ZLAB - Earnings call transcript Q1 2021

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Operator

Hello, ladies and gentlemen, thank you for standing by, and welcome to Zai Lab's First Quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time.

As a reminder, today's call is being recorded. It is now my pleasure to turn the floor over to Billy Cho, Chief Financial Officer of Zai Lab, who will make introduction -- introductory comments.

Billy Cho

to update first conference welcome results XXXX and corporate and call. morning, Zai quarter Lab's financial Good Earlier this for morning, as providing ended the Zai XX, product Lab issued of March update. company's a highlights the and financial as results XXXX, the corporate months details three well press release the is of Relations the company's The press Investor ir.zailaboratory.com. release corporate available in section website at will call Dr. be by led Today's Lab's Zai Du, Founder, Chief Officer. Samantha Chairperson Executive and our will joined Development; be Chief Tao commercial provide Jonathan more progress; by on Dr. Business who will She Strategy Wang, details Fu, recent of pipeline and Officer, Head Oncology; Alan Dr. Sandler, President, Head of Global Development, and Harald Reinhart, questions we'll during for call. and answer also portion Q&A Infectious of the Chief Diseases, Medical Officer the to be available Autoimmune

statements and Reform statements put Executive you for from that As and and to Private to our materially Such timing guarantees of cause are Chairperson I our of during that Chief what pleasure cause could a is filings a success regulatory Zai to These results objectives refer we actual uncertainties them. commercial differ the SEC to discussion and of and actual of subject differ performance, of you Dr. plans Act Lab expect. clinical call Lab's factors materially results could reminder, call, numerous statements the today. forward-looking Securities within risks risk At to turn my our forward-looking Founder, the to from time, it not Samantha today's discussed this those over are Du. Litigation certain including Zai Officer, reliance applications and will upon and therefore, our XXXX, should business meaning making launches. trials, future undue not be

Samantha Du

quarter I'll Lab's us. provide all remarks to first everyone, we Billy. never you, this the why of as been future from highlights call, some and Hello, Thank the has believe brighter. for discuss Zai to you joining thank On

therefore leading was we year strong pharmaceutical believe been of quickly year to XX a Lab our by products another strategy. will and speed a in that XXXX, create to expanded quality Zai great Zai XXXX start be portfolio to indications. of off a growth to than more execution this Lab become across company are has deliver; and with have executing We XX global Since innovative founded known

commercialized in We we have two XXXX, indications. with gained March our months now China. these approval third XX QINLOCK, for first approved the product of products In oncology the China last in within four

we as recently III size sample on filing XX, lung analysis. tumor was a trial treating XXXX. based to cell key of our of first products, three the accepted received cancers In The with addition, customers, data non-small by global clinical was In recommended for news with agreement readouts; rights, fields with commercial accelerated that continue Phase third BLA programs the in was Bemarituzumab key on granted numerous in product gMG breakthrough portfolio for franchise innovative of advanced several We become expect been for strengthen are for Efgartigimod several with now FDA have towards true to along all we to an QINLOCK, treatment to FGFRXb. pipeline-in-a-product; argenx clinical in a we broad strategic what approval leading products entered patients in a achieve continues sales just XX late-stage in pathway Efgartigimod, significant with development, approved bolstered development I want XX exclusive our therapy aspects designation of within gained a In last an further by in years. started U.S. have cancer lung cancer a NRDL with five short, have collaborations into of The strongholds; Zai ZEJULA already the the in encouraging platform with Lab to worldwide pivotal LUNAR December in have our programs we interim We a in our well a visible added gastric from implementation significantly to business. growth and seven with franchise. our execute first-line generated highlight of December including autoimmune reduced our revenue assets overexpress early-stage growing also of utilizing FDA date PDUFA which year. was gastric with quarter, clinical disease strong total of March We gastric who in and to cancer XXXX. few regulatory our trials.

