Zai Lab Ltd (NASDAQ: ZLAB)

Zai Lab Limited is a patient-focused innovative commercial-stage global biopharmaceutical company with a substantial presence in Greater China and the United States. The company focuses on discovering developing and commercializing products that address medical conditions with significant unmet needs in oncology immunology neuroscience and infectious disease. Zai Lab Limited leverages its competencies and resources to positively impact human health through partnerships with leading global biopharmaceutical companies and an in-house R&D team that builds a pipeline of proprietary product candidates with global rights.

Zai Lab Limited generates revenue primarily through the commercialization of approved products in Greater China. The company currently has seven commercial programs with products that have received marketing approval and have been launched in one or more territories in Greater China. These products include ZEJULA for ovarian cancer maintenance treatment VYVGART and VYVGART Hytrulo for generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy NUZYRA for community-acquired bacterial pneumonia and acute bacterial skin and skin structure infections OPTUNE for glioblastoma multiforme QINLOCK for gastrointestinal stromal tumor XACDURO for hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia caused by Acinetobacter baumannii and AUGTYRO for ROS1-positive non-small cell lung cancer and NTRK-positive solid tumors. Revenue is derived from sales of these products to independent third-party distributors in Greater China who then sell to hospitals and other healthcare providers.

The company operates through the following segments: Oncology Immunology Neuroscience and Infectious Disease.

• The Oncology segment focuses on discovering developing and commercializing products for cancer treatment. This segment includes commercial products such as ZEJULA OPTUNE QINLOCK and AUGTYRO as well as pipeline candidates like Zoci (ZL-1310) a DLL3-targeting antibody-drug conjugate for small cell lung cancer and other neuroendocrine carcinomas TIVDAK (tisotumab vedotin) for cervical cancer and additional indications for OPTUNE in pancreatic cancer. The segment leverages partnerships with companies such as GSK NovoCure Deciphera BMS Pfizer and MediLink to develop and commercialize these oncology therapies.

• The Immunology Neuroscience and Infectious Disease segment focuses on discovering developing and commercializing products for autoimmune disorders neurological conditions and infectious diseases. This segment includes commercial products such as VYVGART and VYVGART Hytrulo for generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy NUZYRA for community-acquired bacterial pneumonia and acute bacterial skin and skin structure infections XACDURO for hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia caused by Acinetobacter baumannii and pipeline candidates such as KarXT (xanomeline and trospium chloride) for schizophrenia Povetacicept for IgA nephropathy and primary membranous nephropathy Elegrobart for thyroid eye disease and additional indications for efgartigimod including Sjogren’s disease myositis seronegative generalized myasthenia gravis and ocular myasthenia gravis. The segment leverages partnerships with companies such as argenx Novo Holdings BMS Vertex Zenas and Karuna (now owned by BMS) to develop and commercialize these therapies.

Zai Lab Limited holds a growing position in the global biopharmaceutical industry particularly within the Greater China market. The company competes with other biopharmaceutical firms that have substantial financial marketing research and development and other resources. Zai Lab Limited differentiates itself through its focus on innovative therapies addressing significant unmet medical needs its strategic collaborations with leading global biopharmaceutical companies and its ability to leverage both internal discovery and external partnerships to build a broad and differentiated pipeline. The company’s competitive advantages include its experienced team with backgrounds from leading global pharmaceutical companies its strong commercial infrastructure covering the product sales cycle and its commitment to improving patient access through inclusion in the National Reimbursement Drug List and supplemental insurance coverage.

Zai Lab Limited serves patients with specific medical conditions in Greater China through its commercial products. The company’s customers include hospitals medical centers and other healthcare providers across mainland China Hong Kong Taiwan and Macau. The company relies on independent third-party distributors in Greater China to sell its commercial products which allows it to execute marketing strategies tailored to each product and the geographic location of the hospitals within the distribution territories. The five largest customers accounted for approximately 33.1% of total product revenue in 2025.