Zai Lab Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	460.16	398.99	266.72	215.04	144.31
Revenue Growth (YoY)	15.33%	49.59%	24.03%	49.01%	194.77%
Cost of Revenue	411.99	382.36	361.68	360.43	625.55
Gross Profit	48.17	16.62	-94.97	-145.39	-481.23
Selling, General & Admin	277.61	298.74	281.61	258.97	218.83
Operating Expenses	277.61	298.74	281.61	258.97	218.83
Operating Income	-229.43	-282.12	-376.57	-404.36	-700.06
Interest Expense	-5.21	-2.25	-	-	-
Interest & Investment Income	33.05	37.11	39.8	14.58	2.19
Earnings From Equity Investments	-	-	-	-0.22	-1.06
Currency Exchange Gain (Loss)	19.59	-15.14	-14.85	-56.4	4.66
Other Non Operating Income (Expenses)	5.45	11.41	4.22	12.07	4.42
EBT Excluding Unusual Items	-176.55	-251	-347.41	-434.33	-689.85
Gain (Loss) on Sale of Investments	-1.91	-6.11	2.79	-8.95	-14.62
Gain (Loss) on Sale of Assets	-	-	10	-	-
Pretax Income	-178.46	-257.1	-334.62	-443.29	-704.47
Income Tax Expense	-2.93	-	-	-	-
Net Income	-175.54	-257.1	-334.62	-443.29	-704.47
Net Income to Common	-175.54	-257.1	-334.62	-443.29	-704.47
Shares Outstanding (Basic)	110	99	97	96	93
Shares Outstanding (Diluted)	110	99	97	96	93
Shares Change (YoY)	10.70%	2.39%	0.87%	3.03%	19.73%
EPS (Basic)	-1.60	-2.60	-3.46	-4.63	-7.58
EPS (Diluted)	-1.60	-2.60	-3.46	-4.63	-7.58
Free Cash Flow	-158.89	-220.53	-205.39	-392.23	-567.53
Free Cash Flow Per Share	-1.45	-2.23	-2.13	-4.09	-6.10
Gross Margin	10.47%	4.17%	-35.60%	-67.61%	-
Operating Margin	-49.86%	-70.71%	-141.19%	-188.04%	-485.10%
Profit Margin	-38.15%	-64.44%	-125.46%	-206.14%	-488.16%
Free Cash Flow Margin	-34.53%	-55.27%	-77.01%	-182.40%	-393.26%
EBITDA	-214.42	-270.26	-367.54	-396.13	-693.58
EBITDA Margin	-46.60%	-67.74%	-137.80%	-184.21%	-
D&A For EBITDA	15.01	11.86	9.03	8.23	6.49
EBIT	-229.43	-282.12	-376.57	-404.36	-700.06
EBIT Margin	-49.86%	-70.71%	-141.19%	-188.04%	-
Revenue as Reported	460.16	398.99	266.72	215.04	144.31

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.