Jazz Pharmaceuticals Announces Full Year and Fourth Quarter 2025 Financial Results and Provides 2026 Financial Guidance
– Record total revenues of
– Expect to complete sBLA submission in 1Q26 under RTOR for zanidatamab in HER2+ 1L GEA –
– Xywav® achieved
– Epidiolex® achieved
– Strong Modeyso™ launch with
– Expect 2026 total revenues of
"2025 was an exceptional year for Jazz, representing our 21st consecutive year of top-line growth and underscoring our commitment to operational excellence as we deliver meaningful innovation for patients," said
"Jazz had a transformative year across our R&D pipeline, led by the HERIZON-GEA-01 data, which we believe firmly positions zanidatamab as the HER2-targeted agent of choice, with the potential to reshape first-line treatment for HER2+ metastatic GEA patients," said
Key 2025 Highlights
- Total revenues in 2025 grew to
$4.3 billion (+5% year-over-year (YoY)), generating$1.4 billion in cash from operations. -
Research & Development :- Practice-changing Phase 3 HERIZON-GEA-01 results support zanidatamab as the HER2-targeted agent of choice in HER2+ 1L gastroesophageal adenocarcinoma (GEA), regardless of PD-L1 status.
- Multiple registrational trials of zanidatamab are underway, including in metastatic breast cancer (mBC), supporting a broad development program designed to maximize patient impact and long-term shareholder value.
- Commercial:
- Continued leadership in rare sleep with Xywav net product sales increasing to
$1.7 billion (+12% YoY) and total sleep franchise1 revenues exceeding$2 billion in 2025. - Epidiolex/Epidyolex® generated more than
$1 billion in 2025 net product sales (+9% YoY). - Completed acquisition of
Chimerix Inc. , secured FDA approval for and successfully launched Modeyso (dordaviprone) in H3 K27M-mutant diffuse midline glioma, achieving$48 million in sales since launch inAugust 2025 . - Received FDA approval and launched Zepzelca, in combination with atezolizumab, for first-line maintenance treatment of extensive-stage small cell lung cancer.
- Continued leadership in rare sleep with Xywav net product sales increasing to
- Company expects 2026 total revenue of between
$4.25 and$4.50 billion , with double-digit growth across the combined epilepsy and oncology franchises, and Xywav revenue flat to up mid-single digits. -
Tom Riga was named chief business officer to accelerate corporate development efforts across rare disease.
|
____________________________ |
|
|
1 |
Rare sleep franchise consists of Xywav, Xyrem® and high-sodium oxybate authorized generic (AG) royalties. |
Business Updates
Xywav (calcium, magnesium, potassium, and sodium oxybates) oral solution:
-
Xywav net product sales increased 12% to
$1.7 billion in 2025 and increased 16% to$465 million in 4Q25 compared to the same periods in 2024. - Strong new patient growth continued, with approximately 500 net patient adds in 4Q25. There were approximately 16,175 active patients exiting the quarter, comprised of approximately 10,950 narcolepsy patients and approximately 5,225 idiopathic hypersomnia (IH) patients.
Epidiolex/Epidyolex (cannabidiol):
-
Epidiolex/Epidyolex achieved blockbuster status in 2025 with net product sales increasing 9% to
$1.1 billion in 2025 and increasing 4% to$287 million in 4Q25 compared to the same periods in 2024.
Ziihera® (zanidatamab-hrii):
-
Ziihera net product sales in biliary tract cancer (BTC) were
$25 million in 2025 and$9 million in 4Q25 following product launch inDecember 2024 . - Expect to complete supplemental biologics license application (sBLA) submission under Real Time Oncology Review (RTOR) in 1Q26 with potential launch in 1L HER2+ GEA in 2H26.
- FDA granted Breakthrough Therapy designation (BTD) for zanidatamab's development for patients with HER2+ unresectable locally advanced or metastatic GEA.
- Submitted HERIZON-GEA-01 data for potential inclusion in National Comprehensive Cancer Network (NCCN) guidelines.
