Jazz Pharmaceuticals (JAZZ)


Market Price (9/7/2026): $246.82 | Market Cap: $15.6 BilSector: Health Care | Industry: Pharmaceuticals

Jazz Pharmaceuticals (JAZZ)


Market Price (9/7/2026): $246.82
Market Cap: $15.6 Bil
Sector: Health Care
Industry: Pharmaceuticals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0%, FCF Yield is 8.4%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%

Low stock price volatility
Vol 12M is 37%

Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Oncology Treatments, Biopharmaceutical R&D, Show more.

Weak multi-year price returns
3Y Excs Rtn is -1.1%

Key risks
JAZZ key risks include [1] intense competition and patent expirations for its core oxybate franchise, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0%, FCF Yield is 8.4%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%
3 Low stock price volatility
Vol 12M is 37%
4 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Oncology Treatments, Biopharmaceutical R&D, Show more.
5 Weak multi-year price returns
3Y Excs Rtn is -1.1%
6 Key risks
JAZZ key risks include [1] intense competition and patent expirations for its core oxybate franchise, Show more.

JAZZ in ETFs

Weight = JAZZ's share of each fund

VTI0.02%
ITOT0.02%
IWB0.02%
IJH0.42%
VB0.19%
MDYG0.84%
IJK0.81%
NUSC0.53%
+20 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

Jazz Pharmaceuticals (JAZZ) stock has gained about 5% since 5/31/2026 because of the following key factors:

1. U.S. FDA approval of Ziihera (zanidatamab-hrii) for first-line HER2-positive advanced gastroesophageal adenocarcinoma significantly expanded its market potential. On August 25, 2026, the U.S. Food and Drug Administration (FDA) approved two Ziihera-containing first-line regimens for adults with unresectable locally advanced or metastatic HER2-positive advanced gastroesophageal adenocarcinoma (GEA). This approval followed positive Phase 3 HERIZON-GEA-01 trial data showing statistically significant overall survival gains and a 28% reduction in the risk of death compared to trastuzumab-based regimens. Analysts from RBC Capital Markets estimate this new clearance opens a market opportunity north of $1.5 billion.

2. Jazz Pharmaceuticals raised its full-year 2026 revenue guidance. Following strong fiscal Q2 2026 results, the company increased its full-year 2026 revenue guidance range to $4.60 billion - $4.75 billion, up from the previous range of $4.250 billion - $4.500 billion. This updated guidance reflects anticipated double-digit year-over-year revenue growth from both Xywav and the combined epilepsy and oncology franchises.

Show more
Updated on 9/1/2026

Jazz Pharmaceuticals (JAZZ) stock has gained about 5% since 5/31/2026 because of the following key factors:

1. U.S. FDA approval of Ziihera (zanidatamab-hrii) for first-line HER2-positive advanced gastroesophageal adenocarcinoma significantly expanded its market potential. On August 25, 2026, the U.S. Food and Drug Administration (FDA) approved two Ziihera-containing first-line regimens for adults with unresectable locally advanced or metastatic HER2-positive advanced gastroesophageal adenocarcinoma (GEA). This approval followed positive Phase 3 HERIZON-GEA-01 trial data showing statistically significant overall survival gains and a 28% reduction in the risk of death compared to trastuzumab-based regimens. Analysts from RBC Capital Markets estimate this new clearance opens a market opportunity north of $1.5 billion.

2. Jazz Pharmaceuticals raised its full-year 2026 revenue guidance. Following strong fiscal Q2 2026 results, the company increased its full-year 2026 revenue guidance range to $4.60 billion - $4.75 billion, up from the previous range of $4.250 billion - $4.500 billion. This updated guidance reflects anticipated double-digit year-over-year revenue growth from both Xywav and the combined epilepsy and oncology franchises.

3. Strong fiscal Q2 2026 revenue growth exceeded analyst expectations. For its fiscal Q2 2026, which ended June 30, 2026, Jazz Pharmaceuticals reported total revenues of $1.2 billion, representing a 16% year-over-year increase and marking the company's highest-ever quarterly revenues. This surpassed the consensus analyst estimate of $1.11 billion. Key products like Xywav saw net product sales increase 13% year-over-year to $471 million.

4. Positive analyst sentiment and increased price targets. Following the company's fiscal Q2 2026 earnings report and the Ziihera FDA approval, multiple research firms reiterated "Buy" ratings and increased their price targets for JAZZ. For instance, Robert W. Baird raised its target price from $252.00 to $280.00, while UBS Group reissued a "buy" rating with a target price of $315.00. The average 12-month price target among brokerages is approximately $272.89.

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Stock Movement Drivers

Fundamental Drivers

The 4.4% change in JAZZ stock from 5/31/2026 to 9/6/2026 was primarily driven by a 2980.2% change in the company's Net Income Margin (%).
(LTM values as of)53120269062026Change
Stock Price ($)236.49246.814.4%
Change Contribution By: 
Total Revenues ($ Mil)4,4394,6013.7%
Net Income Margin (%)0.7%20.4%2980.2%
P/E Multiple496.916.6-96.7%
Shares Outstanding (Mil)6263-2.1%
Cumulative Contribution4.4%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/6/2026
ReturnCorrelation
JAZZ4.4% 
Market (SPY)1.8%17.6%
Sector (XLV)14.7%33.4%

Fundamental Drivers

The 29.9% change in JAZZ stock from 2/28/2026 to 9/6/2026 was primarily driven by a 24.7% change in the company's P/S Multiple.
(LTM values as of)22820269062026Change
Stock Price ($)190.02246.8129.9%
Change Contribution By: 
Total Revenues ($ Mil)4,2684,6017.8%
P/S Multiple2.73.424.7%
Shares Outstanding (Mil)6163-3.4%
Cumulative Contribution29.9%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/6/2026
ReturnCorrelation
JAZZ29.9% 
Market (SPY)12.6%35.5%
Sector (XLV)7.5%45.3%

