Zai Lab Limited (ZLAB) Stock Price & Analysis
Zai Lab Limited (ZLAB) closed at USD 23.04 on Wednesday, October 28, 2026, down 2.29% on the day. The US market is currently closed; this is not a live price.
The prior close was USD 23.58; the Oct 28, 2026 session ranged USD 22.63–23.49 on volume of 704,032 shares. Market capitalization is $2.59B, with a 52-week range of USD 15.96–27.5 (NGM). Source: Nexqual, retrieved October 29, 2026 at 04:26 UTC.
Also available as compact Markdown for AI agents: nexqual.com/ZLAB.md
Key facts (ZLAB)
- Last four reported quarters (through Jun 30, 2026): revenue $450M, net income -$188M (-41.9% margin), free cash flow -$140M (SEC filings).
- Analysts: Buy (mean 1.91 on a 1–5 scale) (11 analysts), mean target USD 33.48 (range 24.25–50).
- Total return with dividends: 1Y -9.0% vs S&P 500 +13.6%; 5Y -77.9% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD -0.56, revenue estimate $109M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (ZLAB)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $144M | $215M | $267M | $399M | $460M | $450M |
| Gross profit | $92.1M | $141M | $171M | $252M | $270M | — |
| Operating income | -$700M | -$404M | -$367M | -$282M | -$229M | -$264M |
| Net income | -$704M | -$443M | -$335M | -$257M | -$176M | -$188M |
| EPS (diluted) | -$0.76 | -$0.46 | -$0.35 | -$0.26 | -$0.16 | — |
| Free cash flow | -$568M | -$392M | -$205M | -$221M | -$159M | -$140M |
| Gross margin | 63.8% | 65.6% | 64.1% | 63.1% | 58.6% | — |
| Operating margin | -485.1% | -188.0% | -137.4% | -70.7% | -49.9% | -58.7% |
| Net margin | -488.2% | -206.1% | -125.5% | -64.4% | -38.1% | -41.9% |
| Revenue growth | +194.8% | +49.0% | +24.0% | +49.6% | +15.3% | — |
| Cash + short-term investments | $1.41B | $1.01B | $806M | $780M | $690M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (ZLAB)
P/S 5.8x · P/B 4.3x · FCF yield -5.40% · Earnings yield -7.28%
Analysts (ZLAB)
Consensus Buy (mean 1.91 on a 1–5 scale), 11 analysts; mean target USD 33.48 (low 24.25, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | Citigroup | Target raised | Buy | $44 → $45 |
Total return (dividends reinvested) (ZLAB)
| 1Y (from 2025-10-29) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | -9.0% | -77.9% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -9.0% | -26.0% |
| Volatility (annualized) | 50.7% | 69.9% |
| Max drawdown | -39.1% (Nov 2025→Feb 2026) | -86.5% (Oct 2021→Apr 2024) |
ZLAB earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | −$0.46 | −$0.68 | Beat +32.4% | +26.9% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | −$0.46 | −$0.53 | Beat +13.2% | -11.5% |
| Feb 26, 2026 | Quarter ended Dec 31, 2025 | −$0.46 | −$0.42 | Miss −9.5% | -0.9% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | −$0.33 | −$0.29 | Miss −13.8% | -11.7% |
| Aug 7, 2025 | — | — | — | — | -9.7% |
| May 8, 2025 | — | — | — | — | +3.1% |
| Feb 27, 2025 | — | — | — | — | -1.2% |
| Nov 12, 2024 | — | — | — | — | -3.7% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).
ZLAB recent SEC filings (last 120 days)
| Filed | Form | What it says |
|---|---|---|
| Oct 23, 2026 | 8-K | Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure; Other material event “Securities Purchase Agreement On October 22, 2026, Zai Lab Limited (the "Company") entered into a securities purchase agreement (the "Securities Purchase Agreement") with certain accredited investors named therein (each, an "Investor" and collectively, the "Investors"), relating to the sale to the Investors of 11,340,000 American depositary shares of the Company ("ADSs"), each representing ten ordinary shares of the Company with a par value of $0.000006 per share, at an offering price of $22.04 per ADS in a…” |
| Aug 6, 2026 | 10-Q | Quarterly report · period ended Jun 30, 2026 |
| Aug 6, 2026 | 8-K | Quarterly results |
Source: SEC EDGAR. Quotes are the opening words of each item as filed; each form links to the filing. Insider Form 4 filings are listed in the insider sections.
