Zai Lab is a commercial-stage biopharmaceutical company that licenses drugs from global pharma companies and commercializes them in Greater China, primarily in oncology, immunology, and neuroscience. Rather than discovering most drugs internally, Zai Lab handles all regulatory, commercial, and medical affairs work to bring licensed products to market in China. The company currently markets seven products in Greater China. The two most important are VYVGART (efgartigimod), a biologic for generalized myasthenia gravis licensed from argenx, and ZEJULA (niraparib), an oral PARP inhibitor for ovarian cancer licensed from GSK. Zai Lab sells through independent third-party distributors, which is standard in the Chinese pharma market. The key commercial lever in China is inclusion on the national drug reimbursement list (NRDL), which dramatically expands patient access through government insurance coverage, though typically at substantial price reductions. Five of Zai Lab's products are currently on the NRDL. Beyond its commercial portfolio, Zai Lab is building a global pipeline, with its leading asset being Zoci (ZL-1310), a DLL3-targeting antibody-drug conjugate for small cell lung cancer licensed from MediLink, for which Zai Lab holds worldwide rights and is running a global Phase 3 trial targeting potential FDA approval as early as late 2027. Zai Lab also has several late-stage China pipeline assets, including KarXT for schizophrenia (NMPA approved in late 2025) and bemarituzumab for gastric cancer. The China commercial business is generating positive operating profit, with overall company losses driven by global R&D investment.