ZAI LAB (09688) announced its performance for the first three quarters, with total revenue of 290 million US dollars, a year-on-year increase of 44.32%.

ZAI LAB (09688) released its performance for the first three quarters ending on September 30, 2024. The group achieved a total revenue of $290 million, an increase of 44.32% year-on-year; a net loss of $175 million, a decrease of 26.66% year-on-year; and a loss per share of $0.18. Dr. Samantha Du, Founder, Chairman and CEO of ZAI LAB, stated, "In the third quarter, we achieved strong commercial results, maintained prudent financial spending, and continued to advance our innovative global equity drug pipeline. The commercial launch of Weigia has been tremendously successful, and we are well prepared to meet the ongoing demand from a large number of generalized myasthenia gravis (gMG) patients. Our late-stage pipeline progress is on track. The Chinese bridging study for KarXT for schizophrenia has shown positive results in all endpoints, and we expect to submit a market approval application in China in early 2025; patient enrollment for the FORTITUDE-102 study evaluating bemarituzumab for gastric cancer has been completed; furthermore, the encouraging preliminary data from the global Phase 1 study of ZL-1310 has shown breakthrough anti-tumor activity. ZL1310 is an ADC drug targeting DLL3 with best-in-class potential for small cell lung cancer (SCLC) globally. We believe that these developments will bring significant value to our business in the coming years." Josh Smiley, President and Chief Operating Officer of ZAI LAB, stated, Driven by the continued strong growth of Weigia, our product revenue net income increased by 47% year-on-year in the third quarter. Weigia, used to treat gMG, is expected to be a blockbuster product in its first year after inclusion in the National Reimbursement Drug List (NRDL). Weigia also has immense expansion potential. In addition to evaluating various other indications, the subcutaneous injection formulation of efgartigimod (Weiligia) is expected to be launched in the fourth quarter for indications of gMG and chronic inflammatory demyelinating polyneuropathy (CIDP). Our late-stage pipeline, including bemarituzumab for gastric cancer and KarXT for schizophrenia, provide ample opportunities for continued growth in the future. Meanwhile, due to our continuous efforts to improve efficiency and prudent financial spending, our net loss has significantly improved. With the support of our current commercial product portfolio, ongoing globalization, and late-stage product pipeline, we are well prepared for future profitability."