Zymeworks (ZYME) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Zymeworks published the results on November 9, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Zymeworks' statement of operations labels its revenue line "research and development collaborations". The type breakdown above is from its Form 10-Q.
• Q3 2026 revenue includes a one-time $250.0 million milestone from Jazz Pharmaceuticals tied to the U.S. approval of Ziihera for first-line HER2-positive gastroesophageal adenocarcinoma (GEA). The year-ago quarter included a $25.0 million development milestone from Johnson & Johnson.
• Zymeworks completed its acquisition of Theravance Biopharma on September 23, 2026, so Q3 2026 includes only seven days of Theravance results.

Source: Zymeworks Q3 2026 earnings release, November 9, 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 Zymeworks 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.

• Zymeworks's License and milestone revenue revenue was $250 million in Q3 2026, up 890% from $25.3 million in Q3 2025, 97% of total revenue.
• Zymeworks's Viatris collaboration agreement revenue revenue was $1.5 million in Q3 2026, under 1% of total revenue.
• Zymeworks's Royalty and other revenue revenue was $4.9 million in Q3 2026, up 108% from $2.4 million in Q3 2025, 2% 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

In its Q3 2026 release, Zymeworks said:

“The Company has increased its 2026 financial guidance for total revenue to be between $337 million and $351 million (previously between $278 million and $292 million) and adjusted EBITDA to be between $176 million and $190 million (previously between $114 million and $128 million), excluding the impact of any future transactions.”

“This financial guidance is subject to expiration or termination of the waiting period under HSR as it relates to the Roche collaboration, expected during the fourth quarter of 2026.”

Source: Zymeworks Q3 2026 earnings release, Nov 9, 2026.

This is the company's own guidance as of Nov 9, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ZYME forecast page.

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

GAAP revenue and diluted net income (loss) per share, each as first reported in that quarter's release. Zymeworks' revenue swings with one-time milestone payments, which is why Q3 2026 and Q3 2025 stand out.

We do not hold a confirmed date for Zymeworks'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 9, 2026

Zymeworks' Q3 2026 revenue of $256.5 million was almost entirely one payment: a $250.0 million milestone from Jazz Pharmaceuticals, earned when the U.S. FDA approved Ziihera (zanidatamab) for first-line HER2-positive advanced GEA. Royalty and other revenue added $4.9 million and the new Viatris collaboration revenue $1.5 million. A year earlier revenue was $27.6 million, mostly a $25.0 million development milestone from Johnson & Johnson. (Zymeworks Q3 2026 earnings release, Nov 9, 2026; Zymeworks Form 10-Q, Q3 2026, Nov 9, 2026)

The 10-Q says Zymeworks' revenue relates primarily to non-recurring upfront fees, expansion payments or milestone payments from licensing and collaboration agreements, so it moves sharply from quarter to quarter. Royalties are still small: Zymeworks received $2.3 million of Ziihera royalties from Jazz and BeOne Medicines in the quarter, driven primarily by Jazz's U.S. sales. (Zymeworks Form 10-Q, Q3 2026, Nov 9, 2026; Zymeworks Q3 2026 earnings release, Nov 9, 2026)

Under its agreement with Jazz, Zymeworks is eligible for tiered royalties of ten to high teens percentages on Ziihera annual net sales up to $2.0 billion and 20% above that, outside Asia (other than Japan), Australia and New Zealand. It remains eligible for up to $190 million of further regulatory milestones tied to ex-U.S. approvals of Ziihera in HER2-positive GEA from Jazz and BeOne. (Zymeworks Form 10-Q, Q3 2026, Nov 9, 2026; Zymeworks Q3 2026 earnings release, Nov 9, 2026)

The Theravance Biopharma acquisition, completed on September 23, 2026, adds a recurring revenue stream from YUPELRI, a product Viatris sells in the U.S. Theravance contributed about $1.5 million of revenue for seven days of ownership. YUPELRI U.S. net sales recognized by Viatris were $71.5 million in the quarter, up 0.2% from a year earlier. Zymeworks paid $17.00 per Theravance share, or $887.2 million for the outstanding ordinary shares. (Zymeworks Q3 2026 earnings release, Nov 9, 2026; Zymeworks Form 10-Q, Q3 2026, Nov 9, 2026)

Zymeworks earned $173.7 million, or $2.28 per diluted share, in Q3 2026, against a loss of $19.6 million, or $0.26 per share, a year earlier. The company attributes the swing primarily to the $250.0 million Jazz milestone, partly offset by nonrecurring acquisition-related costs and interest expense on its royalty-backed note financing with Royalty Pharma from March 2026. (Zymeworks Q3 2026 earnings release, Nov 9, 2026)

Costs rose with the Theravance deal. SG&A was $42.7 million, up from $14.1 million, because of severance, transaction-related professional fees and higher stock-based compensation, including $10.6 million for settling Theravance equity awards. R&D was $36.1 million, against $35.6 million. Interest expense related to the sale of future revenue was $6.7 million, against none a year earlier. (Zymeworks Q3 2026 earnings release, Nov 9, 2026; Zymeworks Form 10-Q, Q3 2026, Nov 9, 2026)

Zymeworks does not report an adjusted EPS. Its non-GAAP measure is Adjusted EBITDA, $215.3 million in the quarter, which adds back $23.1 million of stock-based compensation, $9.0 million of restructuring and severance and $3.9 million of transaction costs. Buybacks have cut the share count: Zymeworks repurchased 534,381 shares for $14.0 million in Q3 and 5,737,790 shares for $140.4 million in the first nine months of 2026. Basic weighted-average shares were 71,609,790, against 75,767,778 a year earlier. (Zymeworks Q3 2026 earnings release, Nov 9, 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.

Zymeworks gives full-year revenue and adjusted EBITDA guidance. With Q3 2026 it raised its 2026 total revenue outlook to $337 million to $351 million, from $278 million to $292 million, and adjusted EBITDA to $176 million to $190 million, from $114 million to $128 million, excluding any future transactions. (Zymeworks Q3 2026 earnings release, Nov 9, 2026)

The raised guidance depends on the Roche collaboration for ZW209 clearing the Hart-Scott-Rodino waiting period, which Zymeworks expects in Q4 2026. Zymeworks also expects $13 million to $15 million of annualized overhead and corporate costs to be eliminated after the Theravance closing, and did not host a Q3 earnings call. (Zymeworks Q3 2026 earnings release, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover Zymeworks, 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 Zymeworks'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 ZYME is on is ZYME a buy or a sell?, what analysts expect next is on the ZYME forecast, and what the company does is on the Zymeworks (ZYME) stock page.

Every number on this page can be traced to a document Zymeworks 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.