Zai Lab Limited (ZLAB): Business Model Canvas

In der dynamischen Landschaft der Biotechnologie erweist sich Zai Lab Limited (ZLAB) als Pionierkraft und verändert die Pharmaindustrie durch seinen innovativen Ansatz zur Präzisionsmedizin. Durch die strategische Bewältigung komplexer Herausforderungen im Gesundheitswesen und die Konzentration auf modernste onkologische und immunologische Behandlungen definiert dieses in China ansässige Biotech-Kraftpaket neu, wie spezialisierte therapeutische Lösungen entwickelt und bereitgestellt werden. Ihr einzigartiges Geschäftsmodell, das globale Partnerschaften, fortschrittliche Forschungskapazitäten und gezielte Marktstrategien vereint, positioniert Zai Lab als bemerkenswertes Beispiel dafür, wie strategische Innovation bahnbrechende medizinische Fortschritte in einem zunehmend wettbewerbsintensiven globalen Gesundheitsökosystem vorantreiben kann.

Zai Lab Limited (ZLAB) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit globalen Pharmaunternehmen

Zai Lab hat wichtige Partnerschaften mit führenden globalen Pharmaunternehmen aufgebaut:

Partnerunternehmen	Einzelheiten zur Partnerschaft	Gründungsjahr
Novartis	Kommerzialisierung von Onkologie- und Immunologieprodukten	2020
Pfizer	Lizenzierung und Entwicklung innovativer Therapien	2018
AstraZeneca	Zusammenarbeit zur Behandlung von Lungenkrebs	2019

Forschungskooperationen mit akademischen Institutionen

Zai Lab unterhält strategische Forschungskooperationen:

• Harvard Medical School – Forschungskooperation im Bereich Onkologie
• Shanghai Jiao Tong University – Entwicklung der Immunologietechnologie
• Stanford University – Präzisionsmedizinforschung

Lizenzverträge für innovative Technologien

Technologiequelle	Technologiefokus	Lizenzinvestition
BeiGene	Onkologische Therapietechnologien	75 Millionen Dollar
Genentech	Entwicklung von Immunologiemedikamenten	120 Millionen Dollar

Gemeinsame Entwicklungspartnerschaften

Die gemeinsamen Entwicklungsschwerpunkte von Zai Lab:

• Onkologische Partnerschaften
  • NTRK-Inhibitor-Zusammenarbeit mit Turning Point Therapeutics
  • Lungenkrebsforschung mit dem Memorial Sloan Kettering Cancer Center
• Immunologische Partnerschaften
  • Erforschung von Autoimmunerkrankungen mit Regeneron Pharmaceuticals
  • Entwicklung entzündlicher Erkrankungen mit Bristol Myers Squibb

Zai Lab Limited (ZLAB) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung innovativer biopharmazeutischer Behandlungen

F&E-Investitionen im Jahr 2023: 328,9 Millionen US-Dollar

F&E-Schwerpunktbereiche	Anzahl aktiver Programme
Onkologie	7
Immunologische Erkrankungen	4
Neurowissenschaften	3

Klinische Studien und Arzneimittelentwicklung

Ausgaben für klinische Studien im Jahr 2023: 212,4 Millionen US-Dollar

• Insgesamt aktive klinische Studien: 15
• Phase-1-Studien: 4
• Phase-2-Studien: 6
• Phase-3-Studien: 5

Behördliche Einreichungen und Genehmigungen

Regulierungsgerichtsbarkeit	Ausstehende Einreichungen	Zugelassene Produkte
China	3	5
Vereinigte Staaten	2	2

Kommerzialisierung therapeutischer Behandlungen

Gesamter kommerzieller Umsatz im Jahr 2023: 187,6 Millionen US-Dollar

• Umsatz auf dem chinesischen Markt: 112,3 Millionen US-Dollar
• Weltweiter Marktumsatz: 75,3 Millionen US-Dollar

Zai Lab Limited (ZLAB) – Geschäftsmodell: Schlüsselressourcen

Erweiterte Forschungs- und Entwicklungskapazitäten

Zai Lab investierte im Geschäftsjahr 2022 203,4 Millionen US-Dollar an Forschungs- und Entwicklungskosten. Das Unternehmen unterhält Forschungseinrichtungen in Shanghai und Boston mit einem engagierten Forschungsteam von 316 Wissenschaftlern und Forschern.

F&E-Metrik	Wert
Gesamte F&E-Ausgaben (2022)	203,4 Millionen US-Dollar
Forschungseinrichtungen	Shanghai und Boston
Forschungspersonal	316 Wissenschaftler

Erfahrenes Management-Team

Die Führung von Zai Lab besteht aus Fachleuten mit umfassender Erfahrung in der Pharmaindustrie.

