Zai Lab Ltd (ZLAB) Financial Statements
Industry: Pharmaceutical Preparations
In fiscal 2025, Zai Lab reported revenue of $460.2M, up 15.3% from $399.0M the year before. Net income was -$175.5M (a -38.1% net margin), or -$0.16 per diluted share. Gross margin was 58.6% and operating margin was -49.9%. Operating activities generated -$150.8M of cash, leaving -$158.9M of free cash flow. At fiscal year end, Zai Lab held $1.17B in total assets against $456.9M in total liabilities, including $679.6M of cash and equivalents.
Open the full interactive Zai Lab financials → Quarterly statements, key ratios, valuation history and price charts.
Zai Lab Key Stats
| Share Price | $23.10 |
|---|---|
| Market Cap | $2.58B |
| Revenue YoY Growth | +15.3% |
| 52-Week Range | $16.30 – $31.23 |
| Shares Outstanding | 1.12 billion (basic, 2026 Q2) |
Zai Lab Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $49.0M | $144.3M | $215.0M | $266.7M | $399.0M | $460.2M |
| Cost of Goods Sold | — | — | — | — | $147.1M | $190.5M |
| Gross Profit | $32.2M | $92.1M | $141.0M | $170.9M | $251.9M | $269.6M |
| Operating Income | -$301.8M | -$700.1M | -$404.4M | -$366.6M | -$282.1M | -$229.4M |
| Pre-Tax Income | -$268.9M | -$703.4M | -$443.3M | -$334.6M | -$257.1M | -$178.5M |
| Income Tax | — | $1.1M | $0 | $0 | $0 | -$2.9M |
| Net Income | -$268.9M | -$704.5M | -$443.3M | -$334.6M | -$257.1M | -$175.5M |
| Diluted EPS | -$3.46 | -$7.58 | -$0.46 | -$0.35 | -$0.26 | -$0.16 |
Zai Lab Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $116.1M | $127.6M | $99.6M | $106.3M |
| Net Income | -$36.0M | -$50.4M | -$51.0M | -$50.8M |
| Diluted EPS | -$0.03 | -$0.05 | -$0.05 | -$0.05 |
Zai Lab Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $442.1M | $964.1M | $1.01B | $790.2M | $449.7M | $679.6M |
| Current Assets | $1.22B | $1.50B | $1.12B | $939.6M | $1.05B | $1.02B |
| Total Assets | $1.30B | $1.61B | $1.22B | $1.04B | $1.19B | $1.17B |
| Current Liabilities | $98.0M | $192.9M | $139.8M | $203.1M | $299.4M | $416.2M |
| Total Liabilities | $128.3M | $230.0M | $174.5M | $240.2M | $344.9M | $456.9M |
| Shareholders' Equity | $1.17B | $1.38B | $1.05B | $796.1M | $840.9M | $715.5M |
Zai Lab Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$216.1M | -$549.2M | -$367.6M | -$198.2M | -$214.9M | -$150.8M |
| Cash From Investing | -$554.8M | $250.0M | $420.0M | -$10.8M | -$375.2M | $307.9M |
| Cash From Financing | $1.13B | $820.2M | -$1.7M | -$6.4M | $349.9M | $72.4M |
| Free Cash Flow | -$226.2M | -$567.5M | -$392.2M | -$205.4M | -$220.5M | -$158.9M |
Figures from Zai Lab's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Zai Lab financials page for every line item.
Zai Lab Company Profile
| Ticker | ZLAB |
|---|---|
| Exchange | Nasdaq |
| Industry | Pharmaceutical Preparations |
| Headquarters | Shanghai |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001704292 |
Frequently Asked Questions
What was Zai Lab's revenue in fiscal 2025?
Zai Lab (ZLAB) reported revenue of $460.2M for fiscal 2025.
What is Zai Lab's annual revenue history?
Zai Lab's annual revenue by fiscal year: 2020: $49.0M; 2021: $144.3M; 2022: $215.0M; 2023: $266.7M; 2024: $399.0M; 2025: $460.2M.
What was Zai Lab's net income in fiscal 2025?
Zai Lab reported net income of -$175.5M for fiscal 2025.
What was Zai Lab's earnings per share (EPS) in fiscal 2025?
Zai Lab's diluted EPS was -$0.16 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Zai Lab generate in fiscal 2025?
Zai Lab generated -$158.9M of free cash flow in fiscal 2025.
What was Zai Lab's revenue last quarter?
In its most recent reported quarter (2026 Q2), Zai Lab reported revenue of $106.3M.
How many shares of Zai Lab are outstanding?
Zai Lab reported a weighted average of 1.12 billion basic shares outstanding in 2026 Q2.
What is Zai Lab's market cap?
Based on its latest closing price, Zai Lab (ZLAB) has a market capitalization of about $2.58B.
When does Zai Lab's fiscal year end?
Zai Lab's fiscal year end, as registered with the SEC, is December 31.
Where is Zai Lab headquartered?
Zai Lab lists its business address in Shanghai in its SEC filings.