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Zai Lab (ZLAB) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Zai Lab (ZLAB) Q3 2026 earnings results →
Q3 2026 Revenue down 7% year over year to $108M · 43¢ of every $1 of revenue lost · operating margin -58.2%
Zai Lab made $108M in Q3 2026 (-7% Y/Y): ZEJULA $32.3M, VYVGART / VYVGART Hytrulo $24.1M, NUZYRA $21.1M. Operating margin -58.2%, net loss $46.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $108.2M in Q3 2026, down 7% year over year and up 2% from the previous quarter. ZEJULA was the largest line at 30% of revenue. ZEJULA lost $10.1M year over year (down 24%), 129% of the total change.
Operating costs exceeded revenue by $63.0M, an operating margin of -58.2%. Total costs grew 4% against a revenue fall of 7%. The quarter ended with a net loss of $46.1M, narrower than the previous quarter's $50.8M loss. Non-operating items added $15.0M, -31% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$57.9M. Non-cash charges added back $4.4M of depreciation and amortization and $11.0M of share-based compensation. Working capital and other items used $27.1M. Capital expenditures of $947K exceeded it, leaving free cash flow of −$58.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $108M | -7% | -58.2% | −$46.1M | −$57.9M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $106M | -3% | -71.9% | −$50.8M | −$63.4M |
| Q1 2026 | 10-Q | May 7, 2026 | $99.6M | -6% | -69.7% | −$51.0M | −$11.9M |
| Q4 2025 | 10-K | Feb 26, 2026 | $128M | +17% | -54.4% | −$50.4M | −$26.0M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $116M | +14% | -42.1% | −$36.0M | −$32.0M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $110M | +9% | -49.9% | −$40.7M | −$31.0M |
| Q1 2025 | 10-Q | May 8, 2025 | $106M | +22% | -52.9% | −$48.4M | −$61.7M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Zai Lab
We are a patient-focused, innovative, commercial-stage, global biopharmaceutical company with a substantial presence in both Greater China and the United States. We are focused on discovering, developing, and commercializing products that address medical conditions with significant unmet needs in the areas of oncology, immunology, neuroscience, and infectious disease. We intend to leverage our competencies and resources to positively impact human health. To that end, our experienced team has secured partnerships with leading global biopharmaceutical companies to generate a broad pipeline, including multiple commercial products and multiple programs in late-stage clinical development. We have also built an in-house R&D team with strong product discovery and translational research capabilities and are establishing a pipeline of proprietary product candidates with global rights.
In its own words, from its 10-K, filed Feb 26, 2026.
Zai Lab against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -7% against the peers' median +7%. Operating margin: -58.2% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ZLAB Zai Lab | Q3 2026 | $108M | -7% | -58.2% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Zai Lab 10-Q on SEC EDGAR · CIK 1704292 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns ZLAB and who is buying
More on ZLAB
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results