China-based Zai Lab Limited (NASDAQ: ZLAB, HKG: 9688) has announced its full-year 2022 financial results, along with recent product highlights and corporate updates. The company reported total revenues of USD 215 million for 2022, marking an increase of 49% compared to 2021. This included total revenues of USD 62.6 million in Q4’22, representing a 41.7% year-on-year (YOY) increase.
Financial Overview
Research and development (R&D) expenses for 2022 were USD 286.4 million, down from USD 573.3 million in the same period in 2021. The decrease was primarily due to lower upfront payments for new licensing agreements. Zai Lab reported a net loss of USD 443.3 million, compared to a net loss of USD 704.5 million in 2021. The reduction in net loss was primarily attributable to payments related to new business development activities.
Product Performance and Market Approvals
Product revenues for 2022 were USD 145.2 million for the PARP inhibitor Zejula (niraparib), a 55.2% YOY increase. In February 2023, Zai Lab received complete approval for Zejula in first-line ovarian cancer maintenance treatment from the National Medical Products Administration (NMPA), positioning it as the leader in PARP inhibitors sales for ovarian cancer in China. The medical device Optune generated USD 47.3 million, a 21.6% YOY increase. In November 2022, the Marketing Authorization Application (MAA) for malignant pleural mesothelioma related to the Tumor Treating Fields (TTFields) product was accepted by the NMPA.
Additional Product Highlights
Gastrointestinal stromal tumor (GIST) therapy Qinlock (ripretinib) achieved USD 15 million in revenues, a 28.7% YOY increase. Sales for the antibacterial Nuzyra (omadacycline) were USD 5.2 million, compared to close to zero in 2021. Both products were added to the National Reimbursement Drug List (NRDL) in January 2023 and are expected to see rapid uptake this year.
Future Plans and Pipeline
Zai Lab plans to make a market filing and carry out a commercial launch for efgartigimod alfa injection for the treatment of adult patients with generalized myasthenia gravis (gMG) this year. Efgartigimod, an investigational antibody fragment designed to reduce disease-causing immunoglobulin G (IgG) antibodies and block the IgG recycling process, was the focus of an in-licensing deal between Zai Lab and Argenx SE in July last year.-Fineline Info & Tech
