olivLaw · US equity research
Jazz Pharmaceuticals plc JAZZ
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Jazz Pharmaceuticals plc is a global biopharmaceutical company developing and selling medicines for rare diseases across sleep disorders, epilepsy and oncology. Its oxybate franchise remains central, with Xywav accounting for 41% of total net product sales in 2025, while Epidiolex contributed 26%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Jazz Pharmaceuticals plc (JAZZ) stock was 227.32 USD (−3.13% on the day), with market capitalisation 14.6 bn USD, P/E 74.1 on diluted EPS of 3.07 USD over the last 12 months, beta 0.75, 52-week range 131.16–261.62 USD. Latest reported quarter (Q3 2026): revenue of 1.2 bn USD (+10.4% YoY), net income of -483.4 m USD (−292.3% YoY), diluted EPS -7.48 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.4
- strong (55–70)
- Bollinger (20, 2)
- 199.02 – 229.99
- in the upper half of the band · %B 0.91 · band width 14.4%
- SMA 50 / 200
- 229.71 / 217.77
- mixed trend
- MACD (12, 26, 9)
- -1.38 / -4.81
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.8% | −5.9% | +4.2 pp | — |
| 3 months | −11.4% | −4.6% | −6.8 pp | — |
| 6 months | +0.2% | +0.2% | −0.1 pp | — |
| Year to date | +33.7% | +7.4% | +26.3 pp | — |
| 1 year | +65.7% | +8.2% | +57.5 pp | +15.7% |
| 3 years | +71.2% | +68.4% | +2.8 pp | +12.0% |
| 5 years | +68.3% | +56.5% | +11.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 897.8 m | 1.0 bn | 1.1 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.2 bn |
| SG&A | 369.3 m | 514.0 m | 358.4 m | 530.6 m | 406.3 m | 352.7 m | 389.2 m | 407.9 m |
| Operating income | 190.8 m | -55.9 m | -686.4 m | 57.5 m | 254.6 m | 336.6 m | 248.2 m | -413.4 m |
| Pre-tax income | 133.2 m | -109.8 m | -735.6 m | 9.0 m | 208.5 m | 299.2 m | 211.0 m | -458.9 m |
| Income tax | -57.9 m | -17.8 m | -17.2 m | -242.4 m | 5.0 m | 6.1 m | 18.1 m | 24.5 m |
| Net income | 191.1 m | -92.5 m | -718.5 m | 251.4 m | 203.5 m | 293.1 m | 192.8 m | -483.4 m |
| Diluted EPS | 3.11 ≈ | -1.52 | -11.74 | 4.08 | 3.34 ≈ | 4.43 | 2.78 | -7.48 |
| Operating cash flow | 398.6 m | 429.8 m | 88.8 m ≈ | 474.7 m ≈ | 362.5 m | 408.2 m | 415.7 m ≈ | 506.1 m ≈ |
| Capex | 13.3 m | 13.9 m | 12.9 m ≈ | 15.2 m ≈ | 16.8 m | 19.7 m | 18.1 m ≈ | 16.2 m ≈ |
| Share repurchases | 0 | — | — | 0 ≈ | 23.0 k | — | — | 225.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 86 percentile of its own 29-quarter history (min 12.3, median 20.3, max 1,728.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 2.2 bn | 2.4 bn | 3.1 bn | 3.7 bn | 3.8 bn | 4.1 bn | 4.3 bn |
| Revenue YoY | +16.8% | +14.3% | +9.3% | +30.9% | +18.3% | +4.8% | +6.1% | +4.9% |
| Net income | 447.1 m | 523.4 m | 238.6 m | -329.7 m | -224.1 m | 414.8 m | 560.1 m | -356.1 m |
| Net income YoY | −8.4% | +17.1% | −54.4% | −238.2% | unavailable | unavailable | +35.0% | −163.6% |
| Diluted EPS | 7.30 | 9.09 | 4.22 | -5.52 | -3.58 | 6.10 | 8.65 | -5.84 |
| Diluted EPS YoY | −8.3% | +24.5% | −53.6% | −230.8% | unavailable | unavailable | +41.8% | −167.5% |
| net % | 23.6% | 24.2% | 10.1% | -10.7% | -6.1% | 10.8% | 13.8% | -8.3% |
| Free cash flow | 778.5 m | 736.3 m | 884.6 m | 750.9 m | 1.2 bn | 1.1 bn | 1.4 bn | 1.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 bn USD
- Financial debt
- 5.4 bn USD
- Net debt
- 4.0 bn USD
- Equity
- 4.3 bn USD
- Total assets
- 11.7 bn USD
- Debt / equity
- 1.24x
- Current ratio
- 1.86x
- ROE
- -8.5%
- ROA
- -3.0%
- FCF margin
