Company Reports

Jazz received US approval of Ziihera as a first-line treatment of all HER2-positive advanced gastroesophageal adenocarcinoma, or GEA, used in addition to chemotherapy, with or without Tevimbra. Additional phase 3 data further reinforced its survival advantage over Herceptin with longer follow-up.

Jazz Pharmaceuticals added its leading drug, Xyrem, to its portfolio in 2005 with the acquisition of Orphan Medical for about $123 million. This was a great price for the then newly approved drug, which became a blockbuster. At that point, Xyrem was the only approved treatment for cataplexy (sudden muscle weakness or paralysis) in narcolepsy; it has since garnered additional approvals for excessive daytime sleepiness in patients with narcolepsy. Its strong efficacy has propelled its success in the difficult-to-treat sleep indication, but generic pressure has created a cloud of uncertainty for the company. Jazz reached a settlement in 2017 with Hikma Pharmaceuticals to not allow generics on the market until January 2023, and while Jazz will retain some economic profit from royalties on generic sales through its shared distribution program, we are seeing the negative impact of generic entry in addition to branded competition pressuring Jazz's core sleep franchise.

Jazz generated total revenue of nearly $1.1 billion in the first quarter, up 19% from the prior-year period. Key sleep disorder drug Xywav posted $408 million in sales and added 425 new patients in the quarter. Jazz reaffirmed its 2026 total sales guidance of roughly $4.4 billion at the midpoint.

Jazz Pharmaceuticals generated $4.3 billion in total revenue in 2025, up 5% from the prior year, and fourth-quarter revenue of $1.2 billion represented 10% year-over-year growth. Investors reacted positively, sending the stock up 13% on Feb. 25.

Jazz Pharmaceuticals added its leading drug, Xyrem, to its portfolio in 2005 with the acquisition of Orphan Medical for about $123 million. This was a great price for the then newly approved drug, which became a blockbuster. At that point, Xyrem was the only approved treatment for cataplexy (sudden muscle weakness or paralysis) in narcolepsy; it has since garnered additional approvals for excessive daytime sleepiness in patients with narcolepsy. Its strong efficacy has propelled its success in the difficult-to-treat sleep indication, but generic pressure has created a cloud of uncertainty for the company. Jazz reached a settlement in 2017 with Hikma Pharmaceuticals to not allow generics on the market until January 2023, and while Jazz will retain some economic profit from royalties on generic sales through its shared distribution program, we are seeing the negative impact of generic entry in addition to branded competition pressuring Jazz's core sleep franchise.

Jazz Pharmaceuticals reported top-line results from its phase 3 study HERIZON-GEA-01. Ziihera combinations demonstrated progression-free survival benefit over Herceptin and chemotherapy, the current standard of care, in first-line HER2-positive advanced gastroesophageal adenocarcinoma.

Jazz Pharmaceuticals added its leading drug, Xyrem, to its portfolio in 2005 with the acquisition of Orphan Medical for about $123 million. This was a great price for the then newly approved drug, which became a blockbuster. At that point, Xyrem was the only approved treatment for cataplexy (sudden muscle weakness or paralysis) in narcolepsy; it has since garnered additional approvals for excessive daytime sleepiness in patients with narcolepsy. Its strong efficacy has propelled its success in the difficult-to-treat sleep indication, but generic entry is on the horizon, leaving a cloud of uncertainty for the company. Jazz reached a settlement in 2017 with Hikma Pharmaceuticals to not allow generics on the market until January 2023. While Jazz will retain some economic profit from royalties on generic sales and a shared distribution program, we are seeing the negative impact of generic entry on Xyrem's sales.

Jazz Pharmaceuticals reported $1.13 billion in third-quarter revenue, supported by an 11% increase in sales for Xywav (for sleep disorders) compared with the prior-year period. Management reaffirmed the midpoint of its 2025 revenue guidance of $4.23 billion.

Jazz Pharmaceuticals reported $1.05 billion in second-quarter revenue, boosted by a 13% increase in Xywav sales compared with the prior-year period. A $905 million research and development expense tied to the Chimerix acquisition led to a net loss of $11.74 per share in the quarter.

Jazz Pharmaceuticals’ first-quarter results were highlighted by strong performance from Xywav (for sleep disorders) and Epidiolex (for the treatment of severe, rare forms of epilepsy), each growing revenue by 9% and 10% year over year, respectively. Management reaffirmed its 2025 revenue guidance, and the company is continuing to track our expectations. We forecast 2025 revenue will reach $4.3 billion, representing growth of roughly 6% year over year. We maintain our fair value estimate of $187 per share, and the stock is trading in 5-star territory at an attractive entry point for long-term investors.

Jazz Pharmaceuticals delivered solid year-end results, highlighted by record revenue of $4.1 billion that represented 6% growth over 2023. Strong patient uptake of Xywav (for sleep disorders) and Epidiolex (for the treatment of severe, rare forms of epilepsy) were the primary growth drivers, with sales increasing 16% and 15%, respectively, year over year. Jazz’s results are tracking our expectations, and we maintain our fair value estimate of $187 per share. Shares are trading at a moderately attractive entry point in 4-star territory about 25% below our fair value.

