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Linhai Zhao

Linhai Zhao

Research Analyst at Goldman Sachs Group Inc.

Hong Kong

Linhai Zhao is an Equity Research Analyst at Goldman Sachs (Asia) LLC, specializing in finance and consumer services with direct coverage of regional public companies, including recent participation in research for Everest Medicines Ltd. Since joining Goldman Sachs in July 2021, he has applied quantitative analytics expertise honed as a former specialist at Wells Fargo Securities Asia. Zhao earned his doctorate from Baylor College of Medicine in 2019 and his undergraduate degree from the University of Science & Technology of China in 2013. His professional background includes rigorous academic credentials and robust industry experience; however, public sources do not currently disclose detailed performance metrics, regulatory registrations, or recognized industry rankings.

Linhai Zhao's questions to Zai Lab (ZLAB) leadership

Question · Q1 2025

Linhai Zhao asked about the implications of the KarXT Phase III ARISE trial results for the China market and inquired about the drug's potential treatment positioning, whether for acute or maintenance therapy.

Answer

Dr. Rafael Amado, President and Head of Global R&D, stated the ARISE result has no impact on China, as their submission is based on monotherapy, the predominant treatment approach there. He expects KarXT to be used 'de novo' (as a first-line treatment) due to its significantly better safety profile compared to existing antipsychotics, making it a logical treatment of choice.

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Question · Q4 2024

Linhai Zhao asked about the real-world adoption and sales contribution of VYVGART's CIDP indication and subcutaneous formula. He also inquired about the commercial hurdles for KarXT in China and any updates on its development for dementia-related psychosis (ADP).

Answer

Joshua Smiley, President and COO, clarified that since the CIDP indication and Hytrulo formulation are not on the NRDL for 2025, their sales impact will be limited, with the commercial focus remaining on IV VYVGART for gMG. Regarding KarXT, he highlighted the significant market opportunity among China's 8 million schizophrenia patients. Dr. Rafael Amado, President and Head of Global R&D, added that they are in discussions with partner BMS regarding the regulatory pathway for the ADP indication in China.

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