ZAI LAB (09688) third quarter total revenue increased by 14% year-on-year to reach $116.1 million.

ZAI LAB (09688) announced its performance for the third quarter of 2025, with total revenue increasing by 14% year-on-year to $116.1 million; operating loss was $48.8 million, narrowing by 28% year-on-year, and adjusted operating loss narrowed by 42% to $28 million; adjusted 2025 full-year total revenue guidance is set at a minimum of $460 million. Among them, net product revenue was $115.4 million, compared to $101.8 million in the same period of 2024, representing a 13% year-on-year increase, or a 14% increase when calculated at constant exchange rates (CER). This growth was mainly driven by sales growth of Nuzhenlei and Dingyoule, partially offset by a decline in sales volume of Zeleyan. Dr. Samantha Du, founder, chairman, and CEO of ZAI LAB, said: "With the rapid advancement of our global pipeline, and leveraging our commercial profitability and scale in China, ZAI LAB is entering a new phase of growth. Less than two years after IND submission, zoci has entered a critical development stage, with multiple differentiated global projects progressing in parallel, demonstrating the speed, scientific rigor, and global ambition of our R&D engine. At the same time, our commercial platform in China remains strong, with new products and indications such as KarXT, povetacicept, and Agamode expanding our long-term growth prospects. We are working together to build a company that can have a profound impact on patients and create long-term value for shareholders." Josh Smiley, President and Chief Operating Officer of ZAI LAB, said: "This quarter, we continue to deepen the foundation for the launch of Agamode. In the field of generalized myasthenia gravis, with the support of updated treatment guidelines and real-world experience, we have seen a steady increase in new patients starting treatment and an extension in treatment duration. While the treatment concept is still gradually being established, doctors' confidence in Agamode is growing, further solidifying its long-term potential as a new standard of care for this chronic disease. Looking ahead, we are preparing for the anticipated launch of KarXT in the field of schizophrenia. Leveraging our growing regional business and rapidly advancing global pipeline, we are positioning ourselves for future major opportunities while maintaining a steady operation."