Jazz Pharmaceuticals plc

What they do

Jazz Pharmaceuticals develops and commercializes therapies for rare diseases, with a portfolio including Xywav for narcolepsy and idiopathic hypersomnia, Epidiolex/Epidyolex for epilepsy, and oncology products Ziihera, Zepzelca, and Modeyso. The company operates globally, with U.S. and international approvals across its product lines. It also has a pipeline targeting additional indications and formulations, such as a cannabidiol capsule and zanidatamab in earlier lines of therapy.

Revenue drivers

• Xywav — Low-sodium oxybate for narcolepsy and IH; net sales $471M in Q2 2026, up 13% YoY, with ~525 net patient adds and ~17,125 active patients.
• Epidiolex/Epidyolex — Cannabidiol for seizures in LGS, DS, and TSC; net sales $292M in Q2 2026, up 16% YoY, driven by strong demand; development program expanding.
• Zepzelca — Lurbinectedin for small cell lung cancer; net sales $106M in Q2 2026, up 42% YoY, driven by uptake in 1L maintenance ES-SCLC combination.
• Ziihera and Modeyso — Ziihera (zanidatamab) for HER2+ biliary tract cancer generated $15M in Q2 2026; Modeyso (dordaviprone) for diffuse midline glioma generated $48M, with >600 patients treated since launch.

Recent performance

In Q2 2026, Jazz reported record total revenues of $1.2 billion, up 16% year-over-year. GAAP and non-GAAP adjusted EPS were $2.78 and $5.71, respectively, with $824 million in cash from operations in the first half of 2026. For full-year 2025, revenues were $4.27 billion with a net loss of $356.1 million and diluted EPS of -$5.84; operating cash flow was $1.36 billion. The company raised its 2026 revenue guidance to $4.60-$4.75 billion.

Strategy

Jazz's strategy focuses on commercial execution, advancing R&D programs, and strategic corporate development to strengthen its rare disease portfolio. Key initiatives include preparing to launch zanidatamab in first-line HER2+ gastroesophageal adenocarcinoma (GEA) pending FDA approval, expanding the Epidiolex clinical program into additional epilepsies and formulations, and advancing the Phase 3 ACTION trial for Modeyso. The company also leverages an efficient, scalable operating model to support global commercialization.

Risks

• Regulatory approval risk — Zanidatamab's sBLA for 1L GEA has a PDUFA date of August 25, 2026, and FDA approval is not guaranteed.
• Clinical trial risk — Key readouts, such as the HERIZON-GEA-01 doublet OS interim and Modeyso ACTION trial OS interim, may fail to meet endpoints or be delayed.
• Commercial competition — Xywav faces competition from other oxybate products and new sleep disorder therapies, which could impact patient adds and revenue growth.
• Debt and financial leverage — Long-term debt stood at $3.33 billion as of June 30, 2026, and the company reported a net loss in 2025, indicating significant leverage and variable profitability.

Outlook

Management expects continued double-digit revenue growth in 2026, driven by Xywav and the epilepsy and oncology franchises, and raised guidance to $4.60-$4.75 billion. They anticipate launching zanidatamab in HER2+ 1L GEA immediately after FDA approval, with top-line OS data from the doublet regimen expected in Q3 2026. The Phase 3 ACTION trial for Modeyso has an OS interim analysis expected in 1H27.