China-based Zai Lab Limited (NASDAQ: ZLAB; HKG: 9688) has announced its financial results for the first quarter of 2023, along with recent product highlights and corporate updates. The company reported total product revenues of USD 62.8 million for the quarter, marking a 36% year-on-year (YOY) growth.
Product Sales and Contributions
The PARP inhibitor Zejula (niraparib) continued to be a key contributor to Zai Lab’s revenues, with sales reaching USD 42.7 million, up 44% YOY. The Tumor Treating Fields device Optune generated USD 13.3 million, an increase of 4.3% YOY, and has been listed in 96 regional level commercial supplementary health insurance plans (huiminbao), up from 87 as of December 31, 2022. Gastrointestinal stromal tumor (GIST) drug Qinlock (ripretinib) recorded sales of USD 1.3 million, down from USD 3.0 million in the same period in 2022. Anti-bacterial Nuzyra (omadacycline) scored USD 5.5 million, up from USD 0.7 million in Q1’22.
Strategic Partnership with MediLink Therapeutics
During the Q1’23 period, Zai Lab entered into a strategic partnership and global license agreement with MediLink Therapeutics. This collaboration aims to expand Zai’s lung cancer franchise and oncology pipeline with the next-generation DLL3 ADC program, ZL-1310.
Financial Performance and R&D Expenses
R&D expenses for Q1’23 were USD 48.5 million, down from USD 53.9 million in the previous year. The decrease was primarily attributed to cost-sharing compensation from collaboration partners related to clinical trials. Net losses reached USD 49.1 million, while the firm’s cash holdings stood at USD 931.4 million.
Upcoming Milestones for 2023
Zai Lab has a number of upcoming milestones in 2023, including potential approvals for efgartigimod in generalized myasthenia gravis (gMG), and for Margenza (margetuximab) in HER2 positive breast cancer, indicating a promising year ahead for the company.-Fineline Info & Tech
