Zymeworks sees up to $351m in 2026 revenue after Jazz milestone and Theravance deal

Zymeworks now expects revenue of $337m to $351m for 2026, with adjusted EBITDA of $176m to $190m. The company announced the ranges on 9 November alongside its third-quarter results, and described them as an increase on its earlier outlook.

The largest named driver is a $250m milestone payment from Jazz. It was triggered after the US Food and Drug Administration cleared Ziihera (zanidatamab-hrii) as a treatment for patients newly diagnosed with HER2-positive advanced gastroesophageal adenocarcinoma. The payment shows how much of Zymeworks' near-term financial profile depends on regulatory milestones from partnered products.

Two other items are built into the revised figures. The company has completed its acquisition of Theravance Biopharma, which brings the marketed product YUPELRI into the group. It has also licensed ZW209 to Roche. That agreement has not yet cleared review under the Hart-Scott-Rodino Act, the US antitrust pre-merger process, so its contribution to the outlook is conditional on that clearance.

CompePharma has not seen the full results release, and this report relies on the company's summary of its figures and drivers. That summary does not give the previous guidance ranges, a split of the totals by source, or any detail on Ziihera pricing or reimbursement.