ZLAB revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| ZEJULA | $32.1M | 30.3% | -21.8% |
| VYVGART / VYVGART Hytrulo | $23.9M | 22.6% | -9.9% |
| NUZYRA | $17.1M | 16.2% | +19.6% |
| OPTUNE | $12.2M | 11.5% | -1.2% |
| QINLOCK | $9.6M | 9.1% | +12.3% |
| XACDURO | $8.0M | 7.5% | +72.2% |
| AUGTYRO | $2.2M | 2.1% | +58.2% |
| KarXT | $552,000 | 0.5% | — |
| Other | $195,000 | 0.2% | -43.0% |
| Total revenue | $105.8M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
ZLAB suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | NovoCure Ltd (NVCR) | “For example, we source VYVGART and VYVGART Hytrulo from argenx, OPTUNE from NovoCure, QINLOCK from Deciphera, XACDURO from Innoviva, AUGTYRO from BMS, and TIVDAK from Pfizer.” |
| Supplier | Innoviva, Inc. (INVA) | “For example, we source VYVGART and VYVGART Hytrulo from argenx, OPTUNE from NovoCure, QINLOCK from Deciphera, XACDURO from Innoviva, AUGTYRO from BMS, and TIVDAK from Pfizer.” |
| Partner | Pfizer (PFE) | “In November 2024, we entered into a strategic collaboration with Pfizer that allows us to leverage the industry-leading commercialization infrastructure of Pfizer's affiliated companies in the anti-infective therapeutic area to support sales of XACDURO in mainland China.” |
| Partner | Merck (MRK) | “In September 2016, we entered into a collaboration, development, and license agreement with Tesaro, a company later acquired by GSK, pursuant to which we obtained an exclusive sublicense under certain patents and know-how of GSK (including such patents and know-how licensed from Merck, Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., and AstraZeneca UK Limited) to develop, manufacture, and commercialize GSK…” |
| Partner | Paratek Bermuda | “We also obtained the right of first negotiation to be Paratek's partner to develop certain derivatives or modifications of omadacycline in our licensed territory.” |
Quoted from the company's 10-K filed Feb 26, 2026.
Companies that name ZLAB in their SEC reports
| Relationship to ZLAB | Company | Filing | Sentence |
|---|---|---|---|
| partner | HALOZYME THERAPEUTICS, INC. (HALO) | 10-K Feb 17, 2026 | “In November 2024, Zai Lab Limited (argenx commercial partner for China) announced the National Medical Products Administration approval of VYVGART Hytrulo for the treatment of patients with chronic inflammatory demyelinating polyneuropathy.” |
| partner | VERTEX PHARMACEUTICALS INC / MA (VRTX) | 10-K Feb 13, 2026 | “In January 2025, we entered into an agreement with Zai for the development and commercialization of povetacicept for” |
ZLAB customer concentration
In the period ended Dec 31, 2025, a single direct customer accounted for 17% of revenue, per the company's 10-K filed Feb 26, 2026. The company does not name it.
ZLAB company outlook (results filed Aug 6, 2026)
- “In the second half of the year, we expect to further stabilize product sales while laying the foundation for a return to meaningful growth in 2027. • Research and Development (R&D) expenses were $61.8 million in the second quarter of 2026, compared to $50.6 million for the same period in 2025.”
- “Immunology, Neuroscience, and Infectious Disease Pipeline • ZL-1503 (IL-13/IL-31Rα): Completed enrollment in the single ascending dose (SAD) portion of the Phase 1/1b study of ZL-1503 in healthy volunteers, with initial PK, PD, safety and immunogenicity data expected in the second half of 2026.”
- “Initial clinical data from the MAD portion expected in the first half of 2027.”
- “Expected Clinical Developments and Data Readouts Efgartigimod (FcRn) • Myositis: Zai Lab partner argenx to provide topline results from the global Phase 2/3 ALKIVIA study evaluating autoimmune inflammatory myopathies (AIM or myositis) in the third quarter of 2026.”
Quoted word-for-word from the SEC 8-K results press release.
