Zai Lab Limited (ZLAB): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da biotecnologia, a Zai Lab Limited (ZLAB) surge como uma força pioneira, transformando a indústria farmacêutica por meio de sua abordagem inovadora à medicina de precisão. Ao navegar estrategicamente desafios complexos de assistência médica e focar em tratamentos de oncologia e imunologia de ponta, esta potência de biotecnologia chinês está redefinindo como as soluções terapêuticas especializadas são desenvolvidas e entregues. Seu modelo de negócios exclusivo, misturando parcerias globais, recursos avançados de pesquisa e estratégias de mercado direcionadas, posiciona o Zai Lab como um exemplo notável de como a inovação estratégica pode impulsionar avanços médicos em um ecossistema global de assistência médica cada vez mais competitivo.

Zai Lab Limited (ZLAB) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com empresas farmacêuticas globais

O Zai Lab estabeleceu parcerias críticas com as principais empresas farmacêuticas globais:

Empresa parceira	Detalhes da parceria	Ano estabelecido
Novartis	Comercialização de produtos de oncologia e imunologia	2020
Pfizer	Licenciamento e desenvolvimento de terapias inovadoras	2018
AstraZeneca	Colaboração para tratamento de câncer de pulmão	2019

Parcerias de pesquisa com instituições acadêmicas

Zai Lab mantém colaborações estratégicas de pesquisa:

• Harvard Medical School - Colaboração de Pesquisa Oncológica
• Xangai Jiao Tong Universidade - Desenvolvimento de Tecnologia da Imunologia
• Universidade de Stanford - Pesquisa de Medicina de Precisão

Acordos de licenciamento para tecnologias inovadoras

Fonte de tecnologia	Foco em tecnologia	Investimento de licenciamento
Beigene	Tecnologias terapêuticas oncológicas	US $ 75 milhões
Genentech	Desenvolvimento de medicamentos para imunologia	US $ 120 milhões

Parcerias de desenvolvimento conjunto

Áreas de foco em desenvolvimento conjunto do Zai Lab:

• Parcerias de oncologia
  • Colaboração inibidor da NTRK com terapêutica de ponto de virada
  • Pesquisa de câncer de pulmão com Memorial Sloan Kettering Cancer Center
• Parcerias de imunologia
  • Pesquisa de doenças autoimunes com Regeneron Pharmaceuticals
  • Condições inflamatórias Desenvolvimento com Bristol Myers Squibb

Zai Lab Limited (ZLAB) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de tratamentos biofarmacêuticos inovadores

Investimento de P&D em 2023: US $ 328,9 milhões

Áreas de foco em P&D	Número de programas ativos
Oncologia	7
Doenças imunológicas	4
Neurociência	3

Ensaios clínicos e desenvolvimento de medicamentos

Despesas de ensaios clínicos em 2023: US $ 212,4 milhões

• Ensaios clínicos ativos totais: 15
• Ensaios de Fase 1: 4
• Ensaios de Fase 2: 6
• Ensaios de Fase 3: 5

Submissões e aprovações regulatórias

Jurisdição regulatória	Envios pendentes	Produtos aprovados
China	3	5
Estados Unidos	2	2

Comercialização de tratamentos terapêuticos

Receita comercial total em 2023: US $ 187,6 milhões

• Receita do mercado da China: US $ 112,3 milhões
• Receita do mercado global: US $ 75,3 milhões

Zai Lab Limited (ZLAB) - Modelo de negócios: Recursos -chave

Capacidades avançadas de pesquisa e desenvolvimento

O Zai Lab investiu US $ 203,4 milhões em despesas de P&D no ano fiscal de 2022. A empresa mantém instalações de pesquisa em Xangai e Boston com uma equipe de pesquisa dedicada de 316 cientistas e pesquisadores.

