Zai Lab Ltd ZLAB

Healthcare SIC 2834 - Pharmaceutical Preparations NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Pharmaceutical Preparation Manufacturing derived Nasdaq

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.

Last close 24.03 2026-10-23
Market cap $2.68B estimated share count
52-week range 15.96 - 27.50

ZLAB is a depositary receipt: one ZLAB stands for 10 shares of this company, per the cover page of its latest 10-K. The market cap and the multiples above are stated per receipt; the statements below, including EPS, are as filed and are per underlying share.

Valuation FY2025 figures against the last close

P/S5.9x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.16

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.) 1.10B989.5M966.4M958.1M929.9M776.7M————

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B -500M 0 500M Net income, FY2016: -37.5M Net income, FY2017: -50.4M Revenue, FY2018: 129K Gross profit, FY2018: 85.9K Net income, FY2018: -139.1M Revenue, FY2019: 13M Gross profit, FY2019: 9.2M Net income, FY2019: -195.1M Revenue, FY2020: 49M Gross profit, FY2020: 32.2M Net income, FY2020: -268.9M Revenue, FY2021: 144.1M Gross profit, FY2021: 91.9M Net income, FY2021: -704.5M Revenue, FY2022: 212.7M Gross profit, FY2022: 138.7M Net income, FY2022: -443.3M Revenue, FY2023: 266.7M Gross profit, FY2023: 170.9M Net income, FY2023: -334.6M Revenue, FY2024: 397.6M Gross profit, FY2024: 250.5M Net income, FY2024: -257.1M Revenue, FY2025: 457.2M Gross profit, FY2025: 266.7M Net income, FY2025: -175.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — $129.0K $13.0M $49.0M $144.1M $212.7M $266.7M $397.6M $457.2M
Gross profit — — $85.9K $9.2M $32.2M $91.9M $138.7M $170.9M $250.5M $266.7M
Net income -$37.5M -$50.4M -$139.1M -$195.1M -$268.9M -$704.5M -$443.3M -$334.6M -$257.1M -$175.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced Item 2.02
  • Shareholder vote Item 5.07
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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