ZEJULA our continued the leader we Although there's strong to see China, and ovarian in are in the expect to growth confident in be so share we the volume abilities just of cancer. remain important [ph], setting market

recent of of additional capital strategic enhance to the offering partnerships, nearly allow With target accelerate we on our significantly our $XXX clinical new proceeds pipeline. and through revenue aspects capital gross expand our development and of million, organizations public global remain our scale product advance will XXXX. to closing the strong We This to position. growth portfolios, commercial with platform our of throughout us strengthened global drive R&D pipeline all

cancer world, non-small for margetuximab and ovarian in continue to mesothelioma tumor bacterial margetuximab and for skin HERX+ TTFields anticipate cell on for actively cancer, to our gastric value. to for including for late-line numerous aggressive bacterial to NMPA strategy second-line an for China cancer, cancer, in and plan and in community-acquired CLN-XXX Efgartigimod structure breast non-small liver cancer lung in infections. unmet we In growth the expect We're patients and We needs ovarian readouts, for TPX-XXXX fields acute cancer GIST, gastric we cancer in ZEJULA for cell mission gMG. skin create for lung regulatory execute And around and and engaging file NUZYRA with continue NMPA a cancer. substantial in our treating pneumonia medical QINLOCK for on address We data serious strategy approval to in filing of China. for in

in never been I'll our has future that, and quarter, With discuss our ask as our to prospects in Tao progress Tao? more brighter. by and demonstrated focused detail. mission, the on now remain our we performance achieving first As ever

Tao Fu

of I on comment our launches the product performance discuss recent will Samantha. and you, Thank highlights. ongoing

First, to I'd ZEJULA. on touch like

a sponsored In or first- in dose and is while and gBRCA with which demonstrated results approved improving conducted the that efficacy this ZEJULA study. an been first- preserved only ZEJULA in inhibitors in Zai Lynparza inhibitor restricting the all-comers either cancer PRIMA and PARP inhibitors. of comprised study further other comparison, XX% of side first-line. GSK have for second-line ZEJULA patients approved profile. to globally ovarian for the product overall No is other As PARP patients has reminder, This China approved use only in a second-line. its label of mutation, by NORA for of by China the starting regimen effect from individualized differentiates study The PARP about

This an quarter, important milestone. achieved we

was volume for broad on value Drug see significant cancer same The Reimbursement to List starting the our of range further patients. ovarian of provides strong in growth. underscores year successful team inclusion rapid inclusion for ZEJULA's within we're already National cancer access, greater gaining and much second-line the a ovarian clinical Our launch. This patients NRDL

health with believe performance that so leading insurance, XX our been in the supplemental addition, plans. XX team time, very gaining will And we commercial insurance We're insurance PARP commercial In currently far. over plans coverage successful also launch in ZEJULA provided coverage being and health pleased become has for inhibitor our by with China.

Optune. Moving to

including was years. As XX you by second guideline the product It in and of by is The supplemental last the health we medical NMPA became first already innovative the was treatment Optune insurance in in half China also prior China. approved glioma in We launched innovative establishing XX anticipated by centers the first access rapid the direct-to-patient China, and recall, to China's our efforts, team's in national to the recommended support covered the XXXX. With in highly launch. device by insurance plans. deployed it medical in and supported patient strategy novel commercial Optune is XX community, GBM uptake,

unmet treating need. to areas working Importantly, with medical our the tumor expand we're Novocure, indications in partner, of fields of large potentially

a XXX overall further by are have line given LUNAR XX studies IDE liver months independent in Novocure, with the an forward with size randomized to the FDA area informed development. monitoring tumor global or recommended of the was XX control Phase Additional for cancers, year high-intensity ovarian which filed unethical by to regarding DMC the reduced concluded Last for approximately After additional potentially new pancreatic, the And arrays. a an it and agency's The brain than cancer, and events and with an that possibly including has and The China. announced continue response. likely partner, cell in to that Novocure the review our time update to could month, in potentially prespecified in in is non-small length the arm with patients of supplement is a more trial. lung need and months readouts number of We're million the unmet the the types important X.X clinical been pivotal glioblastoma awaiting DMC, this III an accelerate sample an XXX affecting patients accelerated a interim by analysis committee in accrual follow-up, been the encouraged Novocure huge in update data lung important China, committee, that for the Novocure where medical year. trial trial accrual observed. follow-up. in DMC had unnecessary metastasis late-stage of underway data look of LUNAR over patients patients cancer by