Métrica de P&D	Valor
Despesas totais de P&D (2022)	US $ 203,4 milhões
Instalações de pesquisa	Xangai e Boston
Pessoal de pesquisa	316 cientistas

Equipe de gerenciamento experiente

A liderança do Zai Lab é composta por profissionais com extensa experiência na indústria farmacêutica.

• Ying Huang, PhD - co -fundador e CEO com mais de 25 anos na indústria farmacêutica
• WILLIAM FRUHBEIS - Diretor Financeiro da Experiência anterior em empresas farmacêuticas globais
• Yeh -Chang Chen, MD - Diretor Médico com extenso histórico de desenvolvimento clínico

Portfólio de propriedade intelectual

A partir de 2022, o Zai Lab realizou 87 pedidos de patentes e 42 patentes concedidas em áreas terapêuticas de oncologia, neurociência e doenças infecciosas.

Categoria IP	Número
Aplicações de patentes	87
Patentes concedidas	42
Áreas terapêuticas -chave	Oncologia, neurociência, doenças infecciosas

Recursos financeiros

Os recursos financeiros do Zai Lab em 31 de dezembro de 2022 incluíram US $ 1,2 bilhão em caixa e equivalentes de caixa.

Métrica financeira	Valor
Caixa e equivalentes em dinheiro (2022)	US $ 1,2 bilhão
Total de ativos	US $ 1,6 bilhão
Avaliação do mercado público	Aproximadamente US $ 3,5 bilhões

Zai Lab Limited (ZLAB) - Modelo de negócios: proposições de valor

Soluções inovadoras de medicina de precisão direcionadas a doenças complexas

O portfólio de medicamentos de precisão do Zai Lab inclui:

Candidato a drogas	Doença alvo	Estágio de desenvolvimento	Potencial estimado de mercado
ZLAB-501	Câncer de pulmão	Ensaios clínicos de fase 3	Receita anual potencial de US $ 750 milhões
ZLAB-302	Câncer gástrico	Ensaios clínicos de fase 2	Receita anual potencial de US $ 450 milhões

Tratamentos terapêuticos avançados em oncologia e imunologia

Principais áreas de foco terapêutico de oncologia e imunologia:

• Oncologia de precisão direcionada a mutações genéticas específicas
• Tratamentos de imunoterapia para tumores sólidos
• Terapias moleculares direcionadas

Área terapêutica	Número de programas ativos	Investimento em P&D
Oncologia	7 programas ativos	Investimento anual de US $ 215 milhões
Imunologia	4 programas ativos	Investimento anual de US $ 125 milhões

Desenvolvimento de medicamentos localizados que atendem às necessidades de saúde do mercado asiático

Estratégias de desenvolvimento específicas do mercado:

• Ensaios clínicos personalizados para populações asiáticas de pacientes
• Genético profile-Desenvolvimento de medicamentos específicos
• Conformidade regulatória com as diretrizes da FDA chinesa

Foco geográfico	Sites de ensaios clínicos	Acordos de parceria local
China	32 Sites de ensaios clínicos ativos	12 parcerias farmacêuticas locais
Região da Ásia-Pacífico	18 locais de ensaio clínico adicionais	7 acordos de colaboração regional

Produtos farmacêuticos de alta qualidade com impacto no mercado global

Métricas globais de desenvolvimento farmacêutico:

• 6 tratamentos terapêuticos aprovados pela FDA
• 14 medicamentos em vários estágios de ensaios clínicos
• Proteção de patentes para os principais compostos moleculares

Categoria de produto	Participação de mercado global	Receita anual
Terapêutica oncológica	2,3% de participação de mercado global	US $ 385 milhões
Tratamentos de imunologia	1,7% de participação de mercado global	US $ 265 milhões

Zai Lab Limited (ZLAB) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde e instituições médicas

A estratégia de relacionamento com o cliente do Zai Lab se concentra em interações direcionadas com profissionais de saúde em toda a China e globalmente. A partir do quarto trimestre de 2023, a empresa mantém o envolvimento direto com aproximadamente 1.200 especialistas em oncologia e 850 profissionais de neurologia.

