Jazz Pharmaceuticals plc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −8.52%.
Did JAZZ Beat Earnings? Q4 2025 Results
Jazz Pharmaceuticals closed out fiscal 2025 on a strong note, posting fourth-quarter adjusted earnings of $6.64 per diluted share, ahead of the $6.51 consensus estimate by 2.05%, while revenue of $1.20 billion beat expectations by 2.81% and rose 10.1% year over year. The neuroscience franchise did much of the heavy lifting, with Xywav generating $465.45 million in Q4 net product sales, up 16% from a year earlier, and Epidiolex contributing $287.12 million as the epilepsy therapy crossed $1.00 billion in annual sales. Oncology also contributed meaningfully, with newly launched Modeyso delivering $36.54 million in its first full quarter on market following its August 2025 FDA approval. GAAP results were weighed down by $947.86 million in acquired in-process R&D charges, primarily tied to the Chimerix acquisition, driving a full-year net loss of $356.15 million despite the solid top-line momentum. Analysts tracking the stock have noted the company's debt load as a watch item. Looking ahead, Jazz guided 2026 revenues of $4.25 billion to $4.50 billion, with a potential zanidatamab launch in gastroesophageal adenocarcinoma anticipated in the second half of next year.
- Xywav net product sales grew 16% YoY in Q4 to $465 million driven by strong new patient growth with approximately 500 net patient adds in Q4
- Epidiolex/Epidyolex surpassed $1 billion in annual sales with 9% YoY growth
- Successful Modeyso launch generating $37 million in first full quarter on market
- Zepzelca net product sales increased 15% YoY in Q4 to $90 million
- Approximately 16,175 active Xywav patients exiting Q4, comprising ~10,950 narcolepsy and ~5,225 IH patients
“2025 was an exceptional year for Jazz, representing our 21st consecutive year of top-line growth and underscoring our commitment to operational excellence as we deliver meaningful innovation for patients.”
Jazz Pharmaceuticals CEO, on the earnings call
Forward Guidance & Outlook
For 2026, Jazz Pharmaceuticals expects total revenues of $4.25 to $4.50 billion, with double-digit growth across the combined epilepsy and oncology franchises, and Xywav revenue flat to up mid-single digits. GAAP gross margin is guided at 89%-90% (non-GAAP 90%-91%). GAAP SG&A expenses are expected between $1,424 million and $1,497 million (non-GAAP $1,260-$1,320 million). GAAP R&D expenses are expected between $811 million and $867 million (non-GAAP $725-$775 million). GAAP effective tax rate is guided at 0%-10% (non-GAAP 11.5%-13.5%). Weighted-average ordinary shares outstanding are expected to be 65-66 million. Key anticipated catalysts include the completion of the sBLA submission for zanidatamab in 1L HER2+ GEA in Q1 2026 with potential launch in 2H26.
JAZZ YoY Financials
JAZZ Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.