By Fineline Cube 
Zai Lab Limited (NASDAQ: ZLAB, HKG: 9688) released its third‑quarter 2025 financial results, reporting total net product revenue of USD 115.4 million, a 13 % year‑over‑year increase (14 % at constant exchange rate). Growth was driven by the launch‑phase uptake of Nuzyra (omadacycline) and Xacduro (Sulbactam‑Durlobactam), partially offset by a slowdown in Zejula (niraparib) sales.
Key Financial Highlights
| Metric | 2025 Q3 | 2024 Q3 | % YoY |
|---|---|---|---|
| Net Product Revenue | $115.4 M | $101.8 M | +13 % (14 % at CER) |
| FY 2025 2025 Revenue Guidance | ≥$460 M | – | – |
Revenue distribution by product
- Nuzyra (omadacycline): $15.4 M (↑ 54 % YoY)
- Xacduro (Sulbactam‑Durlobactam): $6.4 M (first‑quarter launch)
- Zejula (niraparib): $42.4 M (↓ 12 % YoY)
- Vyvgart / Vyvgart Hytrulo: $27.7 M (↑ 4.6 % QoQ)
Product‑Specific Performance
Nuzyra (Omadacycline)
- Growth driver: Expanded market coverage and deeper penetration into the outpatient respiratory infection segment.
- YoY comparison: $15.4 M vs $10.0 M (2024 Q3).
Xacduro (Sulbactam‑Durlobactam)
- Launch‑phase success: Launched in Q4 2024; $6.4 M revenue in Q3 2025 reflects strong uptake among hospitals treating carbapenem‑resistant gram‑negative infections.
Zejula (Niraparib)
- Competitive pressure: 12 % YoY decline to $42.4 M, attributed to influx of new PARP‑inhibitor entrants and pricing negotiations.
Vyvgart / Vyvgart Hytrulo
- Pricing strategy: $2.4 M revenue dip in Q3 2025 due to proactive price realignment ahead of China’s National Reimbursement Drug List (NRDL) talks; overall Q3 sales still up 4.6 % QoQ thanks to improved market penetration and longer treatment durations.
Guidance & Outlook
- Full‑Year Revenue: Adjusted to ≥USD 460 million for FY 2025, reflecting the momentum of the above product mix.
- Strategic Focus: Zai Lab aims to accelerate market penetration for Nuzyra across Tier‑2/3 cities and expand Xacduro’s distribution in the U.S. pipeline.
- Competitive Landscape: The firm monitors emerging PARP‑inhibitors and continues to negotiate NRDL pricing to safeguard revenue streams.
Forward‑Looking Statements
This brief contains forward‑looking statements about regulatory approvals, market adoption, pricing strategy, and commercial expectations. Actual results may differ due to factors including competitive dynamics, regulatory changes, and macroeconomic conditions.-Fineline Info & Tech