ZAI LAB LIMITED (ZLAB): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de la biotechnologie, Zai Lab Limited (ZLAB) émerge comme une force pionnière, transformant l'industrie pharmaceutique par son approche innovante de la médecine de précision. En parcourant stratégiquement les défis complexes des soins de santé et en se concentrant sur les traitements d'oncologie et d'immunologie de pointe, cette puissance de biotechnologie basée en Chine redéfinit la façon dont les solutions thérapeutiques spécialisées sont développées et livrées. Leur modèle commercial unique, le mélange de partenariats mondiaux, les capacités de recherche avancées et les stratégies de marché ciblées, positionne Zai Lab comme un exemple remarquable de la façon dont l'innovation stratégique peut stimuler les progrès médicaux révolutionnaires dans un écosystème de santé mondial de plus en plus compétitif.

Zai Lab Limited (ZLAB) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les sociétés pharmaceutiques mondiales

Zai Lab a établi des partenariats critiques avec les principales sociétés pharmaceutiques mondiales:

Entreprise partenaire	Détails du partenariat	Année établie
Novartis	Commercialisation des produits d'oncologie et d'immunologie	2020
Pfizer	Licence et développement de thérapies innovantes	2018
Astrazeneca	Collaboration pour le traitement du cancer du poumon	2019

Partenariats de recherche avec les établissements universitaires

Zai Lab maintient les collaborations de recherche stratégique:

• Harvard Medical School - Collaboration de recherche en oncologie
• Université de Shanghai Jiao Tong - Développement technologique d'immunologie
• Université de Stanford - Recherche de médecine de précision

Accords de licence pour les technologies innovantes

Source technologique	Focus technologique	Investissement de licence
Beigene	Technologies thérapeutiques en oncologie	75 millions de dollars
Genentech	Immunology Drug Development	120 millions de dollars

Partenariats de développement conjoints

Zones de mise au point conjointes de Zai Lab:

• Partenariats en oncologie
  • NTRK Inhibiteur Collaboration avec Turning Point Therapeutics
  • Recherche sur le cancer du poumon avec Memorial Sloan Kettering Cancer Center
• Partenariats d'immunologie
  • Recherche de maladies auto-immunes avec Regeneron Pharmaceuticals
  • Développement des conditions inflammatoires avec Bristol Myers Squibb

Zai Lab Limited (ZLAB) - Modèle d'entreprise: activités clés

Recherche et développement de traitements biopharmaceutiques innovants

Investissement en R&D en 2023: 328,9 millions de dollars

Zones de mise au point R&D	Nombre de programmes actifs
Oncologie	7
Maladies immunologiques	4
Neuroscience	3

Essais cliniques et développement de médicaments

Dépenses d'essais cliniques en 2023: 212,4 millions de dollars

• Essais cliniques actifs totaux: 15
• Essais de phase 1: 4
• Essais de phase 2: 6
• Essais de phase 3: 5

Soumissions et approbations réglementaires

Juridiction réglementaire	Soumissions en attente	Produits approuvés
Chine	3	5
États-Unis	2	2

Commercialisation de traitements thérapeutiques

Revenus commerciaux totaux en 2023: 187,6 millions de dollars

• Revenus du marché chinois: 112,3 millions de dollars
• Revenus sur le marché mondial: 75,3 millions de dollars

Zai Lab Limited (ZLAB) - Modèle d'entreprise: Ressources clés

Capacités avancées de recherche et de développement

Zai Lab a investi 203,4 millions de dollars dans les dépenses de R&D pour l'exercice 2022. La société maintient des installations de recherche à Shanghai et à Boston avec une équipe de recherche dévouée de 316 scientifiques et chercheurs.

Métrique de R&D	Valeur
Total des dépenses de R&D (2022)	203,4 millions de dollars
Installations de recherche	Shanghai et Boston
Personnel de recherche	316 scientifiques

Équipe de gestion expérimentée

Le leadership de Zai Lab comprend des professionnels ayant une vaste expérience de l'industrie pharmaceutique.

