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

3Q26 product revenue of US$108mn (-7% y/y) is largely inline with our expectations (US$105mn, or US$107mn for Visible Alpha Consensus), with sequential growth (+2% q/q) driven by NUZYRA (US$21mn, +37% y/y, +23% q/q), XACDURO (US$8mn, +31% y/y, +5% q/q) and early ramp-up of KarXT (US$2mn, vs. US$0.6mn in 2Q). Zejula and VYVGART continued to show sequential recovery, while OPTUNE declined amid rising domestic competition. Mgmt reiterated confidence in returning to meaningful revenue growth in 2027, supported by expected NRDL-driven volume expansion for subQ VYVGART and KarXT, Zejula regaining patient share, and stronger XACDURO growth as supply constraints ease. EBIT loss was narrower than estimates (-US$63mn vs. GSe -US$67mn), primarily due to lower GPM that includes a US$7.5mn inventory write-down mainly for VYVGART. The ESMO2026 ph1b readout reinforced zoci's competitive therapeutic window in 1L ES-SCLC, with three global pivotal programs expected to be underway by YE26. We are Buy ra