Jazz Pharmaceuticals (JAZZ) Q4 2025 earnings summary

Executive summary

• Achieved record total revenue of $4.3 billion in 2025, up 5% year-over-year, marking the 21st consecutive year of top-line growth, with Q4 revenue of $1.2 billion, up 10% year-over-year.

• Three franchises surpassed $1 billion in annual revenue: rare sleep ($2.0B), rare epilepsy ($1.1B), and rare oncology ($1.1B), driven by strong commercial execution and innovation.

• Major product milestones included rapid Modeyso launch, Zepzelca FDA approval in 1LM ES-SCLC, and Epidiolex exceeding $1 billion in sales.

• Strategic acquisitions (Chimerix, GW) and licensing (Saniona) expanded pipeline and financial assets.

• Increased equity value by $2.8 billion year-over-year.

Financial highlights

• FY25 total revenues reached $4.3 billion (+5% YoY); 4Q25 revenues were $1.2 billion (+10% YoY).

• Non-GAAP adjusted net income for FY25 was $522 million ($8.38 per share); adjusted EPS for 2025 was $20.65; GAAP net loss was $(356) million.

• Cash from operations was $1.4 billion; cash, cash equivalents, and investments totaled $2.4 billion at year-end.

• Rare sleep franchise generated $2.0 billion in FY25; rare epilepsy $1.1 billion (+9% YoY); rare oncology $1.1 billion (+2% YoY).

• Zepzelca sales were $307–$320 million in 2025, with 15% Q4 growth.

Outlook and guidance

• 2026 revenue guidance is $4.25–$4.50 billion, with double-digit growth expected in rare oncology and epilepsy, and rare sleep revenue expected at $1.8–$1.9 billion.

• Non-GAAP adjusted gross margin guidance is 90–91%; R&D spend to increase to $725–$775 million; SG&A projected at $1.26–$1.32 billion; effective tax rate 11.5–13.5%.

• Key launches and regulatory milestones expected for zanidatamab (1L GEA) and Modeyso.

• Double-digit growth anticipated for combined rare oncology and epilepsy franchises.