• Ying Huang, PhD - co-fondateur et PDG avec plus de 25 ans dans l'industrie pharmaceutique
• William Fruhbeis - directeur financier ayant une expérience antérieure dans les sociétés pharmaceutiques mondiales
• Yeh-Chang Chen, MD - Médecin en chef avec vaste formation en développement clinique

Portefeuille de propriété intellectuelle

En 2022, Zai Lab détenait 87 demandes de brevet et 42 ont accordé des brevets à travers l'oncologie, les neurosciences et les zones thérapeutiques des maladies infectieuses.

Catégorie IP	Nombre
Demandes de brevet	87
Brevets accordés	42
Zones thérapeutiques clés	Oncologie, neurosciences, maladies infectieuses

Ressources financières

Les ressources financières de Zai Lab au 31 décembre 2022 comprenaient 1,2 milliard de dollars en espèces et en espèces.

Métrique financière	Valeur
Cash and Cash équivalents (2022)	1,2 milliard de dollars
Actif total	1,6 milliard de dollars
Évaluation du marché public	Environ 3,5 milliards de dollars

Zai Lab Limited (ZLAB) - Modèle d'entreprise: Propositions de valeur

Solutions de médecine de précision innovantes ciblant les maladies complexes

Le portefeuille de médecine de précision de Zai Lab comprend:

Drogue	Maladie cible	Étape de développement	Potentiel de marché estimé
ZLAB-501	Cancer du poumon	Essais cliniques de phase 3	750 millions de dollars de revenus annuels potentiels
ZLAB-302	Cancer gastrique	Essais cliniques de phase 2	450 millions de dollars de revenus annuels potentiels

Traitements thérapeutiques avancés en oncologie et immunologie

CLÉS ONCOLOGIE ET ​​IMMUNOLOGIE DES RÉMORDES THÉRAPEUTIQUES:

• Precision Oncology ciblant des mutations génétiques spécifiques
• Traitements d'immunothérapie pour tumeurs solides
• Thérapies moléculaires ciblées

Zone thérapeutique	Nombre de programmes actifs	Investissement en R&D
Oncologie	7 programmes actifs	215 millions de dollars d'investissement annuel
Immunologie	4 programmes actifs	Investissement annuel de 125 millions de dollars

Développement de médicaments localisés répondant aux besoins en soins de santé du marché asiatique

Stratégies de développement spécifiques au marché:

• Essais cliniques sur mesure pour les populations de patients asiatiques
• Génétique profile- Développement spécifique des médicaments
• Conformité réglementaire aux directives chinoises de la FDA

Focus géographique	Sites d'essais cliniques	Accords de partenariat local
Chine	32 sites d'essais cliniques actifs	12 partenariats pharmaceutiques locaux
Région Asie-Pacifique	18 sites d'essais cliniques supplémentaires	7 accords de collaboration régionaux

Produits pharmaceutiques de haute qualité avec un impact sur le marché mondial

Métriques mondiales de développement pharmaceutique:

• 6 traitements thérapeutiques approuvés par la FDA
• 14 médicaments à divers stades d'essai cliniques
• Protection des brevets pour les composés moléculaires clés

Catégorie de produits	Part de marché mondial	Revenus annuels
Thérapeutique en oncologie	2,3% de part de marché mondiale	385 millions de dollars
Traitements d'immunologie	1,7% de part de marché mondiale	265 millions de dollars

Zai Lab Limited (ZLAB) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé et les institutions médicales

La stratégie de relation client de Zai Lab se concentre sur les interactions ciblées avec les professionnels de la santé à travers la Chine et dans le monde. Depuis le quatrième trimestre 2023, la société maintient un engagement direct avec environ 1 200 spécialistes en oncologie et 850 professionnels de neurologie.