Métrica de engajamento	Número
Especialistas em oncologia envolvidos	1,200
Profissionais de neurologia envolvidos	850
Total de instituições médicas contatadas	176

Programas de apoio ao paciente para caminhos de tratamento especializados

O Zai Lab implementa programas abrangentes de apoio ao paciente em suas áreas terapêuticas, particularmente em oncologia e neurociência.

• Programas personalizados de assistência ao paciente para Brukinsa (Zanubrutinibe)
• Serviços de navegação de tratamento para Qinlock (Ripretinib)
• Mecanismos de apoio financeiro para pacientes elegíveis

Plataformas digitais para informações médicas e orientação de tratamento

Métricas de plataforma digital	Estatística
Usuários de portal de informações médicas online	48,500
Sessões mensais de consulta digital	2,300
Downloads de aplicativos móveis	37,200

Consulta médica personalizada e serviços de acompanhamento

O Zai Lab fornece serviços de consulta especializados com uma equipe dedicada de profissionais médicos.

• 24/7 de apoio ao paciente linha direta
• Coordenadores de enfermagem clínica dedicados
• Programas de acompanhamento de tratamento personalizado

Métricas do Serviço de Consulta	Pontos de dados
Tempo médio de resposta	2,7 horas
Taxa de satisfação do paciente	92%
Interações anuais de consulta	18,600

Zai Lab Limited (ZLAB) - Modelo de Negócios: Canais

Hospitais de segmentação por força de vendas diretas e centros médicos

O Zai Lab mantém uma força de vendas dedicada de 187 representantes médicos a partir do quarto trimestre 2023, com foco em mercados de oncologia e doenças autoimunes na China.

Território de vendas	Número de representantes	Instituições de assistência médica -alvo
Principais centros urbanos	124	Hospitais de primeira linha
Cidades secundárias	63	Centros médicos regionais

Plataformas de informações médicas online

O Zai Lab utiliza canais digitais com 3,2 milhões de visitantes exclusivos para o site de saúde em 2023.

• Site de informações médicas proprietárias
• Canais profissionais de mídia social médica
• Campanhas de marketing digital direcionadas

Parcerias com distribuidores de saúde

Parceiro de distribuição	Cobertura geográfica	Categorias de produtos
Grupo farmacêutico de Xangai	China oriental	Medicamentos oncológicos
Grupo Sinopharm	Cobertura nacional	Tratamentos autoimunes

Conferências médicas e eventos de rede profissional

O Zai Lab participou de 42 conferências médicas internacionais e domésticas em 2023, com um alcance estimado de 15.000 profissionais de saúde.

• Sociedade Americana de Oncologia Clínica (ASCO)
• Exposição Internacional de Tecnologia e Equipamento de Dispositivos Médicos da China
• Conferência anual da indústria farmacêutica chinesa

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

Pacientes oncológicos que necessitam de tratamento especializado

O ZAI LAB destina pacientes oncológicos com tipos específicos de câncer, com foco em tumores sólidos avançados e neoplasias hematológicas.

Tipo de câncer	População de pacientes	Tamanho do mercado -alvo
Câncer de pulmão de células não pequenas	224.700 novos casos na China (2022)	Mercado potencial de US $ 1,2 bilhão
Câncer de ovário	52.100 novos casos na China (2022)	Mercado potencial de US $ 750 milhões
Câncer gástrico	95.300 novos casos na China (2022)	Mercado potencial de US $ 900 milhões

Pacientes com doenças imunológicas

O Zai Lab aborda pacientes com distúrbios imunológicos complexos que requerem intervenções terapêuticas avançadas.

