Zymeworks, Inc. (ZYME)

NASDAQHealth CareBiotechnologySnapshot 2026-10-23

$28.22-0.77%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Zymeworks, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-4.1%

+10% or more+5%0%−5%−10% or less

1.14 → 1.09 EPS · FY ending Dec 31, 2027 · 8 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 7 to 8; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	62.33M
EPS	—	-0.04
Annual ending 2026-12-31
Revenue	—	295.36M
EPS	—	1.033
Annual ending 2027-12-31
Revenue	—	345.85M
EPS	—	1.09

Management figures unavailable.

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Execute $125 million share repurchase program in 2026	It has a $125 million share buyback program backed by a stronger balance sheet.	Improving	no meaningful share repurchases executed by end of 2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Reduce operating expenses by 20% in 2026	A primary condition in Zymeworks, Inc.'s published investment case. The stated target is reduce adjusted gross operating expenses by ~20% vs 2025.	Under Pressure	adjusted gross operating expenses do not decline by at least 15% in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Achieve ~80% revenue growth in 2026	A primary condition in Zymeworks, Inc.'s published investment case. The stated target is >=80% YoY revenue growth.	Broken	revenue growth falls below 50% in FY26	Revenue growth: -90.58% FY2026-Q2; GAAP. Published target: >=80% YoY revenue growth. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026-90.579978 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: fff8a3b8-7c85-48e4-add1-d2f5f4b15ea1. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Complete strategic acquisition and partnership to strengthen capital	The company completed a $929 million acquisition to support growth and capital needs.	Intact	strategic acquisition or partnership fails to close or provide expected capital support	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$1.09

$0.28 → $1.09 · observed estimates

FY2027 revenue$0.35B

$0.19B → $0.35B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$0.28	$189,777,310	5 / 6
2026-07-25	$0.28	$189,777,310	5 / 6
2026-07-26	$0.28	$189,777,310	5 / 6
2026-07-27	$0.96	$302,024,539	5 / 5
2026-07-28	$0.96	$302,024,539	5 / 5
2026-07-29	$0.51	$203,943,980	5 / 6
2026-07-30	$1.08	$310,524,539	5 / 5
2026-07-31	$0.51	$203,943,980	5 / 6
2026-08-01	$1.23	$310,524,539	5 / 5
2026-08-02	$0.83	$205,977,310	5 / 6
2026-08-03	$0.83	$205,977,310	5 / 6
2026-08-04	$1.31	$294,210,139	5 / 5
2026-08-05	$0.83	$205,977,310	5 / 6
2026-08-06	$1.31	$294,210,139	5 / 5
2026-08-08	$1.31	$294,210,139	5 / 5
2026-08-09	$1.31	$294,210,139	5 / 5
2026-08-10	$1.31	$294,210,139	5 / 5
2026-08-12	$1.39	$363,946,580	5 / 6
2026-08-13	$1.39	$363,946,580	5 / 6
2026-08-14	$1.31	$294,210,139	5 / 5
2026-08-15	$1.31	$294,210,139	5 / 5
2026-08-16	$1.31	$294,210,139	6 / 6
2026-08-17	$1.31	$294,210,139	6 / 6
2026-08-18	$1.31	$294,210,139	6 / 6
2026-08-19	$1.31	$294,210,139	6 / 6
2026-08-20	$1.01	$294,669,366	6 / 6
2026-08-21	$1.01	$294,669,366	6 / 6
2026-08-22	$1.01	$294,669,366	6 / 6
2026-08-23	$1.01	$294,669,366	6 / 6
2026-08-24	$1.01	$294,669,366	6 / 6
2026-08-25	$1.01	$294,669,366	6 / 6
2026-08-26	$1.22	$310,448,392	6 / 6
2026-08-27	$1.22	$310,448,392	6 / 6
2026-08-28	$1.22	$310,448,392	6 / 6
2026-08-29	$1.30	$331,697,756	6 / 7
2026-08-30	$1.30	$331,697,756	6 / 7
2026-08-31	$1.30	$331,697,756	6 / 7
2026-09-01	$1.30	$331,697,756	6 / 7
2026-09-02	$1.30	$331,697,756	6 / 7
2026-09-03	$1.30	$331,697,756	6 / 7
2026-09-04	$1.30	$331,697,756	6 / 7
2026-09-05	$1.31	$333,740,109	6 / 7
2026-09-06	$1.31	$333,740,109	6 / 7
2026-09-07	$1.31	$333,740,109	6 / 7
2026-09-08	$1.31	$333,740,109	6 / 7
2026-09-09	$1.31	$333,740,109	6 / 7
2026-09-10	$1.31	$333,740,109	6 / 7
2026-09-11	$1.31	$333,740,109	6 / 7
2026-09-12	$1.31	$333,740,109	6 / 7
2026-09-13	$1.31	$333,740,109	6 / 7
2026-09-14	$1.31	$333,740,109	6 / 7
2026-09-15	$1.31	$333,740,109	6 / 7
2026-09-16	$1.31	$333,740,109	6 / 7
2026-09-17	$1.31	$333,740,109	6 / 7
2026-09-18	$1.31	$333,740,109	6 / 7
2026-09-19	$1.31	$333,740,109	6 / 7
2026-09-20	$1.14	$323,450,892	7 / 7
2026-09-21	$1.14	$323,450,892	7 / 7
2026-09-22	$1.14	$323,450,892	7 / 7
2026-09-23	$1.14	$323,450,892	7 / 7
2026-09-24	$1.14	$323,450,892	7 / 7
2026-09-25	$1.14	$321,534,225	7 / 7
2026-09-26	$1.14	$321,534,225	7 / 7
2026-09-27	$1.14	$321,534,225	7 / 7
2026-09-28	$1.14	$321,534,225	7 / 7
2026-09-29	$1.14	$321,534,225	7 / 7
2026-09-30	$1.14	$321,534,225	7 / 7
2026-10-01	$1.18	$343,343,575	7 / 7
2026-10-02	$1.18	$343,343,575	6 / 7
2026-10-03	$1.18	$343,343,575	6 / 7
2026-10-04	$1.18	$343,343,575	6 / 7
2026-10-05	$1.30	$343,343,575	6 / 7
2026-10-06	$1.00	$345,792,932	7 / 7
2026-10-07	$1.03	$345,691,849	7 / 7
2026-10-08	$1.03	$345,691,849	7 / 7
2026-10-09	$1.03	$345,691,849	7 / 7
2026-10-10	$1.03	$345,691,849	7 / 7
2026-10-11	$1.03	$345,691,849	7 / 7
2026-10-12	$1.03	$345,691,849	7 / 7
2026-10-13	$1.03	$345,691,849	7 / 7
2026-10-14	$1.03	$345,691,849	7 / 7
2026-10-15	$1.03	$345,691,849	7 / 7
2026-10-16	$1.03	$345,691,849	7 / 7
2026-10-17	$1.03	$345,691,849	7 / 7
2026-10-18	$1.03	$345,691,849	7 / 7
2026-10-19	$1.03	$345,691,849	7 / 7
2026-10-20	$1.09	$345,831,284	7 / 8
2026-10-21	$1.09	$345,831,284	8 / 8
2026-10-22	$1.09	$345,831,284	8 / 8
2026-10-23	$1.09	$345,831,284	8 / 8
2026-10-24	$1.09	$345,848,284	8 / 8