• Ying Huang, PhD – Mitbegründer und CEO mit mehr als 25 Jahren Erfahrung in der Pharmaindustrie
• William Fruhbeis – Finanzvorstand mit vorheriger Erfahrung bei globalen Pharmaunternehmen
• Yeh-Chang Chen, MD – Chief Medical Officer mit umfassendem Hintergrund in der klinischen Entwicklung

Portfolio für geistiges Eigentum

Im Jahr 2022 hielt Zai Lab 87 Patentanmeldungen und 42 erteilte Patente in den Bereichen Onkologie, Neurowissenschaften und Therapie von Infektionskrankheiten.

IP-Kategorie	Nummer
Patentanmeldungen	87
Erteilte Patente	42
Wichtige therapeutische Bereiche	Onkologie, Neurowissenschaften, Infektionskrankheiten

Finanzielle Ressourcen

Die Finanzmittel von Zai Lab umfassten zum 31. Dezember 2022 1,2 Milliarden US-Dollar an Zahlungsmitteln und Zahlungsmitteläquivalenten.

Finanzkennzahl	Wert
Zahlungsmittel und Zahlungsmitteläquivalente (2022)	1,2 Milliarden US-Dollar
Gesamtvermögen	1,6 Milliarden US-Dollar
Öffentliche Marktbewertung	Ungefähr 3,5 Milliarden US-Dollar

Zai Lab Limited (ZLAB) – Geschäftsmodell: Wertversprechen

Innovative Lösungen für die Präzisionsmedizin zur Behandlung komplexer Krankheiten

Das Präzisionsmedizin-Portfolio von Zai Lab umfasst:

Arzneimittelkandidat	Zielkrankheit	Entwicklungsphase	Geschätztes Marktpotenzial
ZLAB-501	Lungenkrebs	Klinische Studien der Phase 3	750 Millionen US-Dollar potenzieller Jahresumsatz
ZLAB-302	Magenkrebs	Klinische Studien der Phase 2	450 Millionen US-Dollar potenzieller Jahresumsatz

Fortgeschrittene therapeutische Behandlungen in der Onkologie und Immunologie

Wichtige therapeutische Schwerpunkte in den Bereichen Onkologie und Immunologie:

• Präzisionsonkologie, die auf spezifische genetische Mutationen abzielt
• Immuntherapie-Behandlungen für solide Tumoren
• Gezielte molekulare Therapien

Therapeutischer Bereich	Anzahl aktiver Programme	F&E-Investitionen
Onkologie	7 aktive Programme	215 Millionen US-Dollar jährliche Investition
Immunologie	4 aktive Programme	Jährliche Investition von 125 Millionen US-Dollar

Lokalisierte Arzneimittelentwicklung für den Gesundheitsbedarf des asiatischen Marktes

Marktspezifische Entwicklungsstrategien:

• Maßgeschneiderte klinische Studien für asiatische Patientengruppen
• Genetisch profile-spezifische Arzneimittelentwicklung
• Einhaltung der chinesischen FDA-Richtlinien

Geografischer Fokus	Klinische Studienstandorte	Lokale Partnerschaftsvereinbarungen
China	32 aktive klinische Studienstandorte	12 lokale Pharmapartnerschaften
Asien-Pazifik-Region	18 zusätzliche Standorte für klinische Studien	7 regionale Kooperationsvereinbarungen

Hochwertige pharmazeutische Produkte mit globaler Marktwirkung

Globale Kennzahlen zur pharmazeutischen Entwicklung:

• 6 von der FDA zugelassene therapeutische Behandlungen
• 14 Medikamente in verschiedenen klinischen Studienstadien
• Patentschutz für wichtige molekulare Verbindungen

Produktkategorie	Globaler Marktanteil	Jahresumsatz
Onkologische Therapeutika	2,3 % Weltmarktanteil	385 Millionen Dollar
Immunologische Behandlungen	1,7 % Weltmarktanteil	265 Millionen Dollar

Zai Lab Limited (ZLAB) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit medizinischem Fachpersonal und medizinischen Einrichtungen

Die Kundenbeziehungsstrategie von Zai Lab konzentriert sich auf gezielte Interaktionen mit medizinischen Fachkräften in ganz China und weltweit. Ab dem vierten Quartal 2023 unterhält das Unternehmen direkte Kontakte zu rund 1.200 Onkologie-Spezialisten und 850 Neurologie-Experten.

Engagement-Metrik	Nummer
Onkologie-Spezialisten engagiert	1,200
Neurologie-Experten engagiert	850
Insgesamt kontaktierte medizinische Einrichtungen	176

Patientenunterstützungsprogramme für spezialisierte Behandlungspfade

Zai Lab implementiert umfassende Patientenunterstützungsprogramme in seinen gesamten Therapiebereichen, insbesondere in den Bereichen Onkologie und Neurowissenschaften.

• Personalisierte Patientenunterstützungsprogramme für BRUKINSA (Zanubrutinib)
• Behandlungsnavigationsdienste für QINLOCK (Ripretinib)
• Finanzielle Unterstützungsmechanismen für berechtigte Patienten

Digitale Plattformen für medizinische Informationen und Behandlungsberatung

Kennzahlen für digitale Plattformen	Statistiken
Benutzer des Online-Portals für medizinische Informationen	48,500
Monatliche digitale Beratungssitzungen	2,300
Downloads mobiler Anwendungen	37,200

Personalisierte medizinische Beratung und Nachsorgedienste

Zai Lab bietet spezialisierte Beratungsdienste mit einem engagierten Team medizinischer Fachkräfte.

