According to the research report published by China Securities Co., Ltd., Zai Lab (09688) announced its Q2 2024 performance, with product revenue of 0.1001 billion US dollars, a year-on-year increase of 45%. The net loss was 80.3 million US dollars, a year-on-year decrease of 33.6%.
The bank stated that all five products currently listed by the company have achieved sales revenue. Among them, Ajumodeng has strong growth momentum, and the full-year sales guidance has been raised to over 80 million US dollars. The bank believes that with the approval of multiple new products and indications in the next two to three years, revenue will increase rapidly. Through revenue growth, sufficient cash reserves, continued attention to efficiency and productivity improvement, it is expected to achieve profitability by the end of 2025.
The bank predicts that the company's revenue in 2024-2026 will be 2.593 billion yuan, 3.871 billion yuan, and 5.783 billion yuan respectively. Considering the mature development of the company's license-in model, internal research and development, and global layout, it maintained a 'buy' rating.