Jazz Pharmaceuticals (JAZZ) TD Cowen 46th Annual Health Care Conference summary

Recent progress and strategic goals

• Achieved record revenue in 2025, marking the 21st consecutive year of growth, with strong performance in Xywav, Epidiolex, and Modeyso; oxybate and oncology franchises each surpassed $1 billion.

• Acquired Chimerix, adding Modeyso and significant financial assets, including a deferred tax asset reducing future cash taxes by over $200 million and a priority review voucher sold for $200 million.

• CEO transition to Renee Gala was well received, with a refined strategy focusing on rare diseases and a 2026 revenue guidance of $4.25–$4.5 billion, targeting 2.5% growth at midpoint.

• Expecting double-digit growth in epilepsy and oncology portfolios in 2026, driven by Epidiolex, Modeyso, and Ziihera.

• Active corporate development efforts planned for 2026, especially in epilepsy, oncology, and rare diseases, with new leadership to drive business development.

Commercial and pipeline highlights

• Xywav continues to show growth, especially in idiopathic hypersomnia (IH), with over 5,000 IH patients on therapy and ongoing awareness campaigns.

• Oxybate franchise benefits from unique low-sodium formulation, maintaining share despite generic competition; authorized generic agreement extends exclusivity to end of 2029.

• Epidiolex exclusivity extended to the late 2030s, with ongoing efforts to expand adult use and new formulations; phase I-B study in focal onset seizures initiated.

• Saniona Kv7 asset licensed for epilepsy, aiming for best-in-class profile; clinical entry timing not yet disclosed.

• Modeyso launch exceeding expectations, with increased testing rates and potential U.S. peak sales over $500 million; frontline study readout expected late 2024 or early 2025.

Oncology and zanidatamab developments

• Zanidatamab demonstrated best-in-class HER2 activity, decisively outperforming Herceptin in GEA, with significant OS and PFS benefits across subgroups, including PD-L1 status.

• sBLA for GEA completed; PDUFA clock started, with NCCN guideline submission and potential off-cycle decision due to compelling data.

• GEA opportunity considered larger than BTC, contributing to a $2 billion+ peak revenue potential across four indications.

• Breast cancer expansion progressing, with robust enrollment in the IMforte study; results expected late 2027 or early 2028.

• Additional zanidatamab opportunities in colorectal and non-small cell lung cancer, with promising early data and ongoing basket studies.