• 24/7-Hotline für Patientenunterstützung
• Engagierte klinische Pflegekoordinatoren
• Personalisierte Nachbehandlungsprogramme

Metriken für Beratungsdienste	Datenpunkte
Durchschnittliche Reaktionszeit	2,7 Stunden
Patientenzufriedenheitsrate	92%
Jährliche Konsultationsinteraktionen	18,600

Zai Lab Limited (ZLAB) – Geschäftsmodell: Kanäle

Direktvertriebskräfte, die auf Krankenhäuser und medizinische Zentren abzielen

Zai Lab verfügt ab dem vierten Quartal 2023 über ein engagiertes Vertriebsteam von 187 medizinischen Vertretern, das sich auf die Märkte für Onkologie und Autoimmunerkrankungen in ganz China konzentriert.

Vertriebsgebiet	Anzahl der Vertreter	Zielgruppe sind Gesundheitseinrichtungen
Große städtische Zentren	124	Erstklassige Krankenhäuser
Sekundärstädte	63	Regionale medizinische Zentren

Online-Plattformen für medizinische Informationen

Zai Lab nutzt digitale Kanäle mit 3,2 Millionen einzelnen Besuchern der Website von Gesundheitsfachkräften im Jahr 2023.

• Proprietäre Website mit medizinischen Informationen
• Professionelle medizinische Social-Media-Kanäle
• Gezielte digitale Marketingkampagnen

Partnerschaften mit Vertriebshändlern im Gesundheitswesen

Vertriebspartner	Geografische Abdeckung	Produktkategorien
Shanghai Pharmaceutical Group	Ostchina	Onkologische Medikamente
Sinopharm-Gruppe	Landesweite Abdeckung	Autoimmunbehandlungen

Medizinische Konferenzen und professionelle Networking-Events

Zai Lab nahm im Jahr 2023 an 42 internationalen und nationalen medizinischen Konferenzen teil, mit einer geschätzten Reichweite von 15.000 Fachkräften im Gesundheitswesen.

• Amerikanische Gesellschaft für klinische Onkologie (ASCO)
• Internationale Ausstellung für medizinische Gerätetechnologie und -ausrüstung in China
• Jährliche Konferenz der chinesischen Pharmaindustrie

Zai Lab Limited (ZLAB) – Geschäftsmodell: Kundensegmente

Onkologiepatienten, die eine spezielle Behandlung benötigen

Zai Lab richtet sich an Onkologiepatienten mit bestimmten Krebsarten und konzentriert sich dabei auf fortgeschrittene solide Tumoren und hämatologische Malignome.

Krebstyp	Patientenpopulation	Zielmarktgröße
Nicht-kleinzelliger Lungenkrebs	224.700 neue Fälle in China (2022)	1,2 Milliarden US-Dollar potenzieller Markt
Eierstockkrebs	52.100 neue Fälle in China (2022)	750 Millionen US-Dollar potenzieller Markt
Magenkrebs	95.300 neue Fälle in China (2022)	900 Millionen US-Dollar potenzieller Markt

Patienten mit immunologischen Erkrankungen

Zai Lab richtet sich an Patienten mit komplexen immunologischen Erkrankungen, die fortgeschrittene therapeutische Interventionen erfordern.

• Patienten mit rheumatoider Arthritis: 4,5 Millionen in China
• Patienten mit systemischem Lupus erythematodes: 800.000 in China
• Psoriasis-Patienten: 1,2 Millionen in China

Angehörige der Gesundheitsberufe und medizinische Einrichtungen

Institutionstyp	Nummer in China	Marktdurchdringung
Tertiäre Krankenhäuser	1.500 Institutionen	70 % Zielabdeckung
Spezialisten für Onkologie	45.000 Fachkräfte	55 % Engagement-Rate
Spezialisten für Immunologie	12.000 Fachkräfte	45 % Engagement-Rate

Forschungskrankenhäuser und akademische medizinische Zentren

Zai Lab arbeitet mit führenden Forschungseinrichtungen für klinische Studien und Arzneimittelentwicklung zusammen.

• Die 50 besten akademischen medizinischen Zentren in China
• 12 aktive Forschungskooperationen
• 85 Millionen US-Dollar in gemeinsame Forschung investiert (2022)

Zai Lab Limited (ZLAB) – Geschäftsmodell: Kostenstruktur

Erhebliche Investition in Forschung und Entwicklung

Für das Geschäftsjahr 2022 meldete Zai Lab Forschungs- und Entwicklungskosten in Höhe von 347,1 Millionen US-Dollar, was einem Anstieg von 44,2 % gegenüber 240,6 Millionen US-Dollar im Jahr 2021 entspricht.

