Zai Lab Ltd (NASDAQ: ZLAB; HKG: 9688), a leading biopharmaceutical company based in China, has released its financial report for the second quarter of 2024, highlighting recent product milestones and corporate developments. The company reported net revenues of USD 100.1 million for Q2’24, marking a 47% increase year-on-year (YOY) at constant exchange rates, driven primarily by the strong performance of its rare disease drug Vyvgart (efgartigimod), which launched in September 2023 and was included in China’s National Reimbursement Drug List (NRDL) in January 2024. Additionally, the PARP inhibitor Zejula (niraparib) and the antibiotic Nuzyra (omadacycline) contributed to the growth.
Zejula achieved sales of USD 45.0 million in Q2’24, a 5% YOY increase. Vyvgart’s sales reached USD 23.2 million, a significant jump from the USD 0.1 million recorded in the same period in 2023. Nuzyra’s sales soared to USD 12.3 million, representing a 165% YOY increase, attributed to NRDL listings and broader clinical adoption.
As of June 30, 2024, Zai’s cash and cash equivalents, along with short-term investments and current restricted cash, amounted to USD 730.0 million, slightly down from USD 750.8 million as of March 31, 2024.
In a strategic move, Zai Lab entered into a global licensing agreement with MabCare Therapeutics in July 2024, acquiring the next-generation ADC candidate ZL-6301, which targets ROR1, further expanding its oncology pipeline.
On the pipeline front, Zai Lab submitted a Marketing Authorization Application (MAA) for TTFields in second-line and above non-small cell lung cancer (NSCLC) in the fourth quarter of 2024, following progression on or after platinum-based chemotherapy. The company anticipates filing a Biologic License Application (BLA) for Tisotumab vedotin (Tissue Factor ADC) in recurrent or metastatic cervical cancer and a New Drug Application (NDA) for Xanomeline-Trospium (KarXT) (M1/M4-agonist) in schizophrenia, both following progression on or after chemotherapy.- Flcube.com
