Investment Rating - The report maintains an "Outperform" rating for Zai Lab (9688 HK) with a target price of 65.76 HKD per share, adjusted from a previous value of 67.51 HKD per share [14][19]. Core Insights - Zai Lab's product revenue for Q2 2024 reached $100 million, a 45% increase year-over-year, with VYVGART contributing $23.2 million. The gross margin was 64.9%, and the net loss was $80.28 million, improved from $120 million in the same period last year [9][18]. - The company raised its full-year guidance for VYVGART sales to $80 million, up from $70 million, due to strong sales performance and increased hospital coverage [10][19]. - Zai Lab is expanding the indications for VYVGART, with submissions for new indications expected to enhance its commercialization potential [10][19]. - The company anticipates significant growth from potential blockbuster products, projecting a CAGR of approximately 50% in revenue from 2023 to 2028 [10][19]. Financial Performance - In Q2 2024, R&D expenses were $61.63 million, accounting for 61.6% of product revenue, while SG&A expenses were $79.71 million, representing 79.6% of product revenue [9][18]. - The company had $730 million in cash and equivalents as of June 30, 2024, indicating a strong liquidity position [9][18]. - Revenue forecasts for 2024 and 2025 have been adjusted to $387 million and $518 million, respectively, reflecting a year-over-year growth of 45% and 34% [14][19]. Pipeline and Future Growth - Zai Lab has obtained global rights for a new ADC, expanding its pipeline, and aims to submit at least one new drug application annually [10][19]. - The company is advancing multiple clinical trials, including studies for IL-17A and DLL3 ADC, with expected data releases in late 2024 to early 2025 [10][19]. - The anticipated peak sales potential for several products, including SUL-DUR and KarXT, is projected to exceed $1 billion each [10][19].

Investment Rating - The report maintains a "Buy" rating for Zai Lab with a target price of $60 per share or HKD 47 per share, indicating a potential upside of +231% from the current price of $18.1 and +201% from HKD 15.6 [3][4][6]. Core Insights - Zai Lab's 2Q24 revenue exceeded expectations, primarily driven by strong growth in Efgartigimod, with a 76% quarter-over-quarter increase. The company raised its full-year sales guidance for Efgartigimod to over $80 million, up from the previous estimate of over $70 million [1][6]. - The company reported 2Q24 product revenue of $100.1 million, a 45.4% year-over-year increase, and a net loss of $80.28 million, which was higher than expected due to increased sales and administrative expenses [1][6]. - Efgartigimod's growth momentum is strong, with approximately 3,300 new patients added in 2Q24, and the company is on track to meet its annual target of 1,000 hospitals [1][6]. Financial Summary - The projected revenue for Zai Lab is expected to grow from $215 million in 2022 to $995 million by 2026, with a compound annual growth rate (CAGR) of 53.3% from 2024 to 2026 [7][11]. - The company anticipates a reduction in net losses from $443 million in 2022 to a projected profit of $37 million by 2026 [7][11]. - The gross margin for the company is projected to stabilize around 64.8% by 2026, reflecting improvements in operational efficiency [11]. Upcoming Catalysts - Key upcoming catalysts include the approval of new indications for Efgartigimod, submissions for four drug applications in China, and important clinical data readouts expected in 2H24 and 1H25 [1][8]. - The company plans to launch the subcutaneous formulation of Efgartigimod in 4Q24 and expand its indications to include CIDP and thyroid eye disease [1][8].