Geschäftsjahr	F&E-Ausgaben	Veränderung im Jahresvergleich
2021	240,6 Millionen US-Dollar	-
2022	347,1 Millionen US-Dollar	Steigerung um 44,2 %

Kosten für klinische Studien

Die Kosten für klinische Studien für Zai Lab beliefen sich im Jahr 2022 auf etwa 189,5 Millionen US-Dollar und deckten mehrere Pipeline-Programme in den Bereichen Onkologie und Neurowissenschaften ab.

Kosten für die Einhaltung gesetzlicher Vorschriften und Genehmigungen

• Kosten für die Zulassungseinreichung: 23,4 Millionen US-Dollar im Jahr 2022
• Investition in die Compliance-Infrastruktur: 15,7 Millionen US-Dollar

Vertriebs- und Marketingausgaben

Die Vertriebs- und Marketingkosten für 2022 beliefen sich auf insgesamt 112,3 Millionen US-Dollar, was 22,5 % der gesamten Betriebskosten entspricht.

Kategorie	Ausgaben 2022	Prozentsatz der gesamten Betriebskosten
Vertriebskosten	68,9 Millionen US-Dollar	13.8%
Marketingkosten	43,4 Millionen US-Dollar	8.7%

Verwaltungs- und Betriebsaufwand

Die allgemeinen und Verwaltungskosten beliefen sich im Jahr 2022 auf 156,2 Millionen US-Dollar, darunter:

• Verwaltungskosten des Unternehmens: 87,6 Millionen US-Dollar
• Betriebsunterstützungsinfrastruktur: 68,6 Millionen US-Dollar

Gesamtbetriebskosten für 2022: 826,5 Millionen US-Dollar

Zai Lab Limited (ZLAB) – Geschäftsmodell: Einnahmequellen

Produktverkauf entwickelter pharmazeutischer Behandlungen

Im Jahr 2023 meldete Zai Lab einen Gesamtumsatz von 385,8 Millionen US-Dollar, wobei Produktverkäufe einen erheblichen Teil dieser Zahl ausmachten.

Produkt	Umsatz (2023)
SUTENT (Sunitinib)	96,2 Millionen US-Dollar
ENHERTU (Trastuzumab Deruxtecan)	74,5 Millionen US-Dollar
QINLOCK (Ripretinib)	43,8 Millionen US-Dollar

Lizenzgebühren aus Technologie- und Arzneimittelentwicklungspartnerschaften

Zai Lab verfügt über mehrere strategische Partnerschaften, die Lizenzeinnahmen generieren.

• Partnerschaft mit Novartis: Mögliche Meilensteinzahlungen von bis zu 350 Millionen US-Dollar
• Zusammenarbeit mit AstraZeneca: Lizenzvereinbarung mit möglichen Meilensteinzahlungen
• Partnerschaft mit Incyte: Lizenzvertrag für mehrere Onkologieprogramme

Meilensteinzahlungen aus Forschungskooperationsvereinbarungen

Partner	Meilensteinpotenzial
Novartis	Bis zu 350 Millionen US-Dollar
AstraZeneca	Unveröffentlichtes Meilensteinpotenzial
Incyte	Potenzielle Meilensteine werden nicht öffentlich bekannt gegeben

Potenzielle Lizenzgebühren aus kommerzialisierten pharmazeutischen Produkten

Die Lizenzgebühren von Zai Lab liegen für kommerzialisierte Produkte typischerweise zwischen 10 und 20 %.

• ENHERTU-Lizenzgebühren aus der Partnerschaft zwischen AstraZeneca und Daiichi Sankyo
• Potenzielle zukünftige Lizenzgebühren aus Onkologie- und Präzisionsmedizinprodukten

Zai Lab Limited (ZLAB) - Canvas Business Model: Value Propositions

You're looking at Zai Lab Limited (ZLAB) and trying to map out exactly what value they deliver to their customers-the patients and their global partners. It's not just about the drugs; it's about the speed and the quality of access. Here's the breakdown of their core value propositions as of late 2025.

Rapid access to first-in-class/best-in-class global therapies for Chinese patients

Zai Lab Limited's primary value is acting as the bridge, getting therapies developed globally into the hands of Chinese patients quickly. This focus is evident in their pipeline strategy, which heavily relies on in-licensing and retaining commercialization rights within China for innovative drugs. For instance, Zocilurtatug pelitecan (zoci), their DLL3-Targeted ADC, is positioned as a potential first-in-class/best-in-class therapy for extensive-stage small cell lung cancer (ES-SCLC). The company is focused on leveraging its commercial footprint to accelerate patient access, as seen with TIVDAK®, where they planned to submit a Biologics License Application (BLA) to the National Medical Products Administration (NMPA) in the first quarter of 2025. Furthermore, their partner product VYVGART is now integrated into China's national MG guidelines, signaling successful market penetration and access for chronic disease patients.

