Zai Lab Ltd (NASDAQ: ZLAB; HKG: 9688), a China-based biopharmaceutical company, has released its financial results for 2023, along with updates on product highlights and corporate developments. The company reported total product revenues of USD 266.7 million for the year, marking a 31% year-on-year growth at constant exchange rates. This increase was primarily driven by higher sales volumes, the launch of Vyvgart (efgartigimod alfa), and a decrease in the negative impact from the COVID-19 pandemic, partially offset by increased sales rebates to distributors and the effects of recent industry-wide anti-corruption enforcement efforts in China.
Zejula (niraparib) generated USD 168.8 million in 2023, representing a 16% year-on-year increase, driven by increased hospital sales in first-line ovarian cancer and extended treatment duration. Vyvgart achieved USD 10.0 million in sales, with nearly 1,000 patients treated from launch through Q4 2023, and the company estimates over USD 70.0 million in revenues for 2024. The Optune portable device recorded USD 47.0 million in 2023, with Qinlock (ripretinib) bringing in USD 19.2 million, up 29% year-on-year, and Nuzyra (omadacycline) reporting USD 21.7 million, up 316% year-on-year.
Research and Development (R&D) expenses for 2023 were USD 265.9 million, compared to USD 286.4 million in 2022. Selling, General, and Administrative expenses were USD 281.6 million for 2023, compared to USD 259.0 million for 2022. The net loss for 2023 was USD 334.6 million, compared to a net loss of USD 443.3 million for 2022. As of December 31, 2023, cash and cash equivalents, short-term investments, and restricted cash totaled USD 807.6 million.
Looking ahead, Zai Lab aims to drive Vyvgart’s inclusion in the NRDL and increase hospital access in 2024, maintain Zejula’s leadership in ovarian cancer, and grow supplemental insurance coverage for Optune. The company also plans to launch up to three new products from its innovative pipeline. In addition, Zai Lab is preparing to submit a Marketing Authorization Application (MAA) to the National Medical Products Administration (NMPA) for Tumor Treating Fields therapy in 2024, following its U.S. FDA filing acceptance by partner Novocure.- Flcube.com