- 30.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 3.1 bn | 3.7 bn | 3.8 bn | 4.1 bn | 4.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 854.2 m | 1.5 bn | 1.4 bn | 1.3 bn | 1.4 bn | 1.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 378.1 m | 170.3 m | -65.5 m | 578.6 m | 716.6 m | -430.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 18.7 m | 26.7 m | 30.3 m | 30.4 m | 32.8 m | 41.6 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 396.8 m ≈ | 197.0 m ≈ | -35.2 m ≈ | 609.0 m ≈ | 749.4 m ≈ | -388.6 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 87.6 m | 89.9 m | 32.8 m | 32.8 m | — | — | SEC (XBRL)· 28 Feb 2024verified |
| Pre-tax income | 275.1 m | -112.8 m | -372.8 m | 297.9 m | 470.4 m | -627.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 33.5 m | 216.1 m | -158.6 m | -119.9 m | -91.4 m | -272.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 238.6 m | -329.7 m | -224.1 m | 414.8 m | 560.1 m | -356.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 4.22 | -5.52 | -3.58 | 6.10 | 8.65 | -5.84 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 56.5 m | 59.7 m | 62.5 m | 72.1 m | 66.0 m | 61.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.1 bn | 591.4 m | 881.5 m | 1.5 bn | 2.4 bn | 1.4 bn | SEC (XBRL)· 05 May 2026verified |
| Receivables | 396.5 m | 563.4 m | 651.5 m | 705.8 m | 716.8 m | 830.7 m | SEC (XBRL)· 05 May 2026verified |
| Inventories | 95.4 m | 1.1 bn | 714.1 m | 597.0 m | 480.4 m | 417.0 m | SEC (XBRL)· 05 May 2026verified |
| Current assets | 2.8 bn | 2.6 bn | 2.6 bn | 3.4 bn | 4.6 bn | 4.2 bn | SEC (XBRL)· 05 May 2026verified |
| Property, plant & equipment, net | 127.9 m | — | — | — | — | — | SEC (XBRL)· 23 Feb 2021verified |
| Goodwill | 958.3 m | 1.8 bn | 1.7 bn | 1.8 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 05 May 2026verified |
| Intangibles (excl. goodwill) | 2.2 bn | 7.2 bn | 5.8 bn | 5.4 bn | 4.8 bn | 4.4 bn | SEC (XBRL)· 05 May 2026verified |
| Total assets | 6.5 bn | 12.3 bn | 10.8 bn | 11.4 bn | 12.0 bn | 11.7 bn | SEC (XBRL)· 05 May 2026verified |
| Accounts payable | 26.9 m | 100.3 m | 90.8 m | 102.8 m | 77.9 m | 122.1 m | SEC (XBRL)· 05 May 2026verified |
| Short-term debt | 246.3 m | 31.0 m | 31.0 m | 605.0 m | 31.0 m | 1.0 bn | SEC (XBRL)· 05 May 2026verified |
| Long-term debt | 1.8 bn | 6.0 bn | 5.7 bn | 5.1 bn | 6.1 bn | 4.3 bn | SEC (XBRL)· 05 May 2026verified |
| Current liabilities | 653.7 m | 809.3 m | 933.2 m | 1.5 bn | 1.0 bn | 2.2 bn | SEC (XBRL)· 05 May 2026verified |
| Equity | 3.7 bn † | 4.0 bn † | 3.1 bn † | 3.7 bn † | 4.1 bn † | 4.3 bn † | SEC (XBRL)· 05 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 899.6 m | 778.5 m | 1.3 bn | 1.1 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 15.0 m | 27.6 m | 29.0 m | 24.0 m | 38.1 m | 58.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 884.6 m ≈ | 750.9 m ≈ | 1.2 bn ≈ | 1.1 bn ≈ | 1.4 bn ≈ | 1.3 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -1.0 bn | -5.2 bn | -446.2 m | -163.1 m | -508.2 m | -1.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 528.1 m | 4.0 bn | -529.5 m | -305.3 m | 20.5 m | -873.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 146.5 m | 0 | 54.0 k | 269.8 m | 311.4 m | 125.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 40 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 14.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality49
- Growth44
- Balance sheet24
- Returns22
- Valuation43
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 28.23 – 129.95 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA28.23 – 109.87 (Mid 64.18)4 companies used · median multiple 16.4x · quartiles 11.4x – 22.6xINDV, TEVA, VRTX, VTRS