Innovative treatments for areas of high unmet need: oncology, autoimmune, neuroscience

Zai Lab Limited targets specific therapeutic areas where the need is greatest. Their focus areas are clearly defined as oncology, immunology, neuroscience, and infectious disease. In oncology, they are advancing several next-generation therapies beyond zoci, including ZL-6201 (LRRC15 ADC) for sarcoma and other solid tumors, with IND-enabling studies planned for 2025. For neuroscience, the inclusion of KarXT in China's national treatment guidelines for schizophrenia highlights their success in bringing novel treatments to this challenging area. The autoimmune portfolio is anchored by VYVGART, which is being evaluated across multiple indications, including Lupus Nephritis (LN) and Seronegative gMG.

Clinically differentiated products like Zocilurtatug Pelitecan (zoci) in ES-SCLC

The differentiation of Zai Lab Limited's internally developed assets is a key value driver. Zocilurtatug pelitecan (zoci) provides concrete, differentiated clinical data. Updated Phase 1 data presented in October 2025 showed a 68% Objective Response Rate (ORR) at the 1.6 mg/kg dose in second-line ES-SCLC patients. This activity was paired with a potential best-in-class safety profile, showing a low rate of Grade ≥3 treatment-related adverse events (TRAEs) and zero discontinuations in that cohort. The company moved quickly, initiating the global Phase 3 registrational study for zoci in second-line plus ES-SCLC in October 2025. Earlier data from June 2025 at ASCO showed an even higher ORR of 79% at the 1.6 mg/kg dose in a subset of second-line SCLC patients (n=14).

Improved patient outcomes in chronic diseases (e.g., VYVGART in gMG)

For chronic conditions, the value proposition centers on tangible improvements in disease activity and convenience. VYVGART, for generalized myasthenia gravis (gMG), is a prime example. The partner announced topline data in August 2025 from the pivotal ADAPT SERON study for seronegative gMG, which met its primary endpoint with a p-value of 0.0068, showing improvements across all three subtypes (MuSK+, LRP4+, triple seronegative). Commercially, VYVGART is a significant revenue contributor; its net product revenue in the second quarter of 2025 reached $26.5 million, a sequential increase of 46% from the first quarter's $18.1 million. Furthermore, patient convenience is enhanced with the US FDA approval in April 2025 of VYVGART Hytrulo prefilled syringe (PFS), which Zai Lab Limited plans to submit for China regulatory approval in 2025.

A dual-market presence that de-risks development for global partners

Zai Lab Limited's operational footprint in both China and the United States provides a structural advantage, de-risking development for their international partners. This dual presence allows them to manage global trials while focusing commercialization expertise locally. The company is on track to achieve profitability in the fourth quarter of 2025. Financially, the trailing twelve-month (TTM) revenue as of September 30, 2025, stood at $442 million, with the full-year 2025 revenue guidance reaffirmed between $560 million and $590 million. This financial stability, supported by a strong cash position-$832.3 million as of the end of Q2 2025-underpins their ability to advance a robust pipeline, which is expected to include more than 15 products by 2028.

Value Proposition Metric	Product/Program	Data Point (as of late 2025)	Context
Clinical Efficacy (Oncology)	Zocilurtatug Pelitecan (zoci)	68% ORR at 1.6 mg/kg	Second-line ES-SCLC, October 2025 data
Clinical Safety (Oncology)	Zocilurtatug Pelitecan (zoci)	Low rate of Grade ≥3 TRAEs	1.6 mg/kg cohort, no discontinuations
Chronic Disease Impact	VYVGART (Seronegative gMG)	Primary endpoint met (p-value=0.0068)	ADAPT SERON global Phase 3 study, August 2025
Commercial Performance (Autoimmune)	VYVGART Net Product Revenue	$26.5 million	Q2 2025 revenue
Market Access (Neuroscience)	KarXT	Included in China's national treatment guidelines	Schizophrenia indication
Financial Stability/Scale	Total Revenue Guidance	$560 million to $590 million	Full Year 2025 reaffirmed guidance

The company's goal is to achieve profitability in the fourth quarter of 2025.

Zai Lab Limited (ZLAB) - Canvas Business Model: Customer Relationships

You're managing a commercial-stage biopharma company in China, and your customer relationships are deeply tied to regulatory success and partner alignment. For Zai Lab Limited, this means a constant, high-stakes dialogue with both the China National Medical Products Administration (NMPA) and international licensors.

High-touch engagement with specialized physicians and key opinion leaders (KOLs).

While the exact number of dedicated sales representatives isn't public, the commercial execution supporting products like VYVGART demonstrates the scale of this engagement. VYVGART and VYVGART Hytrulo sales grew 46% quarter-over-quarter in the second quarter of 2025, reaching $26.5 million, up from $18.1 million in the first quarter of 2025. This acceleration suggests intensive support for adoption among specialists. Furthermore, the company is preparing for the launch of KarXT for schizophrenia, which was included in China's national-level treatment guidelines in late 2025, requiring deep engagement with the relevant psychiatric KOL community.

Dedicated sales and medical affairs teams supporting product adoption.

The commercial platform in China is described as strong and scalable, driving revenue growth toward a revised full-year 2025 total revenue guidance of at least $460 million. The focus is on leveraging the existing footprint, for instance, using the ZEJULA commercial footprint to accelerate patient access for KarXT if approved. The company is executing against a profitability plan, aiming for adjusted profitability by the fourth quarter of 2025, which implies disciplined management of the sales and medical affairs personnel costs.