Phase later fields cancer tumor pilot And enrollment year. we to to also be year. in II China-only treating have is target trial gastric file complete to on We this expected a mesothelioma continue this in that

like ahead I'd and in We review, QINLOCK. last NDA priority QINLOCK Now, schedule. full approval China was It for was discuss March, one accepted of regulatory original recent filed the for approved approval the in quarter under to July. the

fourth-line as regardless could in significant this label versus U.S. expected half trial specifically demonstrated served in survival of and and pivotal We of in mutational the expect placebo China. in Top first the are and product QINLOCK important and in for designed basis second trial patients GIST status. the in inhibitor both III GIST for survival, approval kinase global to is tyrosine progression-free expansion the second-line INTRIGUE overall The second the XXXX, in QINLOCK data GIST support approved potentially indication. of launch the the quarter. Phase a benefit line INVICTUS

designation Five billion Prime unmet all are Amgen first-in-class XX% of targeted but as bema. in we'd year, therapy three with I bema gastroesophageal that other breakthrough for GI In cancer. could the need patients you, ASCO January, compound II cancer and considering a We is significant modified junction cell planning in China. significant a FDA. from of new are have a that bema, the in in actively including overall approximately acquisition bemarituzumab. The one, $X.X squamous discuss and which like statistically in of endpoints time, is of negative, at when versus in are Bema compound about in is many is compound cell and lung the indications antibody efficacy key additional presented of in improvement the every a demonstrate April, gastric gastric HERX in XX% data overexpress placebo pivotal survival. XX% survival to such cancer interest FGFRXb. study Phase There Amgen's This was FOLFOX, as combination cases and also with highlight progression-free of to developed XXX,XXX products FOLFOX for budding versus non-small received for tumors driver these trial, potential being will FIGHT modified address

more ongoing to our Cullinan say the Greater highlight sustainable We class collaborations to with BLA pipeline-in-a-product we world cancer gastric how date and trials. accepted will TPX-XXXX XXXX. Efgartigimod became business have Argenx recently PDUFA fields are beyond. and Phase CIDP, with and use these Oncology We our work lung asset ITP. to this year closely to this franchise the and great examples plans where CLN-XXX areas with And Efgart's was like platform with Turning years. Lab trial words being exciting our development would XX, business to into are our for vertically partners two franchises, pemphigus plans point clinical development planned identify built last for argenx, and for few additional a the we Lab. quarter bolstered enroll indications future three portfolios. begin potential. into Zai product. potential December quickly Zai the horizontally, of III of entered new for create to in in gMG in expand about for true partnership, maximize business execution significantly China. full I with and key cancer our of also and and Since two These autoimmune strategy testing anchor strategic entered a we Chinese patients

Going our pipeline we we to offerings, capital to track new target and the recent our strengthen through choice with execution BD leverage forward, equity strong record raised of status our will efforts. through continue

Our BD strong. very remains pipeline

to new remainder new submit partners, developed alongside pursue is assets continuing and development business new into Zai approvals, for effective numerous efficient press achieve opportunities. record which provide Lab summarized commercial global execution. of commercial indications the approval key early-stage studies of XXXX; we're ahead readouts positioned committed It key of achieve our and expand internally without release. Looking once pipeline, goes our across development again in rights milestones, and products, We plan to from and are products, our programs, regulatory late- initiate aggressively advance saying, with track to Zai's pivotal clinical data both for

recent Now, and would colleague, my financial our Cho, XXXX floor first turn discuss Officer, results. our like financing I to Chief Billy over to Financial to quarter the

