Zai Lab (ZLAB): 3Q sales inline; Zoci pivotal trials in focus towards 2027

Goldman Sachs maintains a Buy rating on Zai Lab and raises its 12-month DCF-based target price to US$34.50 per ADS and HK$26.89 per H share. 3Q26 product revenue of US$108mn (-7% y/y) was largely inline with expectations, with sequential growth of 2% q/q driven by NUZYRA (US$21mn, +37% y/y) on broader coverage and penetration, XACDURO (US$8mn, +31% y/y) on strong demand and expanding hospital adoption despite supply constraints, and early ramp-up of KarXT (US$2mn vs US$0.6mn in 2Q) following its June launch. Zejula (US$32mn, -24% y/y) and VYVGART (US$24mn, -13% y/y) showed sequential recovery, while OPTUNE declined (US$8mn, -38% y/y) amid rising domestic competition. Management reiterated confidence in returning to meaningful revenue growth in 2027, supported by NRDL-driven volume expansion for subQ VYVGART and KarXT, Zejula regaining patient share, and stronger XACDURO growth as supply constraints ease. EBIT loss of US$63mn was narrower than the Goldman Sachs estimate of US$67mn, main