Zai Lab Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	453.28	460.16	398.99	266.72	215.04	144.31
Revenue Growth (YoY)	8.36%	15.33%	49.59%	24.03%	49.01%	194.77%
Cost of Revenue	190.77	191.08	147.86	95.82	74.02	52.24
Gross Profit	262.51	269.08	251.13	170.9	141.02	92.07
Selling, General & Admin	279.25	277.61	298.74	281.61	258.97	218.83
Research & Development	225.77	220.9	234.5	265.87	286.41	573.31
Other Operating Expenses	-	-	-	-10	-	-
Total Operating Expenses	505.02	498.51	533.25	537.48	545.38	792.14
Operating Income	-242.51	-229.43	-282.12	-366.57	-404.36	-700.06
Interest Income	30.89	33.05	37.11	39.8	14.58	2.19
Interest Expense	-5.66	-5.21	-2.25	-	-	-
Other Non-Operating Income (Expense)	37.68	23.13	-9.84	-7.84	-53.29	-5.54
Total Non-Operating Income (Expense)	62.91	50.97	25.01	31.95	-38.71	-3.35
Pretax Income	-179.6	-178.46	-257.1	-334.62	-443.07	-703.41
Provision for Income Taxes	-1.49	-2.93	-	-	-	-
Net Income	-178.12	-175.54	-257.1	-334.62	-443.29	-704.47
Minority Interest in Earnings	-	-	-	-	0.22	1.06
Net Income to Common	-178.12	-175.54	-257.1	-334.62	-443.29	-704.47
Shares Outstanding (Basic)	110	110	99	97	96	93
Shares Outstanding (Diluted)	110	110	99	97	96	93
Shares Change (YoY)	8.42%	10.70%	2.39%	0.87%	3.03%	16.09%
EPS (Basic)	-1.70	-1.60	-2.60	-3.50	-4.60	-7.60
EPS (Diluted)	-1.70	-1.60	-2.60	-3.50	-4.60	-7.60
Shares Outstanding	111.02	110.64	107.77	97.22	96.02	95.5
Free Cash Flow	-108.76	-158.89	-220.53	-205.39	-392.23	-567.53
Free Cash Flow Per Share	-0.99	-1.45	-2.23	-2.13	-4.09	-6.10
Gross Margin	57.91%	58.47%	62.94%	64.08%	65.58%	63.80%
Operating Margin	-53.50%	-49.86%	-70.71%	-137.44%	-188.04%	-485.10%
Profit Margin	-39.29%	-38.15%	-64.44%	-125.46%	-206.04%	-487.43%
FCF Margin	-23.99%	-34.53%	-55.27%	-77.01%	-182.40%	-393.26%
EBITDA	-227.01	-214.42	-270.26	-357.54	-396.13	-693.58
EBITDA Margin	-50.08%	-46.60%	-67.74%	-134.05%	-184.21%	-480.61%
EBIT	-242.51	-229.43	-282.12	-366.57	-404.36	-700.06
EBIT Margin	-53.50%	-49.86%	-70.71%	-137.44%	-188.04%	-485.10%
Effective Tax Rate	0.83%	1.64%	0.00%	0.00%	0.00%	0.00%

Updated May 7, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q