Métrique de l'engagement	Nombre
Spécialistes en oncologie engagés	1,200
Professionnels de la neurologie engagés	850
Les institutions médicales totales contactées	176

Programmes de soutien aux patients pour les voies de traitement spécialisées

Le laboratoire Zai met en œuvre des programmes complets de soutien aux patients dans ses domaines thérapeutiques, en particulier en oncologie et en neurosciences.

• Programmes d'aide aux patients personnalisés pour Brukinsa (zanubrutinib)
• Services de navigation sur le traitement pour Qinlock (Ripretinib)
• Mécanismes de soutien financier pour les patients éligibles

Plateformes numériques pour l'information médicale et les conseils de traitement

Métriques de plate-forme numérique	Statistiques
Utilisateurs de portail d'informations médicales en ligne	48,500
Sessions de consultation numérique mensuelles	2,300
Téléchargements d'applications mobiles	37,200

Consultation médicale personnalisée et services de suivi

Zai Lab fournit des services de consultation spécialisés avec une équipe dédiée de professionnels de la santé.

• Hotline de soutien aux patients 24/7
• Infirmières cliniques dédiées
• Programmes de suivi du traitement personnalisés

Métriques du service de consultation	Points de données
Temps de réponse moyen	2,7 heures
Taux de satisfaction des patients	92%
Interactions de consultation annuelles	18,600

Zai Lab Limited (ZLAB) - Modèle d'entreprise: canaux

Force de vente directe ciblant les hôpitaux et les centres médicaux

Zai Lab maintient une force de vente dédiée de 187 représentants médicaux au quatrième trimestre 2023, en se concentrant sur les marchés d'oncologie et de maladies auto-immunes à travers la Chine.

Territoire de vente	Nombre de représentants	Cibler les institutions de soins de santé
Principaux centres urbains	124	Hôpitaux de haut niveau
Villes secondaires	63	Centres médicaux régionaux

Plateformes d'information médicale en ligne

Zai Lab utilise les canaux numériques avec 3,2 millions de visiteurs de sites Web professionnels de santé unique en 2023.

• Site Web d'information médicale propriétaire
• Canaux professionnels de médias sociaux médicaux
• Campagnes de marketing numérique ciblées

Partenariats avec des distributeurs de soins de santé

Partenaire de distribution	Couverture géographique	Catégories de produits
Groupe pharmaceutique Shanghai	Chine orientale	Médicaments en oncologie
Groupe Sinopharm	Couverture nationale	Traitements auto-immunes

Conférences médicales et événements de réseautage professionnel

Zai Lab a participé à 42 conférences médicales internationales et nationales en 2023, avec une portée estimée à 15 000 professionnels de la santé.

• American Society of Clinical Oncology (ASCO)
• China International Medical Device Technology and Equipment Exhibition
• Conférence annuelle de l'industrie pharmaceutique chinoise

Zai Lab Limited (ZLAB) - Modèle d'entreprise: segments de clientèle

Patients en oncologie nécessitant un traitement spécialisé

Le laboratoire Zai cible les patients en oncologie avec des types de cancer spécifiques, en se concentrant sur des tumeurs solides avancées et des tumeurs malignes hématologiques.

Type de cancer	Population de patients	Taille du marché cible
Cancer du poumon non à petites cellules	224 700 nouveaux cas en Chine (2022)	Marché potentiel de 1,2 milliard de dollars
Cancer de l'ovaire	52 100 nouveaux cas en Chine (2022)	Marché potentiel de 750 millions de dollars
Cancer gastrique	95 300 nouveaux cas en Chine (2022)	Marché potentiel de 900 millions de dollars

Patiens des maladies d'immunologie

Le laboratoire ZAI aborde les patients atteints de troubles immunologiques complexes nécessitant des interventions thérapeutiques avancées.

