Zai Lab | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 106.31 M

Revenue: As of FY2026 Q2, the actual value is USD 106.31 M, beating the estimate of USD 103.8 M.

EPS: As of FY2026 Q2, the actual value is USD -0.05, beating the estimate of USD -0.6922.

EBIT: As of FY2026 Q2, the actual value is USD -80.78 M.

Financial Performance (Second Quarter 2026)

Revenue

• Total revenue was $106.3 million in the second quarter of 2026, compared to $110.0 million for the same period in 2025.
• Product revenue, net, was $105.8 million in the second quarter of 2026, compared to $109.1 million for the same period in 2025.
• Net product revenue increased 11% versus the prior quarter, driven by stabilization of ZEJULA and continued volume growth for VYVGART.
• Collaboration revenue was $0.6 million in the second quarter of 2026, compared to $0.9 million for the same period in 2025.

Expenses

• Research and Development (R&D) expenses were $61.8 million in the second quarter of 2026, compared to $50.6 million for the same period in 2025, primarily due to an increase in licensing fees.
• Selling, General and Administrative (SG&A) expenses were $72.9 million in the second quarter of 2026, compared to $71.0 million for the same period in 2025, remaining relatively flat year over year.
• Cost of product revenue was - $48.2 million in the second quarter of 2026, compared to - $43.0 million for the same period in 2025.

Profitability

• Loss from operations was - $76.5 million in the second quarter of 2026, compared to - $54.9 million for the same period in 2025.
• Adjusted loss from operations (non-GAAP) was - $60.4 million in the second quarter of 2026, compared to - $34.2 million for the same period in 2025.
• Net loss was - $50.8 million in the second quarter of 2026, compared to - $40.7 million for the same period in 2025, primarily due to higher licensing fees.
• Comprehensive loss was - $65.7 million in the second quarter of 2026, compared to - $43.7 million for the same period in 2025.

Other Financial Items

• Interest income was $5.9 million in the second quarter of 2026, compared to $8.8 million for the same period in 2025.
• Interest expenses were - $1.6 million in the second quarter of 2026, compared to - $1.3 million for the same period in 2025.
• Foreign currency gains were $15.1 million in the second quarter of 2026, compared to $2.8 million for the same period in 2025.
• Other income, net, was $5.3 million in the second quarter of 2026, compared to $3.8 million for the same period in 2025.
• Income tax benefit was $1.0 million in the second quarter of 2026, compared to $0 for the same period in 2025.
• Depreciation and amortization expenses were $4.2 million in the second quarter of 2026, compared to $3.7 million for the same period in 2025.
• Share-based compensation was $11.9 million in the second quarter of 2026, compared to $17.0 million for the same period in 2025.

Cash Position

• Cash and cash equivalents, short-term investments, and current restricted cash totaled $717.5 million as of June 30, 2026, a decrease from $761.3 million as of March 31, 2026.

Outlook and Guidance

Zai Lab Limited anticipates significant pipeline catalysts in the second half of 2026, including the planned initiation of a registrational Phase 3 study for zocilurtatug pelitecan and initial first-in-human data for ZL-1503. The company expects to stabilize product sales in the second half of 2026, aiming for a return to meaningful growth in 2027. Furthermore, three registrational studies are expected to be underway by year-end, with the potential for Zai Lab Limited’s first U.S. regulatory submission next year.