Zai Lab (ZLAB) Gross Margin (2019 - 2026)

Zai Lab (ZLAB) posted Gross Margin of 61.54% for Q1 2026, up 20.25% sequentially from 51.17% in Q4 2025, and down 236.0% YoY from 45.25% in Q1 2025.

Analysis

Zai Lab (ZLAB) Gross Margin (2019 - 2026) Analysis & Trends

Zai Lab has reported Gross Margin for 8 years, with the latest figure at 61.54% in Q1 2026.

Quarterly Gross Margin fell 236.0% year-over-year to 61.54% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 58.0% (down 568.0% YoY) and the FY2025 annual result came in at 58.6%, down 453.0% from the prior year.
Gross Margin advanced to 61.54% in Q1 2026 per ZLAB's latest filing, from 51.17% in the prior quarter.
Over five years, Gross Margin peaked at 66.58% in Q4 2022 and troughed at 51.17% in Q4 2025.
A 5-year average of 62.83% and a median of 63.87% in 2022 frame the typical range for Gross Margin.
The sharpest annual moves came in 2022 and 2025: Gross Margin surged 1594 bps in 2022, then plunged 1052 bps in 2025.
Over 5 years, Gross Margin stood at 66.58% in 2022, then fell by 7 bps to 61.66% in 2023, then gained by 0 bps to 61.69% in 2024, then dropped by 17 bps to 51.17% in 2025, then increased by 20 bps to 61.54% in 2026.
According to Business Quant data, Gross Margin over the past three periods registered 61.54%, 51.17%, and 59.72% for Q1 2026, Q4 2025, and Q3 2025 respectively.

Peer Set

#	Company	Market Cap	Enterprise Value	Gross Profit (Qtr)	Gross Margin (Qtr)
1	Vertex Pharmaceuticals	138.78 Bn	130.92 Bn	2.84 Bn	85.33%
2	Regeneron Pharmaceuticals	85.50 Bn	77.51 Bn	3.93 Bn	91.59%
3	Argenx Se	63.51 Bn	58.32 Bn	1.37 Bn	90.43%
4	Moderna	58.06 Bn	52.92 Bn	52.00 Mn	35.86%
5	Revolution Medicines	44.04 Bn	44.04 Bn	-	-
6	BeOne Medicines	40.04 Bn	34.94 Bn	1.53 Bn	89.76%
7	Alnylam Pharmaceuticals	35.45 Bn	32.14 Bn	992.69 Mn	76.90%
8	Royalty Pharma	28.41 Bn	27.57 Bn	-	-
9	Insmed	27.42 Bn	26.26 Bn	358.27 Mn	84.20%
10	Zai Lab	2.93 Bn	2.22 Bn	58.15 Mn	54.70%

Historic Data

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