Q4 2025 Jazz Pharmaceuticals PLC Earnings Call

February 24, 2026

Operator: Good day, and thank you for standing by. Welcome to the Jazz Pharmaceuticals Q4 2025 Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker today, Jack Spinks, Head of Investor Relations. Please go ahead.

Speaker #1: Good day, and thank you for standing by. Welcome to the Jazz Pharmaceuticals 4th Quarter 2025 earnings conference call. At this time, all participants are on a a listen-only mode.

Speaker #1: After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press *11 on your telephone.

Speaker #1: You will then hear an automated message advising you to hand this raise. To withdraw your question, please press *11 again. Please be advised that today's conference is being recorded.

Speaker #1: I would now like to turn the conference over to your speaker today, John Bluth, Head of Investor Relations. Please go ahead.

Speaker #2: Thank you, and good afternoon, everyone. Today, Jazz Pharmaceuticals reported its fourth quarter and full year 2025 financial results. The slide presentation accompanying this webcast is available on the Investor section of our website, along with the press release and annual report on Form 10-K for the fiscal year ended December 31, 2025.

Jack Spinks: Thank you. Good afternoon, everyone. Today, Jazz Pharmaceuticals reported its Q4 and full year 2025 financial results. The slide presentation accompanying this webcast is available on the investor section of our website, along with the press release and annual report on Form 10-K for the fiscal year ended 31 December 2025. On the call today are Renee Gala, President and Chief Executive Officer, Samantha Pearce, Chief Commercial Officer, Robert Iannone, Global Head of R&D and Chief Medical Officer, and Philip Johnson, Chief Financial Officer. On slide 2, I'd like to remind you that today's webcast includes forward-looking statements, such as those related to our future financial and operating results, growth potential, and anticipated development, regulatory, and commercial milestones, which involve risks and uncertainties that could cause actual events, performance, and results to differ materially from those contained in these forward-looking statements.

Speaker #2: On the call today are Rene Gal, President and Chief Executive Officer; Sam Pearce, Chief Commercial Officer; Rob Iannone, Global Head of R&D and Chief Medical Officer; and Phil Johnson, Chief Financial Officer.

Speaker #2: On slide 2, I'd like to remind you that today's webcast includes forward-looking statements such as those related to our future financial and operating results, growth potential, and and anticipated development, regulatory, and commercial milestones, which involve risks and uncertainties that could cause actual events, performance, and results to differ materially from those contained in these forward-looking statements.

Speaker #2: We encourage you to review these risks and uncertainties described in today's press release and under the captioned Risk Factors in our annual report on Form 10-K for the fiscal year ended December 31, 2025, and our subsequent filings with the SEC.

Jack Spinks: We encourage you to review these risks and uncertainties described in today's press release and under the caption Risk Factors in our annual report on Form 10-K for the fiscal year ended 31 December 2025, and our subsequent filings with the SEC. We undertake no duty or obligation to update our forward-looking statements. As noted on slide 3, we will discuss non-GAAP financial measures on this webcast. Descriptions of these non-GAAP financial measures and reconciliations of GAAP to non-GAAP financial measures are included in today's press release and the slide presentation available on the investor section of our website. I'll now turn the call over to Renee.

Speaker #2: We undertake no duty or obligation to update our forward-looking statements. As noted on slide 3, we will discuss non-GAAP financial measures on this webcast.

Speaker #2: Descriptions of these non-GAAP financial measures and reconciliations of GAAP to non-GAAP financial measures are included in today's press release and the slide presentation available on the Investor section of our website.

Speaker #2: I'll now turn the call over to Rene.

Speaker #3: Thanks, John. Good afternoon, everyone, and thank you for joining us to discuss Jazz's fourth quarter and full year 2025 results, as well as our outlook for 2026.

Renee Gala: Thanks, John. Good afternoon, everyone, thank you for joining us to discuss Jazz's Q4 and full year 2025 results, as well as our outlook for 2026. I'll begin on slide 5. Jazz had an exceptional year in 2025, representing our 21st consecutive year of top-line revenue growth and underscoring our commitment to operational excellence as we deliver meaningful innovation for patients. We achieved record total revenue in 2025 of $4.3 billion. This included Q4 revenue of $1.2 billion, reflecting 10% year-over-year growth and our highest revenue quarter ever. We expanded our portfolio through multiple approvals and launches. Following our acquisition of Chimerix in April, we rapidly received approval of and launched Modeyso, bringing this new therapy to patients who previously had no approved drug options.

Renée Galá: Thanks, John. Good afternoon, everyone, thank you for joining us to discuss Jazz's Q4 and full year 2025 results, as well as our outlook for 2026. I'll begin on slide 5. Jazz had an exceptional year in 2025, representing our 21st consecutive year of top-line revenue growth and underscoring our commitment to operational excellence as we deliver meaningful innovation for patients. We achieved record total revenue in 2025 of $4.3 billion. This included Q4 revenue of $1.2 billion, reflecting 10% year-over-year growth and our highest revenue quarter ever. We expanded our portfolio through multiple approvals and launches. Following our acquisition of Chimerix in April, we rapidly received approval of and launched Modeyso, bringing this new therapy to patients who previously had no approved drug options.

