Zai Lab Limited (ZLAB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Zai Lab Limited (ZLAB) surge como una fuerza pionera, transformando la industria farmacéutica a través de su enfoque innovador de la medicina de precisión. Al navegar estratégicamente por los desafíos de salud complejos y centrarse en los tratamientos de oncología e inmunología de vanguardia, esta potencia de biotecnología con sede en China está redefiniendo cómo se desarrollan y entregan soluciones terapéuticas especializadas. Su modelo de negocio único, combinando asociaciones globales, capacidades de investigación avanzadas y estrategias de mercado específicas, posiciona el laboratorio Zai como un ejemplo notable de cómo la innovación estratégica puede impulsar avances médicos innovadores en un ecosistema de atención médica global cada vez más competitivo.

Zai Lab Limited (ZLAB) - Modelo de negocio: asociaciones clave

Colaboración estratégica con compañías farmacéuticas globales

Zai Lab ha establecido asociaciones críticas con compañías farmacéuticas globales líderes:

Empresa asociada	Detalles de la asociación	Año establecido
Novartis	Comercialización de productos oncológicos e inmunología	2020
Pfizer	Licencias y desarrollo de terapias innovadoras	2018
Astrazeneca	Colaboración para el tratamiento del cáncer de pulmón	2019

Asociaciones de investigación con instituciones académicas

Zai Lab mantiene colaboraciones de investigación estratégica:

• Harvard Medical School - Oncology Research Collaboration
• Universidad de Shanghai Jiao Tong - Desarrollo de tecnología de inmunología
• Universidad de Stanford - Investigación de medicina de precisión

Acuerdos de licencia para tecnologías innovadoras

Fuente de tecnología	Enfoque tecnológico	Inversión en licencia
Beigeno	Tecnologías terapéuticas oncológicas	$ 75 millones
Genentech	Desarrollo de medicamentos inmunología	$ 120 millones

Asociaciones de desarrollo conjunto

Áreas de enfoque de desarrollo conjunto de Zai Lab:

• Asociaciones de oncología
  • Colaboración del inhibidor de NTRK con Turning Point Therapeutics
  • Investigación del cáncer de pulmón con Memorial Sloan Kettering Cancer Center
• Asociaciones de inmunología
  • Investigación de enfermedades autoinmunes con Regeneron Pharmaceuticals
  • Desarrollo de condiciones inflamatorias con Bristol Myers Squibb

Zai Lab Limited (ZLAB) - Modelo de negocio: actividades clave

Investigación y desarrollo de tratamientos biofarmacéuticos innovadores

Inversión en I + D en 2023: $ 328.9 millones

Áreas de enfoque de I + D	Número de programas activos
Oncología	7
Enfermedades inmunológicas	4
Neurociencia	3

Ensayos clínicos y desarrollo de fármacos

Gastos de ensayos clínicos en 2023: $ 212.4 millones

• Ensayos clínicos activos totales: 15
• Pruebas de fase 1: 4
• Pruebas de fase 2: 6
• Pruebas de fase 3: 5

Presentaciones y aprobaciones regulatorias

Jurisdicción regulatoria	Presentaciones pendientes	Productos aprobados
Porcelana	3	5
Estados Unidos	2	2

Comercialización de tratamientos terapéuticos

Ingresos comerciales totales en 2023: $ 187.6 millones

• Ingresos del mercado de China: $ 112.3 millones
• Ingresos del mercado global: $ 75.3 millones

Zai Lab Limited (ZLAB) - Modelo de negocio: recursos clave

Capacidades avanzadas de investigación y desarrollo

Zai Lab invirtió $ 203.4 millones en gastos de I + D para el año fiscal 2022. La compañía mantiene instalaciones de investigación en Shanghai y Boston con un equipo de investigación dedicado de 316 científicos e investigadores.

I + D Métrica	Valor
Gastos totales de I + D (2022)	$ 203.4 millones
Instalaciones de investigación	Shanghai y Boston
Personal de investigación	316 científicos

Equipo de gestión experimentado

El liderazgo de Zai Lab comprende profesionales con una amplia experiencia en la industria farmacéutica.

• Ying Huang, PhD - Cofundador y CEO con más de 25 años en la industria farmacéutica
• William Fruhbeis - Director Financiero con experiencia previa en Global Pharmaceutical Companies
• Yeh -Chang Chen, MD - Director médico con amplios antecedentes de desarrollo clínico

Cartera de propiedades intelectuales

A partir de 2022, Zai Lab celebró 87 solicitudes de patentes y 42 patentes otorgadas en oncología, neurociencia y áreas terapéuticas de enfermedades infecciosas.

Categoría de IP	Número
Solicitudes de patentes	87
Patentes concedidas	42
Áreas terapéuticas clave	Oncología, neurociencia, enfermedades infecciosas

Recursos financieros

Los recursos financieros de Zai Lab al 31 de diciembre de 2022 incluyeron $ 1.2 mil millones en efectivo y equivalentes en efectivo.

Métrica financiera	Valor
Equivalentes de efectivo y efectivo (2022)	$ 1.2 mil millones
Activos totales	$ 1.6 mil millones
Valoración del mercado público	Aproximadamente $ 3.5 mil millones

Zai Lab Limited (ZLAB) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de medicina de precisión dirigida a enfermedades complejas

La cartera de medicamentos de precisión de Zai Lab incluye:

Candidato a la droga	Enfermedad objetivo	Etapa de desarrollo	Potencial de mercado estimado
ZLAB-501	Cáncer de pulmón	Ensayos clínicos de fase 3	$ 750 millones posibles ingresos anuales
ZLAB-302	Cáncer gástrico	Ensayos clínicos de fase 2	$ 450 millones de ingresos anuales potenciales

Tratamientos terapéuticos avanzados en oncología e inmunología

Clave oncología e inmunología Áreas de enfoque terapéutico:

• Oncología de precisión dirigida a mutaciones genéticas específicas
• Tratamientos de inmunoterapia para tumores sólidos
• Terapias moleculares dirigidas

Área terapéutica	Número de programas activos	Inversión de I + D
Oncología	7 programas activos	Inversión anual de $ 215 millones
Inmunología	4 programas activos	Inversión anual de $ 125 millones

Desarrollo de medicamentos localizado que aborda las necesidades de salud del mercado asiático

Estrategias de desarrollo específicas del mercado:

• Ensayos clínicos personalizados para poblaciones de pacientes asiáticos
• Genético profile-Lovero específico de fármacos
• Cumplimiento regulatorio de las directrices de la FDA china

Enfoque geográfico	Sitios de prueba clínica	Acuerdos de asociación local
Porcelana	32 sitios de ensayos clínicos activos	12 asociaciones farmacéuticas locales
Región de Asia-Pacífico	18 sitios de ensayos clínicos adicionales	7 acuerdos de colaboración regional

Productos farmacéuticos de alta calidad con impacto en el mercado global

Métricas de desarrollo farmacéutico global:

• 6 tratamientos terapéuticos aprobados por la FDA
• 14 medicamentos en varias etapas de ensayos clínicos
• Protección de patentes para compuestos moleculares clave

Categoría de productos	Cuota de mercado global	Ingresos anuales
Terapéutica oncológica	2.3% de participación en el mercado global	$ 385 millones
Tratamientos de inmunología	1,7% de participación en el mercado global	$ 265 millones

Zai Lab Limited (ZLAB) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud e instituciones médicas

La estrategia de relación con el cliente de Zai Lab se centra en las interacciones específicas con los profesionales de la salud en China y en todo el mundo. A partir del cuarto trimestre de 2023, la compañía mantiene el compromiso directo con aproximadamente 1,200 especialistas en oncología y 850 profesionales de neurología.

Métrico de compromiso	Número
Especialistas en oncología comprometidos	1,200
Profesionales de neurología comprometidos	850
Instituciones médicas totales contactadas	176

Programas de apoyo al paciente para vías de tratamiento especializadas

El laboratorio de ZAI implementa programas integrales de apoyo al paciente en sus áreas terapéuticas, particularmente en oncología y neurociencia.

• Programas personalizados de asistencia al paciente para Brukinsa (zanubrutinib)
• Servicios de navegación de tratamiento para Qinlock (ripetinib)
• Mecanismos de apoyo financiero para pacientes elegibles

Plataformas digitales para información médica y orientación de tratamiento

Métricas de plataforma digital	Estadística
Usuarios de portal de información médica en línea	48,500
Sesiones mensuales de consulta digital	2,300
Descargas de aplicaciones móviles	37,200

Consulta médica personalizada y servicios de seguimiento

Zai Lab ofrece servicios de consulta especializados con un equipo dedicado de profesionales médicos.

• Línea directa de soporte de pacientes 24/7
• Coordinadores de enfermería clínica dedicadas
• Programas de seguimiento de tratamiento personalizado

Métricas de servicio de consulta	Puntos de datos
Tiempo de respuesta promedio	2.7 horas
Tasa de satisfacción del paciente	92%
Interacciones de consulta anual	18,600

Zai Lab Limited (ZLAB) - Modelo de negocio: canales

Fuerza de ventas directa dirigida a hospitales y centros médicos

Zai Lab mantiene una fuerza de ventas dedicada de 187 representantes médicos a partir del cuarto trimestre de 2023, centrándose en los mercados de oncología y enfermedades autoinmunes en China.

Territorio de ventas	Número de representantes	Instituciones de atención médica objetivo
Principales centros urbanos	124	Hospitales de primer nivel
Ciudades secundarias	63	Centros médicos regionales

Plataformas de información médica en línea

ZAI Lab utiliza canales digitales con 3.2 millones de visitantes de sitios web de atención médica únicos en 2023.

• Sitio web de información médica patentada
• Canales profesionales de redes sociales médicas
• Campañas de marketing digital dirigidas

Asociaciones con distribuidores de atención médica

Socio de distribución	Cobertura geográfica	Categorías de productos
Grupo farmacéutico de Shanghai	China oriental	Medicamentos oncológicos
Grupo sinopharm	Cobertura nacional	Tratamientos autoinmunes

Conferencias médicas y eventos de redes profesionales

Zai Lab participó en 42 conferencias médicas internacionales y nacionales en 2023, con un alcance estimado de 15,000 profesionales de la salud.