Financial Performance - For Q2 2024, Zai Lab reported a product revenue of $100.1 million, a 45% increase year-over-year, and a 47% increase at constant exchange rates[6]. - Total revenue for the three months ended June 30, 2024, was $100.5 million, a 46% increase compared to $68.9 million for the same period in 2023[35]. - Product revenue for the six months ended June 30, 2024, reached $187.3 million, up 42% from $131.7 million in the same period of 2023[35]. - The net loss for Q2 2024 was $80.3 million, with a loss per share of $0.08, compared to a net loss of $120.9 million and a loss per share of $0.13 in Q2 2023[8]. - The company reported a net loss of $80.3 million for the three months ended June 30, 2024, compared to a net loss of $120.9 million for the same period in 2023[35]. - The net loss for the six months ended June 30, 2024, was $133,748 thousand, a decrease from $170,039 thousand in the same period of 2023, showing a 21% improvement[37]. - The comprehensive loss for the three months ended June 30, 2024, was $76,672 thousand, down from $85,987 thousand in the same period of 2023, indicating a 13% reduction[37]. - The comprehensive loss for the six months ended June 30, 2024, was $128,601 thousand, down from $143,544 thousand in the same period of 2023, indicating a 10% reduction[37]. Research and Development - R&D expenses for Q2 2024 were $61.6 million, a decrease from $76.7 million in the same period last year[8]. - The company plans to submit at least four new drug applications to the NMPA within the next 12 months, including for KarXT for schizophrenia[6]. - Niraparib's new adjuvant monotherapy and combination with CCR8 antibody ZL-1218 show promise for improving efficacy in HRD-positive ovarian cancer patients, with data published in *Cell* magazine[11]. - Bemarituzumab's global Phase 3 study for first-line gastric cancer treatment has completed patient recruitment, with ongoing studies in Greater China[11]. - Approval of Repotrectinib for ROS1-positive NSCLC in China and accelerated FDA approval for NTRK-positive solid tumors in the U.S.[11]. - Approval of Efgartigimod for adult generalized myasthenia gravis (gMG) patients in China, providing more treatment options[14]. - Xanomeline-Trospium is now part of a global Phase 3 study for Alzheimer's-related psychiatric disorders in Greater China[14]. - Anticipated submission of applications for tumor treating fields therapy for NSCLC in Q4 2024[14]. - Expected data release for the global Phase 1 study of ZL-1310 in late 2024 or early 2025 for relapsed and refractory SCLC patients[18]. - ZL-1218's preliminary clinical pharmacokinetics and pharmacodynamics analysis will be presented at the ESMO 2024 conference[19]. - Recruitment for schizophrenia registration bridging study in China is expected to conclude by the end of 2024[20]. Strategic Initiatives - Zai Lab entered a strategic collaboration and global licensing agreement with Macrogenics in July 2024 to expand its global oncology pipeline with the ROR1 ADC ZL-6301[8]. - The company aims to achieve profitability by the end of 2025 through its innovative pipeline and organizational enhancements[6]. - The company expects to continue focusing on its growth strategy, including commercialization of products and clinical development plans[27]. Cash and Assets - The company’s cash reserves totaled $730 million as of June 30, 2024, down from $750.8 million as of March 31, 2024[6]. - Cash and cash equivalents as of June 30, 2024, were $630.0 million, down from $790.2 million as of December 31, 2023[31]. - Total assets decreased to $987.4 million as of June 30, 2024, from $1,036.3 million as of December 31, 2023[31]. - The company had a total equity of $704.2 million as of June 30, 2024, compared to $796.1 million as of December 31, 2023[33]. Upcoming Events - Upcoming conference call scheduled for August 7, 2024, to discuss company updates and future outlook[21].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ____________________ FORM 10-Q ____________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHAN ACT OF 1934 For the quarterly period ended June 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHAN ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-38205 ____________________ ZAI LAB LIMITED (Exact Name of Registrant as Specif ...

Exhibit 99.1 Zai Lab Announces Second Quarter 2024 Financial Results and Recent Corporate Updates – Net product revenue of $100.1 million for the second quarter of 2024, representing 45% y-o-y growth; 47% y-o-y growth at constant exchange rate (CER) – VYVGART (efgartigimod alfa injection) sales of $23.2 million for the second quarter of 2024; raising full-year VYVGART revenue guidance to exceed $80.0 million ® – Expansion of Zai Lab's global oncology pipeline with a next generation ROR1 antibody-drug conjug ...

[Table_StockInfo] 2024 年 07 月 26 日 证券研究报告•公司研究报告 当前价：14.48 港元 再鼎医药（9688.HK）医疗保健 目标价：——港元 商业化拐点，多款重磅产品落地在即 [Table_Summary 推荐逻辑：1）艾加莫德商业化放量迅速， ] 2024年全年收入有望超 7000万美元； 2）KarXT 精神分裂症适应症有望于 2024 年在美国获批上市，中国注册性桥接 研究预计在 2024 年完成入组；3）TTFields 二线 NSCLC 适应症有望于 2024 年美国获批，一线胰腺癌Ⅲ期数据有望读出。 艾加莫德商业化兑现，全年收入有望超 7000万美元。艾加莫德商业化持续兑现， 2023 年 6月，艾加莫德获国家药监局批准上市，成为国内首个且目前唯一获批 的 FcRn 拮抗剂，并于 2023 年底顺利纳入国家医保目录。2024 年一季度，艾 加莫德销售额达 1320 万美元，全年收入有望超过 7000 万美元。 KarXT精神分裂症适应症有望于 2024 年在美国获批上市。KarXT 在针对精神 分裂症的三项注册性研究中均显示出良好疗效。在 NDA 中，Karun ...

