Zai Lab Limited (NASDAQ:ZLAB) reported second-quarter 2025 results that failed to meet revenue expectations, despite modest top-line growth, sending its shares down over 2% in pre-market trading.
The biopharma firm posted revenue of $110 million for the quarter, falling short of the analyst consensus of $124.95 million. However, losses narrowed significantly, with earnings per share coming in at -$0.04—well above the expected -$0.41. The company also reported a 28% year-over-year improvement in operating loss.
A standout performer for the quarter was VYVGART, which achieved record patient uptake and brought in $26.5 million in sales—a 46% increase over the previous quarter. However, ZEJULA posted lower revenues at $41 million, down from $45 million in the same quarter last year. The company attributed the decline to “evolving competitive dynamics within the PARPi class.”
“Zai Lab is entering a pivotal period – defined by innovation, scale and strong execution,” said Dr. Samantha Du, Founder, Chairperson, and CEO of Zai Lab. “We are making meaningful progress throughout our business – expanding patient impact, accelerating global innovation, and operating with financial discipline.”
Despite underwhelming sales results, Zai Lab reaffirmed its full-year 2025 revenue forecast of $560 million to $590 million, which remains in line with the analyst consensus of $567.7 million. The company also said it is still on track to reach profitability by Q4 2025.
On the clinical front, Zai Lab highlighted encouraging data for ZL-1310, its DLL3 antibody-drug conjugate. The treatment showed a 67% objective response rate across all dose levels in second-line small cell lung cancer patients.
The company ended the second quarter with $832.3 million in cash, cash equivalents, and short-term investments, compared to $857.3 million at the end of Q1.
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