Zai Lab (ZLAB) Financial Statements & Analysis

Zai Lab (ZLAB) Income Statement

Zai Lab reported revenue of $460.16M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 15.3% from $398.99M a year earlier. Zai Lab posted a net loss of $175.54M, compared with a net loss of $257.10M a year earlier. Gross margin was 58.5% and operating margin -48.6%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $106.31M, down 3.3% from the same quarter a year earlier.

Zai Lab Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Zai Lab Limited income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	460.16	398.99	266.72	215.04	144.31	48.96	12.98	0.13	0.00
Cost of Revenue	191.08	147.86	361.68	360.43	52.24	239.45	3.75	0.04	0.00
Gross Profit	269.08	251.13	170.90	141.02	92.07	-190.49	9.24	0.09	0.00
Operating Expenses
Research & Development	220.90	234.50	265.87	286.41	573.31	222.71	142.22	120.28	39.34
Selling, General & Administrative	277.61	298.74	281.61	258.97	218.83	111.31	70.21	21.58	12.05
Operating Expenses	492.65	533.25	537.48	545.38	788.02	111.31	212.43	141.85	51.39
Operating Income	-223.57	-282.12	-366.57	-404.36	-695.95	-301.80	-203.20	-141.77	-51.39
Other Income/Expense
Interest Income	33.05	37.11	39.80	14.58	2.19	5.12	8.23	3.26	0.53
Interest Expense	5.21	2.25	0.00	0.00	0.00	-0.18	0.29	0.04	0.00
Other Income/Expense	45.11	25.01	31.95	-38.71	-9.65	7.42	-2.83	3.28	1.01
Income
Income Before Tax	-178.46	-257.10	-334.62	-443.29	-703.41	-268.91	-206.02	-138.49	-50.13
Income Tax Expense	-2.93	0.00	0.00	0.00	1.06	0.00	-10.95	3.32	0.48
Net Income	-175.54	-257.10	-334.62	-443.29	-704.47	-268.91	-195.07	-139.07	-50.38
Net Income - Continuous Operations	-175.54	-257.10	-334.62	-443.29	-704.47	-268.91	-195.07	-139.07	-50.38
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	-158.25	-234.57	-367.54	-396.13	-689.46	-297.16	-190.26	-138.45	-50.84
EBIT	-229.43	-254.85	-376.57	-404.36	-695.95	-301.80	-	-	-
Depreciation & Amortization	15.01	20.28	9.03	8.23	6.49	4.64	3.77	1.65	0.55
Earnings Per Share
Basic EPS	-2.00	-3.00	-3.00	-5.00	-8.00	-3.00	-30.00	-26.00	-23.00
Diluted EPS	-2.00	-3.00	-3.00	-5.00	-8.00	-3.00	-30.00	-26.00	-23.00
Basic Shares Outstanding	109.53	98.95	96.64	95.81	92.99	77.67	6.44	5.26	2.18
Diluted Shares Outstanding	109.53	98.95	96.64	95.81	92.99	77.67	6.44	5.26	2.18

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Zai Lab Financial Statements

What was Zai Lab's revenue in fiscal 2025?

Zai Lab reported revenue of $460.16M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 15.3% from $398.99M a year earlier.

Is Zai Lab profitable?

No. Zai Lab reported a net loss of $175.54M in fiscal 2025. In fiscal 2024 it lost $257.10M.

What is Zai Lab's operating margin?

Zai Lab's operating income was −$223.57M on revenue of $460.16M in fiscal 2025, an operating margin of -48.6%, compared with -70.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition