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%	-
Cost of Revenue	191.08	147.86	95.82	74.02	52.24
Gross Profit	269.08	251.13	170.9	141.02	92.07
Selling, General & Admin	277.61	298.74	281.61	258.97	218.83
Research & Development	220.9	234.5	265.87	286.41	573.31
Other Operating Expenses	-	-	-10	-	-
Total Operating Expenses	498.51	533.25	537.48	545.38	792.14
Operating Income	-229.43	-282.12	-366.57	-404.36	-700.06
Interest Income	33.05	37.11	39.8	14.58	2.19
Interest Expense	-5.21	-2.25	-	-	-
Other Non-Operating Income (Expense)	23.13	-9.84	-7.84	-53.29	-5.54
Total Non-Operating Income (Expense)	50.97	25.01	31.95	-38.71	-3.35
Pretax Income	-178.46	-257.1	-334.62	-443.07	-703.41
Provision for Income Taxes	-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%	-
EPS (Basic)	-1.60	-2.60	-3.50	-4.60	-7.60
EPS (Diluted)	-1.60	-2.60	-3.50	-4.60	-7.60
Shares Outstanding	110.64	107.77	97.22	96.02	95.5
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	58.47%	62.94%	64.08%	65.58%	63.80%
Operating Margin	-49.86%	-70.71%	-137.44%	-188.04%	-485.10%
Profit Margin	-38.15%	-64.44%	-125.46%	-206.14%	-488.16%
FCF Margin	-34.53%	-55.27%	-77.01%	-182.40%	-393.26%
EBITDA	-214.42	-270.26	-357.54	-396.13	-693.58
EBITDA Margin	-46.60%	-67.74%	-134.05%	-184.21%	-480.61%
EBIT	-229.43	-282.12	-366.57	-404.36	-700.06
EBIT Margin	-49.86%	-70.71%	-137.44%	-188.04%	-485.10%
Effective Tax Rate	1.64%	0.00%	0.00%	0.00%	0.00%

Updated Feb 26, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q