- EmpowHER-BC-303 trial in mBC patients previously treated with, or intolerant to, trastuzumab deruxtecan on track to complete enrollment in 1H27, with top-line results expected in late 2027 or early 2028.
Modeyso (dordaviprone):
- Following product launch in
August 2025 , Modeyso net product sales were$48 million in 2025 and$37 million in 4Q25. - The Company sold its Rare Pediatric Disease Priority Review Voucher for gross proceeds of
$200 million (50% to Jazz).
Zepzelca (lurbinectedin):
-
Zepzelca net product sales decreased 4% to
$307 million in 2025 and increased 15% to$90 million in 4Q25 compared to the same periods in 2024.
Financial Highlights
|
|
Three Months Ended
|
|
Year Ended
|
||||
|
(In thousands, except per share amounts) |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Total revenues |
$ 1,197,926 |
|
$ 1,088,173 |
|
$ 4,267,586 |
|
$ 4,068,950 |
|
GAAP net income (loss) |
$ 203,451 |
|
$ 191,115 |
|
$ (356,148) |
|
$ 560,120 |
|
Non-GAAP adjusted net income1 |
$ 420,888 |
|
$ 400,525 |
|
$ 521,924 |
|
$ 1,351,970 |
|
GAAP earnings (loss) per share |
$ 3.21 |
|
$ 3.11 |
|
$ (5.84) |
|
$ 8.65 |
|
Non-GAAP adjusted earnings per share1 |
$ 6.64 |
|
$ 6.51 |
|
$ 8.38 |
|
$ 20.65 |
|
____________________________ |
|
|
1. |
Commencing with the first quarter of 2025, we are no longer including an adjustment for non-cash interest expense in the Company's non-GAAP adjusted financial measures and for the purposes of comparability, non-GAAP adjusted financial measures for the 2024 periods have been updated to reflect this change. See "Non-GAAP Financial Measures" below. |
Reconciliations of applicable GAAP reported to non-GAAP adjusted information are included at the end of this press release.
Total Revenues
|
|
Three Months Ended
|
|
Year Ended
|
||||
|
(In thousands) |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Xywav |
$ 465,451 |
|
$ 400,964 |
|
$ 1,656,986 |
|
$ 1,473,202 |
|
Xyrem |
37,781 |
|
49,290 |
|
146,034 |
|
233,816 |
|
Epidiolex/Epidyolex |
287,122 |
|
275,047 |
|
1,059,197 |
|
972,423 |
|
Sativex |
1,503 |
|
5,173 |
|
16,277 |
|
18,877 |
|
Total Neuroscience |
791,857 |
|
730,474 |
|
2,878,494 |
|
2,698,318 |
|
Rylaze/Enrylaze |
108,160 |
|
101,487 |
|
402,920 |
|
410,846 |
|
Zepzelca |
90,440 |
|
78,328 |
|
307,309 |
|
320,318 |
|
Defitelio/defibrotide |
58,872 |
|
57,650 |
|
199,392 |
|
216,565 |
|
Vyxeos |
34,731 |
|
53,247 |
|
146,709 |
|
162,595 |
|
Modeyso |
36,541 |
|
— |
|
48,043 |
|
— |
|
Ziihera |
8,538 |
|
1,051 |
|
24,810 |
|
1,051 |
|
Total Oncology |
337,282 |
|
291,763 |
|
1,129,183 |
|
1,111,375 |
|
Other |
3,309 |
|
2,974 |
|
14,172 |
|
11,471 |
|
Product sales, net |
1,132,448 |
|
1,025,211 |
|
4,021,849 |
|
3,821,164 |
|
High-sodium oxybate AG royalty revenue |
55,696 |
|
55,307 |
|
211,725 |
|
217,575 |
|
Other royalty and contract revenues |
9,782 |
|
7,655 |
|
34,012 |
|
30,211 |
|
Total revenues |
$ 1,197,926 |
|
$ 1,088,173 |
|
$ 4,267,586 |
|
$ 4,068,950 |
Total revenues increased 5% in 2025 and 10% in 4Q25 compared to the same periods in 2024.
