Chinese biopharmaceutical firm Zai Lab Ltd (NASDAQ: ZLAB, HKG: 9688) has released its 2022 interim report, indicating significant year-on-year (YOY) revenue growth. The company reported revenues of $94.9 million, up 66.37% YOY, driven by strong product sales, which increased 64.22% YOY to $93.67 million.
Product Sales Performance
The main drivers of Zai Lab’s product sales include Zejula (niraparib), Tumor Treating Fields (TTFields) product Optune, switch-control kinase inhibitor Qinlock (ripretinib), and novel antibiotic Nuzyra (omadacycline). Notably, the price reduction of Zejula for its inclusion in China’s National Reimbursement Drug List (NRDL) resulted in a $2.9 million sales commission compensation for its agents in the first half of 2022. However, disruptions caused by COVID-19 from March to May had a negative impact on sales. During this period, Zejula generated $63.65 million in revenue (+76.94%), Optune Lua $24.39 million (+46.35%), Qinlock $3.582 million (-18.61%), and Nuzyra $2.05 million.
Significant Licensing Deals
In addition to its strong product sales, Zai Lab secured several key licensing deals during the period. The company obtained exclusive development and commercialization rights in Greater China for argenx’s efgartigimod (the world’s first FcRn antagonist), Paratek Pharmaceuticals’ antibiotic ZL-2401 (omadacycline), Mirati Therapeutics’ KRAS G12C inhibitor adagrasib, and Karuna Therapeutics’ KarXT, an oral, investigational M1/M4-preferring muscarinic agonist. These deals further strengthen Zai Lab’s pipeline and market position.-Fineline Info & Tech