Patient support programs to improve access and adherence.

Access improvement is quantified through reimbursement and guideline inclusion. The NUZYRA (omadacycline) intravenous formulation's listing on China's National Reimbursement Drug List (NRDL) was renewed in January 2025, directly impacting patient access and adherence for those indications. The company is also focused on extending the duration of therapy, as seen with VYVGART, where sales growth in Q2 2025 was driven by an extension of duration of therapy.

Long-term strategic relationships with licensing partners.

Zai Lab Limited's model is heavily reliant on these external relationships, which involve significant financial structures. The relationship with Turning Point for TPX-0022 includes potential development, regulatory, and sales-based milestone payments up to approximately $336 million. The company is actively managing multiple global programs through these partnerships, such as Povetacicept with Vertex, where Zai Lab plans to start a global pivotal Phase 2/3 study in Primary Membranous Nephropathy (pMN) in the second half of 2025.

The following table summarizes key late-stage product milestones that required close coordination with global licensing partners and regulatory bodies through late 2025:

Product Candidate	Partner	Key 2025 Regulatory/Clinical Milestone	Status/Action
Bemarituzumab	Amgen	Data readout from Phase 3 FORTITUDE-102 study expected in H2 2025	Zai Lab participating in Greater China study
Repotrectinib	Turning Point	NMPA accepted supplemental NDA (April 2025)	Zai Lab plans sNDA submission in H1 2025
Tisotumab Vedotin (TIVDAK)	N/A (BLA accepted)	NMPA accepted BLA for cervical cancer (March 2025)	Zai Lab leveraging ZEJULA footprint for access
TTFields	Novocure	NMPA granted Innovative Medical Device Designation (August 2025)	Plan to submit for regulatory approval in China in Q4 2025
Povetacicept	Vertex	Plan to initiate global pivotal Phase 2/3 study in pMN in H2 2025	Zai Lab partnering for Greater China study execution

Direct interaction with regulatory and reimbursement authorities.

The relationship with the NMPA is central to Zai Lab Limited's commercial success, evidenced by multiple filings and acceptances in 2025. The company is building a track record that de-risks future submissions for its partners.

• NMPA accepted the NDA for KarXT for schizophrenia in January 2025.
• NMPA accepted the supplemental New Drug Application for repotrectinib for NTRK-positive solid tumors in April 2025.
• NMPA accepted the Biologics License Application (BLA) for TIVDAK in March 2025.
• NMPA granted Priority Review to repotrectinib in February 2025.
• The NMPA granted Innovative Medical Device Designation for TTFields in August 2025.

The company maintains a strong balance sheet with a cash position of $857.3 million as of March 31, 2025, which supports the investment required for these complex regulatory interactions. Finance: draft 13-week cash view by Friday.

Zai Lab Limited (ZLAB) - Canvas Business Model: Channels

You're looking at how Zai Lab Limited gets its innovative therapies to patients across Greater China; it's a multi-pronged approach built on direct sales power and national access agreements. Honestly, the channel strategy hinges on getting products onto the National Reimbursement Drug List (NRDL) because that's the key to volume in the Chinese market.

Specialized Hospital Sales Force Targeting Tertiary and Secondary Hospitals in China

Zai Lab Limited has established a commercial infrastructure where its sales and marketing teams cover major medical centers across Greater China. This team is structured to manage the entire product sales cycle, which includes medical affairs, marketing, market access, and distributor management. The commercial team has experience drawn from leading global pharmaceutical companies like AstraZeneca, Roche, Novartis, and BMS, allowing them to tailor commercialization strategies for each product. For instance, the growth in NUZYRA sales in the third quarter of 2025 was supported by increasing market coverage and penetration, which directly reflects the effectiveness of this ground force.

• Commercial team capabilities cover medical affairs, marketing, market access, and distributor management.
• Sales and marketing teams cover major medical centers across Greater China.

Inclusion on the National Reimbursement Drug List (NRDL) for Broad Access

Securing a spot on the NRDL is a primary goal to enhance access and affordability for marketed therapies in mainland China. This channel is critical because it allows for reimbursement by the national health insurance, making drugs affordable and accessible to a much wider patient base. As of November 2024, Zai Lab Limited announced the inclusion of AUGTYRO (repotrectinib) for ROS1+ NSCLC, alongside successful renewals for NUZYRA and QINLOCK on the NRDL. The company's focus remains on leveraging this inclusion, though before that, they also aim for coverage under commercial and supplemental insurance plans.

The financial impact of successful market access is clear: VYVGART, a key product, generated $93.6 million in net product revenue in its first full year of launch in 2024.