Total neuroscience revenue, including high-sodium oxybate AG royalty revenue, was
Oncology net product sales were
Operating Expenses and Income Tax (Benefit) Expense
|
|
Three Months Ended
|
|
Year Ended
|
||||
|
(In thousands, except percentages) |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
GAAP: |
|
|
|
|
|
|
|
|
Cost of product sales |
$ 153,528 |
|
$ 128,713 |
|
$ 503,296 |
|
$ 445,713 |
|
Gross margin on product sales, net |
86.4 % |
|
87.4 % |
|
87.5 % |
|
88.3 % |
|
Selling, general and administrative |
$ 406,212 |
|
$ 369,287 |
|
$ 1,809,271 |
|
$ 1,385,294 |
|
% of total revenues |
33.9 % |
|
33.9 % |
|
42.4 % |
|
34.0 % |
|
Research and development |
$ 213,909 |
|
$ 240,500 |
|
$ 782,736 |
|
$ 884,000 |
|
% of total revenues |
17.9 % |
|
22.1 % |
|
18.3 % |
|
21.7 % |
|
Acquired in-process research and development |
$ — |
|
$ — |
|
$ 947,862 |
|
$ 10,000 |
|
Income tax (benefit) expense |
$ 4,963 |
|
$ (57,912) |
|
$ (272,443) |
|
$ (91,429) |
|
Effective tax rate |
2.4 % |
|
(43.5) % |
|
43.4 % |
|
(19.4) % |
|
|
|||||||
|
|
Three Months Ended
|
|
Year Ended
|
||||
|
(In thousands, except percentages) |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Non-GAAP adjusted: |
|
|
|
|
|
|
|
|
Cost of product sales |
$ 106,841 |
|
$ 86,492 |
|
$ 336,016 |
|
$ 295,897 |
|
Gross margin on product sales, net |
90.6 % |
|
91.6 % |
|
91.6 % |
|
92.3 % |
|
Selling, general and administrative |
$ 360,533 |
|
$ 323,167 |
|
$ 1,603,255 |
|
$ 1,226,724 |
|
% of total revenues |
30.1 % |
|
29.7 % |
|
37.6 % |
|
30.1 % |
|
Research and development |
$ 189,915 |
|
$ 220,857 |
|
$ 686,645 |
|
$ 809,327 |
|
% of total revenues |
15.9 % |
|
20.3 % |
|
16.1 % |
|
19.9 % |
|
Acquired in-process research and development |
$ — |
|
$ — |
|
$ 947,862 |
|
$ 10,000 |
|
Income tax (benefit) expense |
$ 73,628 |
|
$ (435) |
|
$ (26,467) |
|
$ 127,093 |
|
Effective tax rate |
14.9 % |
|
(0.1) % |
|
(5.3) % |
|
8.6 % |
Changes in operating expenses and income tax (benefit) expense in 2025 and 4Q25 over the prior year periods are primarily due to the following:
- Cost of product sales, on a GAAP and non-GAAP adjusted basis, increased in 2025 compared to 2024, primarily due to changes in product mix. Cost of product sales, on a GAAP basis, in 2025 included higher acquisition accounting inventory fair value step up expense compared to 2024. Cost of product sales, on a GAAP and non-GAAP adjusted basis, increased in 4Q25 compared to 4Q24, primarily due to changes in product mix, partially offset by lower inventory provisions.
