WASHINGTON (dpa-AFX) - After concluding 2024 with strong sales growth, financial strength, and significant pipeline progress, Zai Lab Limited (ZLAB) is now focused on achieving substantial topline growth, with a goal of reaching $2 billion in revenue by 2028.
This commercial-stage, global biopharmaceutical company with a significant presence in both Greater China and the United States has seven marketed products that have been successfully launched in one or more territories across Greater China.
These products include Zejula, Optune, Qinlock, Nuzyra, Vyvgart, Xacduro, and Augtyro. Among these, Zejula, approved for certain ovarian cancer indications, contributes a substantial portion of the company's total revenue. Optune is an innovative cancer treatment that employs electric fields at specific frequencies to disrupt cell division. Qinlock is approved for use as a fourth-line treatment for gastrointestinal stromal tumors (GIST). Nuzyra, a broad-spectrum antibiotic, is used to treat community-acquired bacterial pneumonia (CABP) and acute bacterial skin and skin structure infections (ABSSSI). Vyvgart targets generalized myasthenia gravis, while Xacduro is used for hospital-acquired bacterial pneumonia (HABP) and ventilator-associated bacterial pneumonia. Finally, Augtyro is designed for the treatment of ROS1-positive, non-small cell lung cancer.
The company also has licensing and collaboration agreements with biopharmaceutical companies such as GSK, argenx, Novo Holdings, NovoCure, Deciphera, Innoviva, Bristol Myers Squibb, Amgen, and Pfizer for its commercial products and product candidates, from which it generates revenues.
Zai Lab's annual product revenues have been steadily increasing in recent years, reaching $397.6 million for the full year of 2024, up from $266.7 million in 2023. In addition to product revenue, the company also generated $1.37 million in revenue from collaboration agreements in 2024, compared to none in 2023. As a result, the total revenue for 2024, combining both product and collaboration revenues, amounted to $398.99 million, a significant increase from $266.72 million in 2023.
The net loss for full-year 2024 narrowed to $257.1 million, or a loss per ordinary share attributable to common stockholders of $0.26 (or loss per ADS of $2.60) from $334.6 million, or a loss per ordinary share of $0.35 (or loss per ADS of $3.46) in full-year 2023, primarily driven by product revenue growing at a faster pace than net operating expenses.
Zai Lab ended the year 2024 with cash and cash equivalents, short-term investments, and current restricted cash totaling $879.7 million.
Looking ahead, the company expects to achieve profitability, on a non-GAAP basis, in the fourth quarter of 2025 and generate total revenue in the range of $560 million to $590 million for the full year of 2025.
Zai Lab's American depositary shares began trading on the Nasdaq Global Market on September 20, 2017, under the ticker symbol 'ZLAB', priced at $18 each. At its peak in 2021, the stock soared to as high as $193.
We alerted readers to ZLAB on July 8, 2024, when it was trading at $17. The stock touched a 52-week high of $39.61 last week, and that reflects a gain of 133% in a little over 8 months.
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