Fundamental Drivers

The 93.2% change in JAZZ stock from 8/31/2025 to 9/6/2026 was primarily driven by a 77.2% change in the company's P/S Multiple.
(LTM values as of)83120259062026Change
Stock Price ($)127.75246.8193.2%
Change Contribution By: 
Total Revenues ($ Mil)4,0874,60112.6%
P/S Multiple1.93.477.2%
Shares Outstanding (Mil)6163-3.2%
Cumulative Contribution93.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/6/2026
ReturnCorrelation
JAZZ93.2% 
Market (SPY)20.4%17.1%
Sector (XLV)26.4%31.4%

Fundamental Drivers

The 72.2% change in JAZZ stock from 8/31/2023 to 9/6/2026 was primarily driven by a 39.1% change in the company's P/S Multiple.
(LTM values as of)83120239062026Change
Stock Price ($)143.36246.8172.2%
Change Contribution By: 
Total Revenues ($ Mil)3,7634,60122.3%
P/S Multiple2.43.439.1%
Shares Outstanding (Mil)64631.3%
Cumulative Contribution72.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/6/2026
ReturnCorrelation
JAZZ72.2% 
Market (SPY)77.1%31.6%
Sector (XLV)34.7%40.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
JAZZ Return-23%25%-23%0%38%46%50%
Peers Return-3%43%-7%-1%35%16%100%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
JAZZ Win Rate42%67%33%50%58%56% 
Peers Win Rate55%60%47%50%60%60% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
JAZZ Max Drawdown-36%-25%-29%-24%-32%-9% 
Peers Max Drawdown-41%-32%-36%-29%-31%-20% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HRMY, AXSM, BIIB, ABBV, NBIX. See JAZZ Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)

How Low Can It Go

EventJAZZS&P 500
2025 US Tariff Shock
  % Loss-27.5%-18.8%
  % Gain to Breakeven38.0%23.1%
  Time to Breakeven145 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-13.3%-9.5%
  % Gain to Breakeven15.4%10.5%
  Time to Breakeven86 days24 days
2023 SVB Regional Banking Crisis
  % Loss-19.4%-6.7%
  % Gain to Breakeven24.1%7.1%
  Time to Breakeven864 days31 days
2020 COVID-19 Crash
  % Loss-36.2%-33.7%
  % Gain to Breakeven56.8%50.9%
  Time to Breakeven169 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-30.5%-19.2%
  % Gain to Breakeven43.8%23.8%
  Time to Breakeven756 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-23.1%-3.7%
  % Gain to Breakeven30.0%3.9%
  Time to Breakeven76 days6 days

Compare to HRMY, AXSM, BIIB, ABBV, NBIX

In The Past

Jazz Pharmaceuticals's stock fell -27.5% during the 2025 US Tariff Shock. Such a loss loss requires a 38.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventJAZZS&P 500
2025 US Tariff Shock
  % Loss-27.5%-18.8%
  % Gain to Breakeven38.0%23.1%
  Time to Breakeven145 days79 days
2020 COVID-19 Crash
  % Loss-36.2%-33.7%
  % Gain to Breakeven56.8%50.9%
  Time to Breakeven169 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-30.5%-19.2%
  % Gain to Breakeven43.8%23.8%
  Time to Breakeven756 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-23.1%-3.7%
  % Gain to Breakeven30.0%3.9%
  Time to Breakeven76 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-39.5%-12.2%
  % Gain to Breakeven65.3%13.9%
  Time to Breakeven1950 days62 days
2014-2016 Oil Price Collapse
  % Loss-30.8%-6.8%
  % Gain to Breakeven44.5%7.3%
  Time to Breakeven820 days15 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-31.2%-15.4%
  % Gain to Breakeven45.3%18.2%
  Time to Breakeven65 days125 days
2008-2009 Global Financial Crisis
  % Loss-96.1%-53.4%
  % Gain to Breakeven2496.6%114.4%
  Time to Breakeven612 days1085 days
Summer 2007 Credit Crunch
  % Loss-21.1%-8.6%
  % Gain to Breakeven26.8%9.5%
  Time to Breakeven112 days47 days

Compare to HRMY, AXSM, BIIB, ABBV, NBIX

In The Past

Jazz Pharmaceuticals's stock fell -27.5% during the 2025 US Tariff Shock. Such a loss loss requires a 38.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Jazz Pharmaceuticals (JAZZ)

Jazz Pharmaceuticals plc (JAZZ) is a biopharmaceutical company dedicated to identifying, developing, and commercializing innovative pharmaceutical products that address significant unmet medical needs. The company strategically focuses its research and development efforts across two core therapeutic areas: neuroscience, which encompasses conditions like sleep disorders and movement disorders, and oncology, targeting a range of hematologic (blood) and solid tumors.

In neuroscience, Jazz Pharmaceuticals offers key marketed products such as Xyrem and Sunosi, which treat excessive daytime sleepiness and cataplexy in patients with narcolepsy, with Sunosi also addressing obstructive sleep apnea. The company maintains a robust pipeline, including advanced oxybate formulations like Xywav for narcolepsy and idiopathic hypersomnia, and investigational therapies for essential tremor and post-traumatic stress disorder. These products are primarily prescribed by neurologists and sleep specialists to patients suffering from chronic neurological conditions in global markets.

Within its oncology portfolio, Jazz Pharmaceuticals provides specialized treatments for various cancers. Marketed products include Erwinaze for acute lymphoblastic leukemia, Defitelio for hepatic veno-occlusive disease, Vyxeos for newly-diagnosed acute myeloid leukemia, and Zepzelca for metastatic small cell lung cancer. The company is actively developing additional oncology candidates. These critical cancer therapies are typically administered in hospital settings or oncology clinics, serving adult and pediatric patients under the care of oncologists and hematologists in the United States, Europe, and internationally.

AI Analysis | Feedback

Here are a couple of brief analogies for Jazz Pharmaceuticals:

  • Biogen for sleep disorders and oncology.

  • Vertex Pharmaceuticals for specialized neuroscience and cancer treatments.

AI Analysis | Feedback

  • Xyrem: An oral solution for the treatment of cataplexy and excessive daytime sleepiness (EDS) in narcolepsy patients.
  • Sunosi: Treats excessive daytime sleepiness (EDS) in patients with narcolepsy and obstructive sleep apnea.
  • Erwinaze: Used to treat acute lymphoblastic leukemia.
  • Defitelio: Treats hepatic veno-occlusive disease in adult and pediatric patients.
  • Vyxeos liposome for injection: Treats adults with newly-diagnosed therapy-related acute myeloid leukemia.
  • Zepzelca: Treats adult patients with metastatic small cell lung cancer.

AI Analysis | Feedback

Jazz Pharmaceuticals (JAZZ) is a biopharmaceutical company that develops and commercializes pharmaceutical products. As such, the company sells its products primarily to other companies within the healthcare supply chain rather than directly to individual consumers. The provided background information does not list the names of specific major customer companies, but its major customers generally fall into the following categories:

  • Pharmaceutical Wholesalers and Distributors: These companies purchase pharmaceutical products from manufacturers like Jazz Pharmaceuticals and then distribute them to various healthcare providers, including pharmacies and hospitals.
  • Hospitals and Healthcare Systems: These institutions purchase medications for in-patient use, clinics, and sometimes for dispensing to out-patients.
  • Retail Pharmacies: These establishments acquire drugs (often through wholesalers) to dispense to individual patients based on prescriptions.

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Renée Galá President and Chief Executive Officer

Renée Galá became President and Chief Executive Officer of Jazz Pharmaceuticals, effective August 11, 2025. She previously served as the company's President and Chief Operating Officer from October 2023, and as Executive Vice President and Chief Financial Officer from March 2020. Prior to joining Jazz, Ms. Galá was Chief Financial Officer of GRAIL Inc., a healthcare company focused on early cancer detection. From 2014 to 2019, she served as Senior Vice President and Chief Financial Officer of Theravance Biopharma, Inc., following its spin-out from Theravance, Inc. (now Innoviva, Inc.), where she had held various finance roles since 2006. Earlier in her career, Ms. Galá held roles in global treasury, pharmaceutical sales, and corporate strategy/business development at Eli Lilly and Company, and spent seven years in the energy industry in corporate finance, project finance, and mergers and acquisitions. Ms. Galá currently serves on the board of Dexcom and previously served on the boards of Gossamer Bio, Corcept Therapeutics, and 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, effective March 1, 2024. Mr. Johnson brings over 35 years of financial experience, most recently spending nearly three decades at Eli Lilly and Company. At Eli Lilly, he served as Group Vice President of Finance, leading the company's treasury and investor relations operations. He held various senior leadership positions in finance globally, gaining experience in Japan, Latin America, Spain, Italy, and the U.S. Before his career at Eli Lilly, Mr. Johnson worked as a management consultant for McKinsey & Co. and with investment banks in Milan, Italy, and Chicago, Illinois. He also serves on several boards and committees, including the Indiana Chamber of Commerce, Indianapolis Urban League, Equity 1821, Lynx Capital, and AMR Action Fund.

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 Pharmaceuticals' Executive Vice President and Global Head of Research and Development since May 2019. He is responsible for overseeing all aspects of preclinical research, clinical development, clinical operations, and regulatory affairs. Dr. Iannone has over 18 years of experience in clinical drug development, working across various therapeutic areas and development phases. Prior to joining Jazz, he worked on immuno-oncology programs at Merck, AstraZeneca, and Immunomedics. From April 2018 to May 2019, Dr. Iannone was the head of research and development and chief medical officer of Immunomedics, Inc.

Liz Henderson Senior Vice President, Technical Operations

Liz Henderson was appointed Senior Vice President, Technical Operations at Jazz Pharmaceuticals in August 2023. She possesses extensive experience in commercial leadership roles at both regional and global levels, with expertise in technical operations, global manufacturing, and supply chain management.

Robert Mackey Senior Vice President, Global Product Commercialization

Robert Mackey is the Senior Vice President of Global Product Commercialization at Jazz Pharmaceuticals. Before joining Jazz, Mr. Mackey held various commercial and therapeutic area leadership positions at both large and emerging biopharmaceutical companies. His previous roles include Vice President of Commercial Development at Portola Pharmaceuticals (2011-2013), Vice President of Endocrine Marketing at Ipsen / Tercica (2008-2011), and leading portfolio and launch planning for Xarelto at Johnson & Johnson (2006-2008). He also spent several years at Genentech (1997-2004) focusing on product launches, brand leadership, and managed care.

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The key risks to Jazz Pharmaceuticals' business revolve around its reliance on its established product portfolio, particularly within its neuroscience segment, and the challenges inherent in the highly regulated biopharmaceutical industry.

  1. Loss of Exclusivity for Key Oxybate Products: A significant portion of Jazz Pharmaceuticals' revenue has historically come from its oxybate franchise, including Xyrem and Xywav. The anticipated entry of generic versions of Xyrem by 2026 poses a notable risk to the company's financial outlook. While Xywav, a low-sodium alternative, has been strategically introduced and has seen significant revenue growth, its last outstanding exclusivity is expected to expire in 2028, with the earliest generic entry estimated for August 12, 2028, based on patents and regulatory protections. The company's over-reliance on Xywav and Epidiolex presents a risk, as payer pushback or eventual generic challenges could erode exclusivity.
  2. Intense Competition in Key Therapeutic Areas: Jazz Pharmaceuticals operates in an extremely competitive and dynamic market, particularly in sleep disorders and oncology. Increased competition is on the horizon in the narcolepsy market, including from alternative treatments and new branded competitors such as Avadel's Lumryz, which poses a substantial risk to revenue for Jazz's oxybate franchise. This intense competition, coupled with potential pricing pressures, could impact the company's market share and profitability across its neuroscience and oncology portfolios.
  3. Regulatory and Litigation Challenges, and Pipeline Development Risk: Operating in a highly regulated industry, Jazz Pharmaceuticals is exposed to significant ongoing regulatory obligations and oversight, with "Legal & Regulatory" identified as a top risk category. This includes risks from ongoing patent litigation that could affect market exclusivity for key products, as well as regulatory scrutiny over drug pricing and antitrust claims. Furthermore, the company's long-term growth is dependent on the successful identification, development, and regulatory approval of new product candidates in its pipeline. The process of obtaining and maintaining FDA approvals for new drugs is lengthy and uncertain, with no guarantee of success despite substantial investments in research and development. Failures in clinical trials or delays in regulatory approvals for pipeline assets could limit future revenue streams.

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Here are the addressable markets for Jazz Pharmaceuticals' main products:

  • Xyrem (narcolepsy with cataplexy and excessive daytime sleepiness (EDS)) and Xywav (EDS and cataplexy with narcolepsy and idiopathic hypersomnia):

    The market size for specific medications for narcolepsy and idiopathic hypersomnia is not distinctly segmented in the available information. However, for context, the broader global Obstructive Sleep Apnea (OSA) treatment market (therapies), which includes treatments for EDS, was nearly USD 359 million in the 7MM (7 major markets) in 2023. The U.S. market for Obstructive Sleep Apnea treatment accounted for approximately USD 247 million in 2023.

  • Sunosi (EDS in patients with narcolepsy and obstructive sleep apnea):

    The global Obstructive Sleep Apnea (OSA) treatment market (therapies), which addresses EDS, was nearly USD 359 million in the 7MM in 2023. The U.S. market for Obstructive Sleep Apnea treatment was approximately USD 247 million in 2023.

  • Erwinaze and JZP458 (Acute Lymphoblastic Leukemia - ALL):

    The global Acute Lymphoblastic Leukemia (ALL) therapeutics market was valued at approximately USD 3.745 billion in 2024. North America held a 38% market share of the global ALL therapeutics market in 2024. The U.S. market for ALL therapeutics is estimated to be approximately USD 1.26 billion in 2024 (calculated based on 38% North American share and U.S. dominating North America with 89.3% share).

  • Defitelio (hepatic veno-occlusive disease):

    The global Veno-Occlusive Hepatic Disease therapeutics market was valued at USD 262.87 million in 2024. The U.S. Veno-Occlusive Hepatic Disease therapeutics market is estimated to be valued at USD 104.8 million in 2025.

  • Vyxeos (newly-diagnosed therapy-related acute myeloid leukemia - AML):

    The global acute myeloid leukemia (AML) treatment market was estimated at USD 3.47 billion in 2024. North America dominated the global market with a share of 37.6% in 2024, and the U.S. market dominated North America with a 90.9% share in 2024. The U.S. AML treatment market is estimated to be approximately USD 1.18 billion in 2024.

  • Zepzelca (metastatic small cell lung cancer):

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  • JZP385 (essential tremor):

    The global essential tremor treatment market was valued at USD 151.25 million in 2024. North America held the largest share of the market, accounting for 41% in 2024. The U.S. market for essential tremor treatment is estimated to be approximately USD 62.01 million in 2024.

  • JZP150 (post-traumatic stress disorder):

    null

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Jazz Pharmaceuticals (JAZZ) over the next 2-3 years:

  1. Continued Growth of Xywav: Jazz Pharmaceuticals anticipates sustained revenue growth from Xywav (calcium, magnesium, potassium, and sodium oxybates) for the treatment of narcolepsy and idiopathic hypersomnia (IH). Xywav is positioned as the preferred low-sodium oxybate, serving as the leading branded treatment for narcolepsy and the sole FDA-approved therapy for IH. The company expects continued strong new patient additions and benefits from patent protection extending into the 2030s. Xywav achieved $1.7 billion in revenue in 2025, representing a 12% year-over-year increase, and is projected to reach approximately $2 billion in annual revenue.
  2. Expansion of Epidiolex/Epidyolex: Epidiolex (cannabidiol), which achieved blockbuster status with $1.1 billion in sales in 2025, is a significant growth driver. Its growth is fueled by sustained prescription demand, increasing utilization across patient populations, including adults, and ongoing global launches. Epidiolex benefits from patent protections that extend into the late 2030s, mitigating risks from generic competition. The drug consistently contributes a substantial portion of the company's total revenue.
  3. Zepzelca Expansion into First-Line Small Cell Lung Cancer (SCLC): Zepzelca (lurbinectedin) is expected to drive future revenue growth through its expanded approval for first-line (1L) maintenance treatment of extensive-stage SCLC (ES-SCLC) in combination with atezolizumab. This expanded indication significantly increases the addressable patient population and duration of therapy, with the potential for Zepzelca to reach blockbuster status in the coming years. While sales in its initial second-line indication have faced competition, the move to a front-line setting unlocks a larger market opportunity.
  4. Launch and Indication Expansion of Zanidatamab: Zanidatamab is a key oncology pipeline asset anticipated to be a significant revenue driver. The company expects to complete its supplemental biologics license application (sBLA) submission in the first quarter of 2026 for zanidatamab in HER2-positive first-line gastroesophageal adenocarcinoma (GEA), with a potential launch in the second half of 2026. Positive Phase 3 data for zanidatamab in HER2+ GEA supports its potential to become the HER2-targeted therapy of choice, and ongoing clinical trials for HER2+ breast cancer and other indications present further growth opportunities.

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Share Repurchases

  • In July 2024, Jazz Pharmaceuticals' Board of Directors authorized a new share repurchase program, allowing the company to repurchase its ordinary shares for up to an aggregate purchase price of $500 million, with no expiration date.
  • During the second quarter of 2024, the company resumed repurchases on the open market, purchasing approximately $161 million of its ordinary shares under a previously authorized program.
  • Concurrently with a private offering of exchangeable senior notes in September 2024, Jazz Pharmaceuticals repurchased approximately $150 million of its ordinary shares.

Share Issuance

  • In September 2024, Jazz Pharmaceuticals announced a private offering of $850 million aggregate principal amount of exchangeable senior notes due 2030, with the potential for an additional $150 million. The company's exchange obligation for these notes can be settled in cash, ordinary shares, or a combination thereof.
  • Jazz Pharmaceuticals also offers an employee stock purchase plan, allowing eligible employees to acquire ordinary shares at a 15% discount through payroll deductions.

Outbound Investments

  • In January 2021, Jazz Pharmaceuticals acquired GW Pharmaceuticals for US$7.2 billion, significantly expanding its neuroscience portfolio with the addition of medications like Epidiolex.
  • The company completed the acquisition of Chimerix for approximately $935 million in cash in April 2025, which bolstered its oncology pipeline with dordaviprone.
  • In February 2024, Jazz Pharmaceuticals entered into a licensing agreement with Redx Pharma plc for a KRAS inhibitor program, with the deal potentially valued at up to $880 million.

Capital Expenditures

  • Jazz Pharmaceuticals' capital expenditures have been relatively low over the past few years, reflecting the company's strategy of relying on third-party manufacturers and outsourcing all of its production.
  • Capital expenditures were reported as $36 million in 2025, $9.69 million in 2024, and $29 million in 2023.
  • The company focuses its strategic investments on expanding its existing marketed products, advancing its R&D pipeline, and exploring new rare disease areas and potential acquisitions.

Better Bets vs. Jazz Pharmaceuticals (JAZZ)

Peer Outperformance in Pharmaceuticals

JAZZ has outperformed 79% of its 62 Pharmaceuticals peers over 5Y. Among the peers that beat it is AMRX. Pharmaceuticals ranks 6th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Pharmaceuticals constituents that JAZZ has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
84%
of 74 industry peers · 90.6% return
3Y
74%
of 69 industry peers · 81.8% return
5Y
79%
of 62 industry peers · 82.8% return
Pharmaceuticals peers with revenue growth within 4pp of JAZZ's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
JAZZ Jazz Pharmaceuticals 7.0% 16.6x 90.6%81.8%82.8%
AMRX Amneal Pharmaceuticals 10.5% 35.4x 81.3%371.4%230.9% +148pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Pharmaceuticals is JAZZ's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 7 14.0%90.5%127.8% CAH 413% · MCK 353% · COR 181%
Managed Health Care 8 32.5%-2.2%4.0% OSCR 99% · HQY 47% · ELV 16%
Health Care Services 20 19.7%52.7%-0.4% HIMS 222% · RDNT 141% · DGX 68%
Health Care Facilities 24 -1.0%3.1%-19.2% THC 254% · NHC 248% · ENSG 112%
Health Care Equipment 50 -4.5%-5.4%-23.9% POCI 10775% · UFPT 332% · GKOS 198%
Pharmaceuticals ← 63 -1.5%3.5%-34.0% LQDA 2424% · INDV 1137% · ETON 1020%
Health Care Supplies 12 27.9%-12.9%-35.1% LNTH 286% · HAE 60% · MMSI 25%
Life Sciences Tools & Services 109 1.6%-28.3%-72.1% SNWV 1688% · MEDP 205% · AXGN 174%
Biotechnology 362 4.7%-23.3%-78.0% BRTX 73900% · DNTH 1594% · CELZ 1486%
Health Care Technology 19 -24.6%-53.2%-79.3% SPOK 72% · HSTM 0% · VEEV -11%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

JAZZHRMYAXSMBIIBABBVNBIXMedian
NameJazz Pha.Harmony .Axsome T.Biogen AbbVie Neurocri. 
Mkt Price246.8142.25206.68220.83256.46155.64213.75
Mkt Cap15.62.410.732.6453.715.715.7
Rev LTM4,60196077710,02864,3863,3743,988
Op Inc LTM1,016231-1831,93521,850806911
FCF LTM1,311355-722,49018,2108681,090
FCF 3Y Avg1,189275-1201,93518,076630910
CFO LTM1,661355-712,87919,5078981,280
CFO 3Y Avg1,350276-1202,26019,1436651,008

Growth & Margins

JAZZHRMYAXSMBIIBABBVNBIXMedian
NameJazz Pha.Harmony .Axsome T.Biogen AbbVie Neurocri. 
Rev Chg LTM12.6%24.3%56.9%0.3%10.4%34.4%18.4%
Rev Chg 3Y Avg7.0%24.5%62.1%0.2%4.9%26.5%15.8%
Rev Chg Q15.5%30.3%45.5%3.4%10.2%39.5%22.9%
QoQ Delta Rev Chg LTM3.7%6.8%9.6%0.9%2.5%8.8%5.2%
Op Inc Chg LTM65.5%4.0%12.2%-21.7%59.5%61.5%35.8%
Op Inc Chg 3Y Avg25.3%16.6%-9.1%-6.0%11.2%46.0%13.9%
Op Mgn LTM22.1%24.0%-23.5%19.3%33.9%23.9%23.0%
Op Mgn 3Y Avg17.4%26.6%-51.8%21.5%27.5%23.2%22.4%
QoQ Delta Op Mgn LTM1.6%3.0%1.4%-3.9%0.8%-1.9%1.1%
CFO/Rev LTM36.1%37.0%-9.2%28.7%30.3%26.6%29.5%
CFO/Rev 3Y Avg31.9%34.4%-30.3%22.8%32.4%24.7%28.3%
FCF/Rev LTM28.5%37.0%-9.3%24.8%28.3%25.7%27.0%
FCF/Rev 3Y Avg28.3%34.3%-30.5%19.5%30.6%23.4%25.8%

Valuation

JAZZHRMYAXSMBIIBABBVNBIXMedian
NameJazz Pha.Harmony .Axsome T.Biogen AbbVie Neurocri. 
Mkt Cap15.62.410.732.6453.715.715.7
P/S3.42.513.83.37.04.74.0
P/Op Inc15.310.6-58.516.920.819.516.1
P/EBIT17.49.6-57.525.239.119.218.3
P/E16.613.5-55.939.171.922.319.4
P/CFO9.46.9-150.211.323.317.510.4
Total Yield6.0%7.4%-1.8%2.6%4.0%4.5%4.3%
Dividend Yield0.0%0.0%0.0%0.0%2.6%0.0%0.0%
FCF Yield 3Y Avg14.3%14.5%-2.4%7.4%5.2%4.3%6.3%
D/E0.30.10.00.30.20.00.1
Net D/E0.1-0.2-0.00.20.10.00.1

Returns

JAZZHRMYAXSMBIIBABBVNBIXMedian
NameJazz Pha.Harmony .Axsome T.Biogen AbbVie Neurocri. 
1M Rtn-3.8%10.0%-2.8%6.2%4.2%-4.8%0.7%
3M Rtn3.5%31.2%-11.0%13.0%13.7%-5.0%8.3%
6M Rtn35.6%49.1%27.3%19.5%13.2%21.5%24.4%
12M Rtn90.6%17.4%65.1%57.0%24.4%8.0%40.7%
3Y Rtn81.8%11.2%153.8%-15.5%91.0%43.5%62.7%
1M Excs Rtn-3.9%8.9%-1.8%6.9%5.1%-2.7%1.6%
3M Excs Rtn-1.1%26.7%-15.6%8.5%9.1%-9.6%3.7%
6M Excs Rtn21.1%34.6%12.8%4.9%-1.3%7.0%9.9%
12M Excs Rtn74.1%-2.3%47.4%39.1%5.4%-7.9%22.3%
3Y Excs Rtn-1.1%-51.4%88.5%-88.3%20.8%-27.4%-14.2%

Comparison Analyses

FDA Approved Drugs Data

Expand for More
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
BLA761416  ZIIHERAzanidatamab-hriiinjectable1120202413.2%-9.2%47.4%107.0%107.0%
BLA761179  RYLAZEasparaginase erwinia chrysanthemi (recombinant)-rywninjectable6302021-25.9%-26.0%-12.2%-30.2%38.9%
NDA212690  XYWAVcalcium oxybatesolution721202040.7%58.3%67.6%50.1%133.9%
NDA213702  ZEPZELCAlurbinectedinpowder615202027.1%35.0%66.0%31.9%123.4%
NDA210365  EPIDIOLEXcannabidiolsolution6252018-7.0%-31.5%-22.3%-37.9%40.5%
NDA209401  VYXEOScytarabinepowder8032017-11.3%-5.2%14.0%-9.6%59.8%
NDA208114  DEFITELIOdefibrotide sodiumsolution330201613.3%1.4%17.5%21.7%99.0%
NDA022235  LUVOXfluvoxamine maleatetablet4142008-21.9%-41.6%-88.3%42.9%2,932.1%
NDA022033  LUVOX CRfluvoxamine maleatecapsule, extended release2282008-36.4%-41.1%-94.1%-22.2%1,863.5%
Collapse to Preview
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
BLA761416  ZIIHERAzanidatamab-hriiinjectable1120202413.2%-9.2%47.4%107.0%107.0%
BLA761179  RYLAZEasparaginase erwinia chrysanthemi (recombinant)-rywninjectable6302021-25.9%-26.0%-12.2%-30.2%38.9%
NDA212690  XYWAVcalcium oxybatesolution721202040.7%58.3%67.6%50.1%133.9%
NDA213702  ZEPZELCAlurbinectedinpowder615202027.1%35.0%66.0%31.9%123.4%
NDA210365  EPIDIOLEXcannabidiolsolution6252018-7.0%-31.5%-22.3%-37.9%40.5%
NDA209401  VYXEOScytarabinepowder8032017-11.3%-5.2%14.0%-9.6%59.8%
NDA208114  DEFITELIOdefibrotide sodiumsolution330201613.3%1.4%17.5%21.7%99.0%
NDA022235  LUVOXfluvoxamine maleatetablet4142008-21.9%-41.6%-88.3%42.9%2,932.1%
NDA022033  LUVOX CRfluvoxamine maleatecapsule, extended release2282008-36.4%-41.1%-94.1%-22.2%1,863.5%

Clinical Pipeline

Drug CandidateIndicationPhase 3 TrialsEst. Primary Completion
XywavNarcolepsy and idiopathic hypersomnia1Dec 2027
ZanidatamabHER2-positive gastric, biliary, and breast cancers3Apr 2028
Dordaviprone (ONC201)H3 K27M-mutant diffuse glioma1Jun 2028
Active Phase 3 studies led by the company. Source: ClinicalTrials.gov · Updated 8/28/2026

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Identification, development and commercialization of meaningful pharmaceutical products that address4,2684,0693,8343,659 
Defitelio/defibrotide    198
Epidiolex/Epidyolex    464
Erwinaze/Erwinase    69
High-sodium oxybate AG royalty revenue    0
Other    10
Other royalty and contract revenues    15
Rylaze/Enrylaze    86
Sativex    13
Sunosi    58
Vyxeos    134
Xyrem    1,266
Xywav    535
Zepzelca    247
Total4,2684,0693,8343,6593,094


Price Behavior

Price Behavior
Market Price$246.81 
Market Cap ($ Bil)15.6 
First Trading Date06/01/2007 
Distance from 52W High-5.7% 
   50 Days200 Days
DMA Price$246.26$204.87
DMA Trendupup
Distance from DMA0.2%20.5%
 3M1YR
Volatility28.2%37.2%
Downside Capture24.405.76
Upside Capture34.9979.48
Correlation (SPY)19.3%17.8%
JAZZ Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta0.970.390.320.730.470.69
Up Beta1.951.371.731.601.390.81
Down Beta-1.38-0.87-0.480.18-0.110.73
Up Capture47%48%24%75%68%33%
Bmk +ve Days10213268138427
Stock +ve Days9223367137381
Down Capture105%11%-2%33%-4%79%
Bmk -ve Days11213259113324
Stock -ve Days12203160114369

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with JAZZ
JAZZ93.3%37.0%1.84-
Sector ETF (XLV)26.5%16.0%1.2831.8%
Equity (SPY)19.7%12.8%1.1317.5%
Gold (GLD)24.6%29.2%0.756.0%
Commodities (DBC)43.8%20.3%1.67-16.4%
Real Estate (VNQ)9.1%13.6%0.3911.5%
Bitcoin (BTCUSD)-28.1%43.8%-0.6316.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with JAZZ
JAZZ13.6%31.6%0.44-
Sector ETF (XLV)6.6%15.1%0.2544.2%
Equity (SPY)12.8%17.2%0.5737.6%
Gold (GLD)19.1%18.8%0.823.9%
Commodities (DBC)10.7%19.5%0.436.6%
Real Estate (VNQ)1.7%18.9%-0.0134.7%
Bitcoin (BTCUSD)10.2%52.6%0.3818.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with JAZZ
JAZZ7.1%32.7%0.28-
Sector ETF (XLV)10.8%16.7%0.5348.7%
Equity (SPY)15.3%17.9%0.7242.7%
Gold (GLD)12.4%16.3%0.623.1%
Commodities (DBC)7.9%18.1%0.3513.8%
Real Estate (VNQ)4.8%20.7%0.1935.0%
Bitcoin (BTCUSD)63.7%66.2%1.0312.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity3.6 Mil
Short Interest: % Change Since 73120267.7%
Average Daily Volume0.9 Mil
Days-to-Cover Short Interest3.8 days
Basic Shares Quantity63.2 Mil
Short % of Basic Shares5.7%

Earnings Returns History

Updated 9/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/20264.0%2.0%-3.1%
5/5/20267.7%7.3%13.1%
2/24/202613.2%7.4%8.8%
11/5/2025-2.3%-0.4%23.1%
8/5/2025-6.4%0.1%13.1%
5/6/2025-8.8%-7.4%-2.1%
2/25/20253.2%-0.5%-6.3%
11/6/20246.8%14.4%9.9%
...
SUMMARY STATS   
# Positive161514
# Negative111213
Median Positive5.3%4.5%8.4%
Median Negative-3.8%-2.7%-4.6%
Max Positive13.2%14.4%23.1%
Max Negative-10.5%-15.7%-23.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/20264.0%2.0%-3.1%
5/5/20267.7%7.3%13.1%
2/24/202613.2%7.4%8.8%
11/5/2025-2.3%-0.4%23.1%
8/5/2025-6.4%0.1%13.1%
5/6/2025-8.8%-7.4%-2.1%
2/25/20253.2%-0.5%-6.3%
11/6/20246.8%14.4%9.9%
7/31/20243.7%1.8%4.9%
5/1/2024-0.9%0.4%-4.6%
2/28/2024-8.3%-9.6%-7.2%
1/8/2024-1.6%-6.8%-2.3%
11/8/2023-9.1%-2.2%-6.1%
8/9/20231.6%3.8%2.6%
5/10/20230.4%-3.2%-6.9%
3/1/20232.7%-0.5%3.1%
1/9/2023-3.8%-1.5%-2.7%
11/9/20227.1%2.0%8.5%
8/3/2022-0.3%3.8%3.6%
5/4/2022-2.7%-8.9%-3.7%
3/1/202212.1%12.4%15.2%
1/10/20229.0%7.3%3.9%
11/9/20213.3%4.5%-6.8%
8/3/2021-10.5%-15.7%-23.0%
5/4/20216.6%8.5%8.3%
2/23/202110.2%5.3%4.0%
11/2/20201.0%-0.7%-1.8%
SUMMARY STATS   
# Positive161514
# Negative111213
Median Positive5.3%4.5%8.4%
Median Negative-3.8%-2.7%-4.6%
Max Positive13.2%14.4%23.1%
Max Negative-10.5%-15.7%-23.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/03/202610-Q
03/31/202605/05/202610-Q
12/31/202502/24/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/26/202510-K
09/30/202411/07/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/28/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/01/202310-K
09/30/202211/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/03/202610-Q
03/31/202605/05/202610-Q
12/31/202502/24/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/26/202510-K
09/30/202411/07/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/28/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/01/202310-K
09/30/202211/09/202210-Q
06/30/202208/03/202210-Q
03/31/202205/04/202210-Q
12/31/202103/01/202210-K
09/30/202111/09/202110-Q
06/30/202108/03/202110-Q
03/31/202105/04/202110-Q
12/31/202002/23/202110-K
09/30/202011/02/202010-Q
06/30/202008/04/202010-Q
03/31/202005/05/202010-Q
12/31/201902/25/202010-K
09/30/201911/05/201910-Q

Recent Forward Guidance

Updated 8/4/2026

Latest: Q2 2026 Earnings Reported 8/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 GAAP R&D expensesReported818.00 Mil845.50 Mil873.00 Mil0.8% RaisedGuidance: 839.00 Mil for 2026
2026 Non-GAAP R&D expensesReported725.00 Mil750.00 Mil775.00 Mil0 AffirmedGuidance: 750.00 Mil for 2026
2026 Total RevenuesReported4.60 Bil4.67 Bil4.75 Bil6.9% RaisedGuidance: 4.38 Bil for 2026
2026 GAAP Gross margin %Reported89.0%89.5%90.0% 0AffirmedGuidance: 89.5% for 2026
2026 Non-GAAP Gross margin %Reported90.0%90.5%91.0% 0AffirmedGuidance: 90.5% for 2026
2026 GAAP SG&A expensesReported1.51 Bil1.53 Bil1.56 Bil4.8% RaisedGuidance: 1.46 Bil for 2026
2026 Non-GAAP SG&A expensesReported1.33 Bil1.35 Bil1.37 Bil4.7% RaisedGuidance: 1.29 Bil for 2026


Prior: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 GAAP R&D expensesReported811.00 Mil839.00 Mil867.00 Mil0 AffirmedGuidance: 839.00 Mil for 2026
2026 Non-GAAP R&D expensesReported725.00 Mil750.00 Mil775.00 Mil0 AffirmedGuidance: 750.00 Mil for 2026
2026 Total RevenuesReported4.25 Bil4.38 Bil4.50 Bil0 AffirmedGuidance: 4.38 Bil for 2026
2026 Gross ProfitCalculated3.83 Bil3.96 Bil4.09 Bil  Rev x Gross Margin
2026 GAAP Gross margin %Reported89.0%89.5%90.0% 0AffirmedGuidance: 89.5% for 2026
2026 Non-GAAP Gross margin %Reported90.0%90.5%91.0% 0AffirmedGuidance: 90.5% for 2026
2026 GAAP SG&A expensesReported1.42 Bil1.46 Bil1.50 Bil0 AffirmedGuidance: 1.46 Bil for 2026
2026 Non-GAAP SG&A expensesReported1.26 Bil1.29 Bil1.32 Bil0 AffirmedGuidance: 1.29 Bil for 2026
2026 GAAP Effective tax rateReported0.0%5.0%10.0%   
2026 Non-GAAP Effective tax rateReported11.5%12.5%13.5%   
2026 Weighted-average ordinary shares outstandingReported66.00 Mil66.50 Mil67.00 Mil   

Q4 2025 Earnings Reported 2/24/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 GAAP R&D ExpensesReported811.00 Mil839.00 Mil867.00 Mil   
2026 Non-GAAP R&D ExpensesReported725.00 Mil750.00 Mil775.00 Mil   
2026 Total RevenueReported4.25 Bil4.38 Bil4.50 Bil3.6% Higher NewGuidance: 4.22 Bil for 2025
2026 Gross ProfitCalculated3.83 Bil3.96 Bil4.09 Bil  Rev x Gross Margin
2026 GAAP Gross Margin %Reported89.0%89.5%90.0% 1.5%Higher NewGuidance: 88.0% for 2025
2026 Non-GAAP Gross Margin %Reported90.0%90.5%91.0% -1.5%Lower NewGuidance: 92.0% for 2025
2026 GAAP SG&A ExpensesReported1.42 Bil1.46 Bil1.50 Bil   
2026 Non-GAAP SG&A ExpensesReported1.26 Bil1.29 Bil1.32 Bil   

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Total RevenueReported4.17 Bil4.22 Bil4.28 Bil0 AffirmedGuidance: 4.22 Bil for 2025
2025 Gross ProfitCalculated3.84 Bil3.89 Bil3.93 Bil  Rev x Gross Margin
2025 GAAP Gross MarginReported 88.0%    
2025 Non-GAAP Gross MarginReported 92.0%    
2025 Non-GAAP Net IncomeReported475.00 Mil500.00 Mil525.00 Mil53.8% RaisedGuidance: 325.00 Mil for 2025
2025 Non-GAAP EPSReported7.658.058.4554.8% RaisedGuidance: 5.2 for 2025

Insider Activity

Updated 9/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Cozadd, Bruce C DirectSell9022026250.136,0001,500,78088,014,494Form
2Iannone, RobertEVP, Global Head of R&D & CMODirectSell8312026249.7076,92119,207,09816,401,729Form
3Cozadd, Bruce C DirectSell8052026252.986,0001,517,88091,245,332Form
4Cozadd, Bruce C DirectSell7062026240.476,0001,442,82088,176,021Form
5Smith, Mark Douglas DirectSell6172026230.551,157266,7462,231,724Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Cozadd, Bruce C DirectSell9022026250.136,0001,500,78088,014,494Form
2Iannone, RobertEVP, Global Head of R&D & CMODirectSell8312026249.7076,92119,207,09816,401,729Form
3Cozadd, Bruce C DirectSell8052026252.986,0001,517,88091,245,332Form
4Cozadd, Bruce C DirectSell7062026240.476,0001,442,82088,176,021Form
5Smith, Mark Douglas DirectSell6172026230.551,157266,7462,231,724Form
6Patil, Neena MEVP & Chief Legal OfficerDirectSell6122026231.831,200278,19611,950,605Form
7Cozadd, Bruce C DirectSell6032026235.126,0001,410,72087,624,992Form
8Patil, Neena MEVP & Chief Legal OfficerDirectSell6012026236.971,192282,46812,470,783Form
9Pearce, SamanthaEVP, Chief Commercial OfficerDirectSell6012026235.416,9071,625,97711,834,532Form
10McSharry, Heather Ann DirectSell5272026241.002,000482,0004,446,209Form
11Winningham, Rick E DirectSell5272026241.572,741662,1432,311,100Form
12Cozadd, Bruce C DirectSell5052026203.336,0001,219,98076,997,411Form
13Cozadd, Bruce C DirectSell4032026190.506,0001,143,01073,282,582Form
14Carr, PatriciaSVP, Chief Accounting OfficerDirectSell3092026182.941,287235,4441,191,305Form
15Cozadd, Bruce C DirectSell3042026186.446,0001,118,61375,654,813Form
16Carr, PatriciaSVP, Chief Accounting OfficerDirectSell3022026190.911,117213,2431,763,029Form
17Riedel, Norbert G DirectSell3022026192.003,415655,6801,348,608Form
18Carr, PatriciaSVP, Chief Accounting OfficerDirectSell3022026194.111,253243,2222,009,446Form
19Patil, Neena MEVP & Chief Legal OfficerDirectSell3022026191.5655,60010,650,48210,892,225Form
20Henderson, Mary ElizabethSVP, Technical OperationsDirectSell3022026194.495,3431,039,1345,587,171Form
21Henderson, Mary ElizabethSVP, Technical OperationsDirectSell12112025169.512,238379,3663,306,821Form
22Carr, PatriciaSVP, Chief Accounting OfficerDirectSell12092025171.204,660797,7831,200,441Form
23Cozadd, Bruce C DirectSell12012025177.8177,50013,780,33769,938,679Form
24McSharry, Heather Ann DirectSell11242025177.783,415607,1273,635,470Form
25Cozadd, Bruce C DirectSell11202025181.0918,0003,259,53870,772,896Form
26Carr, PatriciaSVP, Chief Accounting OfficerDirectSell11202025182.065,319968,4021,276,638Form
27Winningham, Rick E DirectSell11202025180.865,500994,7281,608,385Form
28Iannone, RobertEVP, Global Head of R&D & CMODirectSell11192025168.267,1591,204,57312,220,387Form
29Cozadd, Bruce C DirectSell10032025140.003,500490,00057,235,640Form
30Cozadd, Bruce C DirectSell10032025131.782,000263,56054,336,320Form
31Cozadd, Bruce C DirectSell9042025128.626,000771,69055,300,977Form

Investor Activity (13F)

Updated Sep 7, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
EcoR1 Capital, LLC$322.6 Mil13.8%29Hold13F
Saturn V Capital Management LP$30.8 Mil5.6%21TRIM -34.3%13F
Goldentree Asset Management LP$89.8 Mil5.3%29ADD +13.1%13F
Tri Locum Partners LP$30.0 Mil4.2%17New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Tri Locum Partners LP$30.0 Mil4.2%17New13F
Goldentree Asset Management LP$89.8 Mil5.3%29ADD +13.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Iron Triangle Partners LP$49.7 Mil5.7%27ExitedDec 31, 202513F
Estuary Capital Management LP$18.1 Mil3.2%23ExitedDec 31, 202513F
Saturn V Capital Management LP$30.8 Mil5.6%21TRIM -34.3%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
EcoR1 Capital, LLC$322.6 Mil13.8%29Hold13F
Goldentree Asset Management LP$89.8 Mil5.3%29ADD +13.1%13F
Saturn V Capital Management LP$30.8 Mil5.6%21TRIM -34.3%13F
Tri Locum Partners LP$30.0 Mil4.2%17New13F
Core Cache Last Updated: 9/6/2026