Speaker #3: I'll begin on slide 5. Jazz had an exceptional year in 2025, representing our 21st consecutive year of top-line revenue growth and underscoring our commitment to operational excellence as we deliver meaningful innovation for patients.

Speaker #3: We achieved record total revenue in 2025 of $4.3 billion. This included fourth quarter revenue of $1.2 billion, reflecting 10% year-over-year growth and our highest revenue quarter ever.

Speaker #3: We expanded our portfolio through multiple approvals and launches. Following our acquisition of Chimerics in April, we rapidly received approval of and launched Medeso, bringing this new therapy to patients who previously had no approved drug options.

Speaker #3: From its launch in August, Medeso generated $48 million in 2025 revenue. In October, we received approval of Dubselka in combination with atezolizumab and the first-line maintenance setting, following the strong overall survival data presented at ASCO in June.

Renee Gala: From its launch in August, Modeyso generated $48 million in 2025 revenue. In October, we received approval of Zepzelca in combination with tislelizumab in the first line maintenance setting, following the strong overall survival data presented at ASCO in June. Our most significant R&D progress came with the presentation of practice-changing data from our first randomized Phase 3 clinical trial of zanidatamab, supporting the opportunity for Dani to become the HER2-targeted agent of choice across a number of tumor types. zanidatamab, in combination with tislelizumab and chemotherapy, demonstrated more than 2 years of median overall survival in first-line HER2 positive metastatic GEA, an unprecedented survival benefit for these patients whose 5-year survival rates remain below 10%. In addition to our outstanding execution on the commercial and regulatory fronts, we resolved nearly all major litigation for the company.

Renée Galá: From its launch in August, Modeyso generated $48 million in 2025 revenue. In October, we received approval of Zepzelca in combination with tislelizumab in the first line maintenance setting, following the strong overall survival data presented at ASCO in June. Our most significant R&D progress came with the presentation of practice-changing data from our first randomized Phase 3 clinical trial of zanidatamab, supporting the opportunity for Dani to become the HER2-targeted agent of choice across a number of tumor types. zanidatamab, in combination with tislelizumab and chemotherapy, demonstrated more than 2 years of median overall survival in first-line HER2 positive metastatic GEA, an unprecedented survival benefit for these patients whose 5-year survival rates remain below 10%. In addition to our outstanding execution on the commercial and regulatory fronts, we resolved nearly all major litigation for the company.

Speaker #3: Our most significant R&D progress came with the presentation of practice-changing data from our first randomized Phase III clinical trial of DANI datamab, supporting the opportunity for DANI to become the HER2-targeted agent of choice across a number of tumor types.

Speaker #3: Dani datamab in combination with atezolizumab and chemotherapy demonstrated more than two years of median overall survival in first-line HER2-positive metastatic GEA. This is an unprecedented survival benefit for these patients, whose five-year survival rates remain below 10%.

Speaker #3: In addition to our outstanding execution on the commercial and regulatory fronts, we resolved nearly all major litigation for the company. We settled outstanding amyloid litigation for epidylax, increasing the runway into the very late 2030s, and we resolved the majority of litigation in our rare suite franchise.

Renee Gala: We settled outstanding ANDA litigation for Epidiolex, increasing the runway into the very late 2030s, and we resolved the majority of litigation in our rare sleep franchise. These achievements are all underpinned by our strong financial position and performance, which Philip will cover later in the call. As we look ahead to the next decade and beyond, we are sharpening our strategic focus on rare disease. Our rare disease strategy is centered on strengthening our current franchises and expanding into new areas of rare disease, supported by multiple dynamics that make this space attractive for Jazz, as outlined on slide 6. Built on the capabilities we have developed over many years and our long-standing commitment to delivering life-changing medicines, we believe Jazz is particularly well-suited to have a meaningful impact for patients with rare disease. We look forward to announcing future pipeline advancements and new business development transactions.

Renée Galá: We settled outstanding ANDA litigation for Epidiolex, increasing the runway into the very late 2030s, and we resolved the majority of litigation in our rare sleep franchise. These achievements are all underpinned by our strong financial position and performance, which Philip will cover later in the call. As we look ahead to the next decade and beyond, we are sharpening our strategic focus on rare disease. Our rare disease strategy is centered on strengthening our current franchises and expanding into new areas of rare disease, supported by multiple dynamics that make this space attractive for Jazz, as outlined on slide 6. Built on the capabilities we have developed over many years and our long-standing commitment to delivering life-changing medicines, we believe Jazz is particularly well-suited to have a meaningful impact for patients with rare disease. We look forward to announcing future pipeline advancements and new business development transactions.

Speaker #3: These achievements are all underpinned by our strong financial position and performance, which Phil will cover later in the call. As we look ahead to the next decade and beyond, we are sharpening our strategic focus on rare disease.

Speaker #3: Our rare disease strategy is centered on strengthening our current franchises and expanding into new areas of rare disease, supported by multiple dynamics that make this space attractive for Jazz, as outlined on slide 6.

Speaker #3: Built on the capabilities we have developed over many years, and our longstanding commitment to delivering life-changing medicines, we believe Jazz is particularly well-suited to have a meaningful impact for patients with rare disease.

Speaker #3: We look forward to announcing future pipeline advancements and new business development transactions. Our proven track record in corporate development, as outlined on slide 7, includes a number of successful value-creating transactions in rare disease.

Renee Gala: Our proven track record in corporate development, as outlined on slide 7, includes a number of successful value-creating transactions in rare disease. For example, we acquired zanidatamab through a licensing agreement with a modest upfront payment. Since then, we've made significant progress with an approval in second-line BTC, practice-changing data in GEA, and what is now an extensive development program across breast and other HER2-expressing cancers. With the Chimerix acquisition, in addition to securing Modeyso, we generated significant financial value by recognizing a deferred tax asset that will reduce our future cash taxes by over $200 million. As announced in January, we sold our priority review voucher for $200 million in gross proceeds, half of which will flow to Jazz.

Renée Galá: Our proven track record in corporate development, as outlined on slide 7, includes a number of successful value-creating transactions in rare disease. For example, we acquired zanidatamab through a licensing agreement with a modest upfront payment. Since then, we've made significant progress with an approval in second-line BTC, practice-changing data in GEA, and what is now an extensive development program across breast and other HER2-expressing cancers. With the Chimerix acquisition, in addition to securing Modeyso, we generated significant financial value by recognizing a deferred tax asset that will reduce our future cash taxes by over $200 million. As announced in January, we sold our priority review voucher for $200 million in gross proceeds, half of which will flow to Jazz.

Speaker #3: For example, we acquired DANI datamab through a licensing agreement with a modest upfront payment. Since then, we've made significant progress with an approval in second-line BTC, practice-changing data in GEA, and what is now an extensive development program across breast and other HER2-expressing cancers.

Speaker #3: With the Chimerics acquisition, in addition to securing Medeso, we generated significant financial value by recognizing a deferred tax asset that will reduce our future cash taxes by over $200 million.

Speaker #3: And as announced in January, we sold our priority review voucher for $200 million in gross proceeds, half of which will flow to Jazz. In fact, each of the deals outlined here has added new areas of strength and expertise, which we intend to leverage to continue building a more valuable company.

Renee Gala: In fact, each of the deals outlined here has added new areas of strength and expertise, which we intend to leverage to continue building a more valuable company. 2025 was an outstanding year for Jazz, one that we're proud of and one that provides us with immense confidence in the future. We are building upon this momentum in 2026 as we prepare for the potential launch of zanidatamab in GEA and sustain the launch execution for Modeyso and Zepzelca. We also remain focused on reinforcing the differentiated profiles of Epidiolex and Xywav as the leading branded treatments for epilepsy and narcolepsy, respectively. In parallel, we continue to advance our R&D pipeline and pursue a business development strategy that is aligned with our rare disease focus, aiming to deliver durable growth and long-term value creation for patients and shareholders.

Renée Galá: In fact, each of the deals outlined here has added new areas of strength and expertise, which we intend to leverage to continue building a more valuable company. 2025 was an outstanding year for Jazz, one that we're proud of and one that provides us with immense confidence in the future. We are building upon this momentum in 2026 as we prepare for the potential launch of zanidatamab in GEA and sustain the launch execution for Modeyso and Zepzelca. We also remain focused on reinforcing the differentiated profiles of Epidiolex and Xywav as the leading branded treatments for epilepsy and narcolepsy, respectively. In parallel, we continue to advance our R&D pipeline and pursue a business development strategy that is aligned with our rare disease focus, aiming to deliver durable growth and long-term value creation for patients and shareholders.

Speaker #3: 2025 was an outstanding year for Jazz, one that we're proud of and one that provides us with immense confidence in the future. We are building upon this momentum in 2026 as we prepare for the potential launch of DANI datamab in GEA and sustain the launch execution for Medeso and Dubselka. We also remain focused on reinforcing the differentiated profiles of Epidylax and ZyWave as the leading branded treatments for epilepsy and narcolepsy, respectively.

Speaker #3: In parallel, we continue to advance our R&D pipeline and pursue a business development strategy that is aligned with our rare disease focus, aiming to deliver durable growth and long-term value creation for patients and shareholders.

Speaker #3: I'll now turn the call over to Sam to discuss our commercial performance.

Renee Gala: I'll now turn the call over to Sam to discuss our commercial performance.

Renée Galá: I'll now turn the call over to Sam to discuss our commercial performance.

Speaker #4: Thanks, Rene. I'm pleased to share the strong commercial execution we delivered across our diversified portfolio in 2025. Starting on slide 9 with our rare sleep therapeutic area, which includes ZyWave, ZyREM, anti-sodium oxidase-authorized generic royalties, we delivered more than $2 billion in total revenue in 2025, including $559 million in the fourth quarter.

Samantha Pearce: Thanks, Renee. I'm pleased to share the strong commercial execution we delivered across our diversified portfolio in 2025. Starting on slide 9 with our rare sleep therapeutic area, which includes Xywav, Xyrem, and high-sodium oxybate authorized generic royalties. We delivered more than $2 billion in total revenue in 2025, including $559 million in Q4. Xywav revenue grew 12% to approximately $1.7 billion for the year. In Q4, Xywav generated $465 million, representing 16% growth compared to the same period in 2024. Our sleep team delivered exceptional performance in 2025. We remain committed to providing a safer, low-sodium option for patients with narcolepsy and IH. As designated by the FDA, Xywav is superior to high-sodium oxybate based on the greater safety provided by a low-sodium medicine.

Sam Pearce: Thanks, Renee. I'm pleased to share the strong commercial execution we delivered across our diversified portfolio in 2025. Starting on slide 9 with our rare sleep therapeutic area, which includes Xywav, Xyrem, and high-sodium oxybate authorized generic royalties. We delivered more than $2 billion in total revenue in 2025, including $559 million in Q4. Xywav revenue grew 12% to approximately $1.7 billion for the year. In Q4, Xywav generated $465 million, representing 16% growth compared to the same period in 2024. Our sleep team delivered exceptional performance in 2025. We remain committed to providing a safer, low-sodium option for patients with narcolepsy and IH. As designated by the FDA, Xywav is superior to high-sodium oxybate based on the greater safety provided by a low-sodium medicine.

Speaker #4: ZyWave revenue grew 12% to approximately $1.7 billion for the year. In the fourth quarter, ZyWave generated $465 million. Representing 16% growth compared to the same period in 2024.

Speaker #4: Our sleep teams delivered exceptional performance in 2025, and we remain committed to providing a safer, low-sodium option for patients with narcolepsy and IH. As designated by the FDA, ZyWave is superior to high-sodium oxidase based on the greater safety provided by a low-sodium medicine.

Speaker #4: These benefits continue to resonate with physicians and patients, driving approximately 500 net patient adds in the fourth quarter and more than 2,000 net patient adds in 2025, including a 34% increase in net active IH patients.

Samantha Pearce: These benefits continue to resonate with physicians and patients, driving approximately 500 net patient adds in Q4 and more than 2,000 net patient adds in 2025, including a 34% increase in net active IH patients. Xywav remains the number one branded treatment for narcolepsy and the only FDA-approved treatment for IH. Field execution continues to be supported by our disease awareness digital campaigns across both narcolepsy and IH. These efforts are increasing awareness of these distinct disease states, the availability of Xywav, and encouraging patients to engage in treatment discussions with their healthcare providers. We enter 2026 in a position of strength with more than 16,000 patients taking Xywav. Two generic versions of high-sodium Xyrem are entering the market and are expected to negatively impact high-sodium Xyrem revenues.

Sam Pearce: These benefits continue to resonate with physicians and patients, driving approximately 500 net patient adds in Q4 and more than 2,000 net patient adds in 2025, including a 34% increase in net active IH patients. Xywav remains the number one branded treatment for narcolepsy and the only FDA-approved treatment for IH. Field execution continues to be supported by our disease awareness digital campaigns across both narcolepsy and IH. These efforts are increasing awareness of these distinct disease states, the availability of Xywav, and encouraging patients to engage in treatment discussions with their healthcare providers. We enter 2026 in a position of strength with more than 16,000 patients taking Xywav. Two generic versions of high-sodium Xyrem are entering the market and are expected to negatively impact high-sodium Xyrem revenues.

Speaker #4: ZyWave remains the number one branded treatment for narcolepsy and the only FDA-approved treatment for IH. Field execution continues to be supported by our disease awareness digital campaigns across both narcolepsy and IH.

Speaker #4: These efforts are increasing awareness of these distinct disease states, the availability of ZyWave, and encouraging patients to engage in treatment discussions with their healthcare providers.

Speaker #4: We enter 2026 in a position of strength, with more than 16,000 patients taking ZyWave. Two generic versions of high-sodium ZyREM are entering the market and are expected to negatively impact high-sodium ZyREM revenues.

Speaker #4: There is also a modest step-down in the royalty rate from 2025 to 2026 for the Hikmah-authorized generic, or AG, with significant economic still-flowing for Jazz.

Samantha Pearce: There is also a modest step down in the royalty rate from 2025 to 2026 to the Hikma Authorized Generic or AG, with significant economics still flowing to Jazz. Given that Xywav is not AB rated to high-sodium oxybate, we do not anticipate a material impact on low-sodium Xywav revenue in the first half of 2026. While we expect the competitive sleep landscape will evolve in the second half of the year, it's important to note, in an increasingly competitive environment, Xywav remains clearly differentiated, offering a safer, low-sodium profile and continues to be the only FDA-approved treatment for IH. As a separate and unique indication for Xywav, we see the most opportunity for patient growth coming from IH. Moving to slide 10 and Epidiolex.

Sam Pearce: There is also a modest step down in the royalty rate from 2025 to 2026 to the Hikma Authorized Generic or AG, with significant economics still flowing to Jazz. Given that Xywav is not AB rated to high-sodium oxybate, we do not anticipate a material impact on low-sodium Xywav revenue in the first half of 2026. While we expect the competitive sleep landscape will evolve in the second half of the year, it's important to note, in an increasingly competitive environment, Xywav remains clearly differentiated, offering a safer, low-sodium profile and continues to be the only FDA-approved treatment for IH. As a separate and unique indication for Xywav, we see the most opportunity for patient growth coming from IH. Moving to slide 10 and Epidiolex.

Speaker #4: Given that ZyWave is not AB-rated to high-sodium oxidase, we do not anticipate a material impact on low-sodium ZyWave revenue in the first half of 2026.

Speaker #4: Whilst the expected competitive sleep landscape will evolve in the second half of the year, it's important to note in an increasingly competitive environment, ZyWave remains clearly differentiated, offering a safer, low-sodium profile, and continues to be the only FDA-approved treatment for IH.

Speaker #4: As a separate and unique indication to ZyWave, we see the most opportunity for patient growth coming from IH. Moving to slide 10 and epidylax.

Speaker #4: Epidylax reached a significant milestone in 2025, achieving blockbuster status with a $1.1 billion in revenue up 9% year over year, with strong underlying demand driving 7% volume growth in 2025.

Samantha Pearce: Epidiolex reached a significant milestone in 2025, achieving blockbuster status with $1.1 billion in revenue, up 9% year-over-year, with strong underlying demand, driving 7% volume growth in 2025. Q4 2025 revenue was $287 million, representing 4% growth compared to Q4 2024. I'd note that year-on-year growth was negatively impacted by higher than normal inventory levels at the end of Q4 2024. Looking ahead, we see our greatest growth opportunity in the adult patient population, particularly through expanded reach in long-term care settings. In addition, our Nurse Navigator program continues to meaningfully improve patient persistency, and we're focused on increasing utilization of this resource in 2026.

Sam Pearce: Epidiolex reached a significant milestone in 2025, achieving blockbuster status with $1.1 billion in revenue, up 9% year-over-year, with strong underlying demand, driving 7% volume growth in 2025. Q4 2025 revenue was $287 million, representing 4% growth compared to Q4 2024. I'd note that year-on-year growth was negatively impacted by higher than normal inventory levels at the end of Q4 2024. Looking ahead, we see our greatest growth opportunity in the adult patient population, particularly through expanded reach in long-term care settings. In addition, our Nurse Navigator program continues to meaningfully improve patient persistency, and we're focused on increasing utilization of this resource in 2026.

Speaker #4: Fourth quarter 2025 revenue was $287 million, representing 4% growth compared to the fourth quarter of 2024. I'd note that year-on-year growth was negatively impacted by higher-than-normal inventory levels at the end of fourth quarter '24.

Speaker #4: Looking ahead, we see our greatest growth opportunity in the adult patient population, particularly through expanded reach in long-term care settings. In addition, our nurse navigator program continues to meaningfully improve patient persistency and we're focused on increasing utilization of this resource in 2026.

Speaker #4: Given the long runway for epidylax, we will continue to invest in additional development opportunities, including new formulations with a clear focus on driving growth in adult patients.

Samantha Pearce: Given the long runway to Epidiolex, we will continue to invest in additional development opportunities, including new formulations, with a clear focus on driving growth in adult patients. We believe Epidiolex is well positioned to remain an important anti-seizure medicine for patients over the long term. Moving to our rare oncology portfolio, I'll start with Ziihera on slide 11. Ziihera is a highly differentiated HER2-targeted therapy that represents a key pillar of Jazz's future growth. We are focused on maximizing Ziihera's potential across HER2-positive cancers, supported by the strong Phase 3 HERIZON-GEA-01 results, which exceeded existing standards of care. Beyond GEA, zanidatamab has demonstrated encouraging activity across additional HER2-expressing tumors, positioning it as a meaningful multi-indication commercial opportunity. Our largest near-term opportunity is in first-line metastatic GEA, where we have the potential to launch zanidatamab in this indication in the second half of 2026.

Sam Pearce: Given the long runway to Epidiolex, we will continue to invest in additional development opportunities, including new formulations, with a clear focus on driving growth in adult patients. We believe Epidiolex is well positioned to remain an important anti-seizure medicine for patients over the long term. Moving to our rare oncology portfolio, I'll start with Ziihera on slide 11. Ziihera is a highly differentiated HER2-targeted therapy that represents a key pillar of Jazz's future growth. We are focused on maximizing Ziihera's potential across HER2-positive cancers, supported by the strong Phase 3 HERIZON-GEA-01 results, which exceeded existing standards of care. Beyond GEA, zanidatamab has demonstrated encouraging activity across additional HER2-expressing tumors, positioning it as a meaningful multi-indication commercial opportunity. Our largest near-term opportunity is in first-line metastatic GEA, where we have the potential to launch zanidatamab in this indication in the second half of 2026.

Speaker #4: We believe epidylax is well positioned to remain an important antiseizure medicine for patients over the long term. Moving to our rare oncology portfolio, I'll start with ZyHera on slide 11.

Speaker #4: ZyHera is a highly differentiated, HER2-targeted therapy that represents a key pillar of Jazz's future growth. We are focused on maximizing ZyHera's potential across HER2-positive cancers, supported by the strong Phase 3 Horizon GEA results, which exceeded existing standards of care.

Speaker #4: Beyond GEA, Zamidatumab has demonstrated encouraging activity across additional HER2-expressing tumors, positioning it as a meaningful multi-indication commercial opportunity. Our largest near-term opportunity is in first-line metastatic GEA, where we have the potential to launch Zamidatumab in this indication in the second half of 2026.

Speaker #4: Awareness and experience with ZyHera continue to build, particularly across academic centers and large community networks, with additional opportunity to expand familiarity as we move into GEA and other tumor clients.

Samantha Pearce: Awareness and experience with Ziihera continue to build, particularly across academic centers and large community networks, with additional opportunity to expand familiarity as we move into GEA and other tumor types. From an access standpoint, Ziihera benefits from an established permanent J-code through its FDA approval in second-line HER2-positive biliary tract cancers, simplifying reimbursement and reducing administrative burden. This is complemented by our comprehensive JazzCares support services, along with flexible ordering and fulfillment options. Our existing commercial footprint, capabilities, and experienced teams position us well to execute effectively in GEA and to support broader development across additional HER2-expressing tumors. Turning to slide 12 and Modeyso. From its launch in August to the end of 2025, Modeyso generated $48 million in revenue.

Sam Pearce: Awareness and experience with Ziihera continue to build, particularly across academic centers and large community networks, with additional opportunity to expand familiarity as we move into GEA and other tumor types. From an access standpoint, Ziihera benefits from an established permanent J-code through its FDA approval in second-line HER2-positive biliary tract cancers, simplifying reimbursement and reducing administrative burden. This is complemented by our comprehensive JazzCares support services, along with flexible ordering and fulfillment options. Our existing commercial footprint, capabilities, and experienced teams position us well to execute effectively in GEA and to support broader development across additional HER2-expressing tumors. Turning to slide 12 and Modeyso. From its launch in August to the end of 2025, Modeyso generated $48 million in revenue.

Speaker #4: From an access standpoint, ZyHera benefits from an established permanent J code through its FDA approval in second-line HER2-positive biliary tract cancers, simplifying reimbursement and reducing administrative burden.

Speaker #4: This is complemented by our comprehensive JazzCare support services along with flexible ordering and fulfillment options. Our existing commercial footprint, capabilities, and experienced teams position us well to execute effectively in GEA and to support broader development across additional HER2-expressing tumors.

Speaker #4: Turning to slide 12 and Madejo, from its launch in August through the end of 2025, Madejo generated $48 million in revenue. This strong early performance reflects the significant unmet need, high awareness driven by advocacy groups, and the value positioned C for patients with H3K27M mutant diffuse midline glioma.

Samantha Pearce: This strong early performance reflects the significant unmet need, high awareness driven by advocacy groups, and the value physicians see for patients with H3K27M mutant diffuse midline glioma. Early upgrades have been driven by new patient starts, largely within academic centers of excellence. As the launch progresses, we are focused on expanding use in the community setting and gaining further insight into real-world treatment patterns, including duration of treatment. Based on what we see today, we believe Modeyso represents a compelling peak sales opportunity of greater than $500 million in the US. In 2025, more than 360 patients received Modeyso, offering renewed hope for patients and their families facing this devastating disease, which has a median survival of approximately 1 year from diagnosis and less than 6 months following progression from frontline radiotherapy.

Sam Pearce: This strong early performance reflects the significant unmet need, high awareness driven by advocacy groups, and the value physicians see for patients with H3K27M mutant diffuse midline glioma. Early upgrades have been driven by new patient starts, largely within academic centers of excellence. As the launch progresses, we are focused on expanding use in the community setting and gaining further insight into real-world treatment patterns, including duration of treatment. Based on what we see today, we believe Modeyso represents a compelling peak sales opportunity of greater than $500 million in the US. In 2025, more than 360 patients received Modeyso, offering renewed hope for patients and their families facing this devastating disease, which has a median survival of approximately 1 year from diagnosis and less than 6 months following progression from frontline radiotherapy.

Speaker #4: Early uptake has been driven by new patient staff, largely within academic centers of excellence. As the launch progresses, we are focused on expanding use in the community setting and gaining further insight into real-world treatment patterns, including duration of treatment.

Speaker #4: Based on what we see today, we believe Madejo represents a compelling peak sales opportunity of greater than $500 million in the US. In 2025, more than 360 patients received Madejo offering renewed hope for patients and their families facing this devastating disease, which has a median survival of approximately one year from diagnosis and less than six months following progression from frontline radiotherapy.

Speaker #4: The launch is supported by highly experienced neuro-oncology-focused field sales, medical, and access teams, appropriately sized to deliver targeted engagement to both personal and non-personal channels.

Samantha Pearce: The launch is supported by highly experienced neuro-oncology-focused field sales, medical, and access teams, appropriately sized to deliver targeted engagement to both personal and non-personal channels. In addition, our exclusive distribution partnership with Onco360 provides robust, patient-centric support services, and we are encouraged by strong payer coverage and continued positive launch momentum. Moving to slide 13 and Zepzelca. In October, we received FDA approval for the combination of Zepzelca and Tecentriq, expanding Zepzelca into the first-line maintenance setting for extensive-stage small cell lung cancer. This approval broadens Zepzelca's addressable market and represents an important milestone for the brand. In 2025, Zepzelca generated $307 million in revenue. In Q4, revenue was approximately $90 million, representing 15% year-over-year growth compared to Q4 2024.

Sam Pearce: The launch is supported by highly experienced neuro-oncology-focused field sales, medical, and access teams, appropriately sized to deliver targeted engagement to both personal and non-personal channels. In addition, our exclusive distribution partnership with Onco360 provides robust, patient-centric support services, and we are encouraged by strong payer coverage and continued positive launch momentum. Moving to slide 13 and Zepzelca. In October, we received FDA approval for the combination of Zepzelca and Tecentriq, expanding Zepzelca into the first-line maintenance setting for extensive-stage small cell lung cancer. This approval broadens Zepzelca's addressable market and represents an important milestone for the brand. In 2025, Zepzelca generated $307 million in revenue. In Q4, revenue was approximately $90 million, representing 15% year-over-year growth compared to Q4 2024.

Speaker #4: In addition, our exclusive distribution partnership with Onco360 provides robust patient-centric support services and we are encouraged by strong payer coverage and continued positive launch momentum.

Speaker #4: Moving to slide 13 and Zepzelka, in October, we received FDA approval for the combination of Zepzelka and Tecentriq, expanding Zepzelka into the first-line maintenance setting for extensive-stage small-cell lung cancer.

Speaker #4: This approval broadened Zepzelka's addressable market and represents an important milestone for the brand. In 2025, Zepzelka generated $307 million in revenue. In the fourth quarter, revenue was approximately $90 million.

Speaker #4: Representing 15% year-over-year growth compared to fourth-quarter '24. We believe the growth in the fourth quarter was primarily driven by initial demand in the frontline setting.

Samantha Pearce: We believe the growth in the Q4 was primarily driven by initial demand in the frontline setting. Given the strength of the clinical data and the opportunity to improve outcomes for patients with extensive-stage small cell lung cancer, we are prioritizing our commercial efforts on the first-line maintenance setting going forward. As we look to 2026, we expect a shift in utilization, with declining second-line use and increased adoption in the first-line maintenance setting. I'll now turn the call over to Rob to review the development program that is underway for zanidatamab and provide an update on our pipeline. Rob?

Sam Pearce: We believe the growth in the Q4 was primarily driven by initial demand in the frontline setting. Given the strength of the clinical data and the opportunity to improve outcomes for patients with extensive-stage small cell lung cancer, we are prioritizing our commercial efforts on the first-line maintenance setting going forward. As we look to 2026, we expect a shift in utilization, with declining second-line use and increased adoption in the first-line maintenance setting. I'll now turn the call over to Rob to review the development program that is underway for zanidatamab and provide an update on our pipeline. Rob?

Speaker #4: Given the strength of the clinical data, and the opportunity to improve outcomes for patients with extensive stage small-cell lung cancer, we are prioritizing our commercial efforts on the first-line maintenance setting going forward.

Speaker #4: As we look to 2026, we expect a shift in utilization with declining second-line use and increased adoption in the first-line maintenance setting. I'll now turn the call over to Rob to review the development program that is underway for Zamidatumab and provide an update on our pipeline.

Speaker #4: Rob?

Speaker #1: Thank you, Sam. 2025 was a transformative year across our R&D pipeline. And we look to build on this momentum in 2026. Starting with the practice-changing data we presented at ASCO GI on slide 15.

Robert Iannone: Thank you, Sam. 2025 was a transformative year across our R&D pipeline. We look to build on this momentum in 2026, starting with the practice-changing data we presented at ASCO GI on slide 15. The zanidatamab plus tislelizumab and chemotherapy arm demonstrated a clinically meaningful and statistically significant improvement in OS, with more than seven months improvement and a 28% reduction in the risk of death versus the trastuzumab control arm. The benefit was observed in PD-L1 positive and PD-L1 negative patient subgroups. Zanidatamab plus chemotherapy showed a clinically meaningful survival benefit, with a median OS of over two years, with a strong trend towards statistical significance at the time of this first interim analysis for OS. An additional planned interim OS analysis for this comparison is currently expected mid this year.

Rob Iannone: Thank you, Sam. 2025 was a transformative year across our R&D pipeline. We look to build on this momentum in 2026, starting with the practice-changing data we presented at ASCO GI on slide 15. The zanidatamab plus tislelizumab and chemotherapy arm demonstrated a clinically meaningful and statistically significant improvement in OS, with more than seven months improvement and a 28% reduction in the risk of death versus the trastuzumab control arm. The benefit was observed in PD-L1 positive and PD-L1 negative patient subgroups. Zanidatamab plus chemotherapy showed a clinically meaningful survival benefit, with a median OS of over two years, with a strong trend towards statistical significance at the time of this first interim analysis for OS. An additional planned interim OS analysis for this comparison is currently expected mid this year.

Speaker #1: The Zamidatumab plus Tizalizumab and chemotherapy arm demonstrated a clinically meaningful and statistically significant improvement in OS. With more than seven months' improvement and a 28% reduction in the risk of death versus the Treztuzumab control arm, the benefit was observed in PD-L1 positive and PD-L1 negative patient subgroups.

Speaker #1: Zamidatumab plus chemotherapy showed a clinically meaningful survival benefit with a median OS of over two years with a strong trend towards statistical significance at the time of this first interim analysis for OS.

Speaker #1: An additional planned interim OS analysis for this comparison is currently expected mid this year. For PFS, there was a clinically meaningful and statistically significant benefit in the Zami plus chemo arm compared to the control arm.

Robert Iannone: For PFS, there was a clinically meaningful and statistically significant benefit in the zani plus chemo arm compared to the control arm, as represented by a greater than four-month median difference. We are moving quickly to bring zanidatamab to HER2-positive first-line metastatic GEA patients. As we previously noted, we submitted the HERIZON GEA data to NCCN for inclusion in the oncology guidelines. On the regulatory front, we expect to complete the submission for our supplemental Biologics License Application for zanidatamab under Real-Time Oncology Review in Q1 of this year. I am also pleased to share that the FDA has granted Breakthrough designation for zanidatamab in GEA. We expect these designations will allow us an even closer interaction with FDA and potentially greater speed to approval. Based on this, there is the potential to launch zanidatamab in GEA in the second half of this year.

