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Xencor vs Zai Lab: XNCR and ZLAB compared
Xencor is the larger company: $117M of revenue in its latest quarter (Q3 2026) against $108M for Zai Lab (Q3 2026). Xencor is growing faster (+455% against -7% a year earlier). Xencor is more profitable, with an operating margin of 19.6% against -58.2%.
Where the money goes: XNCR and ZLAB
Xencor (XNCR) · Q3 2026
Xencor, Q3 2026: revenue $117M (+455% year over year), operating margin 19.6%, net earnings $39.4M, operating cash flow $2.6M. The chart follows the revenue to costs, profit and cash.
Zai Lab (ZLAB) · Q3 2026
Zai Lab, Q3 2026: revenue $108M (-7% year over year), operating margin -58.2%, net loss $46.1M, operating cash flow −$57.9M. The chart follows the revenue to costs, profit and cash.
| Xencor (XNCR) | Zai Lab (ZLAB) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $117M | $108M |
| Revenue growth, Y/Y | +455% | -7% |
| Operating margin | 19.6% | -58.2% |
| Net earnings | $39.4M | −$46.1M |
| Net margin | 33.8% | -42.6% |
| Operating cash flow | $2.6M | −$57.9M |
| Free cash flow | $838K | — |
Where the revenue comes from
Xencor
- Royalties: $87.5M (75%)
- Milestone: $29.0M (25%)
Zai Lab
- ZEJULA: $32.3M (30%)
- VYVGART / VYVGART Hytrulo: $24.1M (22%)
- NUZYRA: $21.1M (19%)
- QINLOCK: $8.8M (8%)
Questions
Which is bigger, Xencor or Zai Lab?
Xencor is the larger company: $117M of revenue in its latest quarter (Q3 2026) against $108M for Zai Lab (Q3 2026).
Is Xencor or Zai Lab growing faster?
Xencor is growing faster (+455% against -7% a year earlier).
Which is more profitable, Xencor or Zai Lab?
Xencor is more profitable, with an operating margin of 19.6% against -58.2%.
More: Xencor earnings · how Xencor makes money · Zai Lab earnings · how Zai Lab makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.