Zai Lab Limited

Zai Lab Limited

9688.HK
Zai Lab LimitedHK flagHong Kong Stock Exchange
13.35
HKD
+0.09
- -
15.03BMarket Cap
Zai Lab Limited
9688.HK
(Hong Kong Stock Exchange)

Recent

price

13.35

P/E

ratio

- -

div

yld

- -

ROIC.AI

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
- -
- -
- -
- -
0.02
0.06
0.16
0.22
0.28
0.4
0.42
0.41
Revenue per Share
-0.04
-0.08
-0.23
-0.26
-0.3
-0.35
-0.76
-0.46
-0.35
-0.26
-0.16
-0.16
Basic EPS, GAAP
-0.02
-0.07
-0.19
-0.2
-0.32
-0.29
-0.61
-0.41
-0.21
-0.28
-0.15
-0.12
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
-0.05
-0.12
-0.51
-0.47
-0.69
-0.92
-1.52
-1.94
-2.27
-2.48
-2.4
-2.43
Book Value per Share
-0.04
-0.1
1.08
0.48
0.44
1.49
1.47
1.08
0.81
0.79
0.58
0.53
Tangible Book Value per Share
493
493
218
526
644
777
930
958
966
989
1,095
1,102
Basic Weighted Avg Shares
- -
- -
- -
- -
13
49
144
215
267
399
460
453
Sales/Revenue/Turnover
- -
- -
- -
-109,897.67
-1,564.85
-616.45
-482.25
-182.7
-140.27
-68.66
-48.59
-52.19
Operating Margin (%)
- -
- -
1
2
4
5
6
8
9
12
15
15
Depreciation Expense
-18
-38
-50
-139
-195
-269
-704
-443
-335
-257
-176
-178
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
- -
- -
- -
-107,810.08
-1,502.28
-549.26
-488.16
-206.14
-125.46
-64.44
-38.15
-39.29
Profit Margin (%)
9
79
219
220
246
1,118
1,308
984
737
751
603
552
Working Capital
- -
- -
- -
- -
11
13
10
13
8
14
13
12
LT Debt
-18
-52
235
251
295
1,169
1,380
1,046
796
841
716
662
Total Equity
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
209
211
220
LT Borrowings
- -
- -
- -
LT Finance Leases
11
13
12
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,106
1,106
1,110
Market Capitalization
3,655
1,916
1,925

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
1,033
1,019
945
Cash, Cash Equivalents & STI
717
690
661
Accounts Receivable, Net
85
106
54
Inventories
67
75
86
Total Current Liabilities
360
416
393
Payables & Accruals
148
198
167
ST Debt
209
211
220
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-9.39%
-7.87%
-14.91%
Free Cash Flow
52.89%
13.1%
-40.59%
Net Income, GAAP
44.21%
9.1%
-31.73%
Sales/Revenue/Turnover
- -
66.55%
15.33%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
87
101
102
109
399
2025
106
110
116
128
460
2026
100
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.05
-0.08
-0.04
-0.08
-0.26
2025
-0.04
-0.04
- -
-0.05
-0.16
2026
-0.05
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
Business
Zai Lab Limited (9688.HK; ZLAB) is an innovation-driven, commercial-stage global biopharmaceutical company that discovers, develops, manufactures, and commercializes transformative therapies addressing unmet medical needs in oncology, immunology, neuroscience, and infectious diseases; its core approved products in Greater China include Zejula (niraparib, PARP inhibitor for ovarian, fallopian tube, and primary peritoneal cancer maintenance), VYVGART and VYVGART Hytrulo (efgartigimod alfa-fc and subcutaneous formulation, FcRn inhibitors for generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy), NUZYRA (omadacycline, antibiotic for infectious diseases), Optune (tumor treating fields device for glioblastoma and first-line pancreatic cancer), QINLOCK (ripretinib, kinase inhibitor for gastrointestinal stromal tumors), Adcetris (brentuximab vedotin, CD30-targeted antibody-drug conjugate for relapsed/refractory Hodgkin lymphoma and systemic anaplastic large cell lymphoma), Nuzhaura, and eight marketed products overall supported by specialized commercial teams in oncology, autoimmune, and neurology franchises. Founded in 2014 by Dr. Samantha Du and headquartered in Shanghai, China (4560 Jinke Road, Pudong) with additional key sites in Cambridge, Massachusetts, USA, and manufacturing facilities in Suzhou for small-molecule oral solids (20 million capsules/50 million tablets capacity) and biologics pilots, the company operates primarily in Greater China with global R&D, clinical development, regulatory, and partnering capabilities spanning the US, Europe, and Asia; it maintains an internal discovery platform in Shanghai and San Francisco Bay Area for small molecules, biologics, and human transgenic mouse antibodies in oncology and immunology, complemented by in-house clinical operations (over 80% medically trained staff), pharmacovigilance, and strategic academic collaborations. Recent developments include presentation of first/best-in-class data for zocilurtatug pelitecan (zoci, DLL3-targeted ADC, formerly ZL-1310) at the 2025 Triple Meeting supporting global Phase 3 initiation in second-line+ extensive-stage small cell lung cancer, alongside first-line combination data readouts in 1H2026 and novel combo Phase 1 in 2026; initiation of global Phase 1 for ZL-1503 (IL-13/IL-31 bispecific antibody for atopic dermatitis) and planned IND for ZL-6201 (LRRC15 ADC for solid tumors) by end-2025; upcoming NMPA submissions for tumor treating fields in first-line pancreatic cancer and efgartigimod prefilled syringe in gMG/CIDP in 4Q2025; progression of partnered programs such as argenx's povetacicept (APRIL/BAFF dual inhibitor) in IgA nephropathy with Vertex interim Phase 3 analysis and potential US accelerated approval, VRDN-003 subcutaneous anti-IGF-1R for thyroid eye disease with Greater China registrational start in 4Q2025 and global topline data in 1Q/2Q2026, and topline thyroid eye disease data from argenx's UplighTED studies in 2H2026; achievement of Q3 2025 total revenue of $116 million (13% YoY growth) driven by product sales including Zejula (+54% YoY), VYVGART (+2% YoY), and NUZYRA amid robust pipeline expansion and 2024 full-year revenue growth to $264-399 million from key brands like Nuzhaura ($94.7 million, +136% YoY), QINLOCK ($85.4 million, +23% YoY), and Optune ($56.3 million, +12% YoY).