• Sociedad Americana de Oncología Clínica (ASCO)
• Exposición de tecnología y equipo de dispositivos médicos internacionales de China
• Conferencia anual de la industria farmacéutica china

Zai Lab Limited (ZLAB) - Modelo de negocio: segmentos de clientes

Oncología pacientes que requieren tratamiento especializado

ZAI Lab se dirige a pacientes con oncología con tipos de cáncer específicos, centrados en tumores sólidos avanzados y neoplasias hematológicas.

Tipo de cáncer	Población de pacientes	Tamaño del mercado objetivo
Cáncer de pulmón de células no pequeñas	224,700 casos nuevos en China (2022)	Mercado potencial de $ 1.2 mil millones
Cáncer de ovario	52,100 casos nuevos en China (2022)	Mercado potencial de $ 750 millones
Cáncer gástrico	95,300 casos nuevos en China (2022)	Mercado potencial de $ 900 millones

Pacientes de enfermedad inmunología

ZAI Lab aborda pacientes con trastornos inmunológicos complejos que requieren intervenciones terapéuticas avanzadas.

• Pacientes de artritis reumatoide: 4.5 millones en China
• Pacientes sistémicos de lupus eritematoso: 800,000 en China
• Pacientes de psoriasis: 1.2 millones en China

Profesionales de la salud e instituciones médicas

Tipo de institución	Número en China	Penetración del mercado
Hospitales terciarios	1.500 instituciones	70% de cobertura objetivo
Especialistas en oncología	45,000 profesionales	Tasa de compromiso del 55%
Especialistas en inmunología	12,000 profesionales	Tasa de compromiso del 45%

Hospitales de investigación y centros médicos académicos

Zai Lab colabora con las principales instituciones de investigación para ensayos clínicos y desarrollo de medicamentos.

• Los 50 principales centros médicos académicos en China
• 12 asociaciones de investigación activa
• $ 85 millones invertidos en investigación colaborativa (2022)

Zai Lab Limited (ZLAB) - Modelo de negocio: Estructura de costos

Inversión significativa en investigación y desarrollo

Para el año fiscal 2022, Zai Lab informó gastos de I + D de $ 347.1 millones, lo que representa un aumento del 44.2% de $ 240.6 millones en 2021.

Año fiscal	Gastos de I + D	Cambio año tras año
2021	$ 240.6 millones	-
2022	$ 347.1 millones	44.2% de aumento

Gastos de ensayo clínico

Los costos de ensayos clínicos para Zai Lab en 2022 fueron de aproximadamente $ 189.5 millones, que cubren múltiples programas de tuberías de oncología y neurociencia.

Costos de cumplimiento y aprobación regulatoria

• Gastos de presentación regulatoria: $ 23.4 millones en 2022
• Inversión de infraestructura de cumplimiento: $ 15.7 millones

Gastos de ventas y marketing

Los gastos de ventas y marketing para 2022 totalizaron $ 112.3 millones, lo que representa el 22.5% de los costos operativos totales.

Categoría	Gastos de 2022	Porcentaje de costos operativos totales
Gastos de ventas	$ 68.9 millones	13.8%
Gastos de marketing	$ 43.4 millones	8.7%

Sobrecarga administrativa y operativa

Los gastos generales y administrativos para 2022 fueron de $ 156.2 millones, que incluyen:

• Costos administrativos corporativos: $ 87.6 millones
• Infraestructura de soporte operativo: $ 68.6 millones

Costos operativos totales para 2022: $ 826.5 millones

Zai Lab Limited (ZLAB) - Modelo de negocio: flujos de ingresos

Ventas de productos de tratamientos farmacéuticos desarrollados

En 2023, Zai Lab informó ingresos totales de $ 385.8 millones, con ventas de productos que representan una parte significativa de esta cifra.

Producto	Ingresos (2023)
Sutent (sunitinib)	$ 96.2 millones
Enhertu (trastuzumab deruxtecan)	$ 74.5 millones
Qinlock (ripetinib)	$ 43.8 millones

Tasas de licencia de asociaciones tecnológicas y de desarrollo de medicamentos

Zai Lab tiene múltiples asociaciones estratégicas que generan ingresos por licencias.

• Asociación con Novartis: pagos potenciales de hitos de hasta $ 350 millones
• Colaboración con AstraZeneca: Acuerdo de licencia con posibles pagos de hitos
• Asociación con Incyte: acuerdo de licencia para múltiples programas de oncología

Pagos de hitos de acuerdos de investigación colaborativos

Pareja	Potencial de hito
Novartis	Hasta $ 350 millones
Astrazeneca	Potencial hito no revelado
Incilito	Posibles hitos no revelados públicamente

Posibles regalías de productos farmacéuticos comercializados

Las tasas de regalías de Zai Lab generalmente oscilan entre 10-20% para productos comercializados.

• Royalties de Enhertu de AstraZeneca/Daiichi Sankyo Partnership
• Posibles regalías futuras de oncología y productos de medicina de precisión

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.