浦银国际研究 公司研究 | 医药行业 再鼎医药（ZLAB.US/9688.HK）：1Q24 业绩 超预期，艾加莫德增长势头愈发强劲 阳景 浦 首席医药分析师 银 再鼎医药 1Q24 业绩显著超预期，主要受益于各药品收入均好于预期， Jing_yang@spdbi.com 国 (852) 2808 6434 尤其是新纳入医保重磅药品艾加莫德单季销售强于预期。在目前好转 际 的医药板块行情下，公司凭借出色的业绩表现，叠加短中期值得期待的 艾加莫德强劲收入增长，吸引了投资者对公司股票的关注与买入，使得 胡泽宇 CFA 公司美股港股在业绩公布后均大涨 20%+。我们重申对再鼎医药的“买 医药分析师 入”评级和目标价 60 美元/47 港元，基于再鼎过往强大的商业化能力 ryan_hu@spdbi.com 和高效的执行力，我们相信艾加莫德能为公司实现 2023-2028 年收入 (852) 2808 6446 CAGR超 50%的战略目标提供强有力驱动。  1Q24收入好于预期，净亏损远好于预期：1Q24 产品收入为 8714.9万 2024年5月10日 公 美元(+38.8% YoY, +32.4% QoQ)，显著 ...

[Table_Main] 证券研究报告 | 公司点评 再鼎医药(09688.HK) 2024年05月10日 再鼎医药(09688.HK)：新品放量 买入（维持） 所属行业：医疗保健业/药品及生物科技 超预期，公司迈入发展新阶段 当前价格(港币)：16.20元 证券分析师 投资要点 李霁阳 资格编号：S0120523080003 业绩。2024年 5月 9日，再鼎医药发布第一季度财务业绩，2024年 Q1净产品  邮箱：lijy7＠tebon.com.cn 收入 8,710 万美元, 同比增长 39%, 按固定汇率计算同比增长 43%。研发费用和 SG&A占收入比例均有显著的下降，R&D: 63% (Q1'24) vs. 100% (2023)；SG&A: 79% (Q1'24) vs. 106% (2023)；截至24年第一季度, 公司拥有超7.5亿美元的现 金储备, 市场表现 收入端增长强劲，新老产品均表现优异：1）艾加莫德（卫伟迦®）收入1320 万  再鼎医药 恒生指数 美元，进医保后第一个季度销售放量迅速；2）则乐收入为 4550万美元，同比增 20% 长7%；3）擎乐和纽再乐纳入医保后均实现强劲 ...

Investment Rating - The report maintains an "Outperform" rating for Zai Lab [10][15][16]. Core Insights - Zai Lab's Q1 2024 product revenue reached USD 87.15 million, a 38.8% increase year-over-year, with VYVGART contributing USD 13.16 million. The gross margin was 61.4%, down 4.6 percentage points. R&D expenses were USD 54.65 million, up 12.7%, while SG&A expenses were USD 69.19 million, up 10.7%. The net loss for the quarter was USD 53.47 million, compared to a net loss of USD 49.14 million in the same period last year. Cash and cash equivalents stood at USD 750 million as of March 31, 2024 [9][15][16]. Revenue and Sales Performance - VYVGART's Q1 ramp was successful, treating approximately 2,700 new patients, including about 1,000 new patients in January 2024. The full-year sales guidance for VYVGART is projected to exceed USD 70 million. The subcutaneous formulation for CIDP has been submitted for approval and is expected to launch in 2025 [10][16]. Product Performance - Other product sales in Q1 2023 included Zejula at USD 45.50 million (+6.8%), Optune at USD 12.48 million (-6.2%), Qinlock at USD 6.09 million (+368.7%), and Nuzyra at USD 9.91 million (+80.2%). Notably, Zejula's in-hospital sales for first-line ovarian cancer have increased, and the sales of Qinlock and Nuzyra have shown strong growth [10][16]. Pipeline and Future Prospects - The 2024 pipeline is rich with potential milestones, including approvals for three products/indications and the readout of phase III data for first-line pancreatic cancer treatment [10][16]. Earnings Forecast and Valuation - Revenue forecasts for 2024-2025 have been adjusted to USD 381 million and USD 518 million, representing year-over-year growth of 43% and 36%, respectively. The net profit forecast for the same period has been adjusted to -USD 288 million and -USD 159 million. The target price is set at HKD 67.51 per share, reflecting a 1.0% increase from the previous target [11][15][16].

Summary of A-Lab's Q1 2024 Financial Results Conference Call Company Overview - The conference call is regarding A-Lab's first quarter 2024 financial results Key Points - The call is hosted by Christine Chiao, Senior Vice President of Investor Relations, indicating a structured approach to investor communication [1] Additional Important Information - The call is recorded, which suggests that the company values transparency and accountability in its communications with investors [1]