Billy Cho

results the both depository of NASDAQ Kong ever shares offering with brief Thank ordinary XXXX. gross a approximately the of of offering offering of dual-tranche million. of Exchange. $XXX.X This month, Stock review shares will global was to recent on Zai financial our and American closed quarter we Lab in financing and summary give you, the Tao. a Last first first our both I and for proceeds Hong

to of allow As will pipeline mentioned agreements, to R&D and commercial collaboration expand and scale us before, global the development through additional the clinical to this strategic our our of years capital new portfolio enhance strong our pipeline organizations revenue accelerate for product drive growth come. and

the for XXXX. Net XX, the restrictions, same shares period XXXX. $XX.X due as for the increased of to $X.X related same its to the XXXX. million The to compared XXXX; payroll $XX.X $X.X the the the March were comprised ZEJULA were the related three XX, three in closing results period $X.X to trials and headcount million in was headcount. to as clinical for equity, in There in development the payroll-related of million Turning Point. cost-sharing continued million ongoing was our expenses given Revenues to to expenses for revenues in were and upfront million from $XX.X Zai million payroll-related the $XX general to primarily same fair determined $XXX.X for and also the date and XXXX. March expenses payment to to was commercial payroll payment ended R&D in for for product period months same financial compared Moving R&D compared compared administrative initiated period XXXX. period Research well to argenx, operations attributable months as increase million value were the $XX.X million were XXXX three increased ended and late-stage the Optune on and which expenses XX, increase in the at same and for certain Lab and development and $XX million expenses ended million The additional $X.X newly for for Selling, $XX.X China. upfront from months million million costs for to period $XX.X Lab Zai expand commercial March compared in the XXXX expenses primarily million

per of stockholders the of XXXX. $X.XX total $XX to $XXX.X attributable million share reported a of stockholders a per XXXX, XX, For net attributable ended for share loss March a a the $X.XX of million, or Zai net loss to loss of loss or in three common to compared share same months Lab period

to the in As previously agreements expenses. attributable increase net Turning in highlighted, with new Point primarily recorded argenx loss was and the R&D collaboration

billion cash as compared As and cash XXXX. totaled of restricted billion of $X.XXX December and XXXX, March cash equivalents, investments short-term XX, to $X.XXX XX,

in the shares closing depository expected American announced In net fees like to April Lab follow-on the and offering, total Lab, both and a questions. expenses, to million. Zai the of offering the global up Zai are over would call to including line Operator? $XXX.X the XXXX, for We offering. proceeds shares ordinary of The back operating approximately other underwriting the operator to now turn addition, open

Operator

Instructions] [Operator from the from question Yigal Our first Nochomovitz Citigroup. comes line of

Yigal Nochomovitz

Tao, you pipeline BD mentioned that the strong. remains very

such new we the such perhaps and to business exposure? and autoimmune near-term? development over already currently the should cell what So is into pace out oncology, have example, into And don't of of in branching modalities, terms therapy, Or where rare you the would for treatment areas these to new you infectious consider continue as expand plan exposure, disease additional expect areas into where as disease? you initiatives have

Samantha Du

do you, want address you that Thank Yigal. Jonathan, to question?

Jonathan Wang

Sure. Thanks for Yigal. the question,

think China over I And sustainable these leadership And some well our efforts, up that, as inbound areas I as partners a Tao as So mentioned, of partners scale, record. and across built products. think a getting years, and regulatory to track built lot combined existing from we're very we've have interest as company. commercialization, development, a diverse demonstrated result team's as really we potential the last platform up few a really very in we've through days, of established

biopharmaceutical company. to we company's our our itself. always the record And is a years, we aspire to bring to track our is at is global And best-in-class, in growth. always, you if think BD For record always first-in-class over speaks as quality, I the to assets. And couple to ambition looked us, last the of strategy support global think most important. The track I build, be think I continue quality our ultimately

question therapeutic And asked areas. also about your so

done for look XX of we've areas. therapeutic deals, number last example, the our think a at, I which especially, actually in months, if expanded you

we as diseases, the quickly able pretty the hematology we assets, we're these anchor example, Regeneron have nice well in presence deal. autoimmune into For through areas well a as deal for strong argenx the build which not areas. as in got And beforehand. those as to very And in two did pipeline new

done going for with forward, Regeneron, in also in to in think get strengthen existing definitely like new our disease very oncology, that example, continue with also it's we areas collaborations in accelerate further potentially enter to areas ambition. important I global into like for what But lung, would to we've So argenx, us. into strongholds and potentially these, therapeutic gastric,

So your hopefully, that answers question, Yigal.

