Zai Lab (ZLAB) investor relations material

Executive summary

• Achieved sequential revenue growth in Q2 2026, with net product revenue of $105.8 million and total revenue of $106.3 million, driven by commercial execution and new product launches.

• Advanced global pipeline with three registrational oncology programs expected by year-end and first U.S. regulatory submission targeted for 2027.

• Expanded commercial portfolio in China, including launches of KarXT for schizophrenia and TIVDAK for cervical cancer.

• Maintained commercial profitability and sharpened focus on innovative pipeline assets in oncology, immunology, and neuroscience.

• Positioned for meaningful growth in 2027, supported by robust cash reserves and ongoing pipeline progress.

Financial highlights

• Total Q2 2026 revenue was $106.3 million, with net product revenue of $105.8 million; key contributors included ZEJULA, VYVGART, NUZYRA, QINLOCK, OPTUNE, XACDURO, and AUGTYRO.

• Net product revenue grew 11% sequentially, but declined 3% year-over-year due to lower ZEJULA and VYVGART sales.

• Net loss for Q2 2026 was $50.8 million ($0.05 per share), compared to $40.7 million in Q2 2025.

• R&D expenses rose 22% year-over-year to $61.8 million, and SG&A expenses were $72.9 million.

• Cash, cash equivalents, restricted cash, and short-term investments totaled $717.5 million as of June 30, 2026.

Outlook and guidance

• Foundation laid for meaningful growth in 2027, with multiple near-term launches and regulatory submissions planned.

• First U.S. product launch expected in 2028, with global regulatory submissions for zoci and >9 indications in development by 2030.

• Operating expenses projected to remain broadly stable for the remainder of the year; sufficient liquidity to fund operations for at least 12 months.