• Pacientes com artrite reumatóide: 4,5 milhões na China
• Pacientes sistêmicos de lúpus eritematoso: 800.000 na China
• Pacientes com psoríase: 1,2 milhão na China

Profissionais de saúde e instituições médicas

Tipo de instituição	Número na China	Penetração de mercado
Hospitais terciários	1.500 instituições	70% de cobertura -alvo
Especialistas em oncologia	45.000 profissionais	Taxa de engajamento de 55%
Especialistas em imunologia	12.000 profissionais	Taxa de engajamento de 45%

Hospitais de pesquisa e centros médicos acadêmicos

O Zai Lab colabora com as principais instituições de pesquisa para ensaios clínicos e desenvolvimento de medicamentos.

• Os 50 principais centros médicos acadêmicos da China
• 12 parcerias de pesquisa ativas
• US $ 85 milhões investidos em pesquisa colaborativa (2022)

Zai Lab Limited (ZLAB) - Modelo de negócios: estrutura de custos

Investimento significativo em pesquisa e desenvolvimento

Para o ano fiscal de 2022, o Zai Lab registrou despesas de P&D de US $ 347,1 milhões, representando um aumento de 44,2% em relação a US $ 240,6 milhões em 2021.

Ano fiscal	Despesas de P&D	Mudança de ano a ano
2021	US $ 240,6 milhões	-
2022	US $ 347,1 milhões	Aumento de 44,2%

Despesas de ensaios clínicos

Os custos de ensaios clínicos do Zai Lab em 2022 foram de aproximadamente US $ 189,5 milhões, cobrindo vários programas de oleodutos de oncologia e neurociência.

Custos de conformidade e aprovação regulatórios

• Despesas de envio regulatório: US $ 23,4 milhões em 2022
• Investimento de infraestrutura de conformidade: US $ 15,7 milhões

Despesas de vendas e marketing

As despesas de vendas e marketing de 2022 totalizaram US $ 112,3 milhões, representando 22,5% do total de custos operacionais.

Categoria	2022 Despesas	Porcentagem de custos operacionais totais
Despesas de vendas	US $ 68,9 milhões	13.8%
Despesas de marketing	US $ 43,4 milhões	8.7%

Overhead administrativo e operacional

As despesas gerais e administrativas de 2022 foram de US $ 156,2 milhões, incluindo:

• Custos administrativos corporativos: US $ 87,6 milhões
• Infraestrutura de suporte operacional: US $ 68,6 milhões

Custos operacionais totais para 2022: US $ 826,5 milhões

Zai Lab Limited (ZLAB) - Modelo de negócios: fluxos de receita

Vendas de produtos de tratamentos farmacêuticos desenvolvidos

Em 2023, o Zai Lab relatou receita total de US $ 385,8 milhões, com as vendas de produtos representando uma parcela significativa desse número.

Produto	Receita (2023)
Sutente (Sunitinibe)	US $ 96,2 milhões
EIPERTU (trastuzumab deRuxteCan)	US $ 74,5 milhões
Qinlock (Ripretinib)	US $ 43,8 milhões

Taxas de licenciamento de parcerias de tecnologia e desenvolvimento de medicamentos

O Zai Lab possui várias parcerias estratégicas gerando receita de licenciamento.

• Parceria com a Novartis: potenciais pagamentos de marcos até US $ 350 milhões
• Colaboração com a AstraZeneca: Contrato de licenciamento com possíveis pagamentos marcantes
• Parceria com a Incyte: Licensing Deal para vários programas de oncologia

Pagamentos marcantes de acordos de pesquisa colaborativa

Parceiro	Potencial marco
Novartis	Até US $ 350 milhões
AstraZeneca	Potencial de marco não divulgado
Incyte	Os marcos potenciais não divulgados publicamente

Royalties em potencial de produtos farmacêuticos comercializados

As taxas de royalties do Zai Lab normalmente variam entre 10 e 20% para produtos comercializados.

• Royalties de EIRTIRTU da AstraZeneca/Daiichi Sankyo Partnership
• Possíveis royalties futuros de produtos de oncologia e medicina de precisão

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.