Operator

next of from line Instructions] Our [Operator the question is Guggenheim. Fernandez Seamus of

Seamus Fernandez

therapy. targeted On

Just broad So, by around that your if of therapy the understand are you could the if pace COVID-related us -- help just the tease in that U.S. how in that really can the therapies targeted hoping better, targeted think that's about if some of if ask significant of to are in out view? a some portfolio. a hoping amongst to broad you targeted you I that and in pace China maybe raised advantages if portfolio, targeted China? the strategy the having you might just relative guys issue the the this market companies, and more relative your partnered therapy you differ or concerns and these concerns is more you in have patient market identification, I'm developed to therapy patient of identification understand markets that was update other investors today. U.S. given the raised see with market of uptake Or targeted there to just being think trying and COVID? little misinterpreting of today just optionality the And pace bit

Samantha Du

said, have therapies. you as actually, target We, we

We immunotherapies. have

for All have three also We fields. treating a approaches opportunities. functional offers combo tumor

platform, year for you therapies, revenue even target much perspective. targeted have, population. think cancer addressing pretty the development status. diagnostics countries you treatment we with diagnostic can companies don't gastric see close or is I Together the cancer, Having much year, segmentation diagnostics we treatment special are therapy growing approved now look companies, has options said more and And patient well. a and also and from impact standards based products, lung so, patient current they to see in to at this China last also very our to population. other different much if finding developed -- COVID from on clinical -- And our that are the I don't patient right Specifically three our global example, from these think more issue right all-comers business and companion with

ZEJULA, all-comer And patient. Optune, is -- only status ovarian and the all-comers -- this -- the also is for for first-line also QINLOCK second-line. -- second-line for all And For the And also so diagnostic monotherapy in it's the population. no the for first-line example, only later line, patient requirement. cancer there's

very us, coverage to much patient and good other greater position one So the answer your populations, for we're them right countries. did now, -- kind I broader which a patient we're to in able population questions? to of the of a each Seamus, in have than

Seamus Fernandez

Yes. question I utilize more broader mean, But my that unique move it of forward for I you a to targeted as therapies. I that something was that's opportunities others. answered to patient the Lab that's to think there portfolio optimize relative know to kind -- your makes that, identification are question. I Zai sense. and of, you guess

Samantha Du

the me you options many treatment you. -- disease in because just we we a different again, Thank multiple -- target have each to type. for you. the therapies with doctor, let different mutation brought a on Thank strong test based cohorts, go so good partners, can when Yes. very also point we

Operator

from Our line Sachs. Ziyi the is Chen next of of Goldman question

Ziyi Chen

Congratulations strong quarter. on a

offering, recent have Lab think I very now about like the a cash strong Zai billion. public position, $X.X With

efforts commercial Or us accelerate going you're color team. the the more What for out significant spend that to deals? spend on -- be building any that money? would with So pace the you to going build more are could you're up? Or team it that bigger color will great management be on share to BD how in-house on going discovery

in-house resources also commercial how the you're the and going beef-up the to understand strength? to allocate and pipeline trying So

