Jazz Pharmaceuticals plc earnings

Management highlights

### Commercial Execution: Built on record year in 2025, first quarter had highest ever total revenues of $1.1 billion, +19% YOY. Commercial teams had double-digit growth across promoted brands, with strong contributions from ongoing launches. ### R&D Progress: Urgently advancing Zyhera for HER2-positive first-line locally advanced or metastatic GEA, FDA accepted SBLA, granted priority review. Pipeline progress with multiple ongoing registrations, early stage trials, and early development of neuroscience and epilepsy assets. ### Operational Start: Cash flow over $400 million in Q1, non-GAAP adjusted EPS $6.34. Financial strength enables investment in commercial portfolio, pipeline, and business development in rare disease.

Guidance

### Revenue Guidance: Reaffirming full-year 2026 revenue guidance of $4.25 to $4.5 billion. ### Sleep Business: Anticipate competitive dynamics in second half, including high-sodium generics gaining volume and potential daytime weight-promoting agents entering narcolepsy market. ### Zepzelka: Expect first-line maintenance adoption to grow, second-line use to decrease due to competition and fewer Zepzelka-naive patients. ### FX Impact: Significant devaluation of U.S. dollar contributed ~1.5 percentage points to worldwide revenue growth in Q1.

Segment performance

### Sleep: ZyWave net product sales increased 18% to $408 million in Q1 2026. There were approximately 425 net patient adds, and now ~16,600 active patients. Field teams expand markets, and JazzCare support services are differentiators. Revenue contribution: significant, driven by strong demand. ### Epilepsy: Epidiolex net product sales increased 15% to $250 million in Q1 2026, driven by 16% volume growth. Focus on adult patient population, long-term care setting, and nurse navigator program. Revenue contribution: important, with growth in underlying demand. ### Oncology: - Zahira: Generated net product sales of $13 million in Q1 2026. Positive feedback from biliary tract cancer physicians, expanding into new accounts. Revenue contribution: part of oncology portfolio growth. - GEA launch preparations: Zyhera has potential to be preferred HER2-directed therapy for HER2-positive first-line metastatic GEA. Data from Horizon GEA trial shows improved outcomes. Revenue contribution: potential significant with approval. - Medeso: Generated $41 million in net product sales in Q1 2026. Strong early performance post-launch in August 2025, treating ~500 patients. Revenue contribution: early but growing. - Zepzelka: Net product sales increased 60% to $101 million in Q1 2026, driven by strong uptake in frontline maintenance setting. Revenue contribution: significant growth from first-line maintenance adoption.

Risks & headwinds

### Forward-Looking Statements: Include risks and uncertainties that could cause actual results to differ materially. Risks described in press release and Form 10-K. ### Competitive Risks: In sleep business, potential competitive pressure from generics and new agents. In oncology, competition could impact Zepzelka's second-line use. ### Regulatory Risks: Uncertainties in regulatory approval timelines and processes for pipeline assets.

Analyst Q&A

• Q: Question on Zany Datamab for breast cancer regarding sequencing agents.

  A: Rob mentioned trial 303 will evaluate Zanidatamab vs standard of care in post and HER2 setting to inform decisions.

• Q: Question on size of patient population for Medezo and M&A thinking.

  A: Sam said Medezo has $41M in Q1, $500M peak opportunity in US, patient population estimates, and Renee said BD active, focused on rare disease, looking at licensing, structured deals, M&A.

• Q: Question on epilepsy area focus and cannibalization.

  A: Renee said epilepsy is focus, significant unmet need, Epidiolex has long durability, room for new mechanisms, will continue to invest.

• Q: Question on Modazo moving to first-line treatment.

  A: Sam said action study could expand market by more patients and longer duration of treatment, Rob mentioned event-driven trial with interim and final analysis.

• Q: Question on Epidiolex OUS and Rylase.

  A: Mark Goodman was told Epidiolex OUS had strong growth, ~2/3 volume, ~1/3 FX and UK VPag adjustment, Rylase had $104M, 10% growth, COG impact realized.

• Q: Question on second half dynamics for oxidates and competitive pressure.

  A: Jordan Becker was told ZyWave had 18% growth, volume growth, first quarter had net price pickup, competitive landscape viewed as complementary with orexins.

• Q: Question on Epidiolex adult and long-term care setting and study.

  A: Sam said Epidiolex has adult segment and long-term care focus, invested in teams and tools, Rob mentioned focal onset seizure study with data to be published.

• Q: Question on Zepzelka IP and life beyond 2029.

  A: Renee said strong patent estate for Zepzelka, multiple patents out to 2040, pursuing new patents, and suit against filers with stay of approval.

• Q: Question on ZyWave growth and MFN.

  A: Jason Gerberry was told ZyWave had 18% growth, first quarter had net price pickup, MFN considerations uncertain.

• Q: Question on ZyWave headwinds and Medezo action trial.

  A: Amy Fadia was told ZyWave has strong momentum, continued support, and Rob said Medezo action trial is OS-based with interim and final analysis.

• Q: Question on NCCN guideline for Zyhera and breast cancer opportunity.

  A: Rob said NCCN guidelines will be updated with manuscript, Zyhera data supports category one inclusion, breast cancer opportunity significant.