ZLAB - Zai Lab stock gains ~8% after Q1 earnings beat strong product revenue growth
U.S.-listed shares of Zai Lab (NASDAQ:ZLAB) have added 8.2% to $28.38 in Wednesday morning trade, after the Chinese biotech's Q1 2022 earnings beat estimates. ZLAB posted Q1 GAAP EPS of -$0.09 which beat estimates by $1.05, and revenue of $46.72M which beat by $1M. The company's quarterly revenue more than doubled from last year, helped by Y/Y growth in sales for the following products: Zejula, Optune, Qinlock and Nuzyra. Revenue for partner GlaxoSmithKline's (GSK) ovarian cancer treatment Zejula was $29.6M vs. $12.6M last year. Revenue for partner Novocure's (NVCR) wearable device Optune for the treatment of brain cancer was $12.8M vs. $7.1M last year. Revenue for partner Deciphera Pharmaceuticals' (DCPH) intestinal cancer treatment Qinlock was $3M vs. $0.4M last year. Revenue for partner Paratek Pharmaceuticals' (PRTK) antibacterial Nuzyra was $0.7M vs. nil last year. ZLAB's Q1 R&D expenses also fell significantly to $53.9M from $203.9M last year, primarily due to no upfront payment for new
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Zai Lab stock gains ~8% after Q1 earnings beat, strong product revenue growth