Jazz Pharmaceuticals (JAZZ)·Q4 2025 Earnings Summary

Jazz Pharma Beats Q4 on Record Revenue, Raises 2026 Outlook

February 24, 2026 · by Fintool AI Agent

Jazz Pharmaceuticals delivered its highest revenue quarter ever with Q4 2025 results that beat both top and bottom line estimates. Total revenues of $1.20 billion grew 10% year-over-year, driven by continued strength in the sleep franchise and a strong Modeyso launch . The company guided 2026 revenues of $4.25-4.50 billion, reflecting confidence in its core franchises and upcoming zanidatamab launch .

Did Jazz Pharmaceuticals Beat Earnings?

Jazz delivered a solid beat on both metrics:

Full-year 2025 revenue reached a record $4.27 billion, up 5% year-over-year, marking Jazz's 21st consecutive year of top-line growth . The company generated $1.4 billion in cash from operations, demonstrating strong conversion of revenue to cash flow .

How Did the Stock React?

Despite the strong beat, JAZZ stock was relatively muted, rising just +0.3% in after-hours trading to $173.79. The stock has rallied significantly from its 52-week low of $95.49, now trading near its 52-week high of $182.99.

The muted reaction may reflect that much of the good news was already priced in — JAZZ shares have gained ~82% from their 52-week low, outperforming the broader healthcare sector.

What Did Management Guide?

Jazz provided 2026 guidance that implies continued growth with a significant pipeline catalyst ahead:

Key guidance drivers :

• Xywav: Flat to up mid-single digits (continued patient growth)
• Epilepsy + Oncology: Double-digit combined growth
• Modeyso: First full year of commercial sales
• Ziihera (zanidatamab): Potential 2H26 launch in first-line HER2+ GEA

What Changed From Last Quarter?

Several notable developments this quarter:

Positive Changes:

• Record revenue quarter — $1.20B was Jazz's highest quarterly revenue ever
• Modeyso launch momentum — $37M in Q4 (first full quarter), $48M since August 2025 launch
• Zanidatamab FDA Breakthrough Therapy Designation for HER2+ GEA
• R&D expense decline — Down due to zanidatamab trial timing and JZP385 discontinuation

Headwinds:

• Litigation settlements — $234M Xyrem antitrust settlement and $90M Avadel settlement impacted SG&A
• Xyrem decline — $38M in Q4 vs $49M prior year as generic competition continues
• Vyxeos weakness — Down to $35M from $53M in Q4 2024

Product Performance Deep Dive

Neuroscience Franchise ($848M Q4, +8% YoY)

Xywav highlights :

• ~500 net patient adds in Q4
• 16,175 active patients (10,950 narcolepsy + 5,225 IH)
• Sleep franchise exceeded $2 billion in 2025 (including AG royalties)

Epidiolex achieved blockbuster status in 2025 with over $1.1 billion in annual revenue, up 9% YoY .

Oncology Franchise ($337M Q4, +16% YoY)

Modeyso (dordaviprone) was acquired through the Chimerix acquisition and launched in August 2025 for H3 K27M-mutant diffuse midline glioma. Jazz sold the associated Rare Pediatric Disease Priority Review Voucher for $200M gross proceeds (50% to Jazz) .

Pipeline Catalysts to Watch

Zanidatamab (Ziihera) — Jazz's most important near-term catalyst:

CEO Renee Gala highlighted that the Phase 3 HERIZON-GEA-01 results "firmly position zanidatamab as the HER2-targeted agent of choice" regardless of PD-L1 status, which "de-risks our clinical trials in additional indications, including HER2+ metastatic breast cancer" .

Balance Sheet & Capital Allocation

Notable: Jazz appointed Tom Riga as Chief Business Officer to "accelerate corporate development efforts across rare disease" , signaling continued M&A appetite despite elevated leverage.

Key Risks Flagged

Management highlighted several forward-looking risks :

1. Regulatory risk — sBLA for zanidatamab may not be approved on expected timeline
2. Generic competition — Xyrem continues to decline; potential generics to Epidiolex
3. Reimbursement — Obtaining coverage for specialty products remains challenging
4. Pipeline execution — Clinical trials may fail to confirm benefit or enable regulatory submissions
5. Integration risk — Chimerix integration still ongoing

The Bottom Line

Jazz delivered a clean beat in Q4 2025 with record quarterly revenue and strong execution across key franchises. The 2026 guidance implies modest top-line growth with significant optionality from zanidatamab, which could launch in HER2+ gastric cancer in 2H26. While the stock reaction was muted (shares have already rallied 82% from lows), the fundamental story remains intact: diversified rare disease portfolio generating strong cash flows with a de-risked pipeline catalyst ahead.

What to watch next:

• Q1 2026: Zanidatamab sBLA submission confirmation
• 2H 2026: Zanidatamab GEA launch timing
• Modeyso trajectory in first full year

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Data sourced from Jazz Pharmaceuticals Q4 2025 8-K filing and S&P Global consensus estimates.