• Patients atteints de polyarthrite rhumatoïde: 4,5 millions en Chine
• Patients systémiques du lupus érythémateux: 800 000 en Chine
• Patients du psoriasis: 1,2 million en Chine

Professionnels de la santé et institutions médicales

Type d'institution	Nombre en Chine	Pénétration du marché
Hôpitaux tertiaires	1 500 institutions	Couverture cible de 70%
Spécialistes en oncologie	45 000 professionnels	Taux d'engagement de 55%
Spécialistes de l'immunologie	12 000 professionnels	Taux d'engagement de 45%

Hôpitaux de recherche et centres médicaux universitaires

Zai Lab collabore avec les principaux institutions de recherche pour les essais cliniques et le développement de médicaments.

• Top 50 des centres médicaux universitaires en Chine
• 12 partenariats de recherche actifs
• 85 millions de dollars investis dans la recherche collaborative (2022)

Zai Lab Limited (ZLAB) - Modèle d'entreprise: Structure des coûts

Investissement important dans la recherche et le développement

Pour l'exercice 2022, Zai Lab a déclaré des dépenses de R&D de 347,1 millions de dollars, ce qui représente une augmentation de 44,2% par rapport à 240,6 millions de dollars en 2021.

Exercice fiscal	Dépenses de R&D	Changement d'une année à l'autre
2021	240,6 millions de dollars	-
2022	347,1 millions de dollars	Augmentation de 44,2%

Dépenses des essais cliniques

Les coûts des essais cliniques pour Zai Lab en 2022 étaient d'environ 189,5 millions de dollars, couvrant plusieurs programmes de pipeline en oncologie et neurosciences.

Coûts de conformité et d'approbation réglementaires

• Dépenses de soumission réglementaire: 23,4 millions de dollars en 2022
• Investissement d'infrastructure de conformité: 15,7 millions de dollars

Dépenses de vente et de marketing

Les frais de vente et de marketing pour 2022 ont totalisé 112,3 millions de dollars, ce qui représente 22,5% du total des coûts opérationnels.

Catégorie	2022 dépenses	Pourcentage du total des coûts opérationnels
Frais de vente	68,9 millions de dollars	13.8%
Frais de marketing	43,4 millions de dollars	8.7%

Surfaçon administratives et opérationnelles

Les frais généraux et administratifs pour 2022 étaient de 156,2 millions de dollars, notamment:

• Coûts administratifs d'entreprise: 87,6 millions de dollars
• Infrastructure de soutien opérationnel: 68,6 millions de dollars

Coûts opérationnels totaux pour 2022: 826,5 millions de dollars

ZAI LAB LIMITED (ZLAB) - Modèle d'entreprise: Strots de revenus

Ventes de produits des traitements pharmaceutiques développés

En 2023, Zai Lab a déclaré un chiffre d'affaires total de 385,8 millions de dollars, les ventes de produits représentant une partie importante de ce chiffre.

Produit	Revenus (2023)
Sutent (sunitinib)	96,2 millions de dollars
Enhertu (trastuzumab deruxCecan)	74,5 millions de dollars
Qinlock (ripretinib)	43,8 millions de dollars

Frais de licence des partenariats technologiques et de développement de médicaments

Zai Lab a plusieurs partenariats stratégiques générant des revenus de licence.

• Partenariat avec Novartis: paiements de jalons potentiels jusqu'à 350 millions de dollars
• Collaboration avec AstraZeneca: Contrat de licence avec les paiements de jalons potentiels
• Partenariat avec Incyte: accord de licence pour plusieurs programmes d'oncologie

Payments d'étape des accords de recherche collaborative

Partenaire	Potentiel d'étape
Novartis	Jusqu'à 350 millions de dollars
Astrazeneca	Potentiel de jalon non divulgué
Incyte	Des jalons potentiels non divulgués publiquement

Redevances potentielles des produits pharmaceutiques commercialisés

Les taux de redevance de Zai Lab se situent généralement entre 10 et 20% pour les produits commercialisés.

• Royalités d'Omphertu d'AstraZeneca / Daiichi Sankyo Partnership
• Royalités futures potentielles des produits en oncologie et en médecine de précision

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.