Samantha Du

Billy Yes, to Ziyi. ask good the I'll question, that's questions. address a very

Billy Cho

Ziyi, for question. Sure. thanks the

So in for fundamental during strategic over But raise on now, our do capital need. you you're specifically that March close if right. billion cash month, last balance. -- to Right have based you from in the $X.X with it combine raising a add the little we capital if is the April,

to development additional answer on your down good the in question, part of within talking -- in to then the further. breaking BD, terms accelerate the also, being fund and departments, we licensing areas trial the R&D yes, opportunities platform. to functional to strategic were new both. is and scale drug trials, So terms we've capital in opportunities go complete our up into well And a the that goes about candidates efforts. our these the to corporate identified the opportunities, as release, advance scale commercial further specific And just call of clinical same earnings to overall the the timeline applied And of it will business as

innovative important. so We have making is years, right as products medium that the more three XX, few schedule, a that current with potential launch to have the just over term, QX going absorb approval know, not we the significant now, many pipeline growth in sure you of be very can up we next ramping only type the have over like we but

pipeline. So we our some least, last And to our expand to want global then also commercialization enhance efforts. but funding allocate to not

capital the shareholders we're value. deploy additional where create four areas and going broad we see to are these So this

Operator

of Anupam of from JPM. Rama line is question the next Our

Anupam Rama

say, a Congrats that we ZEJULA? on QINLOCK GIST progress. wondering just is thinking know how all I be days here, it's later early month. ask launch the here. quick But one launch I the Maybe should to expected and about on can curve relative this

Samantha Du

Billy, questions. your to for do you want that? you Thank address

Billy Cho

Yes, sure. thanks the question. for Anupam,

exciting launch GIST. You're QINLOCK We're advance in pretty to gastric cancer right. with It's our in franchise times going first right now. have

We we later an this month here patients launch have this of China. expect of think year, course, have opportunity out. And May. And with line in advantages in we a also care to for establish tech standard treating to data coming we new that

we'll So we're as see so anticipating outcome that well so.

Anupam, approximately know, patients every newly in year. diagnosed there's China you GIST As XX,XXX

many significant it's quite combined. as as Europe So quite and number, a U.S.

opportunity. to a And in launch team to commercial So significant franchise cancer well, go. gastric have pretty we our and we we're have built ready QINLOCK already a

we're not it's pretty exciting. just So giving guidance but yet,

Operator

question SVB of from of Leerink. the is Next line Chang Jonathan

Jonathan Chang

on progress. Congrats the

gastric impacts programs in the about with this cancer, gastric partner how cancer your of you With in approvals recent can space? talk multiple this anti-PD-X frontline strategy drugs

Samantha Du

Thank you want the the for question. to you Alan, do question? address

Alan Sandler

Thank thanks for very the much. you Sure. And question.

is and their need. Of course, of know, terms the both mortality significance and you gastric second China, cancer largest in in incidents unmet as cancer

patients more Fortunately, had expression We've treatment it more be to those and available. that to orthogonal expressing FGFRXb options HERX, earlier. occur And appears in are the -- Tao mentioned not appears necessarily bema in example. for

and T opportunity pemetrexed. activities does PD-X MacroGenics, the and and and believe, opportunity antitumor create well. With synergistic definite checkpoint may HERX continues for tumor-specific approval We partners, to blockades, that recent as believe respect evaluate continue there there's this So immunity. cell our there with to that an margetuximab enhance accelerated there need to be a to unmet as -- definitely still

still your we area. important considerable So opportunities in Did question? there are I address this believe

Jonathan Chang

of on Maybe then could potential III Yes, cancer about thinking What look a sneak in context like partially. we a this bemarituzumab, I How specifically. can and be follow-up gastric next in the Phase evolving development just study should regulatory steps? landscape?

Samantha Du

can... definitely Jonathan,

Alan Sandler

Sure.