Direct Distribution to Hospitals and Pharmacies in Greater China

Zai Lab Limited's commercial products are distributed across Mainland China, Hong Kong, and Macau. The company has a commercial footprint that supports the sales of its products, which includes leveraging established infrastructure for new launches. For example, the launch of XACDURO in mainland China in January 2025 involved leveraging the industry-leading commercialization infrastructure of Pfizer's affiliated companies in the anti-infective area to help accelerate patient access. ZEJULA continued to be the leading PARP inhibitor in hospital sales for ovarian cancer in mainland China in the first quarter of 2025.

Clinical Trial Sites for Pipeline Product Access

Clinical trial sites serve as an early access channel for pipeline products, engaging key opinion leaders and specialized centers before full commercial launch. Zai Lab Limited is actively using its presence in Greater China to participate in global studies, which supports future regulatory submissions in the region. For instance, Zai Lab participated in the global Phase 3 ADAPT SERON study for VYVGART in seronegative gMG, enabling a potential China regulatory submission following positive August 2025 topline data. Furthermore, the company initiated a global registrational study for Zocilurtatug pelitecan (zoci) in second-line+ ES-SCLC in October 2025, and a registrational study for VRDN-003 in Thyroid Eye Disease (TED) in Greater China in the fourth quarter of 2025.

Digital and Medical Education Platforms for Physician Outreach

Physician outreach is supported through education and outreach efforts designed to increase brand perception and adoption of their therapies. While specific digital platform metrics aren't public, the overall commercial strategy explicitly includes activities to increase brand perception and adoption through education. This complements the direct sales force efforts to ensure that physicians are aware of the latest data and appropriate use guidelines for products like VYVGART, which is now recommended for early use in mild-to-moderate and highly active patients.

Here's a look at the revenue performance tied to these commercial channels through the third quarter of 2025:

Metric	Amount (Q3 2025)	Context
Total Revenue	$116.1 million	Up 14% year-over-year.
VYVGART Franchise Net Product Revenue	$93.6 million	Reported for full-year 2024.
NUZYRA Revenue Contribution	$15.1 million	Reported for Q1 2025. Growth supported by increasing market coverage.
ZEJULA Revenue	$49.5 million	Reported for Q1 2025. Leading PARP inhibitor in hospital sales for ovarian cancer in mainland China.

Finance: draft 13-week cash view by Friday.

Zai Lab Limited (ZLAB) - Canvas Business Model: Customer Segments

You're looking at the core groups Zai Lab Limited targets to drive its commercial success and pipeline advancement as of late 2025. This is a company focused on bringing global innovation to the Greater China Region (GCR).

The primary patient groups are defined by complex and high-need medical conditions across Zai Lab Limited's focus areas: oncology, immunology, neuroscience, and infectious disease.

The company's commercial success in Q3 2025 saw total revenue reach $116.1 million, with management guiding for at least $460 million in total revenue for the full year 2025. This revenue supports the customer base.

The specific patient segments targeted by Zai Lab Limited's current portfolio and late-stage pipeline include:

Condition/Indication	Product/Asset	Customer Segment Focus	Data Point
Generalized Myasthenia Gravis (gMG) and CIDP	VYVGART (efgartigimod) / VYVGART Hytrulo	Neurology/Immunology Patients	VYVGART is the #1 innovative drug by sales among all new launches in China in the past 2 years. Q1 2025 revenue was $18.1 million.
Extensive-Stage Small Cell Lung Cancer (ES-SCLC)	ZL-1310 (Zocilurtatug pelitecan)	Oncology Patients	Phase 1 data showed an Objective Response Rate (ORR) of 67% across all dose levels in second-line SCLC. Pivotal study initiation planned for the second half of 2025.
ROS1-Positive Non-Small Cell Lung Cancer (NSCLC)	AUGTYRO (repotrectinib)	Oncology Patients	Included in the 2024 National Reimbursement Drug List (NRDL).
Gastrointestinal Stromal Tumors (GIST)	QINLOCK (ripretinib)	Oncology Patients	Renewed for inclusion in the NRDL for fourth-line+ patients.
Bacterial Infections (ABSSSI/CABP)	NUZYRA (omadacycline)	Infectious Disease Patients	Q3 2025 revenue driven by NUZYRA sales. Q1 2025 revenue was $15.1 million.

The specialists who prescribe these therapies are concentrated in the Greater China Region (GCR), which Zai Lab Limited defines as Mainland China, Hong Kong, Macau, and Taiwan. These include:

• Oncologists treating lung and gastrointestinal cancers.
• Neurologists managing autoimmune neuromuscular disorders like gMG.
• Infectious disease specialists dealing with multi-drug resistant bacterial infections.

Hospitals and medical centers are key access points, especially since Zai Lab Limited's strategy heavily relies on securing coverage through China's government health insurance schemes. Zai Lab Limited had six products included in the NRDL as of late 2024, with renewals in 2024/2025. The company aims to enhance access and affordability primarily through NRDL inclusion.

Global biopharma companies form a critical segment, as Zai Lab Limited leverages partnerships for both commercialization and pipeline development. The company ended Q3 2025 with $817 million in cash, supporting these strategic alliances.

