J P M O R G A N North America Equity Research 02 June 2025 Zai Lab ASCO 2025 – Continued Strong Momentum for ZL- 1310 SCLC Program Today in conjunction with ASCO 2025, Zai Lab presented the dose escalation and dose expansion data of the phase 1a / 1b ZL-1310 (DLL3 ADC) trial in extensive- stage small cell lung cancer (ES-SCLC). We wanted to pass on our quick thoughts. Overweight ZLAB, ZLAB US Price (30 May 25):$30.14 SMid Biotechnology Anupam Rama AC (1-212) 622-0900 anupam.rama@jpmorgan.com Priyanka Grover ...

跟踪精度方面，截至2025年6月4日，恒生医疗ETF近1月跟踪误差为0.026%，在可比基金中跟踪精度最高。 截至2025年6月5日 09:50，恒生医疗保健指数(HSHCI)强势上涨1.61%，成分股再鼎医药(09688)上涨7.75%，金斯瑞生物科技(01548)上涨6.12%，和黄医药 (00013)上涨5.91%，四环医药(00460)，康方生物(09926)等个股跟涨。恒生医疗ETF(513060)上涨1.48%， 冲击3连涨。最新价报0.55元。拉长时间看，截至 2025年6月4日，恒生医疗ETF近1周累计上涨7.58%。流动性方面，恒生医疗ETF盘中换手3.99%，成交3.40亿元。拉长时间看，截至6月4日，恒生医疗ETF近 1周日均成交15.10亿元，排名可比基金第一。 爱建证券指出，中美博弈仍有不确定性，抓住国内市场的"硬科技"和"强刚需"。其中，创新药是核心赛道，最具确定性和成长性，由于中国创新药产业研发 能力和全球影响力的提升，我们看好中国创新药出海的产业趋势，重点跟踪ADC、双抗、TCE、自免等前沿领域的创新龙头和产业链；同时，我们也看好脑 机接口、AI+医疗等新兴科技，以及有望实现自 ...

6月5日早盘，港股集体高开。截至发稿，恒生指数涨0.63%，恒生科技指数涨0.65%。 中泰证券认为，中国创新药行业经历前期的资本红利泡沫，到泡沫破灭后的重新上路，当前国产创新真 正展现成果，建议积极拥抱，加配医药板块。具体地，进入6月，二季度整体经营情况将更加明朗，建 议积极布局有望逐步走出拐点的细分板块，如CRO&CDMO、科研上游、特色原料药、连锁药房、品牌 OTC等。 国元证券表示，整体来看，我国创新药已经得到了海外大型制药企业的背书，证明创新药研发实力已经 达到国际领先水平，可以在全球范围内竞争，并成为业绩增长的重要推动力。目前我国创新药进入成果 兑现阶段，研发进展催化较多，有望持续作为2025年医药板块投资主线。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 相关ETF方面，截至发稿，港股创新药ETF（159567）涨1.26%，换手率16.38%，成交额快速突破2.8亿 元，盘中交投活跃。成分股中，再鼎医药涨超7%，和黄医药涨超4%，绿叶制药涨超3%。 港股创新药ETF（159567）紧密跟踪港股通创新药指数（987018），该指数反映港股通 ...

美股开盘，三大股指小幅高开。纳斯达克中国金龙指数涨0.77%，涨幅居前的个股为：再鼎医药 (ZLAB.O)涨9.4%、名创优品(MNSO.N)涨4.7%。 ...

智通财经APP获悉，再鼎医药(09688)涨超10%，截至发稿，涨10.02%，报25.25港元，成交额3.29亿港 元。 浦银国际指出，多重催化剂下，建议重点关注DLL3 ADC在ASCO大会上的一期数据更新及潜在出海。 备受关注的重磅全球管线产ZL-1310 (DLL3 ADC)有望在ASCO大会上读出更新的2L+ SCLC一期 ORR/DOR/安全性数据（约70个病人数据，包括50个病人剂量优化数据和19个病人剂量爬坡数据）， 2H25预计将开启2L+ SCLC单用关键临床试验及公布1LSCLC联用一期剂量爬坡数据，以及有望实现潜 在出海授权（我们预计可能于一期更新数据公布后）。 消息面上，再鼎医药近日发布，一季度实现总收入1.06亿美元，同比增加22.19%；研发开支6072.9万美 元，同比增加11.13%。其中，2025年第一季度产品收入净额为1.057亿美元，2024年同期为8710万美 元，同比增长 21%，按固定汇率计算同比增长23%。值得关注的是，再鼎医药正在进行的全球1a/1b期 临床研究（NCT06179069）的最新数据将在2025年美国临床肿瘤学会（ASCO）年会的壁报环节公布。 ...

智通财经5月19日电，截至发稿，再鼎医药(09688.HK)涨4.58%、康宁杰瑞制药-B(09966.HK)2.39%、乐 普生物-B(02157.HK)涨1.81%。 港股医药股走强 再鼎医药涨超4% ...

