Zai Lab reports Q3 EPS (42c), consensus (78c)

Reports Q3 revenue $101.8M, consensus $102.24M. Cash and cash equivalents totaled $716.1M as of September 30 vs.$730.0M as of June 30. “In Q3, we delivered strong commercial results, maintained financial discipline, and continued to advance our global pipeline of innovative medicines,” said CEO Samantha Du. “The launch of Vyvgart has been a great success, and we are well-positioned to support the ongoing needs of many patients living with generalized myasthenia gravis. Our late-stage pipeline is progressing well. The China bridging study of KarXT for schizophrenia had positive results for all study endpoints, and we expect a China submission in early 2025…We believe we are on track to drive substantial value for our business over the next few years.” “Our net product revenues in Q3 grew 47% y-o-y, driven by the continued strong uptake of Vyvgart,” said COO Josh Smiley. “Vyvgart in gMG, is on track to be a blockbuster launch in its first year on China’s National Reimbursement Drug List…we expect to launch the subcutaneous formulation of Vyvgart for gMG and chronic inflammatory demyelinating polyneuropathy in Q4. Our late-stage programs including bemarituzumab for gastric cancer and KarXT for schizophrenia present high potential opportunities that will further drive growth. Meanwhile, we had significant improvement in net loss, driven by our continued efforts to improve efficiency and exercise financial discipline…”