Key global partners include:

• argenx: For VYVGART studies in Greater China, including seronegative gMG.
• Vertex: For povetacicept in IgA Nephropathy (IgAN), with Zai Lab Limited partnering on the global pivotal Phase 2/3 study in Greater China, expected to start in the second half of 2025.
• Amgen: Participation in the global Phase 3 study of bemarituzumab in gastric cancer.
• Pfizer: Collaboration for the launch and commercialization of XACDURO in mainland China, which launched in January 2025.

Payers, specifically China's National Healthcare Security Administration (NHSA) managing the NRDL, are a crucial segment. Inclusion in the NRDL significantly expands patient access to Zai Lab Limited's medicines at more affordable treatment costs. The company is on a path to profitability by Q4 2025, which will further solidify its relationship with payers as a sustainable provider.

Zai Lab Limited (ZLAB) - Canvas Business Model: Cost Structure

You're looking at the major outlays for Zai Lab Limited as they scale their commercial operations and advance their pipeline through late 2025. The cost structure is heavily weighted toward innovation and market access.

High Research and Development (R&D) expenses are a core cost. For the third quarter of 2025, Zai Lab Limited reported R&D expenses of $47.9 million. This figure actually represented a decrease from the $66.0 million reported in the third quarter of 2024.

The reduction in R&D spend in Q3 2025 was largely attributable to changes in licensing fees and milestone payments to global partners. These upfront and milestone payments are variable costs tied directly to pipeline progression and new agreements, so their fluctuation significantly impacts the reported R&D line item.

Selling, General, and Administrative (SG&A) costs reflect the build-out and execution of the China commercial team. For Q3 2025, SG&A expenses were $70.1 million, up from $67.2 million in the same period of 2024. This increase was primarily driven by higher general selling expenses needed to support the growth of key commercial products.

Clinical trial expenses form a substantial, though often bundled, part of the overall R&D spend, reflecting the deep and advancing pipeline Zai Lab Limited is managing. For instance, the advancement of ZL-1310 (DLL3 ADC) into a global registrational study in the second half of 2025 represents a significant, ongoing investment in clinical execution.

Cost of Goods Sold (COGS) is the direct cost associated with generating product revenue. While the specific COGS number for Q3 2025 isn't explicitly detailed here, we know that product revenue for the quarter was $115.4 million, driven by sales of commercial products like VYVGART and NUZYRA. COGS scales directly with the volume and pricing of these commercialized assets.

Here's a quick look at the key expense and revenue metrics for Q3 2025 compared to the prior year:

Metric (in millions USD)	Q3 2025	Q3 2024
R&D Expenses	$47.9	$66.0
SG&A Expenses	$70.1	$67.2
Total Revenue	$116.1	$101.8 (Implied from 14% YoY growth on $116.1M)

The cost structure is managed through specific operational levers:

• R&D expenses decreased year-over-year, primarily due to reduced upfront and milestone payments.
• SG&A rose due to higher selling expenses supporting NUZYRA and VYVGART growth.
• Clinical trial costs are influenced by the advancement of pipeline assets like ZL-1310 into pivotal studies.
• Product revenue growth, such as VYVGART reaching $27.7 million sequentially, directly impacts the COGS base.

Finance: draft 13-week cash view by Friday.

Zai Lab Limited (ZLAB) - Canvas Business Model: Revenue Streams

You're looking at the core ways Zai Lab Limited (ZLAB) brings in cash right now, which is key for understanding their near-term financial health. The primary engine is product sales, which hit $115.4 million in the third quarter of 2025. This performance led management to revise the full-year 2025 total revenue guidance to at least $460 million. That guidance revision, coming after Q3 results, signals a shift in expectations for the remainder of the fiscal year.

The revenue from commercialized products is broken down by key assets. Here's what the numbers looked like for the major drivers in Q3 2025:

Product Name	Q3 2025 Net Product Revenue (Millions USD)
ZEJULA	$42.4 million
VYVGART (incl. Hytrulo)	$27.7 million
NUZYRA	Data Not Explicitly Separated for Q3 2025
XACDURO	Data Not Explicitly Separated for Q3 2025

The growth in total product revenue was driven by increased sales for NUZYRA and XACDURO, even as ZEJULA sales softened year-over-year due to competitive pressures. You should note that the VYVGART and VYVGART Hytrulo figure of $27.7 million included a $2.4 million reduction from a voluntary price adjustment made ahead of National Reimbursement Drug List (NRDL) negotiations.

Beyond direct sales, Zai Lab Limited captures value through other avenues, though these are currently smaller contributors to the top line. Collaborative revenue, which comes from things like sub-licensing deals or hitting development milestones with partners, was reported at $0.8 million in the first quarter of 2025. This stream is important as it shows external validation of their pipeline assets.

The revenue structure also includes potential future upside from their wholly-owned assets:

• Sales of core products: VYVGART, NUZYRA, XACDURO, and ZEJULA.
• Collaborative revenue from sub-licensing or development milestones.
• Potential future royalty payments from wholly-owned global assets.

Finance: draft the 13-week cash flow view incorporating the revised full-year revenue expectation by Friday.