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ZLAB · NASDAQ · Biotechnology

Zai Lab (ADR)

Develops and commercializes therapies through partnerships and internal research.

$26.08

After-hours close0.00 (0.00%)

At close$26.08(−2.76%)

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Profile

Zai Lab LimitedZLABHealth Care

Develops and commercializes therapies across oncology, immunology, neuroscience, and infectious disease. Its Greater China portfolio combines in-licensed assets and global-biopharma partnerships with internal research.

Discovers, develops, and commercializes therapies in oncology, immunology, neuroscience, and infectious disease, serving patients in Greater China while operating across China and the United States. Its model combines clinical development, commercial infrastructure, and research capabilities.

The commercial portfolio is built through in-licensed assets and partnerships with global biopharma companies, supported by clinical-trial and commercial infrastructure in China. ZEJULA's China rights, first licensed from Tesaro, illustrate this approach.

Internal discovery programs add a global R&D component beside regional development and commercialization work. License-and-collaboration agreements can require product purchases, royalties, and milestone payments.

Company facts

CEOSamantha Du

ListedSep 20, 2017

ExchangeNASDAQ

HeadquartersShanghai, China

CountryChina

Employees1,784

CIK0001704292

ISINUS98887Q1040

Key statistics

Market cap$2.95B

EPS (ttm)−$1.79

P/E (ttm)−14.57

ROE-27.4%

P/B4.85

P/S6.63

Dividend yield—

Beta1.01vs XLV 0.45

Year to date +50.5% · Average volume (30d) 1.0M

Analysts

Price target, next 12 months$52.50+101.3%Median of 11 analysts · vs the Aug 28 close

ConsensusBuy9 of 11 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $26.08

High$75.00+187.6%

Median$52.50+101.3%

Low$35.00+34.2%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Target
Jan 7, 2026	UBS	Target			$35
Mar 3, 2025	B of A Securities	Downgrade	Buy	Neutral

Earnings

EPS

Estimate−$0.56

ReportedDue Nov 5, 2026

Revenue

Estimate$108.8M

ReportedDue Nov 5, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 6, 2026Q2 FY26	−$0.68	−$0.46	+32.3%	$103.9M	$106.3M	+2.4%	+13.66%
May 7, 2026Q1 FY26	−$0.53	−$0.46	+12.6%	$108.4M	$99.6M	−8.1%	−5.92%
Feb 26, 2026Q4 FY25	−$0.44	−$0.46	−4.5%	$122.2M	$127.6M	+4.4%	−2.39%
Nov 6, 2025Q3 FY25	−$0.28	−$0.33	−17.9%	$126.7M	$116.1M	−8.4%	−5.40%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$106.5M	$110.0M	$116.1M	$127.6M	$99.6M	$106.3M
Gross profit	$67.8M	$66.8M	$69.2M	$65.3M	$61.3M	$58.1M
Operating income	−$56.3M	−$54.9M	−$48.8M	−$69.4M	−$69.3M	−$76.5M
Net income	−$48.4M	−$40.7M	−$36.0M	−$50.4M	−$51.0M	−$50.8M
Diluted EPS	−$0.45	−$0.37	−$0.33	−$0.46	−$0.50	−$0.50
Gross margin	63.7%	60.7%	59.6%	51.2%	61.5%	54.7%
Operating margin	-52.9%	-49.9%	-42.1%	-54.4%	-69.5%	-71.9%

Fiscal years (4-quarter sums)FY21 $144.3M · FY22 $215.0M · FY23 $266.7M · FY24 $399.0M · FY25 $460.2M

Revenue by product · Q2 FY26

Zejula$32.1M · 45%

Nuzyra$17.1M · 24%

Optune$12.2M · 17%

Qinlock$9.6M · 13%

Product And Service, Other$195.0K · 0%

Balance sheet, Jun 30, 2026Cash & short-term investments $617.5M · Total debt $254.6M · Total assets $1.07B · Shareholders' equity $607.0M

Dividends

No dividends on record.

Ownership

Institutions 25.02%Insiders —

Shares outstanding 112.92M · Float 105.17M · 93.1% free float

Insiders — filings are in the shares behind the receipt.

This listing is a depositary receipt and the Form 4 positions here are filed in the shares behind it, a different unit from the share count and in a ratio the filings never state, so no insider percentage is shown.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Ein #	91.59M	9.20%	13D/G	Nov 14, 2024
RA Capital Management, L.P.	57.44M	5.20%	13G	Apr 6, 2026
RTW Investments, LP	6.57M	5.82%	13F	May 15, 2026
Frazier Life Sciences Management, L.P.	1.90M	1.68%	13F	May 15, 2026
Citadel Advisors LLC	1.69M	1.50%	13F	May 15, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 19, 2026	Yajing Chen	officer: Chief Financial Officer	−260	$27.00
Aug 12, 2026	William Lis	director	−8,506	$25.00
Aug 11, 2026	Yajing Chen	officer: Chief Financial Officer	−619	$25.00
Jul 1, 2026	Richard Gaynor	director	+1,736	$19.05
Jun 30, 2026	Ying Du	director, officer: Chairperson & CEO	−7,026	$18.53