Skip to content
ESPT
MARKETS / NASDAQ / Health care / Pharmaceuticals / ZLAB
NASDAQ · PHARMACEUTICAL PREPARATIONS · LARGE CAP

Zai Lab Ltd. ZLAB

11 fiscal years on record · USD · FY2025 reported · SEC filings only
$460.2M
▲ 15.3% YoY
$-175.5M
$-158.9M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Zai Lab Limited is a commercial-stage, global biopharmaceutical company with a presence in Greater China and the United States that discovers, develops, and commercializes products that address medical conditions in the areas of oncology, immunology, neuroscience, and infectious disease. The company currently has seven commercial programs with products that have received marketing approval and that it has commercially launched in one or more territories in Greater China. As of January 31, 2026, the company had 1,784 full-time employees, of which 1,710 were located in Greater China. The company develops and commercializes ZEJULA in mainland China, Hong Kong, and Macau under an exclusive license from Tesaro, now a subsidiary of GSK. It launched ZEJULA in mainland China in 2020. The company develops and commercializes efgartigimod in Greater China under an exclusive license from argenx. It launched the IV formulation of efgartigimod, under the brand name VYVGART, in mainland China in September 2023.

Written from the business description in ZAI LAB LIMITED's annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth

USD 460.2M
Revenue, FY2025 · full 11-year series below
Revenue $M Net income $M
FY2025 · Revenue 460.2 · Net income -175.5
200.0M400.0M-250.0M-500.0M
20152018202120242025
Compound annual growth
+28.9%
+56.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +56.5% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−38 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -49.9% · Net -38.1%
-50000%-100000%
201520202025
ROE
FY2025 · ROE -22.6%
-20%-40%-60%
201520202025
Three returns, three denominators.
Gross margin58.6%
Operating margin-49.9%
Net margin-38.1%
EBITDAUSD -214.4M

Each USD of equity lost 23 cents this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -158.9
-200M-400M
201520202025
Dividends paid·
Net buybacks·
Share of profit·
Consecutive raises·

Total assetsUSD 1.2B
EquityUSD 715.5M
CashUSD 679.6M
Gross debtUSD 204.5M
Net debtUSD -475.0M
Current ratio2.45×

The company holds more cash than debt.

The 11-year record

11 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
ZLAB, 11-year financial record
Metric 20252024202320222021202020192018201720162015
Revenue $B0.50.40.30.20.10.00.00.0◌◌◌
Operating income $B−0.2−0.3−0.4−0.4−0.7−0.3−0.2−0.1−0.1−0.0−0.0
EBITDA $B−0.2−0.3−0.4−0.4−0.7−0.3−0.2−0.1−0.1−0.0−0.0
Income tax $B−0.00.00.00.00.00.00.00.00.0◌◌
Net income $B−0.2−0.3−0.3−0.4−0.7−0.3−0.2−0.1−0.1−0.0−0.0
Free cash flow $B−0.2−0.2−0.2−0.4−0.6−0.2−0.2−0.1−0.0−0.0−0.0
EPS, diluted $−0.16−0.26−0.35◌◌◌−3.03−2.64−2.32−3.97−2.07
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend———————————
ROE %−22.6−31.4−36.3−36.6−55.3−36.7−71.5−57.2———
Shares out B1.111.080.970.960.100.090.070.060.050.01◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

MCK · COR · CAH · JNJ · HCA · LLY
Provenance

Company facts, as filed

How we verify · 0 failures in 40 reconciliationsAUDITED

Reconciled in 11 of the 11 fiscal years we could check. 18 checks were skipped: the balance sheet is not tagged before 2016. 11 checks were skipped: revenue is not tagged before 2018. Eight checks were skipped: EPS is not tagged before 2015.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityPharmaceutical Preparations
Listed onNASDAQ
Incorporated inoutside the United States — SEC code E9
Fiscal year endsDecember 31
Data on record since2015

Share this section

Download image