- Selling, general and administrative (SG&A) expenses, on a GAAP and non-GAAP adjusted basis, increased in 2025 compared to 2024, primarily due to Xyrem antitrust litigation settlements of
$234 million , the Avadel litigation settlement of$90 million and higher compensation-related expenses. SG&A expenses, on a GAAP and non-GAAP adjusted basis, increased in 4Q25 compared to 4Q24, primarily due to higher compensation-related expenses. - Research and development (R&D) expenses, on a GAAP and non-GAAP adjusted basis, decreased in 2025 and 4Q25, compared to the same periods in 2024, primarily due to lower clinical study costs primarily related to zanidatamab as a result of timing of clinical trial activities, JZP385 (essential tremor) following discontinuation of this program, and JZP258 (XYLO/DUET) due to the completion of these trials in the first half of 2025, partially offset by the addition of costs relating to Modeyso and increased personnel costs following the acquisition of
Chimerix . - Acquired in-process research and development (IPR&D) in 2025, on a GAAP and non-GAAP adjusted basis, represents the value allocated to Modeyso in the Chimerix Acquisition of
$905 million and the upfront payment made in connection with our global license agreement with Saniona of$43 million . - Income tax benefit in 2025, on a GAAP and non-GAAP adjusted basis, included a benefit of
$213 million on recognition of certainU.S. federal and state deferred tax assets acquired through theChimerix acquisition. Income tax benefit, on a GAAP and non-GAAP adjusted basis, in 4Q24 was primarily due to patent box benefits recognized.
Cash Flow and Balance Sheet
As of
2026 Financial Guidance
Jazz Pharmaceutical's full year 2026 financial guidance is as follows:
|
(In millions) |
Guidance |
|
Total Revenues |
$4,250 - |
|
(In millions, except percentages) |
GAAP |
|
Non-GAAP |
|
Gross margin % |
89% - 90% |
|
90% - 91%1 |
|
SG&A expenses |
|
|
|
|
R&D expenses |
|
|
|
|
Effective tax rate |
0% - 10% |
|
11.5% - 13.5%1 |
|
Weighted-average ordinary shares outstanding2 |
65 - 66 |
|
65 - 66 |
|
___________________________ |
|
|
1. |
See "Non-GAAP Financial Measures" below. Reconciliations of non-GAAP adjusted guidance measures are included in the table titled "Reconciliation of 2026 GAAP to Non-GAAP Guidance Measures". |
|
2. |
Assumes inclusion of shares outstanding in relation to the 2.000% exchangeable senior notes due 2026, or the 2026 Notes, and the 3.125% exchangeable senior notes due 2030, or the 2030 Notes, which we refer to collectively as the Exchangeable Senior Notes, given the Company's share price exceeds the conversion prices of the Exchangeable Senior Notes. |
Conference Call Details
Interested parties may register for the call here or via the Investors section of the
A replay of the webcast will be available via the Investors section of the
About
Non-GAAP Financial Measures
To supplement
The Company believes that each of these non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors and analysts and that each of these non-GAAP financial measures, when considered together with the Company's financial information prepared in accordance with GAAP, can enhance investors' and analysts' ability to meaningfully compare the Company's results from period to period, to its forward-looking guidance, and to identify operating trends in the Company's business. In addition, these non-GAAP financial measures are regularly used by investors and analysts to model and track the Company's financial performance.
Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, statements related to: the Company's growth prospects and future financial and operating results, including the Company's 2026 financial guidance and the Company's expectations related thereto, including with respect to anticipated catalysts; anticipated multiple near-term pipeline catalysts that each represent significant opportunities to drive greater revenue and create long-term value; the Company's advancement of pipeline programs and the timing of development activities, regulatory activities, approvals, and submissions related thereto, including the timing of the completion of the submission of the sBLA for, and launch and approval of, zanidatamab in 1L GEA; planned or anticipated clinical trial events, including with respect to initiations, enrollment and data read-outs, and the anticipated timing thereof; and the Company's development, regulatory and commercialization strategy; the Company's expectations with respect to its products and product candidates and the potential of the Company's products and product candidates and the potential regulatory path related thereto; including zanidatamab's potential to be the HER2-targeted agent of choice in HER2+ 1L GEA, regardless of PD-L1 status, and to reshape first-line treatment for HER2+ metastatic GEA patients; the Company's capital allocation and corporate development strategy; the potential successful future development, manufacturing, regulatory and commercialization activities; the Company's ability to realize the commercial potential of its products; the Company's net product sales and goals for net product sales from new and acquired products; the Company's views and expectations relating to its patent portfolio, including with respect to expected patent protection, as well as expectations with respect to exclusivity; the Company's clinical trials confirming clinical benefit or enabling regulatory submissions, including the potential of the ongoing Phase 3 ACTION trial to confirm clinical benefit of Modeyso in recurrent H3 K27M-mutant diffuse glioma and extend to use in first-line patients; and other statements that are not historical facts. These forward-looking statements are based on the Company's current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties.
Actual results and the timing of events could differ materially from those anticipated in such forward- looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with: maintaining or increasing sales of, and revenue from, Xywav, Epidiolex/Epidyolex, Ziihera, Modeyso, Zepzelca and other lead marketed products; effectively launching and commercializing the Company's other products and product candidates; the successful completion of development and regulatory activities with respect to the Company's product candidates; obtaining and maintaining adequate coverage and reimbursement for the Company's products; the time-consuming and uncertain regulatory approval process, including the risk that the Company's current and/or planned regulatory submissions may not be submitted, accepted or approved by applicable regulatory authorities in a timely manner or at all, including the risk that the Company's sBLA submission for zanidatamab in 1L GEA may not be completed or, if completed, approved in a timely manner or at all; the costly and time-consuming pharmaceutical product development process and the uncertainty of clinical success, including risks related to failure or delays in successfully initiating or completing clinical trials and assessing patients; global economic, financial, and healthcare system disruptions and the current and potential future negative impacts to the Company's business operations and financial results; protecting and enhancing the Company's intellectual property rights and the Company's commercial success being dependent upon the Company obtaining, maintaining and defending intellectual property protection and exclusivity for its products and product candidates; delays or problems in the supply or manufacture of the Company's products and product candidates; complying with applicable
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (In thousands, except per share amounts) (Unaudited)
|
|||||||
|
|
Three Months Ended
|
|
Year Ended
|
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Revenues: |
|
|
|
|
|
|
|
|
Product sales, net |
$ 1,132,448 |
|
$ 1,025,211 |
|
$ 4,021,849 |
|
$ 3,821,164 |
|
Royalties and contract revenues |
65,478 |
|
62,962 |
|
245,737 |
|
247,786 |
|
Total revenues |
1,197,926 |
|
1,088,173 |
|
4,267,586 |
|
4,068,950 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Cost of product sales (excluding amortization of |
153,528 |
|
128,713 |
|
503,296 |
|
445,713 |
|
Selling, general and administrative |
406,212 |
|
369,287 |
|
1,809,271 |
|
1,385,294 |
|
Research and development |
213,909 |
|
240,500 |
|
782,736 |
|
884,000 |
|
Intangible asset amortization |
169,742 |
|
158,903 |
|
654,661 |
|
627,313 |
|
Acquired in-process research and development |
— |
|
— |
|
947,862 |
|
10,000 |
|
Total operating expenses |
943,391 |
|
897,403 |
|
4,697,826 |
|
3,352,320 |
|
Income (loss) from operations |
254,535 |
|
190,770 |
|
(430,240) |
|
716,630 |
|
Interest expense, net |
(45,406) |
|
(51,256) |
|
(195,051) |
|
(238,097) |
|
Foreign exchange loss |
(658) |
|
(6,295) |
|
(2,568) |
|
(8,182) |
|
Income (loss) before income tax expense (benefit) and |
208,471 |
|
133,219 |
|
(627,859) |
|
470,351 |
|
Income tax expense (benefit) |
4,963 |
|
(57,912) |
|
(272,443) |
|
(91,429) |
|
Equity in loss of investees |
57 |
|
16 |
|
732 |
|
1,660 |
|
Net income (loss) |
$ 203,451 |
|
$ 191,115 |
|
$ (356,148) |
|
$ 560,120 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) per ordinary share: |
|
|
|
|
|
|
|
|
Basic |
$ 3.33 |
|
$ 3.16 |
|
$ (5.84) |
|
$ 9.06 |
|
Diluted |
$ 3.21 |
|
$ 3.11 |
|
$ (5.84) |
|
$ 8.65 |
|
Weighted-average ordinary shares used in per share |
61,058 |
|
60,538 |
|
60,981 |
|
61,838 |
|
Weighted-average ordinary shares used in per share |
63,433 |
|
61,503 |
|
60,981 |
|
66,007 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
|
|||
|
|
|
|
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ 1,391,899 |
|
$ 2,412,864 |
|
Investments |
1,050,000 |
|
580,000 |
|
Accounts receivable, net of allowances |
830,747 |
|
716,765 |
|
Inventories |
416,962 |
|
480,445 |
|
Prepaid expenses |
152,481 |
|
177,411 |
|
Other current assets |
323,954 |
|
261,543 |
|
Total current assets |
4,166,043 |
|
4,629,028 |
|
Property, plant and equipment, net |
199,857 |
|
173,413 |
|
Operating lease assets |
58,880 |
|
53,582 |
|
Intangible assets, net |
4,429,510 |
|
4,755,695 |
|
|
1,829,340 |
|
1,716,323 |
|
Deferred tax assets, net |
869,130 |
|
560,245 |
|
Deferred financing costs |
7,550 |
|
9,489 |
|
Other non-current assets |
99,030 |
|
114,482 |
|
Total assets |
$ 11,659,340 |
|
$ 12,012,257 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ 122,061 |
|
$ 77,869 |
|
Accrued liabilities |
1,034,170 |
|
910,947 |
|
Current portion of long-term debt |
1,029,903 |
|
31,000 |
|
Income taxes payable |
56,387 |
|
18,757 |
|
Total current liabilities |
2,242,521 |
|
1,038,573 |
|
Long-term debt, less current portion |
4,328,354 |
|
6,077,640 |
|
Operating lease liabilities, less current portion |
50,892 |
|
38,938 |
|
Deferred tax liabilities, net |
594,470 |
|
676,736 |
|
Other non-current liabilities |
124,519 |
|
86,614 |
|
Total shareholders' equity |
4,318,584 |
|
4,093,756 |
|
Total liabilities and shareholders' equity |
$ 11,659,340 |
|
$ 12,012,257 |
|
SUMMARY OF CASH FLOWS (In thousands) (Unaudited)
|
|||
|
|
Year Ended
|
||
|
|
2025 |
|
2024 |
|
Net cash provided by operating activities |
$ 1,355,773 |
|
$ 1,395,908 |
|
Net cash used in investing activities |
(1,509,913) |
|
(508,195) |
|
Net cash provided by (used in) financing activities |
(873,380) |
|
20,516 |
|
Effect of exchange rates on cash and cash equivalents |
6,555 |
|
(1,675) |
|
Net increase (decrease) in cash and cash equivalents |
$ (1,020,965) |
|
$ 906,554 |
|
RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (In thousands, except per share amounts) (Unaudited)
|
|||||||||||||||
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
|
Net |
|
Diluted |
|
Net |
|
Diluted |
|
Net |
|
Diluted |
|
Net |
|
Diluted |
|
GAAP reported |
$ 203,451 |
|
$ 3.21 |
|
$ 191,115 |
|
$ 3.11 |
|
|
|
$ (5.84) |
|
$ 560,120 |
|
$ 8.65 |
|
Intangible asset |
169,742 |
|
2.68 |
|
158,903 |
|
2.58 |
|
654,661 |
|
10.51 |
|
627,313 |
|
9.50 |
|
Share-based |
70,854 |
|
1.12 |
|
70,190 |
|
1.14 |
|
291,133 |
|
4.67 |
|
248,045 |
|
3.76 |
|
Acquisition accounting |
40,604 |
|
0.64 |
|
37,794 |
|
0.61 |
|
147,948 |
|
2.38 |
|
135,014 |
|
2.05 |
|
Integration related |
4,902 |
|
0.08 |
|
— |
|
— |
|
30,306 |
|
0.49 |
|
— |
|
— |
|
Income tax effect of |
(68,665) |
|
(1.09) |
|
(57,477) |
|
(0.93) |
|
(245,976) |
|
(3.95) |
|
(218,522) |
|
(3.31) |
|
Effect of potentially |
— |
|
— |
|
— |
|
— |
|
— |
|
0.12 |
|
— |
|
— |
|
Non-GAAP adjusted |
$ 420,888 |
|
$ 6.64 |
|
$ 400,525 |
|
$ 6.51 |
|
$ 521,924 |
|
$ 8.38 |
|
$ 1,351,970 |
|
$ 20.65 |
|
Weighted-average |
63,433 |
|
|
|
61,503 |
|
|
|
60,981 |
|
|
|
66,007 |
|
|
|
Dilutive effect of |
— |
|
|
|
— |
|
|
|
1,304 |
|
|
|
— |
|
|
|
Dilutive effect of the 2030 |
— |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
Weighted-average ordinary |
63,433 |
|
|
|
61,503 |
|
|
|
62,288 |
|
|
|
66,007 |
|
|
|
________________________________________________ |
|
|
Explanation of Adjustments and Certain Line Items: |
|
|
1. |
Diluted EPS was calculated using the "if-converted" method in relation to the 2026 Notes. In |
|
2. |
Integration related expenses with respect to the |
|
RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION - CERTAIN LINE ITEMS (In thousands, except percentages) (Unaudited)
|
|||||||||||||||
|
|
Three months ended |
||||||||||||||
|
|
Cost of |
|
Gross |
|
SG&A |
|
R&D |
|
Intangible |
|
Interest |
|
Income tax |
|
Effective |
|
GAAP Reported |
|
|
86.4 % |
|
$ 406,212 |
|
$ 213,909 |
|
|
|
$ 45,406 |
|
$ 4,963 |
|
2.4 % |
|
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset amortization |
— |
|
— |
|
— |
|
— |
|
(169,742) |
|
— |
|
— |
|
— |
|
Share-based compensation expense |
(5,068) |
|
0.5 |
|
(42,654) |
|
(23,132) |
|
— |
|
— |
|
— |
|
— |
|
Acquisition accounting inventory fair |
(40,604) |
|
3.7 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Integration related expenses |
(1,015) |
|
— |
|
(3,025) |
|
(862) |
|
— |
|
— |
|
— |
|
— |
|
Income tax effect of above adjustments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
68,665 |
|
12.5 |
|
Total of non-GAAP adjustments |
(46,687) |
|
4.2 |
|
(45,679) |
|
(23,994) |
|
(169,742) |
|
— |
|
68,665 |
|
12.5 |
|
Non-GAAP Adjusted |
|
|
90.6 % |
|
$ 360,533 |
|
$ 189,915 |
|
$ — |
|
$ 45,406 |
|
$ 73,628 |
|
14.9 % |
|
|
Three months ended |
||||||||||||||
|
|
Cost of |
|
Gross |
|
SG&A |
|
R&D |
|
Intangible |
|
Interest |
|
Income tax |
|
Effective |
|
GAAP Reported |
|
|
87.4 % |
|
$ 369,287 |
|
$ 240,500 |
|
|
|
$ 51,256 |
|
|
|
(43.5) % |
|
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset amortization |
— |
|
— |
|
— |
|
— |
|
(158,903) |
|
— |
|
— |
|
— |
|
Share-based compensation expense |
(4,427) |
|
0.5 |
|
(46,120) |
|
(19,643) |
|
— |
|
— |
|
— |
|
— |
|
Acquisition accounting inventory fair |
(37,794) |
|
3.7 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Income tax effect of above adjustments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
57,477 |
|
43.4 |
|
Total of non-GAAP adjustments |
(42,221) |
|
4.2 |
|
(46,120) |
|
(19,643) |
|
(158,903) |
|
— |
|
57,477 |
|
43.4 |
|
Non-GAAP Adjusted |
$ 86,492 |
|
91.6 % |
|
$ 323,167 |
|
$ 220,857 |
|
$ — |
|
$ 51,256 |
|
$ (435) |
|
(0.1) % |
|
RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION - CERTAIN LINE ITEMS (In thousands, except percentages) (Unaudited)
|
|||||||||||||||||
|
|
Year ended |
||||||||||||||||
|
|
Cost of |
|
Gross |
|
SG&A |
|
R&D |
|
Intangible |
|
Acquired |
|
Interest |
|
Income tax |
|
Effective |
|
GAAP Reported |
|
|
87.5 % |
|
$ 1,809,271 |
|
$ 782,736 |
|
|
|
$ 947,862 |
|
$ 195,051 |
|
$ (272,443) |
|
43.4 % |
|
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset amortization |
— |
|
— |
|
— |
|
— |
|
(654,661) |
|
— |
|
— |
|
— |
|
— |
|
Share-based compensation expense |
(18,031) |
|
0.5 |
|
(186,622) |
|
(86,480) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Integration related expenses |
(1,301) |
|
— |
|
(19,394) |
|
(9,611) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Acquisition accounting inventory fair |
(147,948) |
|
3.6 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Income tax effect of above adjustments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
245,976 |
|
(48.7) |
|
Total of non-GAAP adjustments |
(167,280) |
|
4.1 |
|
(206,016) |
|
(96,091) |
|
(654,661) |
|
— |
|
— |
|
245,976 |
|
(48.7) |
|
Non-GAAP Adjusted |
|
|
91.6 % |
|
$ 1,603,255 |
|
$ 686,645 |
|
$ — |
|
$ 947,862 |
|
$ 195,051 |
|
$ (26,467) |
|
(5.3) % |
|
|
Year ended |
||||||||||||||||
|
|
Cost of |
|
Gross |
|
SG&A |
|
R&D |
|
Intangible |
|
Acquired |
|
Interest |
|
Income tax |
|
Effective |
|
GAAP Reported |
|
|
88.3 % |
|
|
|
$ 884,000 |
|
$ 627,313 |
|
$ 10,000 |
|
|
|
$ (91,429) |
|
(19.4) % |
|
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset amortization |
— |
|
— |
|
— |
|
— |
|
(627,313) |
|
— |
|
— |
|
— |
|
— |
|
Share-based compensation expense |
(14,802) |
|
0.5 |
|
(158,570) |
|
(74,673) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Acquisition accounting inventory fair |
(135,014) |
|
3.5 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Income tax effect of above adjustments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
218,522 |
|
28.0 |
|
Total of non-GAAP adjustments |
(149,816) |
|
4.0 |
|
(158,570) |
|
(74,673) |
|
(627,313) |
|
— |
|
— |
|
218,522 |
|
28.0 |
|
Non-GAAP Adjusted |
|
|
92.3 % |
|
|
|
$ 809,327 |
|
$ — |
|
$ 10,000 |
|
|
|
$ 127,093 |
|
8.6 % |
|
RECONCILIATION OF 2026 GAAP TO NON-GAAP GUIDANCE MEASURES
|
|||
|
|
|
||
|
(In millions, except percentages) |
Low |
|
High |
|
GAAP gross margin on total revenues |
89 % |
|
90 % |
|
Acquisition accounting inventory fair value step-up |
1 % |
|
1 % |
|
Non-GAAP gross margin on total revenues |
90 % |
|
91 % |
|
|
|
|
|
|
GAAP SG&A expenses |
$ 1,424 |
|
$ 1,497 |
|
Share-based compensation expense |
(164) |
|
(177) |
|
Non-GAAP SG&A expenses |
$ 1,260 |
|
$ 1,320 |
|
|
|
|
|
|
GAAP R&D expenses |
$ 811 |
|
$ 867 |
|
Share-based compensation expense |
(86) |
|
(92) |
|
Non-GAAP R&D expenses |
$ 725 |
|
$ 775 |
|
|
|
|
|
|
GAAP effective tax rate |
0 % |
|
10 % |
|
Income tax effect of GAAP to non-GAAP reconciling items |
11.5 % |
|
3.5 % |
|
Non-GAAP effective tax rate |
11.5 % |
|
13.5 % |
Contacts:
Investors:
InvestorInfo@jazzpharma.com
Media:
CorporateAffairsMediaInfo@jazzpharma.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/jazz-pharmaceuticals-announces-full-year-and-fourth-quarter-2025-financial-results-and-provides-2026-financial-guidance-302696173.html
SOURCE