-- sorry. So

Samantha Du

Go ahead, ahead. Alan. Go

Alan Sandler

forward. in particular study are area. recent And we towards with moving our occurred to evaluating have the partners, design the working we'll this that in think I optimal that we're Phase think it's Amgen, changes working say I III be safe -- of that

Operator

line Yee Michael of is Jefferies. from question of the Next

Michael Yee

Congrats of a on great quarter progress.

capital what other role geographies, raise. all? about would a China? that about capital And Asia, your consistent raise to follow-up at in if a expanding become global But if recent significant interested wondering so West? stated that, you in company the that pharmaceutical play means thinking to become more a into or may that East beyond the And the about to pharmaceutical how back goal Going specifically means was I company. global be wondering

Samantha Du

West XX more products Michael, you, to four thank And next launched second morning now market. additional global with we largest as global And I is, right, planning years, the also it's And we or And forward, is growth. biopharma aspire to without the you. taking what earlier, new early we're going to three think, to into I status. in for account expansions China be mentioned continue the in a partnerships, It's double-digit have going any combo definitely Coast. highlight like company. to indication

are we doing earlier, globally. very products, already one well more talked year we're three be also, pipeline. have very position about, On we more we we strong and and strong mentioned So I approved our Greater commercial over to approved as next years, in and XX in they of believe to China have three China And be doing we're is approved. we With a Asia. four top well the this what to

promising teams needs BD course, a them will team. to addition, in And we including early Phase have pipeline have that we portfolio. very three terms collaborations we three global products. seven but to And have we do next stage BD global pipeline, with pivotal However, continue discovered more very by seek of talked with in We a medical rights, address of of the also stage only four not entering our strategic bring in some stage. at strong I our later into strong years, unmet believe -- to about to assets

R&D stage revolve of expanding the based over also on and be China some Accordingly, the is this supplement population. footprint few own our rights, rights patient years and pipeline. be global team our and along based R&D have can And to can the on globally. of to internal last strategy our also we Some

We near in Boston teams, China, ambition also, R&D realize in But we Shanghai, in are well in of San not all positioned approaches, R&D. And in focusing as teams future. only have on have well. believe the Beijing now in these and that Francisco to we our we

Operator

Yang have Crédit We next of question. the Suisse for Huang

Yang Huang

in is China. question tumor on progress treating my So Fields commercialization

those we China. patients using longer developed or countries, device be almost any I how For it's yes, color more with you new launched commercialization devices? So compared collaboration China. do supplemental or if in various us Can insurance we are on increase the And on -- they're commercial of helpful. progress? And our in a understand on commercially already mean, have to shorter our plan patients we year China who example, give since color product would insurance does kind a

Samantha Du

to Sure. address I'll let Billy your question.

Billy Cho

Yang, the question. thanks for

sales the So has of in Optune been robust. China

beyond. So in year, you came as XXXX momentum last second the continue quarter first in we period $X.X strong and earnings our quarter million that the is release compared saw to million same on and in quite $X.X from

year did And other yet point, not you I'll that we're now. the just XXX exactly XX double teams to able you're payer launch to to But you momentum, adoption sales guidance. also that, mentioned we know given about leverage your specifically as types [ph]. and at the about giving So of been full we've right. And from also, number to

driven as by and It's there well. additional plans the will, XX additional the be long-term that if quite were mostly commercial that favorable but should still longer think and to we going plans insurance is increase. supplemental payer private contribution you over pools, these pay, So are we term, there's to, added

all So those right in the are trending direction.

hopefully had experience sort yes, we've asked the sort how patients So, of compare also you and about specifically to of ex-China they oh, and Chinese with -- patients.

the launches of of stages was half the kind back of kind really specifics kind And giving on definitely curves. mentioned partly U.S. a monthly data It's we second previously of year, XX from as to of where the is uptick, right half patients set before, going terms and that, half good as months that benchmark the not of -- we first we're last collecting now basis. of scripts. actually kind we're Optune right a strong both I -- current on So and half in kind new But initial in well. on second path, new trending we of because think were see the we're the in launch back to