ZLAB analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-0.56 | $-0.54 | −$0.03 | $108.8M | 6 |
| Next quarter (ends Dec 2026) | $-0.62 | $-0.55 | −$0.07 | $113.6M | 6 |
| Current fiscal year (ends Dec 2026) | $-2.20 | $-2.19 | $0.00 | $432.7M | 10 |
| Next fiscal year (ends Dec 2027) | $-2.11 | $-1.76 | −$0.35 | $548.2M | 10 |
ZLAB options: expected move
Options price a move of about ±16.1% (±$3.70) by Nov 20, 2026, which includes earnings on Nov 5, 2026. Over the last 8 reports the stock moved ±8.6% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 23 | 80.9% | ±16.1% |
| Dec 18, 2026 | 51 | 64.5% | ±19.0% |
| Jan 15, 2027 | 79 | 75.8% | ±27.6% |
| Mar 19, 2027 | 142 | 59.1% | ±28.6% |
| Jun 17, 2027 | 232 | 64.6% | ±39.7% |
30-day implied volatility 66.8% vs 60.2% realized over the last 30 trading days. Put/call ratio (volume) —. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 29, 2026 at 04:26 UTC)
| Price | USD 23.04 |
|---|---|
| Change | ▼ 2.29% (down) |
| Previous Close | USD 23.58 |
| Open | USD 23.33 |
| Day Range | USD 22.63 – 23.49 |
| 52-Week Range | USD 15.96 – 27.5 |
| Volume | 704,032 shares |
| Market Cap | $2.59B |
| Exchange | NGM |
Technical Analysis (ZLAB)
Nexqual's technical model rates ZLAB "STRONG SELL" based on 0 bullish and 5 bearish signals across 127 daily candles, as of October 29, 2026 at 04:26 UTC.
| Overall Signal | STRONG SELL |
|---|---|
| RSI (14) | 45.35 (neutral) |
| vs SMA50 | Below (USD 25.1) |
| MACD | -0.42 (negative) |
Analyst Ratings (ZLAB)
Wall Street analysts rate ZLAB "Buy" based on 11 analysts, with a mean price target of USD 33.48 (range USD 24.25–50), per Nexqual as of October 29, 2026 at 04:26 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 11 |
| Mean Target | USD 33.48 |
| High Target | USD 50 |
| Low Target | USD 24.25 |
| Buy / Hold / Sell | 10 / 1 / 0 |
Earnings (ZLAB)
| Next Earnings Date | 2026-11-05 |
|---|---|
| EPS Estimate | USD -0.56 |
| Revenue Estimate | $108.82M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.46 vs est -0.68 ▲ beat |
| 2026-03-31 | USD -0.46 vs est -0.53 ▲ beat |
| 2025-12-31 | USD -0.46 vs est -0.42 ▼ miss |
| 2025-09-30 | USD -0.33 vs est -0.29 ▼ miss |
Source: Nexqual, October 29, 2026 at 04:26 UTC.
Financials & Fundamentals (ZLAB)
| Total Revenue | $449.61M |
|---|---|
| Revenue Growth (latest quarter, YoY) | -3.30% |
| Gross Margin | +3.78% |
| Operating Margin | -71.95% |
| Profit Margin | -41.86% |
| ROE | -26.91% |
| Debt / Equity | 0.42 |
| Current Ratio | 2.13 |
| Total Cash | $617.52M |
| Total Debt | $254.58M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$139.57M (-31.0% of revenue) |
Source: Nexqual, October 29, 2026 at 04:26 UTC.
Financial Health Score (ZLAB)
Nexqual rates Zai Lab Limited's overall financial health "Mixed" across five dimensions, as of October 29, 2026 at 04:26 UTC.
| Growth | Strong — Revenue +15% YoY (annual) |
|---|---|
| Profitability | Mixed — Gross margin 57%, operating -59% (last 4 quarters to Jun 2026, SEC) |
| Balance Sheet | Strong — $618M cash vs $255M debt, net cash position |
| Cash Flow | Weak — FCF negative: -$140M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Critical — ROE -31%, ROA -17.5% (last 4 quarters, SEC) |
Ownership (ZLAB)
| Insider Ownership | +2.12% |
|---|---|
| Institutional Ownership | +38.46% |
| Shares Outstanding | 112.27M |
| Float | 97.11M |
| Short % of Float | +8.04% |
Source: Nexqual, October 29, 2026 at 04:26 UTC.
