JAZZ · Jazz Pharmaceuticals plc

Jazz Pharmaceuticals delivered strong first quarter 2026 results, with total revenues of $1.1 billion, a 19% increase year-over-year, driven by robust commercial execution across its sleep, epilepsy, and oncology franchises. Xywav net product sales grew 18% to $408 million, supported by 425 net patient adds, bringing active patients to approximately 16,600. Epidiolex/Epidyolex revenues increased 15% to $250 million on continued demand. In oncology, Zepzelca sales surged 60% to $101 million, driven by uptake in first-line extensive-stage small cell lung cancer, while Modeyso contributed $41 million following its August 2025 launch. The company also recognized a $122.8 million gain on the sale of a Rare Pediatric Disease Priority Review Voucher, which boosted GAAP net income to $293.1 million compared to a net loss of $92.5 million in the prior year period, which included $172 million in Xyrem antitrust litigation settlements. Non-GAAP adjusted net income rose to $419.5 million from $105.2 million, with adjusted EPS of $6.34 versus $1.68. Management highlighted the acceptance of zanidatamab's sBLA for first-line HER2+ gastroesophageal adenocarcinoma under Priority Review with a PDUFA date of August 25, 2026, as a key pipeline catalyst. The company reaffirmed its full-year 2026 revenue guidance of $4.25 billion to $4.5 billion and expense guidance, reflecting confidence in sustained growth. Cash from operations was $408 million, and the balance sheet remained solid with $2.9 billion in cash and investments and $5.4 billion in debt, with $885 million undrawn on its revolver.