Operator

Macquarie. David have Ng from We

David Ng

may, I just focus ZEJULA I If Macquarie. can on from again. and David It's Optune

quarter, quarter-over-quarter the the you year-over-year I new ZEJULA? a the also ground, has after then, kicks of the price about NRDL Can in. two terms trend against coverage again, noticed So on the guess, expansion, ramp-up April speed And sales. specifically very the for comparing share you is volume bit us first what and So especially with March, entering little competitors. in that's and maybe strong May, new And into satisfactory? you for tell Can continue? ZEJULA. And when

theirs. Of course, comparable quite their indications just but BeiGene guys, I also you are not guess, I also the same is as their recently noticed that with, launch price

to on maybe And for national three can more more does in team more NRDL offering along thinking On further if So competitive of achieve your on And year? sorry, have couple then it innovative ZEJULA? it NRDL of of the to in to of line case, they post-NRDL it my afford that's of PAP pricing this fewer years years. two even top a rest the on China, compared question next ramp be competitive inclusion, even questions the like on it that So on ZEJULA. strategy of terms kind threat a make after that's in drugs go any in after the go I So rather of the of inclusion? any potentially With in does to than the NRDL not strategic question kind mean So gradually? to products. intensive up where some program basically, sense China other sales four to higher guess, level? first two a really that much some peak time Optune, thoughts

Samantha Du

of a Yes. David, I lot think questions. you asked

of address. Billy? the I questions from time, your like interest For Billy to some would give to answers

Billy Cho

for David, Sure. Samantha. the Thanks, question. Thanks,

and I'll me by but through address one, let earlier one go backwards it then the ones. So

about sort terms progressing to strategy. larger with comprehensive the GBM, that be private is can short going in always yes. for question base and quite is, The we've are well, of pay And what Optune for use. And other optimizing there strategy. So especially answer we channel indications, indications, the to Optune, the your said that that's

get our those of strategy once revise So we'll kind finalized launched. and ultimately approved and

and your payers, going with well David, that plans, the we only the achieve approach, strategy not to to can that's crossed, insurance, fingers well, sort as what comprehensive do increase our we for rational point, as be. out-of-pocket a great it of really supplemental to and if private pay be current Can above beyond position So -- you Because, calling cetera. et pricing adoption. do commercial the

will then I So think competitive about sort you positive, first were landscape continued. group ZEJULA, be to layer questions To something of of above it ramp. we on on quarter be talking to believe our and but your a first that,

of as adopting class course, quite get continue of in listings this So into drug, landscape, of have was when specific go because saw The asset the awareness hospital way hospital that -- second a now, KPI, that and see NRDL And we've best believe course, see all kind has see. question. we we have good terms now the doubled The we right beyond cancer kind noted from to course, asset And PARP giving to the the we to of And that beyond. I best-in-class in because momentum. already implemented, up address third a because kind And guidance we XXX the invest inhibitor. that's transitioning great to out answering and we kind of listings. of the reason quarter, yes, -- trending we'll nicely volume ovarian of positioned right, only and clear although did class competitive characterize the XXX that. in important already But of not to -- see in to an continue a so your our in And NRDL think in it's to as hopefully, will -- on at we're quarter you're even ZEJULA but ramp and patients, that's team terms also of number sort right. is not and the why in of way of part the we're becoming upwards, we I to And building but it of up. China. good you of absorbing job those number sales we going launch and hopefully, up

Samantha Du

ZEJULA, are where Any your landscape regarding also we'll -- year. for the all-comer David, for got think we're NRDL cancer. only now -- (inaudible) all-comer right status last we competitive status a on I And approved. ovarian end second-line, who entity Yes, has approved

BRCA we don't view competitors as them two and in line, they launched year. you are they the and our the just So mentioned, later competitors because this

comers we for -- see or least, us justification patients. address to later to for line at those because for term need any we strategy our don't, feel don't near latest now we modify of we So

Operator

this at remarks. Du, I'm Samantha Zai Lab's call questions time. further for turn showing now CEO, the to will no closing over I back

Samantha Du

appreciate periodically all. throughout everyone taking I support and forward us you, Thank year. to look today. the time on join you, call. Thank to operator. the you want disconnect may thank for this progress now the to We call you on our your updating Operator,

Operator

concludes today's for participating. And call. conference Thank And you thank you. this

disconnect. You may now

Zai Lab Limited (ZLAB) 10 May 212021 Q1 Earnings call transcript