China-based biotech Zai Lab Ltd (NASDAQ: ZLAB, HKG: 9688) released its Q2 and full-year 2024 financial report. The company recorded USD 108.5 million in product net sales in Q4 and USD 397.6 million for the full year of 2024, marking a 65% and 50% year-on-year (YOY) increase at constant exchange rates, respectively.
Product Performance
Vyvgart/ Vyvgart Hytrulo (efgartigimod alfa) generated USD 30 million in net sales in Q4 and USD 93.6 million in 2024, driven by sales uptake and new indications included in the National Reimbursement Drug List (NRDL). Zejula (niraparib) achieved USD 48.4 million (+ 16%) in Q4 and USD 187.1 million (+ 11%) in 2024 net sales, maintaining its position as a leading PARP inhibitor for ovarian cancer in terms of in-hospital sales in mainland China. Niuzaiyue (omadacycline) saw USD 11 million (+ 81%) in Q4 and USD 43.2 million (+ 99%) in 2024 net sales, thanks to new indications and oral dosage covered by NRDL.
Financial Overview
Zai Lab’s operating losses in Q4 2024 and the full year were USD 67.9 million and USD 282.1 million, respectively, reduced from USD 124 million and USD 366.6 million in the same period of 2023. As of December 31, 2024, the total cash and cash equivalents, short-term investments, and restricted cash flows amounted to USD 879.7 million.
Future Plans and Outlook
Zai Lab plans to boost the sales of Vyvgart, Zejula, and other core products in 2025, alongside the clinical development of ZL-1310 (DLL3 ADC) and ZL-6201 (LRRC15 ADC), as well as the commercialization preparation for bemarituzumab in gastric cancer and KarXT in schizophrenia. The company expects to generate between USD 560 million and USD 590 million in total revenues in 2025, aiming to become profitable during the last quarter.-Fineline Info & Tech
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