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What guidance did Zai Lab's management provide for the next earnings period?

- **Revenue Growth**: Q3 2025 revenue up 14% YoY to $116M, driven by VYVGART and NUZYRA.
- **Pipeline Milestones**: ZL-1310 Phase III for small cell lung cancer, ZL-1503 IND filing, and KarXT schizophrenia launch in 2027.
- **Profitability**: China business profitable with adjusted loss down 28% YoY to $28M.
- **Global Expansion**: 2028 $2B revenue target supported by 1310 global approvals and pipeline investments.
- **Cost Efficiency**: R&D/SR&D expenses optimized, SG&A up 4% for commercial scale.


**【CEO Opening Remarks】**
- Zai Lab achieved 14% YoY revenue growth to $116 million in Q3 2025, driven by VYVGART and NUZYRA sales.
- Global pipeline advancements include ZL-1310 entering pivotal trials for small cell lung cancer and neuroendocrine tumors, with potential 2027 approvals.
- China business remains profitable with disciplined R&D and SG&A spending, targeting $460 million+ FY2025 revenue.

**【CFO Financial Highlights】**
- Adjusted loss from operations improved 28% YoY to $28 million, reflecting cost optimization.
- R&D expenses decreased 27% YoY due to reduced licensing fees; SG&A up 4% for commercial expansion.
- Cash balance of $817 million supports global pipeline investments.

**【Q&A Key Highlights】**
- VYVGART achieving 30%+ vials per patient growth QoQ, with 21,000+ treated patients and 12% market penetration.
- ZL-1310 shows 68% ORR in Phase I/II trials, with plans for first-line combination studies.
- 2026 milestones include ZL-1503 Phase I data, ZL-6201 IND, and ZL-1222 clinical trials.
- KarXT schizophrenia launch expected with NRDL listing in 2027.
- ZEJULA faces generic competition but maintains 14% YoY growth.
- 2028 $2 billion revenue target remains on track with global approvals.


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