Filing Flows › Zai Lab (ZLAB) › Q1 2025
Zai Lab (ZLAB) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Zai Lab (ZLAB) reported revenue of $106M for the first quarter 2025 (Q1 2025), +22% from a year earlier and -2% from the quarter before. Operating margin was -52.9%, net loss $48.4M (45.5% of revenue).
Zai Lab, Q1 2025: revenue $106M (+22% year over year), operating margin -52.9%, net loss $48.4M, operating cash flow −$61.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $106M | -2% | +22% |
| Operating profit | −$56.3M | — | — |
| Net earnings | −$48.4M | — | — |
| Operating cash flow | −$61.7M | — | — |
What changed
Revenue was $106.5M in Q1 2025, up 22% year over year and down 2% from the previous quarter. ZEJULA was the largest line at 47% of revenue. NUZYRA added $5.2M year over year (up 53%), 27% of the total change. OPTUNE declined 9%.
Operating costs exceeded revenue by $56.3M, an operating margin of -52.9%. Total costs grew 3% against revenue growth of 22%. The fastest-growing cost line was Cost of revenue (+14%). The quarter ended with a net loss of $48.4M, narrower than the previous quarter's $81.7M loss.
Operating cash flow was −$61.7M. Non-cash charges added back $3.5M of depreciation and amortization and $15.8M of share-based compensation. Working capital and other items used $32.5M. Capital expenditures of $1.5M exceeded it, leaving free cash flow of −$63.2M.
Questions
What was Zai Lab's revenue in the first quarter 2025?
Zai Lab (ZLAB) reported revenue of $106M for the first quarter 2025 (Q1 2025), +22% from a year earlier and -2% from the quarter before.
Was Zai Lab profitable in the first quarter 2025?
Operating loss was $56.3M (-52.9% of revenue) and net loss $48.4M.
Source: Zai Lab 10-Q on SEC EDGAR.