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Zymeworks Inc., a biotechnology company, develops biotherapeutics for the treatment of cancer, inflammation, and autoimmune diseases. The company's platforms include Azymetric multispecific antibody platform; Drug Conjugate platform that includes a suite of proprietary cytotoxins comprising topoisomerase and microtubulin inhibiting toxins, stable linkers, and conjugation technologies; EFECT platform, which consists of a set of modifications to the Fc region of antibodies; and ProTECT, a tumor-specific immune co-stimulation platform. Its lead product candidates include Ziihera (zanidatamab-hrii), a bispecific antibody targeting HER2-expressing tumors; zanidatamab for the treatment of neoadjuvant populations, breast cancer, and other HER2-expressing cancers; Pasritamig, a bispecific T cell engager targeting human kallikrein 2 for the treatment monotherapy and castration resistant prostate cancer; ZW191, a clinical- antibody-drug conjugates (ADC) that targets folate receptor alpha expressing tumors, including ovarian, endometrial, and non-small cell lung cancers; ZW251, a clinical-stage ADC molecule for the treatment of glypican 3 expressing hepatocellular carcinoma; ZW220, an ADC that targets NaPi2b-expressing NSCLC and ovarian cancer; ZW209, a novel TriTCE targeting Delta-like ligand 3 -expressing tumor cells for the treatment of solid tumors; and ZW1528, a bispecific molecule to treat chronic obstructive pulmonary disease. It has strategic partnerships and collaborations with Jazz Pharmaceuticals plc; Bristol- Myers Squibb company; Celgene Alpine Investment Co. LLC; GlaxoSmithKline Intellectual Property Development Limited; Daiichi Sankyo Co., Ltd.; Merck Sharp & Dohme Research GmbH; and Janssen Biotech, Inc. Zymeworks Inc. was incorporated in 2003 and is based in Middletown, Delaware.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $106M | $-81M | $-81M | $-35M | -30.2% | 38.9% | -33.9% |
| 2024 | $76M | $-109M | $-123M | $-113M | -36.2% | 0.4% | 3.4% |
| 2023 | $76M | $-121M | $-119M | $-122M | -25.5% | -81.6% | -195.4% |
| 2022 | $412M | $142M | $124M | $131M | 25.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 412.48 | 76.01 | 76.30 | 105.96 |
| Operating Revenue | - | 412.48 | 76.01 | 76.30 | 105.96 |
| Operating Expense | - | 282 | 214.02 | 196.12 | 198.50 |
| Research And Development | - | 208.60 | 143.62 | 134.62 | 137 |
| Selling General And Administration | - | 73.40 | 70.40 | 61.50 | 61.50 |
| Total Expenses | - | 282 | 214.02 | 196.12 | 198.50 |
| Operating Income | - | 130.49 | -138.01 | -119.82 | -92.54 |
| Total Operating Income As Reported | - | 130.53 | -138.05 | -137.11 | -92.55 |
| EBITDA | - | 142.49 | -120.70 | -108.62 | -81.42 |
| Normalized EBITDA | - | 141.34 | -119.52 | -92.11 | -80.82 |
| EBIT | - | 130.49 | -138.01 | -119.82 | -92.54 |
| Interest Income | - | 3.60 | 19.70 | 19.94 | 13.35 |
| Net Interest Income | - | 3.60 | 19.70 | 19.94 | 13.35 |
| Other Non Operating Income Expenses | - | -0.04 | 0.29 | -0.22 | 0.05 |
| Other Income Expense | - | 1.11 | -0.89 | -16.73 | -0.56 |
| Interest Income Non Operating | - | 3.60 | 19.70 | 19.94 | 13.35 |
| Net Non Operating Interest Income Expense | - | 3.60 | 19.70 | 19.94 | 13.35 |
| Pretax Income | - | 135.23 | -119.24 | -116.61 | -79.75 |
| Tax Provision | - | 10.89 | -0.57 | 6.08 | 1.38 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.09 | -0.01 | -3.47 | -0.13 |
| Net Income Continuous Operations | - | 124.34 | -118.67 | -122.70 | -81.13 |
| Net Income From Continuing And Discontinued Operation | - | 124.34 | -118.67 | -122.70 | -81.13 |
| Net Income From Continuing Operation Net Minority Interest | - | 124.34 | -118.67 | -122.70 | -81.13 |
| Net Income | - | 124.34 | -118.67 | -122.70 | -81.13 |
| Net Income Common Stockholders | - | 124.34 | -118.67 | -122.70 | -81.13 |
| Net Income Including Noncontrolling Interests | - | 124.34 | -118.67 | -122.70 | -81.13 |
| Normalized Income | - | 123.28 | -117.49 | -109.65 | -80.65 |
| Diluted NI Availto Com Stockholders | - | 124.11 | -118.67 | -122.56 | -81.33 |
| Basic Average Shares | - | 65.19 | 68.86 | 75.85 | 75.40 |
| Diluted Average Shares | - | 65.25 | 68.86 | 75.88 | 75.41 |
| Reconciled Depreciation | - | 12 | 17.30 | 11.19 | 11.11 |
| Total Unusual Items | - | 1.15 | -1.18 | -16.51 | -0.61 |
| Total Unusual Items Excluding Goodwill | - | 1.15 | -1.18 | -16.51 | -0.61 |
| Special Income Charges | - | 0 | 0 | -17.29 | 0 |
| Impairment Of Capital Assets | - | 0 | 0 | 17.29 | 0 |
| Gain On Sale Of Security | - | 1.15 | -1.18 | 0.78 | -0.61 |
| General And Administrative Expense | - | 73.40 | 70.40 | 61.50 | 61.50 |
| Other Gand A | - | 49.60 | 48.10 | 35.40 | 30.60 |
| Salaries And Wages | - | 23.80 | 22.30 | 26.10 | 30.90 |
| Otherunder Preferred Stock Dividend | 28.53 | 0.23 | - | - | - |
| Average Dilution Earnings | - | -0.23 | 0 | 0.14 | -0.20 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Zymeworks Inc.this co. | ZYME | $1.8B | -22.76 | 6.88 | -30.2% | -22.40 |
| Astrana Health, Inc. | ASTH | $1.9B | 83.46 | 2.41 | 2.9% | 18.67 |
| Stoke Therapeutics, Inc. | STOK | $1.9B | -272.47 | 5.32 | -2.0% | -95.36 |
| Pulse Biosciences, Inc. | PLSE | $1.9B | -25.62 | 23.12 | -90.2% | -23.61 |
| Maravai LifeSciences Holdings, Inc. | MRVI | $1.8B | -14.08 |
| - |
| - |
| - |
| - |
| - |
| 8.67 |
| -61.6% |
| -13.48 |
| Pediatrix Medical Group, Inc. | MD | $1.8B | 11.11 | 2.12 | 19.1% | 7.64 |
| Viridian Therapeutics, Inc. | VRDN | $1.8B | -5.34 | 3.10 | -58.1% | -4.95 |
| Vericel Corporation | VCEL | $1.8B | 110.33 | 5.14 | 4.7% | 60.29 |
| ANI Pharmaceuticals, Inc. | ANIP | $1.8B | 22.99 | 3.33 | 14.5% | 10.29 |
| Peer Median | - | 2.88 | 4.23 | 0.5% | 1.35 | |