Summary of the Conference Call for Zai Lab Company Overview - **Company**: Zai Lab - **Date**: May 9, 2025 Key Points Industry and Market Performance - Zai Lab's core product, Efgartigimod, experienced strong sales growth in its first year after entering the medical insurance system, despite seasonal impacts in Q1 2025. Patient numbers rebounded significantly in March and April, leading to confidence in annual sales projections [2][4][16] - The company anticipates total revenue for 2025 to reach between $560 million and $590 million, with profitability expected in Q4 2025. By 2028, revenue is projected to exceed $2 billion, continuing to grow into 2030 [2][5] Product Pipeline and Development - The core product GL1,310 (DLD-ADC) is expected to accelerate approval in the U.S. by 2027, with a key clinical study for small cell lung cancer set to launch soon, and data to be presented at the ASCO conference [2][6] - Efgartigimod's market penetration is increasing, with new guidelines recommending its use for patients with myasthenia gravis. The Chinese guidelines for myasthenia gravis are expected to be updated mid-year, indicating significant market potential [2][7] - The launch of Dovato will address the treatment gap for approximately 300,000 cases of Acinetobacter baumannii infections in China, and the company plans to expand Efgartigimod's applications in other conditions [2][9] Financial Performance - In Q1 2025, Zai Lab reported a total revenue increase of 22% year-over-year, reaching $106.5 million. The number of products launched in Greater China increased to 8, up from 5 in the previous year [4] - The company reduced its operational loss by 20% year-over-year in Q1, with adjusted operational loss improving by 25%, setting a solid foundation for achieving profitability in Q4 [11][15] Research and Development - Zai Lab is advancing multiple global R&D projects, including GL1,310, which has shown promising preliminary data in previous conferences. The company plans to initiate a global pivotal clinical study for small cell lung cancer later this year [6][12] - Other important products, such as Zejula and Nuzyra, have also shown strong performance, with Dovato receiving positive feedback from doctors and patients [8] Strategic Initiatives - The company is focused on maintaining prudent financial expenditures, with R&D and SGA expenses significantly decreasing as operational efficiency improves [10] - Zai Lab is actively pursuing insurance negotiations to expand market coverage and enhance patient access to Efgartigimod, aiming to cover 85% of the GMS market potential hospitals [16][22] Competitive Landscape - The introduction of more biologics in the market is seen as beneficial for patients, providing more treatment options and enhancing the long-term use of biologics. Zai Lab is confident in Efgartigimod's market share due to its efficacy and safety profile [21] Future Outlook - Key upcoming catalysts include data updates at ASCO, pivotal clinical data for bemarituzumab in gastric cancer, and ongoing preparations for insurance negotiations [17] - The company is optimistic about the impact of geopolitical factors on its business, believing that current tariff policies will not significantly affect operations [18][19] Conclusion - Zai Lab is positioned for significant growth with a robust product pipeline, strong financial management, and strategic initiatives aimed at expanding market presence and enhancing patient access to innovative therapies [35][36]

Policy Developments - The National Health Commission released the "Guidelines for the Construction and Management of Geriatric Medicine Departments (2025 Edition)", requiring that secondary and higher-level hospitals establish geriatric medicine departments with specific standards for bed allocation and service models [2] Drug and Device Approvals - Roche announced that its innovative bispecific antibody Glofitamab has received approval from the National Medical Products Administration for a new indication to treat adult patients with relapsed or refractory diffuse large B-cell lymphoma [4] - Heng Rui Pharma's application for the CDK4/6 inhibitor Darsylis has been accepted by the National Medical Products Administration for use in early or locally advanced breast cancer [5] - Boehringer Ingelheim's drug Niramolast is proposed for priority review for the treatment of progressive pulmonary fibrosis, showcasing its dual anti-fibrotic and anti-inflammatory effects [6] Financial Data - Zai Lab reported a total revenue of $106.5 million for Q1 2025, a 22% year-over-year increase, and reaffirmed its full-year revenue guidance of $560 million to $590 million [8] - BeiGene achieved a revenue of 8.048 billion yuan in Q1 2025, marking a 50.2% year-over-year growth, driven by strong sales of its core self-developed products [9] Industry Developments - Roche is investing 2.04 billion yuan in a new biopharmaceutical production base in Shanghai, which will focus on the localized production of innovative drugs and is expected to be completed by 2029 [11] - AstraZeneca and Daiichi Sankyo announced positive results from the DESTINY-Breast11 Phase 3 trial for their antibody-drug conjugate Enhertu, demonstrating significant clinical benefits in early breast cancer treatment [12]

Core Insights - The company reported total revenue of $106 million for Q1 2025, representing a year-over-year increase of 22% [1] - Product revenue netted $106 million, showing a year-over-year growth of 21% [1] - Operating loss was $56.3 million, a decrease of 20% compared to the previous year, while adjusted operating loss was $37.1 million, down 25% year-over-year [1] - As of March 31, 2025, the company had cash reserves of $857 million [1] - The company projects full-year revenue guidance for 2025 to be between $560 million and $590 million [1]

再鼎医药(09688.HK)2025年Q1营收1.065亿美元，上年同期0.871亿美元。 ...