Zai Lab Limited (NASDAQ: ZLAB; HKG: 9688) has announced its financial results for the first quarter of 2024, with product revenues increasing to USD 87.1 million from USD 62.8 million in the same period of 2023, reflecting a 43% year-on-year (YOY) growth in constant exchange rate terms. The company’s research and development (R&D) expenses rose to USD 54.6 million from USD 48.5 million a year prior. Despite reporting net losses of USD 53.5 million, Zai Lab’s cash and cash equivalents remained substantial at USD 750.8 million as of March 31, 2024, slightly down from USD 806.5 million at the end of December 2023.
The revenue growth was driven by the successful launch of Vyvgart (efgartigimod alfa) for the treatment of generalized myasthenia gravis (gMG), which was included in China’s National Reimbursement Drug List (NRDL) as of January 1, 2024, following its launch in September 2023. Vyvgart achieved sales of USD 13.2 million in Q1 2024. Zejula sales contributed USD 45.5 million, showing a 7% YOY increase. Optune (Tumor Treating Fields) sales were USD 12.5 million, a 6% YOY decrease. Qinlock recorded a significant 367% YOY increase in sales, reaching USD 6.1 million in Q1 2024, attributed to its NRDL inclusion in Q1 2023 for the fourth-line treatment of advanced gastrointestinal stromal tumors (GIST). Nuzyra’s sales also saw a substantial 81% YOY increase, amounting to USD 9.9 million.
In April 2024, Zai Lab submitted a supplemental Biologics License Application (sBLA) to the National Medical Products Administration (NMPA) for efgartigimod SC for the treatment of chronic inflammatory demyelinating polyneuropathy (CIDP). The company also plans to submit a Marketing Authorization Application (MAA) to the NMPA for Qinlock in second-line+ non-small cell lung cancer (NSCLC), following progression on or after platinum-based therapy.- Flcube.com