Leadership (ZLAB)
Zai Lab Limited is led by Ying Du, Founder, Chairperson & CEO, per Nexqual as of October 29, 2026 at 04:26 UTC.
| Founder, Chairperson & CEO | Ying Du |
|---|---|
| President and Head of Global Research & Development | Rafael G. Amado |
| Chief Financial Officer | Yajing Chen |
Major Backers & Investors (ZLAB)
Notable institutional backers of Zai Lab Limited include RTW Investments LP, TCG Crossover Management, LLC, RA Capital Management, L.P., according to Nexqual as of October 29, 2026 at 04:26 UTC.
Active Investors
| Investor | Stake |
|---|---|
| RTW Investments LP | 5.78% |
| TCG Crossover Management, LLC | 5.39% |
| RA Capital Management, L.P. | 5.05% |
| Adar1 Capital Management, LLC | 2.96% |
| FMR, LLC | 2.47% |
| Goldman Sachs | 2.03% |
| Woodline Partners LP | 1.94% |
| Frazier Life Sciences Management, L.P. | 1.67% |
Source: Nexqual, October 29, 2026 at 04:26 UTC.
From Zai Lab Limited's Latest SEC 10-K Filing (filed 2026-02-26)
Key Strengths & Strategy (as disclosed to the SEC)
- In the United States, the FDA regulates drugs and biological products under the Federal Food, Drug, and Cosmetic Act, the Public Health Service Act, and their implementing regulations.
- Our commercial success depends, in part, on our ability to obtain and maintain proprietary protection for our know-how and innovation pertaining to our commercial products and product candidates as well as our core technologies; to operate without infringing, misappropriating, or otherwise violating the proprietary rights of others; and to prevent others from infringing, misappropriating, or otherwise violating our proprietary rights.
- We seek to protect our proprietary information, in part, by executing confidentiality agreements with our partners, collaborators, scientific advisors, employees, consultants, and other third parties.
Partnerships
- In January 2021, we entered into a collaboration and license agreement with argenx, pursuant to which we obtained an exclusive license under certain patents and know-how of argenx to develop and commercialize products containing efgartigimod (including VYVGART and VYVGART Hytrulo) as an active ingredient in all human and animal uses for any preventative or therapeutic indications in Greater China.
- In November 2024, we entered into a strategic collaboration with Pfizer that allows us to leverage the industry-leading commercialization infrastructure of Pfizer's affiliated companies in the anti-infective therapeutic area to support sales of XACDURO in mainland China.
Legal & Regulatory Risks (Item 1A, quoted)
- We may be subject to additional approval, filing, and compliance obligations with Chinese authorities in connection with our engagement of KPMG LLP, a U.S. auditor that is subject to PCAOB inspection.
- We are subject to extensive data protection, privacy, and information security laws, regulations, and policies in China. Compliance with such laws, rules, and regulations, and any other future laws and regulations in these areas, may entail significant expenses and could materially affect our business and results of operations, including as a result of government enforcement actions and significant penalties.
- We may be exposed to liabilities under anti-corruption, anti-bribery, and anti-fraud laws in China and the United States, including the FCPA, and any allegation, investigation, or determination that we, or our employees or contracted third parties, have violated such laws could have a material adverse effect on our business or reputation.
- We may not obtain regulatory approval of our product candidates, on the anticipated timeline or at all, which could delay or limit our ability to realize the full potential of our product pipeline.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| RYTM | Rhythm Pharmaceuticals, Inc. | USD 91.97 | ▼ 0.23% |
| ORKA | Oruka Therapeutics, Inc. | USD 95.97 | ▲ 0.17% |
| IOVA | Iovance Biotherapeutics, Inc. | USD 14.81 | ▲ 1.58% |
| IONS | Ionis Pharmaceuticals, Inc. | USD 44.9 | ▲ 2.14% |
| AXSM | Axsome Therapeutics, Inc. | USD 143.51 | ▲ 0.92% |
| PRAX | Praxis Precision Medicines, Inc | USD 285.48 | ▲ 6.69% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 29, 2026 at 04:26 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt