1. Like a focused biopharmaceutical company in the vein of Eli Lilly or Amgen, specializing in treatments for serious neurological conditions and certain types of cancer.

2. Similar to how Vertex Pharmaceuticals dominates the cystic fibrosis space, Jazz Pharmaceuticals is a leader in medicines for serious sleep disorders, while also developing oncology treatments.

• Xywav: Treats excessive daytime sleepiness and cataplexy in narcolepsy, and idiopathic hypersomnia.
• Epidiolex/Epidyolex: A cannabidiol oral solution used to treat seizures associated with Lennox-Gastaut syndrome, Dravet syndrome, or tuberous sclerosis complex.
• Sunosi: Indicated to improve wakefulness in adult patients with excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.
• Zepzelca: Used to treat adult patients with metastatic small cell lung cancer (SCLC) with disease progression on or after platinum-based chemotherapy.
• Rylaze: A recombinant asparaginase used to treat acute lymphoblastic leukemia or lymphoblastic lymphoma in patients who have developed hypersensitivity to E. coli-derived asparaginase.

Jazz Pharmaceuticals (JAZZ) primarily sells its products to a concentrated group of large pharmaceutical wholesalers rather than directly to individuals. These wholesalers then distribute the products to pharmacies, hospitals, and other healthcare providers.

The major customer companies for Jazz Pharmaceuticals, based on their revenue concentration, are:

• McKesson Corporation (MCK)
• Cencora, Inc. (formerly AmerisourceBergen Corporation) (COR)
• Cardinal Health, Inc. (CAH)

Renee Gala, President and Chief Executive Officer

Renee Gala is set to become President and Chief Executive Officer of Jazz Pharmaceuticals on August 11, 2025. She brings over 30 years of experience in finance, strategy, corporate development, and commercialization. Ms. Gala previously served as Jazz's President and Chief Operating Officer, and prior to that, as Chief Financial Officer from 2020 to 2023. Before joining Jazz in 2020, she was the Chief Financial Officer of GRAIL Inc., a healthcare company focused on early cancer detection, and served as Senior Vice President and Chief Financial Officer of Theravance Biopharma, Inc. from 2014 to 2019. She also held various global treasury, pharmaceutical sales, and corporate strategy/business development roles at Eli Lilly and Company and spent seven years in the energy industry focusing on corporate finance, project finance, and mergers and acquisitions. Ms. Gala has served on the boards of multiple biotech companies, including Gyroscope Therapeutics, which was acquired by Novartis.

Philip L. Johnson, Executive Vice President and Chief Financial Officer

Philip L. Johnson was appointed Executive Vice President and Chief Financial Officer of Jazz Pharmaceuticals on March 1, 2024. He brings over 35 years of financial experience, most notably nearly three decades at Eli Lilly and Company. At Eli Lilly, he held various senior finance positions globally, culminating in his role as Group Vice President of Finance where he led treasury and investor relations.

Robert Iannone, M.D., M.S.C.E., Executive Vice President, Global Head of Research and Development, Chief Medical Officer

Dr. Robert Iannone has served as Jazz's Executive Vice President and Global Head of Research and Development since May 2019. In this role, he oversees all aspects of preclinical research and clinical development, clinical operations, and regulatory affairs. He has over 18 years of experience in clinical drug development, with previous work on immuno-oncology programs at Merck, AstraZeneca, and Immunomedics. Before joining Jazz, Dr. Iannone was the head of research and development and chief medical officer of Immunomedics, Inc.

Neena M. Patil, Executive Vice President and Chief Legal Officer

Neena M. Patil has served as Jazz's Chief Legal Officer since July 2019. She is responsible for all legal, corporate affairs, and government relations matters, and also has executive responsibility for the global compliance and ethics program. Prior to Jazz, Ms. Patil was Senior Vice President, General Counsel, and Corporate Secretary of Abeona Therapeutics Inc. from 2018 to 2019. She also held various management positions at Novo Nordisk Inc., including Vice President for Legal Affairs and Associate General Counsel, and worked for other global biopharmaceutical companies such as Pfizer, GPC Biotech, and Sanofi.

Samantha Pearce, Executive Vice President, Chief Commercial Officer

Samantha Pearce was appointed Chief Commercial Officer in July 2024. She brings over 30 years of commercial experience in the pharmaceutical industry, with a track record of scaling commercial operations and accelerating access to medicines across various geographies. Before her promotion, Ms. Pearce served as Jazz's Senior Vice President of Europe and International. Prior to joining Jazz in 2020, she held global senior management positions at Celgene Corporation, most recently as Vice President and General Manager of International Markets, and management positions at AstraZeneca plc, culminating in her role as Director of Specialist Care. She began her career at DuPont Pharmaceuticals.

The market entry and growing adoption of Avadel Pharmaceuticals' once-nightly sodium oxybate product, Lumryz, represents a clear emerging threat to Jazz Pharmaceuticals. Jazz has historically dominated the narcolepsy treatment market with its twice-nightly oxybate products, Xyrem and Xywav, which are significant revenue drivers. Lumryz directly competes within this key therapeutic area by offering a more convenient, single-dose-per-night formulation, potentially shifting patient preference and market share away from Jazz's established franchise.

Jazz Pharmaceuticals (JAZZ) operates primarily in two therapeutic segments: neuroscience and oncology. The addressable markets for their main products or services are as follows:

Neuroscience Portfolio

• Xywav and Xyrem (Oxybate Therapies): These products address narcolepsy and idiopathic hypersomnia. The global narcolepsy therapeutics market size was estimated at USD 3.52 billion in 2023 and is expected to reach USD 6.01 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 7.9% from 2024 to 2030. Another estimate places the global narcolepsy therapeutics market value at US$ 3.19 billion in 2024, projected to reach US$ 6.98 billion by 2033 with a CAGR of 9.1%. North America was the largest market in 2022.
• Epidiolex/Epidyolex (cannabidiol): This drug treats seizures associated with Lennox-Gastaut syndrome, Dravet syndrome, and Tuberous Sclerosis Complex.
  • The global Epidiolex market size was valued at USD 1.6 billion in 2023 and is projected to reach USD 17.5 billion by 2031, with a CAGR of 14.6% during the forecast period of 2024-2031.
  • Another report projects the global Epidiolex market size at USD 281.05 million in 2024, expected to reach USD 710.82 million by 2033 with a CAGR of 10.86%.
  • A third source states the Epidiolex (cannabidiol) market size was $3.55 billion in 2024 and is expected to grow to $5.55 billion in 2029 with a CAGR of 9.3%.
  • North America dominates the global Epidiolex market.
• Sunosi (solriamfetol): This product treats excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea. Market size information specific to Sunosi is not explicitly available, but it contributes to the broader narcolepsy therapeutics market mentioned above.

Oncology Portfolio

• Rylaze (asparaginase erwinia chrysanthemi [recombinant]-rywn): Indicated for acute lymphoblastic leukemia (ALL) and lymphoblastic lymphoma. The total market size of Acute Lymphocytic Leukemia (ALL) in the 7MM (United States, EU5, and Japan) was approximately USD 1.10 billion in 2021 and is expected to increase by 2032. In 2021, the U.S. alone accounted for approximately USD 800 million of this market. North America was the largest market for Rylaze in 2024.
• Zepzelca (lurbinectedin): Approved for metastatic small cell lung cancer (SCLC).
  • The global market for small-cell lung cancer drugs is expected to reach $9.1 billion by 2033, expanding at a CAGR of 18.5% over the forecast period.
  • The Small-Cell Lung Cancer market in the 7MM (United States, EU5, and Japan) reached a value of USD 8.9 billion in 2024 and is expected to reach USD 23.0 billion by 2035, exhibiting a CAGR of 9.17% during 2025-2035.
• Defitelio (defibrotide sodium): Used to treat hepatic veno-occlusive disease (VOD) associated with hematopoietic stem-cell transplantation. Null.
• Vyxeos (daunorubicin and cytarabine) liposome: Used for acute myeloid leukemia (AML). Null.
• Modeyso (dordaviprone): Approved for recurrent H3 K27M-mutant diffuse midline glioma (DMG). Null.

Pipeline Products

• JZP-150: A therapy in development for Post-Traumatic Stress Disorder (PTSD). The global Post Traumatic Stress Disorder market size was over USD 1,740.2 billion in 2021, covering the 7MM (United States, EU5, and Japan), and is expected to increase by 2032.

Jazz Pharmaceuticals (symbol: JAZZ) is anticipated to drive future revenue growth over the next two to three years through several key products and pipeline advancements:

• Continued Growth of Xywav: Xywav, a low-sodium oxybate, is expected to maintain strong momentum, fueled by its differentiation as the only low-sodium oxybate on the market and the only FDA-approved treatment for idiopathic hypersomnia (IH). The company has seen encouraging uptake in both narcolepsy and IH indications, with net patient additions in the third quarter of 2025 totaling 450, including 325 from idiopathic hypersomnia. Xywav sales increased by 11% year-over-year in Q3 2025, reaching $431 million, making it Jazz's most extensive product by net sales. This growth is projected to continue into 2026, despite the potential entry of generic versions of high-sodium Xyrem.
• Sustained Performance and Expansion of Epidiolex: Epidiolex (cannabidiol) continues to be a significant growth driver, with net product sales increasing by 20% year-over-year to $303 million in the third quarter of 2025. The company expects Epidiolex to achieve "blockbuster" status, driven by healthy underlying demand, 10% volume growth, and supporting real-world evidence. Initiatives like the nurse navigator program have also improved patient persistency, contributing to its continued strong performance.
• Successful Launch and Uptake of Modeyso: Following its accelerated FDA approval in August 2025, Modeyso (dordaviprone) for recurrent H3 K27M-mutant diffuse midline glioma (DMG) has shown strong initial uptake, generating $11 million in net product sales shortly after its launch in Q3 2025. As the first and only targeted drug therapy for this ultra-rare and aggressive brain tumor, and its inclusion in NCCN guidelines, Modeyso is positioned to be a meaningful contributor to oncology revenue growth.
• Zepzelca Label Expansion in First-Line Small Cell Lung Cancer: Jazz Pharmaceuticals received FDA approval for Zepzelca (lurbinectedin) in combination with atezolizumab as first-line maintenance therapy for extensive-stage small cell lung cancer (ES-SCLC). This expanded label, with both therapies now included in NCCN guidelines, allows Jazz to address a larger patient population earlier in the treatment paradigm, potentially increasing its revenue contribution, despite a reported year-over-year decrease in Zepzelca's second-line sales due to competitive dynamics. The opportunity is significant, with approximately 30,000 frontline SCLC patients in the U.S..
• Advancement and Potential Launch of Zanidatamab: The oncology pipeline candidate zanidatamab is a significant future growth driver. Top-line Phase III results for the HERIZON-GEA-01 trial in gastroesophageal adenocarcinoma (GEA) are anticipated in the fourth quarter of 2025. Positive results and subsequent regulatory approvals could lead to its launch, with analysts suggesting peak sales estimates could exceed $2 billion, significantly bolstering Jazz's oncology portfolio. Jazz Pharmaceuticals strengthened its epilepsy pipeline through a licensing agreement with Saniona for SAM-2355, a preclinical candidate that aims to overcome the limitations of nonselective KCNQ targeting compounds.

Share Repurchases

• Jazz Pharmaceuticals has an authorized share repurchase program for up to $500 million, with $225 million remaining outstanding as of June 30, 2025.
• The company resumed repurchases in the second quarter of 2025, purchasing approximately $125 million worth of shares.
• Significant share repurchases in recent periods include $161.42 million as of June 30, 2024, and $99.79 million as of December 31, 2023.

Share Issuance

• As of April 15, 2025, there were 61,632,292 ordinary shares outstanding.
• As of February 19, 2025, there were 60,732,479 ordinary shares outstanding.

Outbound Investments

• Jazz Pharmaceuticals acquired GW Pharmaceuticals for approximately $7.2 billion in May 2021, significantly enhancing its neuroscience portfolio with products like Epidiolex/Epidyolex.
• In April 2025, the company finalized the acquisition of Chimerix for approximately $935 million, adding the brain cancer drug candidate dordaviprone to its oncology pipeline.
• The company entered into an exclusive licensing agreement with Zymeworks for the HER2-targeted bispecific antibody zanidatamab, involving an initial $50 million payment with a potential total deal value up to $1.76 billion.

Capital Expenditures

• The company has maintained a focus on disciplined capital allocation, with strong cash flow from operations supporting investments in the business.
• Capital allocation prioritizes investments in key commercial growth drivers and the pipeline for long-term growth.
• Selling, general, and administrative expenses are expected to increase in 2025, primarily due to investment in the commercial portfolio, including the launch of Ziihera.