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].
艾加莫德Q1放量顺利，全年指引销售超过7000万美元