Jazz Pharmaceuticals added its leading drug, Xyrem, to its portfolio in 2005 with the acquisition of Orphan Medical for about $123 million. This was a great price for the then newly approved drug, which became a blockbuster. At that point, Xyrem was the only approved treatment for cataplexy (sudden muscle weakness or paralysis) in narcolepsy; it has since garnered additional approvals for excessive daytime sleepiness in patients with narcolepsy. Its strong efficacy has propelled its success in the difficult-to-treat sleep indication, but generic entry is on the horizon, leaving a cloud of uncertainty for the company. Jazz reached a settlement in 2017 with Hikma Pharmaceuticals to not allow generics on the market until January 2023. While Jazz will retain some economic profit from royalties on generic sales and a shared distribution program, we are seeing the negative impact of generic entry on Xyrem's sales.

Jazz Pharmaceuticals reported strong third-quarter results, highlighted by record revenue of $1.05 billion, representing a 14% year-over-year increase thanks to robust demand for Xywav and Epidiolex. Xywav, the low-sodium version of Xyrem, accounted for 39% of total product sales in the quarter. Jazz’s results are tracking our expectations and we maintain our fair value estimate of $187 per share. We believe shares are trading at an attractive entry point in 4-star territory.

Jazz Pharmaceuticals reported strong second-quarter results, highlighted by record revenue of over $1 billion, driven by demand for Jazz’s key growth drivers of Xywav, Epidiolex, and Rylaze. These fast-growing drugs helped offset a 61% decrease in Xyrem sales. Total revenue increased by 7% from the prior year period. Jazz’s results are tracking our expectations, and we maintain our fair value estimate of $187 per share. We believe shares are trading at an attractive entry point in 4-star territory, about 40% below our fair value estimate. Strong demand for Xywav, Epidiolex, and Rylaze will drive growth, and we forecast about $4.08 billion in total revenue for 2024.

Jazz Pharmaceuticals delivered solid first-quarter results, highlighted by a 12% increase in revenue from its combined key growth drivers of Xywav, Epidiolex, and Rylaze. These fast-growing drugs helped offset a 64% decrease in Xyrem sales, as total revenue increased only 1% in the first quarter compared with the prior-year period. Jazz's results are tracking our expectations, and we maintain our fair value estimate of $187 per share. We believe shares are trading at an attractive entry point in 4-star territory about 42% below our fair value estimate. We forecast Xywav, Rylaze, and Epidiolex will continue to deliver double-digit-percentage growth in 2024, and we anticipate Jazz will reach over $4.1 billion in total revenue.

Strong uptake of Xywav for cataplexy and excessive daytime sleepiness; the blood cancer drug Rylaze; and the seizure drug Epidiolex are driving sales for Jazz Pharmaceuticals, as these three drugs posted a combined 27% year-over-year increase in revenue in 2023. Jazz's results are tracking our expectations, and we maintain our fair value estimate of $187 per share. We believe shares are trading at an attractive entry point in 4-star territory and about 37% below our fair value estimate. We forecast Xywav, Rylaze, and Epidiolex will continue to deliver double-digit percentage growth in 2024, and we anticipate Jazz will reach over $4.1 billion in total revenue.

Jazz Pharmaceuticals added its leading drug, Xyrem, to its portfolio in 2005 with the acquisition of Orphan Medical for about $123 million. This was a great price for the then newly approved drug, which became a blockbuster. At that point, Xyrem was the only approved treatment for cataplexy (sudden muscle weakness or paralysis) in narcolepsy; it has since garnered additional approvals for excessive daytime sleepiness in patients with narcolepsy. Its strong efficacy has propelled its success in the difficult-to-treat sleep indication, but generic entry is on the horizon, leaving a cloud of uncertainty for the company. Jazz reached a settlement in 2017 with Hikma Pharmaceuticals to not allow generics on the market until January 2023. While Jazz will retain some economic profit from royalties on generic sales and a shared distribution program, we are seeing the negative impact of generic entry on Xyrem's sales.

Jazz Pharmaceuticals reported third-quarter results highlighted by total revenue of $972 million, representing a 3% increase from the prior-year period. Xywav, which is the low-sodium version of Xyrem for the treatment of cataplexy and excessive daytime sleepiness, has continued to see strong patient uptake, and sales grew 30% year over year. Over 12,000 patients are actively taking the medicine at the end of the third quarter, up from 9,500 at the same time last year.

Jazz Pharmaceuticals reported second-quarter results highlighted by total revenue of $957 million, representing a 3% increase from the prior-year period. The strong patient uptake of Xywav (the low-sodium version of Xyrem for the treatment of cataplexy and excessive daytime sleepiness) continued to drive growth for the firm. Jazz’s results are tracking our expectations, and we maintain our fair value estimate of $187 per share. We believe shares are trading at an attractive entry point in 4-star territory.

Jazz Pharmaceuticals reported healthy first-quarter results highlighted by total revenue of $893 million, representing a 10% increase from the prior-year period thanks to the company’s commercialization efforts. Strong performances from Xywav (for excessive daytime sleepiness), Epidiolex (for childhood epilepsy), and Rylaze (for leukemia) have continued to be Jazz’s primary growth drivers. We maintain our $187 fair value estimate and believe the shares are currently trading at an attractive entry point, about 28% below our fair value estimate.