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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Zymeworks
Zymeworks (ZYME) investor relations material
Zymeworks Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary9 Nov, 2026
Executive summary
Q3 2026 revenue was $256.5M, including a $250M Jazz milestone for Ziihera’s U.S. first-line GEA approval; net income was $173.7M and diluted EPS was $2.28.
FY 2026 revenue guidance rose to $337M–$351M and Adjusted EBITDA guidance to $176M–$190M.
Theravance added YUPELRI economics and VIBATIV royalties; the Roche ZW209 collaboration offers milestone and royalty potential.
Strategy emphasizes royalty and asset aggregation, focused R&D, partnerships and selective acquisitions; FY 2026 profitability is expected, but not consistent quarterly profitability near to medium term.
Financial highlights
Q3 revenue was $256.5M vs. $27.6M; operating income was $177.6M vs. an operating loss of $22.1M; net income was $173.7M vs. a net loss of $19.6M.
9M revenue was $263.5M vs. $103.5M; operating income was $88.3M vs. an operating loss of $48.4M; net income was $84.5M vs. a net loss of $39.9M.
Q3 R&D was $36.1M vs. $35.6M; SG&A was $42.7M vs. $14.1M, reflecting acquisition costs, severance, professional fees and higher stock compensation.
9M R&D was $98.0M, down $7.8M YoY; SG&A was $77.1M, up $31.0M, mainly from acquisition-related severance, fees and stock compensation.
Adjusted EBITDA was $215.3M in Q3 vs. negative $13.5M; 9M Adjusted EBITDA was $153.0M vs. negative $21.3M.
Outlook and guidance
FY 2026 revenue guidance increased to $337M–$351M from $278M–$292M; Adjusted EBITDA guidance increased to $176M–$190M from $114M–$128M, excluding future transactions.
Guidance is subject to expiration or termination of the Roche collaboration HSR waiting period, expected in Q4 2026.
Existing cash plus the $250M Jazz milestone collected in October is expected to fund operating and capital needs for at least 12 months from filing; assessment excludes contingent milestones and strategic transactions.
Annual R&D expense, excluding stock-based compensation, is expected to trend lower over several years; collaborations are intended to share later-stage development costs.
A $100M TRELEGY ELLIPTA milestone is expected in Q1 2027, conditional on 2026 global sales thresholds; up to $190M in additional Ziihera GEA regulatory milestones remains possible.
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Latest events from Zymeworks
- Royalty cash flows fund a partnered R&D engine and selective value compounding.ZYME
Corporate presentation - Shareholders face six proposals, including a transition to annual director elections by 2029.ZYMEProxy filing
- Six votes include board declassification, a new stock plan and a 1-year say-on-pay cadence.ZYMEProxy filing
- Roche licenses ZW209 as ZW191 and ZIIHERA data bolster the portfolio.ZYMEInvestor update
- A six-proposal agenda pairs a new ESPP with a path to annual director elections by 2029.ZYMEProxy filing
- Theravance adds YUPELRI cash flows and R&D upside, funded by a non-recourse note.ZYMEM&A announcement
- FDA approval, robust pipeline, and strategic partnerships drive growth and shareholder value.ZYMEMorgan Stanley 24th Annual Global Healthcare Conference
- Scalable growth driven by partnerships, robust pipeline, and strong financial outlook.ZYMECorporate presentation
- FDA approval for zanidatamab and strategic acquisitions drive growth and innovation.ZYMEWells Fargo 21st Annual Healthcare Conference
Next Zymeworks earnings date
Stifel 2026 Healthcare Conference 202611 Nov, 2026
Zymeworks
Next Zymeworks earnings date
Stifel 2026 Healthcare Conference 202611 Nov, 2026
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Frequently asked questions
Zymeworks Inc. is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation bispecific, multifunctional biotherapeutics, initially focused on the treatment of cancer. The company's proprietary Azymetric platform combines its modular and flexible Fc engineering with non-Fc-containing domains designed to enable modulation of therapeutic index in order to address multiple biological targets simultaneously from a single protein. The partnering team brings together a comprehensive set of skills and expertise spanning early drug discovery through product commercialization.