Zai Lab Limited (ZLAB) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Zai Lab Limited published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• EPS on this page is per American Depositary Share (ADS), the security listed on Nasdaq under ZLAB. Each ADS represents ten ordinary shares; per ordinary share, the Q3 2026 net loss was $0.04 against $0.03.
• Zai Lab also lists ordinary shares in Hong Kong (HKEX: 9688). It reports in thousands; figures here are in millions.
• Zai Lab's release puts the larger net loss down to $13.6 million of inventory write-downs; its 10-Q shows that figure is for the first nine months of 2026, with $7.5 million in Q3.

Source: Zai Lab Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Zai Lab Limited splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Zai Lab Limited's ZEJULA revenue was $32.3 million in Q3 2026, down 24% from $42.4 million in Q3 2025, 30% of total revenue.
• Zai Lab Limited's VYVGART / VYVGART Hytrulo revenue was $24.1 million in Q3 2026, down 13% from $27.7 million in Q3 2025, 22% of total revenue.
• Zai Lab Limited's NUZYRA revenue was $21.1 million in Q3 2026, up 37% from $15.4 million in Q3 2025, 19% of total revenue.
• Zai Lab Limited's QINLOCK revenue was $8.8 million in Q3 2026, down 1% from $8.9 million in Q3 2025, 8% of total revenue.
• Zai Lab Limited's XACDURO revenue was $8.4 million in Q3 2026, up 31% from $6.4 million in Q3 2025, 8% of total revenue.
• Zai Lab Limited's OPTUNE revenue was $7.8 million in Q3 2026, down 38% from $12.7 million in Q3 2025, 7% of total revenue.
• Zai Lab Limited's AUGTYRO revenue was $2.8 million in Q3 2026, up 68% from $1.7 million in Q3 2025, 3% of total revenue.
• Zai Lab Limited's KarXT revenue was $2.0 million in Q3 2026, 2% of total revenue.
• Zai Lab Limited's Other product revenue revenue was $0.3 million in Q3 2026, up 222% from $0.1 million in Q3 2025, under 1% of total revenue.
• Zai Lab Limited's Collaboration revenue revenue was $0.6 million in Q3 2026, down 24% from $0.7 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Zai Lab gives no numeric revenue or earnings guidance. Both lines are from Founder, Chairperson and CEO Samantha Du.

In its Q3 2026 release, Zai Lab Limited said:

“Together with our commercially profitable China business, which we expect to return to growth in 2027, these advancements position Zai Lab to create substantial value for patients and shareholders.”

“2027 is set to be a pivotal year, with a potential first U.S. BLA submission for zoci and continued advancement of our first-line registrational development strategy in small cell lung cancer.”

Source: Zai Lab Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ZLAB forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and net loss per ADS, each as first reported in that quarter's release.

We do not hold a confirmed date for Zai Lab Limited's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Zai Lab's total revenues were $108.2 million in Q3 2026, against $116.1 million a year earlier. Net product revenue from its commercial medicines was $107.6 million, down 7% as reported and 11% at constant exchange rates, and collaboration revenue was $0.6 million. Zai Lab said net product revenue rose 2% from Q2 2026. (Zai Lab Q3 2026 release, Nov 5, 2026; Zai Lab Form 10-Q, Q3 2026, Nov 5, 2026)

ZEJULA was Zai Lab's largest product at $32.3 million, down from $42.4 million, which Zai Lab put down to a shift in hospital utilization after volume-based procurement for generic olaparib. VYVGART and VYVGART Hytrulo brought in $24.1 million, down from $27.7 million, mainly because of a pricing adjustment tied to NRDL renewal, and OPTUNE fell to $7.8 million from $12.7 million on evolving competition in the glioblastoma market. (Zai Lab Form 10-Q, Q3 2026, Nov 5, 2026)

Zai Lab's NUZYRA rose to $21.1 million from $15.4 million on increased market coverage and penetration, and XACDURO to $8.4 million from $6.4 million on patient demand and hospital adoption, though supply limitations constrained it. KarXT, launched in June 2026, added $2.0 million. QINLOCK was $8.8 million and AUGTYRO $2.8 million. (Zai Lab Form 10-Q, Q3 2026, Nov 5, 2026)

Zai Lab offers sales rebates to distributors in mainland China and records them as a reduction of product revenue. Gross product revenue was $115.8 million in Q3 2026, and rebates and sales returns took off $8.1 million. (Zai Lab Form 10-Q, Q3 2026, Nov 5, 2026)

Zai Lab's net loss was $46.1 million in Q3 2026, or $0.41 per American Depositary Share (ADS) and $0.04 per ordinary share, against $36.0 million, or $0.33 per ADS, a year earlier. Cost of product revenue rose to $51.3 million from $46.8 million on product mix and inventory write-downs, which were $7.5 million in the quarter and $13.6 million over the first nine months, mainly related to VYVGART Hytrulo. (Zai Lab Q3 2026 release, Nov 5, 2026; Zai Lab Form 10-Q, Q3 2026, Nov 5, 2026)

Zai Lab's loss from operations was $63.0 million. Its adjusted loss from operations, which excludes depreciation and amortization ($4.4 million) and share-based compensation ($11.0 million), was $47.6 million, against $28.0 million a year earlier. R&D expense was $49.8 million and SG&A $70.1 million. Below the operating line, $10.5 million of foreign currency gains and $5.7 million of interest income narrowed the net loss. (Zai Lab Q3 2026 release, Nov 5, 2026)

Zai Lab's weighted-average ordinary share count was 1,123,397,940, against 1,102,072,680. Cash, cash equivalents, current restricted cash and short-term investments were $659.7 million at September 30, 2026, down from $717.5 million at June 30, 2026. On October 27, 2026, after the quarter, Zai Lab closed a private placement of 11,340,000 ADSs at $22.04 each for gross proceeds of about $250.0 million. (Zai Lab Q3 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Zai Lab gives no numeric revenue or earnings guidance in its release. Its CEO said she expects the China business to return to growth in 2027, the year Zai Lab may make its first U.S. BLA submission, for its DLL3-targeting ADC zocilurtatug pelitecan (zoci). (Zai Lab Q3 2026 release, Nov 5, 2026)

Zai Lab's stated milestones include starting a global Phase 3 study of zoci with PD-L1 inhibitors in first-line extensive-stage small cell lung cancer by year-end 2026, a potential interim analysis of the Phase 3 DLLEVATE study in the second half of 2027, and topline data from the zoci epNEC expansion cohort in the first half of 2027. (Zai Lab Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Zai Lab Limited, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Zai Lab Limited's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ZLAB is on is ZLAB a buy or a sell?, what analysts expect next is on the ZLAB forecast, and what the company does is on the Zai Lab Limited (ZLAB) stock page.

Every number on this page can be traced to a document Zai Lab Limited published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.