- Peers: P/E39.66 – 129.95 (Mid 63.37)16 companies used · median multiple 20.6x · quartiles 12.9x – 42.3xABBV, ABT, ACAD, ALNY, BMY, INDV, JNJ, LLY, PFE, RDY, REGN, RLYB, RPRX, UTHR, VRTX, ZTS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 40/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.3% | 20 (vs peers) | 13% |
| Net margin · Quality | 4.4% | 45 (vs peers) | 8% |
| FCF conversion · Quality | 787.4% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 5.3% | 44 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 7.6x | 0 (vs peers) | 13% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 85 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 74.1x | 20 (vs peers) | 13% |
| EV/EBITDA · Valuation | 38.8x | 20 (vs peers) | 13% |
| FCF yield · Valuation | 11.1% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 1.5% | 22 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet24/100 · 2/3 factors with a value
- Growth· partial44/100 · 1/2 factors with a value
- Quality49/100 · 3/3 factors with a value
- Returns· partial22/100 · 1/2 factors with a value
- Valuation43/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Jazz Pharmaceuticals plc (JAZZ). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.3 bn USD in 2025; YoY growth 4.9%; net margin 4.4%; ROE 5.1%; net debt/EBITDA 7.6x.
The estimated value range is 33.95–119.91 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 63.77 USD, the price of 227.32 USD leaves a potential of -71.9% (value / price − 1) and a margin of safety of -256.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 40/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 787.4%
- Current ratio: 1.8x
- FCF yield: 11.1%
What contradicts it
- ROIC: 4.3%
- Net debt / EBITDA: 7.6x
- P/E (TTM): 74.1x
- EV/EBITDA: 38.8x
- Shareholder yield (distributions): 1.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Interest coverage, Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,283.9 bn | 44.3 | 86.1% | 31.9% | +44.7% | +27% / +131% |
| JNJJohnson & Johnson | 655.6 bn | 41.3 | 20.0% | 16.2% | +6.0% | +32% / +76% |
| ONCBeone Medicines Ltd. | 572.4 bn | 891.7 | 14.7% | 10.7% | +40.2% | +14% / +107% |
| ABBVAbbVie Inc. | 509.5 bn | 49.6 | — | 15.7% | +8.6% | +27% / +102% |
| MRKMerck & Co., Inc. | 362.2 bn | 151.2 | 5.1% | 3.6% | +1.3% | +40% / +43% |
| ABTAbbott Laboratories | 196.7 bn | 42.3 | 9.2% | 9.7% | +5.7% | −12% / +9% |
| PFEPfizer Inc | 170.3 bn | 42.6 | 4.4% | 6.3% | −1.6% | +16% / −2% |
| VRTXVertex Pharmaceuticals Inc | 137.5 bn | 34.9 | 20.8% | 30.7% | +8.9% | +25% / +53% |
| BMYBristol-Myers Squibb Company | 129.0 bn | 14.0 | 44.1% | 18.5% | −0.2% | +28% / +28% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.3 | 6.6% | 3.6% | +4.3% | +55% / +325% |
| ZTSZoetis Inc. | 33.4 bn | 13.8 | 57.6% | 26.4% | +2.3% | −36% / −54% |
| ROIVRoivant Sciences Ltd. | 26.5 bn | — | -6.2% | -3,535.0% | −71.6% | +76% / +283% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 24.1 bn | 21.3 | 19.1% | 38.6% | +10.6% | +16% / +136% |
| INSMInsmed Inc | 23.9 bn | — | -72.5% | -39.9% | +66.7% | −48% / +335% |
| VTRSViatris Inc. | 21.8 bn | — | -23.6% | -23.9% | −3.0% | +77% / +107% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.0 bn | 7.9 | 126.6% | 52.8% | +65.2% | −65% / −7% |
| JAZZJazz Pharmaceuticals plc | 14.6 bn | 74.1 | 5.1% | 4.4% | +4.9% | +66% / +71% |
| RDYDr. Reddy’s Laboratories Limited | 12.1 bn | 18.4 | 17.0% | 17.4% | +13.8% | +3% / +4% |
| PRAXPraxis Precision Medicines, Inc. | 7.3 bn | — | -38.9% | — | −100.0% | +34% / +1,343% |
| INDVIndivior Pharmaceuticals, Inc. | 4.3 bn | 10.2 | — | 32.8% | +4.3% | +8% / +114% |
| ACADAcadia Pharmaceuticals Inc. | 3.7 bn | 10.1 | 31.4% | 30.1% | +11.9% | −15% / −5% |
| ARQTArcutis Biotherapeutics, Inc. | 3.4 bn | 125.2 | 14.9% | 5.9% | +91.3% | −12% / +1,367% |
| CYRXCryoport, Inc. | 813.7 m | — | -8.3% | -21.5% | +12.4% | +67% / +14% |
| AVTXAvalo Therapeutics, Inc. | 383.4 m | — | -33.6% | -150,259.3% | −86.6% | −65% / −61% |
1- and 3-year price returns: for JAZZ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 141.53 Total return -38% · Per year -38% | 250.12 Total return 10% · Per year 10% | 376.63 Total return 66% · Per year 66% |
| 3 years | 139.46 Total return -39% · Per year -15% | 277.12 Total return 22% · Per year 7% | 457.86 Total return 101% · Per year 26% |
| 5 years | 137.42 Total return -40% · Per year -10% | 307.03 Total return 35% · Per year 6% | 556.63 Total return 145% · Per year 20% |
- Exit P/E± 69.28
- Net margin± 48.50
- Annual revenue growth± 39.52
- Annual dilution± 4.07
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026), 8-K (26 Oct 2026 · results).
In brief
Jazz Pharmaceuticals plc is a global biopharmaceutical company developing and selling medicines for rare diseases across sleep disorders, epilepsy and oncology. Its oxybate franchise remains central, with Xywav accounting for 41% of total net product sales in 2025 1, while Epidiolex contributed 26% 1.
SWOT
Strengths
- Jazz holds a leading position in oxybate therapy for rare sleep disorders, with Xywav recognized as a standard of care 1. A diversified portfolio across sleep, epilepsy and oncology reduces reliance on a single product 1. The company runs a scalable operating model with integrated global capabilities 1.
- Xywav coverage includes all three major U.S. PBMs, with benefit coverage for a large share of commercial lives 1. This supports patient access and revenue stability 1.
- The company has secured accelerated and conditional approvals for newer oncology products, showing an ability to bring medicines to market 12.
Weaknesses
- Revenue remains concentrated in the oxybate franchise, and a substantial decline there would materially affect financial results 1.
- Xyrem is losing ground to generic and authorized generic entrants, a decline that may be hard to offset quickly 1.
- Oncology products are still small in sales terms, so their contribution to revenue is limited in 2025 1.
Opportunities
- If Xywav gains further patients with idiopathic hypersomnia, expanding that indication could support sales growth 1.
- Approvals in the EU, Canada and the U.K. for Ziihera and other products open new markets 12.
- Acquisitions of new products could complement the existing portfolio and reduce dependence on oxybates 1.
Threats
- Introduction of generics and alternative products can reduce prices and market share in oxybates 1.
- A stronger competitor following Alkermes' acquisition of Avadel could intensify competitive pressure on Xywav 1.
- Patent applications and litigation over intellectual property could affect product exclusivity 1.
Risks
- Dependence on oxybateshigh
If oxybate revenue declines significantly, the company could be forced to reduce operating expenses or seek additional funds 1.
- Generic and authorized generic competitionhigh
Generic and authorized generic versions of high-sodium oxybates have already entered the market and may continue to erode Xyrem and Xywav sales 1.
- Patent litigationmedium
Patent lawsuits concerning Xyrem and Xywav are ongoing, and their outcome could affect product exclusivity 1.
- REMS regulatory requirementsmedium
The REMS program imposes strict controls on oxybate distribution, and non-compliance could lead to FDA enforcement and added costs 1.
- Pricing pressuremedium
Third-party payors may require larger rebates or impose coverage restrictions, which could reduce net revenue 1.
Investment thesis
What would need to be true (bull case)
- If Xywav keeps its leading position in narcolepsy and grows in idiopathic hypersomnia, the oxybate franchise could remain a solid revenue base 1.
- Diversification into epilepsy and oncology could reduce reliance on oxybates, especially if newer products reach higher sales 1.
- Recent approvals in several jurisdictions could widen the accessible market for oncology products 12.
What would break the thesis
- If generic and authorized generic entrants keep arriving, Xyrem and Xywav sales could fall faster than anticipated 1.
- Combined competition from a close alternative such as Lumryz could reduce Xywav's share in narcolepsy 1.
- Newer oncology products could take longer to become meaningful contributors to revenue 1.
What to watch
- Sales trajectory of Xywav and the number of patients with IHQ1 2027
- Impact of generic and authorized generic entry on Xyrem and Xywav sales2027
- Outcome of patent litigation concerning Xywavnext 10-K
- Progress of Ziihera and Modeyso in new markets and confirmatory trials2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026), 8-K (26 Oct 2026 · results).
The business
Jazz Pharmaceuticals states its purpose as innovating to transform the lives of patients and their families, focusing on medicines for rare diseases that often have limited or no therapeutic options 1. Its portfolio covers epilepsies, cancers and sleep disorders, with products approved in multiple countries 1. The company runs an efficient, scalable commercial model and pursues indication expansion and entry into new markets 1.
Segments
Rare sleep disorders
Jazz is the leader in developing and commercializing oxybate therapy for rare sleep disorders. Xywav contains 92% less sodium than Xyrem and generated $1,657.0 million of net product sales in 2025 1. Xyrem contributed $146.0 million in the same year 1.
Rare epilepsies
Epidiolex, acquired in 2021 as part of the GW Acquisition, treats seizures associated with rare forms of epilepsy such as LGS, DS and TSC 1. It is launched and reimbursed in more than 40 countries 1. Its 2025 net product sales were $1,059.2 million 1.
Rare oncology
The oncology business includes Ziihera, Modeyso, Zepzelca and Rylaze/Enrylaze 1. Ziihera and Modeyso are still early commercially, with 2025 net product sales of $24.8 million and $48.0 million respectively 1. Modeyso was added through the Chimerix Acquisition completed in April 2025 1.
Market context
Jazz targets rare diseases with small patient populations and high unmet needs, where call points are concentrated and efficient 1. Narcolepsy affects about one in 2,000 people in the U.S., and an estimated 37,000 people in the U.S. have been diagnosed with IH 1. In the oxybate market, generic and authorized generic competition has pushed down net prices 1.
Trends
- Generic competition in oxybatesheadwind
Authorized generic and generic versions of high-sodium oxybate have entered the Xyrem market, which could reduce oxybate franchise revenue if the trend continues 1. The company says this has already had a negative impact on sales 1.
- Low-sodium advantage of Xywavtailwind
Its reduced sodium content and the absence of a high-sodium warning support Xywav as a preferred treatment option, and FDA has recognized its orphan drug exclusivity in narcolepsy and IH 1.
- Expansion in rare oncologytailwind
Recent approvals for Ziihera and Modeyso, including in the EU and Canada, open new markets for the company's oncology products 12.
- Payer pricing and reimbursement pressuremixed
Pressure from third-party payors and rebate requirements for market access could limit net revenue, especially if competing products gain broader coverage 1.
Competitive position
In sleep disorders, competition comes from generic and authorized generic high-sodium oxybates and from Lumryz, a product of Alkermes following its acquisition of Avadel 1. Other products for excessive daytime sleepiness, such as Wakix and Sunosi, also compete, and several developers are working on orexin 2 receptor agonists 1. In epilepsy and oncology, competitive dynamics depend on indications and specific approvals 1.
- AlkermesALKS
Its Lumryz, a high-sodium oxybate, competes directly with Xywav and Xyrem in narcolepsy; the company acquired Avadel in February 2026 1.
- Axsome TherapeuticsAXSM
Acquired Wakix and Sunosi from Jazz in 2022, which treat excessive daytime sleepiness in narcolepsy 1.
- Harmony BiosciencesHRMY
Pitolisant is a treatment competing in narcolepsy, and the company announced a phase 3 study for idiopathic hypersomnia 1.
- Hikma Pharmaceuticals
Launched an authorized generic of high-sodium oxybate and holds the right to launch its own generic product, intensifying competition 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Actorul Marcel Iureș este invitatul artistei de jazz Teodora Brody la 'Întâlniri cu Oameni-Păsări - esențe de zbor'Agerpres · 29 Oct 2026 · RO
- Ce păstrăm și ce schimbăm în rețetele vechi? Gărâna, între amintirea gulașului de la primele ediții ale festivalui de jazz și mâncărurile gătite astăziPressOne.ro · 27 Oct 2026 · RO
- Bucureștiul, centrul planetei! „Lumina Park”, aventura în jurul lumii, la Grădina Botanică: de la valsuri și jazz la urși, girafe, incași, mariachi și templeLibertatea.ro · 24 Oct 2026 · RO
- When Jazz Meets Taragot – Concert Edison House, Cluj-Napoca - Zile și NopțiSurge — Google News · 24 Oct 2026 · RO
- INTERPLAY: 5 compoziții românești - jazz + chitare - turneu - Zile și NopțiSurge — Google News · 21 Oct 2026 · RO
- Muzica Beatles reinventată în sonorități de jazz, de Jazzappella și Big Band-ul Radio România - RadorSurge — Google News · 19 Oct 2026 · RO
- Muzica Beatles reinventată în sonorități de jazz, de Jazzappella și Big Band-ul Radio România - RadorSurge — Google News · 19 Oct 2026 · RO
- Avanpremieră – One Jazz Festival Baia Mare, ediția nr. 8 - Zile și NopțiSurge — Google News · 16 Oct 2026 · RO
- 'AI artists' perform improvised music at Jarasum Jazz FestivalKorea Times — Business · 16 Oct 2026 · EN
- 'AI artists' perform improvised jazz at Jarasum Jazz FestivalKorea Times — Business · 16 Oct 2026 · EN
- Cântăreața americană de jazz Cassandra Wilson s-a stins din viață la 70 de ani - Kanal D RomaniaSurge — Google News · 11 Oct 2026 · RO
- Marina Rei a Contaminazioni : pop , soul e jazz si incontranoSurge — GDELT DOC · 06 Oct 2026 · RO
- Classic. Jazz. Voyage: Pianistul Paul Staicu începe vineri primul său turneu național în România cu Bach, Mozart și jazz într-un singur recital - RFISurge — Google News · 06 Oct 2026 · RO
- Ce mai intră pe „Poarta Pangrati”? De toate! De la Dacia și Revoluție, la jazz, Eurovision și... mici - TVR.ROSurge — Google News · 02 Oct 2026 · RO
- Binational jazz festival celebrates music on both sides of the borderSurge — GDELT DOC · 02 Oct 2026 · RO
- Classic. Jazz. Voyage: Pianistul Paul Staicu începe vineri primul său turneu național în România cu Bach, Mozart și jazz într-un singur recital - Romania PozitivaSurge — Google News · 01 Oct 2026 · RO
- Boy group Close Your Eyes embraces jazz funk in bid to broaden musical horizonsYonhap News (KR, EN) · 30 Sept 2026 · EN
- Johnny Hates Jazz, Avantgardey, Iman Fandi and Nathan Hartono to perform at President's Challenge Night 2026CNA (Channel NewsAsia) · 29 Sept 2026 · EN
- Marele dirijor Jordi Savall anunţă o platformă online specializată în muzica clasică şi jazz, pentru mai multă echitate față de cântăreții popG4Media · 28 Sept 2026 · RO
- Dmitri Shostakovich at 120: How the icon drew on Bach, jazz, and cinema to create his own musical languageMeduza English (independent RU/exile) · 27 Sept 2026 · EN
The latest news item in our archive is from 29 Oct 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report02 Nov 2026
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report26 Oct 2026Results of operations
- Current report09 Oct 2026Departure or appointment of officers
- Current report23 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report15 Sept 2026Regulation FD disclosure
- Current report31 Aug 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
- Current report25 Aug 2026Other events
- Current report10 Aug 2026Material agreement · Financial statements and exhibits
- Current report10 Aug 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Jazz Pharmaceuticals plc · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Jazz Pharmaceuticals plc · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.