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 and the highest quarterly revenue ever in Q4 at $1.2 billion, driven by strong execution in rare disease and neuroscience.

• Three franchises surpassed $1 billion in annual revenue: rare sleep ($2.0B), rare epilepsy ($1.1B), and rare oncology ($1.1B), with major product launches including Modeyso and Zepzelca.

• Expanded portfolio with multiple approvals and launches, including Modeyso, Zepzelca in new indications, and HERIZON-GEA-01 Phase 3 results for zanidatamab.

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

• Resolved major litigation, notably extending Epidiolex's patent runway into the late 2030s, and completed a CEO transition.

Financial highlights

• FY25 total revenues reached $4.3 billion (+5% YoY); Q4 2025 revenues were $1.2 billion (+10% YoY).

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

• Generated $1.4 billion in cash from operations and ended 2025 with $2.4 billion in cash and investments.

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

• Modeyso generated $48 million post-launch; Zepzelca revenue reached $320 million (+15% YoY); Ziihera (zanidatamab) contributed $25 million in BTC sales.

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, driven by zanidatamab and early-stage programs; SG&A $1.26–$1.32 billion; R&D $725–$775 million.

• Effective tax rate guidance: 11.5–13.5%; fully diluted shares outstanding expected at 65–66 million.

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

• Double-digit growth in rare oncology and epilepsy expected to offset modest decline in rare sleep franchise due to generic competition.