Quick Take – 2Q26 Earnings – Total Revenue In Line; Near-Term Focus On The Pipeline

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

06 August 2026

Zai Lab

Quick Take – 2Q26 Earnings – Total Revenue In Line;

Near-Term Focus On The Pipeline

Overweight

ZLAB, ZLAB US

Price (05 Aug 26):$18.37

SMid Biotechnology

Zai Lab reported 2Q earnings, and we wanted to pass on some quick thoughts.

Anupam Rama AC

Overall, the quarter was IN LINE on total revenue as well as on key

products from the commercial franchise and the pipeline is on track.

(1-212) 622-0900

Looking forward, we see upside in ZLAB shares in the near- to

intermediate-term, more likely to be driven by the pipeline (which we

believe is underappreciated and has levers, particularly zoci).

Total 2Q26 revenue of $106.3M was IN LINE with the consensus of $105.3M

(Visible Alpha). We had not heard of a buy-side bogey for the commercial

franchise heading into the quarter.

Of note, revenues are expected to stabilize in 2H26 with a return to meaningful

growth for the commercial business in 2027.

On the key commercial products, Zejula 2Q26 revenue of $32.1M is IN LINE

with the cons of $31.9M (Visible Alpha).

Vyvgart 2Q26 revenue of $23.9M is IN LINE with cons of $22.5M (Visible

Alpha).

Nuzyra 2Q26 revenue of $17.1M is IN LINE with cons of $17.29M (Visible

Alpha).

Xacduro 2Q26 revenue of $8M is IN LINE with cons of $8.39M (Visible

Alpha).

On Zocilurtatug, phase 1 combo data (zoci+atezo±chemo) in 1L ES-SCLC is

expected at ESMO (prior 2H26). Pending emerging data and regulatory

discussions, registrational phase 3 trial initiation is expected in 2H26.

Looking at Zocilurtatug in 2L+ ES-SCLC setting, enrollment completion for

the registrational global phase 3 DLLEVATE trial is anticipated in 1H27 (on

track).

Looking to broader pipeline, FIH data from the SAD portion of the global phase

1/1b study in HV for ZL-1503 (IL-13/IL-31Rα) is expected in 2H26 (on track).

Reiterate Overweight rating on ZLAB shares based on the long-term potential

of the existing commercial franchise and near / intermediate-term product

launches, along with a growing internal pipeline.