Zai Lab Ltd ZLAB
We are a patient-focused, innovative, commercial-stage, global biopharmaceutical company with a substantial presence in both Greater China and the United States. We are focused on discovering, developing, and commercializing products that address medical conditions with significant unmet needs in the areas of oncology, immunology, neuroscience, and infectious disease. We intend to leverage our competencies and resources to positively impact human health. To that end, our experienced team has secured partnerships with leading global biopharmaceutical companies to generate a broad pipeline, including multiple commercial products and multiple programs in late-stage clinical development. We have also built an in-house R&D team with strong product discovery and translational research capabilities and are establishing a pipeline of proprietary product candidates with global rights.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $457.2M | $397.6M | $266.7M | $212.7M | $144.1M | $49.0M | $13.0M | $129.0K | — | — |
| Cost of revenue | $190.5M | $147.1M | $95.8M | $74.0M | $52.2M | $16.7M | $3.7M | $43.0K | — | — |
| Gross profit | $266.7M | $250.5M | $170.9M | $138.7M | $91.9M | $32.2M | $9.2M | $85.9K | — | — |
| R&D | $220.9M | $234.5M | $265.9M | $286.4M | $573.3M | $222.7M | $142.2M | $120.3M | $39.3M | $32.1M |
| SG&A | $277.6M | $298.7M | $281.6M | $259.0M | $218.8M | $111.3M | $70.2M | $21.6M | $12.0M | $6.4M |
| Operating income | -$229.4M | -$282.1M | -$366.6M | -$404.4M | -$700.1M | -$301.8M | -$203.2M | -$141.8M | -$51.4M | -$38.5M |
| Interest expense | $5.2M | $2.3M | $0 | $0 | $0 | $181.0K | $293.0K | $40.0K | — | — |
| Pre-tax income | -$178.5M | -$257.1M | -$334.6M | -$443.3M | -$704.5M | -$268.9M | -$194.3M | -$139.1M | -$50.4M | -$37.5M |
| Income tax | $2.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Net income | -$175.5M | -$257.1M | -$334.6M | -$443.3M | -$704.5M | -$268.9M | -$195.1M | -$139.1M | -$50.4M | -$37.5M |
| EPS, basic | -0.16 | -0.26 | -0.35 | -0.46 | -0.76 | -0.35 | — | — | — | — |
| EPS, diluted | -0.16 | -0.26 | -0.35 | -0.46 | -0.76 | -0.35 | -3.03 | -2.64 | -2.32 | -3.97 |
| Shares, diluted (wtd. avg.) | $1.10B | $989.5M | $966.4M | $958.1M | $929.9M | $776.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $679.6M | $449.7M | $790.2M | $1.01B | $964.1M | $442.1M | $75.9M | $63.0M | $229.7M | $83.9M |
| Short-term investments | $10.0M | $330.0M | $16.3M | $0 | $445.0M | $744.7M | $200.0M | $200.3M | — | — |
| Receivables | $106.1M | $85.2M | $59.2M | $40.0M | $47.5M | $5.2M | $3.8M | $90.0K | — | — |
| Inventory | $74.7M | $39.9M | $44.8M | $31.6M | $19.0M | $13.1M | $6.0M | $4.0K | — | — |
| Total current assets | $1.02B | $1.05B | $939.6M | $1.12B | $1.50B | $1.22B | $292.5M | $269.1M | $230.6M | $84.1M |
| Property, plant and equipment | $47.4M | $48.0M | $53.7M | $57.9M | $43.1M | $29.2M | $21.4M | $20.5M | $11.9M | $1.2M |
| Other intangibles | $76.1M | $56.0M | $13.4M | $1.5M | $1.8M | $1.5M | $1.1M | $321.0K | $20.1K | $7.0K |
| Total assets | $1.17B | $1.19B | $1.04B | $1.22B | $1.61B | $1.30B | $355.2M | $302.0M | $249.6M | $88.9M |
| Accounts payable | $141.6M | $100.9M | $113.0M | $66.0M | $126.2M | $62.6M | $22.7M | $37.4M | $9.0M | $523.3K |
| Short-term debt | $204.5M | $131.7M | $0 | — | — | — | $6.5M | $3.6M | — | — |
| Total current liabilities | $416.2M | $299.4M | $203.1M | $139.8M | $192.9M | $98.0M | $46.6M | $48.8M | $12.1M | $5.2M |
| Total liabilities | $456.9M | $344.9M | $240.2M | $174.5M | $230.0M | $128.3M | $60.5M | $50.9M | $14.5M | $6.0M |
| Retained earnings | -$2.63B | -$2.45B | -$2.20B | -$1.86B | -$1.42B | -$713.6M | -$444.7M | -$249.6M | -$110.6M | -$60.2M |
| Total equity | $715.5M | $840.9M | $796.1M | $1.05B | $1.38B | $1.17B | $294.7M | $251.1M | $235.2M | -$51.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$150.8M | -$214.9M | -$198.2M | -$367.6M | -$549.2M | -$216.1M | -$191.0M | -$97.5M | -$32.4M | -$32.2M |
| Depreciation and amortisation | $15.0M | $11.9M | $9.0M | $8.2M | $6.5M | $4.6M | $3.8M | $1.6M | $548.0K | $198.2K |
| Stock-based compensation | $65.6M | $70.7M | $79.6M | $61.3M | $40.7M | $24.8M | $20.3M | $12.2M | $9.9M | $4.9M |
| Capital expenditure | $8.1M | $5.7M | $7.2M | $24.6M | $18.3M | $10.1M | $6.0M | $10.0M | $9.1M | $2.2M |
| Investing cash flow | $307.9M | -$375.2M | -$10.8M | $420.0M | $250.0M | -$554.8M | -$14.9M | -$212.6M | -$10.4M | -$2.7M |
| Financing cash flow | $72.4M | $349.9M | -$6.4M | -$1.7M | $820.2M | $1.13B | $219.3M | $144.1M | $187.9M | $106.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001704292-26-000030.
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