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Dec 31, 2025
Jazz Pharmaceuticals Q4 2025 Earnings Report
Jazz Pharmaceuticals reported record fourth quarter 2025 financial results, achieving its highest revenue quarter ever and providing 2026 guidance.
Key Takeaways
Jazz Pharmaceuticals delivered a strong Q4 2025 with total revenues reaching $1.2 billion, a 10% year-over-year increase. The company achieved record annual revenues of $4.3 billion, driven by growth in Xywav and Epidiolex. Despite a GAAP net loss for the full year due to acquisition-related charges, the company maintained strong cash flow and is preparing for significant product launches in 2026.
Achieved record quarterly revenue of $1.2 billion in 4Q25, up 10% year-over-year.
Xywav and Epidiolex continued strong performance with annual revenues of $1.7 billion and $1.1 billion respectively.
Successfully launched Modeyso in August 2025, generating $37 million in its first full quarter.
Expects to complete the sBLA submission for zanidatamab in 1L GEA in 1Q26 under RTOR.
Revenue by Segment
Forward Guidance
Jazz Pharmaceuticals expects 2026 total revenues between $4.25 billion and $4.50 billion, driven by double-digit growth in epilepsy and oncology.
Positive Outlook
- Anticipated total revenue growth reaching up to $4.5 billion.
- Double-digit growth expected across combined epilepsy and oncology franchises.
- Xywav revenue projected to be flat to up mid-single digits.
- Planned sBLA submission for zanidatamab in 1L GEA in 1Q26.
- Non-GAAP gross margin expected to remain strong between 90% and 91%.
Challenges Ahead
- GAAP net income impacted by acquisition-related inventory fair value step-ups.
- SG&A expenses projected to be as high as $1.497 billion on a GAAP basis.
- R&D expenses expected to be between $811 million and $867 million.
- Potential for continued decline in legacy Xyrem sales.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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