BRIEF: Zai Lab revenue falls on fading sales for its best-selling drug
Drug developer Zai Lab Ltd. (ZLB.US; 9688.HK) on Thursday reported its revenue fell 6% to $99.6 million in the first quarter from $106.5 million a year earlier, blaming a big drop in sales for its best-selling drug ovarian cancer drug Zejula.
Zejula sales tumbled 40% to $30 million in the first quarter from $50 million a year earlier, with Zai Lab citing competition from a generic version of the drug. Sales of the company’s second-best selling drug, Vyvgart, used to treat myasthenia gravis, also fell to $17.6 million from $18.1 million a year earlier. Those declines were partly offset by a nearly eightfold rise for revenue from Xacduro, used to treat bacterial pneumonia, whose sales jumped to $8.6 million from $1.1 million a year earlier.
The company reported a net loss of $51 million for the latest reporting period, widening slightly from a loss of $48.4 million a year earlier.
Zai Lab shares were down 7.1% at HK$15.50 midway through the trading day in Hong Kong. The stock is up about 10.6% this year.
By Doug Young
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