $(67,853,000)…
10-Q · May 8, 2025
Zai Lab reported Q1 2025 revenue of $106.487M and a GAAP net loss of $48.438M (loss per share $0.04). Revenue and gross margin improved year-over-year, operating loss and cash burn narrowed vs. Q1 2024, while working…
10-K · February 27, 2025
Zai Lab is a commercial-stage, China-focused biopharma with seven commercial programs and an explicit strategy to accelerate medicines to patients, expand its pipeline, and improve commercial execution. The 10-K…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.