According to "The Big Bank," Bank of America Securities has lowered the target price for Zai Lab to 19.92 yuan, citing pressure on core product sales

AASTOCKS
2025.11.10 03:12

Bank of America Securities research report indicates that Zai Lab (09688.HK) total revenue in the third quarter increased by 13% year-on-year to USD 116 million, with product revenue also rising by 13% year-on-year to USD 115 million. Among these, revenue from VYVGART and VYVGART Hytrulo, ZEJULA, and NUZYRA increased by 2%, decreased by 12%, and increased by 54% year-on-year, respectively. The net loss narrowed by 14% year-on-year to USD 36 million. The company has lowered its full-year revenue guidance from the original range of USD 560 million to USD 590 million down to USD 460 million.

The firm has reduced its revenue forecasts for 2025 to 2027 by 17%, 23%, and 20%, respectively, and has lowered its gross margin forecasts for 2025 and 2026 by 0.3 and 0.2 percentage points, but raised the gross margin forecast for 2027 by 0.4 percentage points due to expected product portfolio adjustments. The target price for Zai Lab's U.S. stock (ZLAB.US) has been lowered from USD 31.6 to USD 25.7, and the target price for its Hong Kong stock has been reduced from HKD 24.49 to HKD 19.92, reiterating a "Neutral" rating, as the progress of the R&D pipeline meets expectations, but core products face sales pressure

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