Filing Flows › Zai Lab (ZLAB) › Q2 2025
Zai Lab (ZLAB) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Zai Lab (ZLAB) reported revenue of $110M for the second quarter 2025 (Q2 2025), +9% from a year earlier and +3% from the quarter before. Operating margin was -49.9%, net loss $40.7M (37.0% of revenue).
Zai Lab, Q2 2025: revenue $110M (+9% year over year), operating margin -49.9%, net loss $40.7M, operating cash flow −$31.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $110M | +3% | +9% |
| Operating profit | −$54.9M | — | — |
| Net earnings | −$40.7M | — | — |
| Operating cash flow | −$31.0M | — | — |
What changed
Revenue was $110.0M in Q2 2025, up 9% year over year and up 3% from the previous quarter. ZEJULA was the largest line at 37% of revenue. VYVGART / VYVGART Hytrulo added $3.3M year over year (up 14%), 35% of the total change. ZEJULA declined 9%.
Operating costs exceeded revenue by $54.9M, an operating margin of -49.9%. Total costs fell 7% while revenue rose 9%. The fastest-growing cost line was Cost of revenue (+22%). The quarter ended with a net loss of $40.7M, narrower than the previous quarter's $48.4M loss. Non-operating items added $14.2M, -35% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$31.0M. Non-cash charges added back $3.7M of depreciation and amortization and $17.0M of share-based compensation. Working capital and other items used $11.0M. Capital expenditures of $2.9M exceeded it, leaving free cash flow of −$33.9M.
Questions
What was Zai Lab's revenue in the second quarter 2025?
Zai Lab (ZLAB) reported revenue of $110M for the second quarter 2025 (Q2 2025), +9% from a year earlier and +3% from the quarter before.
Was Zai Lab profitable in the second quarter 2025?
Operating loss was $54.9M (-49.9% of revenue) and net loss $40.7M.
Source: Zai Lab 10-Q on SEC EDGAR.