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	14	0	0
2026-06-01	14	0	0
2026-07-01	12	0	0
2026-08-01	13	0	0
2026-09-01	14	0	0
2026-10-01	14	0	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 14 Buy / Strong Buy · 0 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades2 maintains

Recent actions · Sep 25–Oct 24 · 2 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

JefferiesOct 23

$52.00New observation · no comparable prior

Truist FinancialOct 7 · prior Aug 7

$32.00 → $34.00+6.3%

$0$28.60$57.20

1 raises · 0 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Execute $125 million share repurchase program in 2026Direct metric needs a verified mapping
Reduce operating expenses by 20% in 2026Published status: Under Pressure
Achieve ~80% revenue growth in 2026Published status: Broken
Complete strategic acquisition and partnership to strengthen capitalDirect metric needs a verified mapping

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.3%Typical daily move · historical

Downside history

-23.6%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Zymeworks, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a speculative growth business, meaning its longer-term case depends on developing and expanding revenue sources rather than current profits. The thesis remains in a watch state: recent partnerships and an acquisition support the strategy, while financial performance is weak and management execution is volatile.

What's priced into Zymeworks, Inc.

The valuation model shows ZYME at a sizable premium to peers, with optionality, or possible value from future opportunities, driving the difference. The expectations gap is elevated, but model confidence is low, so the evidence does not firmly establish what the market assumes; priced-in fragility is also tagged low.

What the fundamentals likely do

Near term, reported revenue rose from $2.408 million in 2026-Q1 to $4.590 million in 2026-Q2, and royalty revenue edged higher, while the acquisition and Roche collaboration add to the portfolio-building effort. Expense delivery is mixed, recent performance is weak, and the elevated risk of another earnings miss makes the next results an important test. Over the multi-year view, progress depends on turning partnerships, acquired assets, and zanidatamab royalties into a more diversified revenue base.

What Zymeworks, Inc. hinges on

A guidance cut or another earnings miss would add to evidence of execution problems; weakening employment data could also weigh on biotechnology and other healthcare businesses. Continued earnings strength and higher guidance from healthcare bellwethers could support sector momentum, while ZYME’s own thesis still hinges on revenue growth, expense discipline, and progress toward zanidatamab approvals and royalties.