Rob Iannone: For PFS, there was a clinically meaningful and statistically significant benefit in the zani plus chemo arm compared to the control arm, as represented by a greater than four-month median difference. We are moving quickly to bring zanidatamab to HER2-positive first-line metastatic GEA patients. As we previously noted, we submitted the HERIZON GEA data to NCCN for inclusion in the oncology guidelines. On the regulatory front, we expect to complete the submission for our supplemental Biologics License Application for zanidatamab under Real-Time Oncology Review in Q1 of this year. I am also pleased to share that the FDA has granted Breakthrough designation for zanidatamab in GEA. We expect these designations will allow us an even closer interaction with FDA and potentially greater speed to approval. Based on this, there is the potential to launch zanidatamab in GEA in the second half of this year.

Speaker #1: As represented by greater than four months' median difference. We are moving quickly to bring Zamidatumab to HER2 positive first-line metastatic GEA patients. As we previously noted, we submitted the Horizon GEA data to NCCN for inclusion in the oncology guidelines.

Speaker #1: On the regulatory front, we expect to complete the submission for our supplemental biologics licensed application for Zamidatumab under real-time oncology review in the first quarter of this year.

Speaker #1: I'm also pleased to share that the FDA has granted breakthrough designation for Zamidatumab in GEA. We expect these designations will allow us an even closer interaction with FDA and potentially greater speed to approval.

Speaker #1: Based on this, there is the potential to launch Zamidatumab in GEA in the second half of this year. Our data firmly positions Zamidatumab as the HER2 targeted agent of choice in first-line GEA, replacing Treztuzumab as the standard of care offering unprecedented durability and survival benefits.

Robert Iannone: Our data firmly positions zanidatamab as the HER2-targeted agent of choice in first-line GEA, replacing trastuzumab as the standard of care, offering unprecedented durability and survival benefits. We believe zanidatamab's role as the new standard of care will extend across multiple tumor types, and on slide 16, you can see the robust development program that is underway for zanidatamab, which we believe has been meaningfully de-risked by the strength of the GEA data. The next pivotal Phase 3 trial for zanidatamab is in metastatic breast cancer patients who have progressed on or are intolerant to Enhertu. The treatment landscape is evolving as we anticipated, with Enhertu moving into frontline metastatic breast cancer, laying the groundwork for zanidatamab's potential move into the second-line plus metastatic breast cancer setting. Our EMPOWER trial represents the first clinical trial to evaluate a HER2-targeted agent after treatment with Enhertu.

Rob Iannone: Our data firmly positions zanidatamab as the HER2-targeted agent of choice in first-line GEA, replacing trastuzumab as the standard of care, offering unprecedented durability and survival benefits. We believe zanidatamab's role as the new standard of care will extend across multiple tumor types, and on slide 16, you can see the robust development program that is underway for zanidatamab, which we believe has been meaningfully de-risked by the strength of the GEA data. The next pivotal Phase 3 trial for zanidatamab is in metastatic breast cancer patients who have progressed on or are intolerant to Enhertu. The treatment landscape is evolving as we anticipated, with Enhertu moving into frontline metastatic breast cancer, laying the groundwork for zanidatamab's potential move into the second-line plus metastatic breast cancer setting. Our EMPOWER trial represents the first clinical trial to evaluate a HER2-targeted agent after treatment with Enhertu.

Speaker #1: We believe Zamidatumab's role as the new standard of care will extend across multiple tumor types. And on slide 16, you can see the robust development program that is underway for Zamidatumab.

Speaker #1: Which we believe has been meaningfully de-risked by the strength of the GEA data. The next pivotal phase 3 trial for Zamidatumab is in metastatic breast cancer patients who have progressed on or are intolerant to an HER2.

Speaker #1: The treatment landscape is evolving as we anticipated with an HER2 moving into frontline metastatic breast cancer laying the groundwork for Zamidatumab's potential move into the second-line plus metastatic breast cancer setting.

Speaker #1: Our empower trial represents the first clinical trial to evaluate a HER2 targeted agent after treatment with an HER2. Based on early data generated to date, Zamidatumab has shown clinical activity after Treztuzumab-based regimens, including an HER2, which is an antibody-drug conjugate of the monoclonal antibody Treztuzumab.

Robert Iannone: Based on early data generated to date, zanidatamab has shown clinical activity after trastuzumab-based regimens, including Enhertu, which is an antibody-drug conjugate of the monoclonal antibody trastuzumab. We believe zanidatamab will be able to fill an unmet need in the breast cancer space and believe the compelling first-line GEA data helped to de-risk the ongoing metastatic breast cancer trial. We are incredibly excited about this opportunity in breast cancer. We are also hearing similar excitement from physicians and sites that continue to enroll patients to this trial. We expect to complete enrollment in the EmpowHER trial in the first half of 2027, with top-line data anticipated in late 2027 or early 2028. As we continue to evaluate the potential for zanidatamab to be used in multiple HER2-expressing solid tumors, we're pursuing collaborations with partners to combine zani with novel therapies.

Rob Iannone: Based on early data generated to date, zanidatamab has shown clinical activity after trastuzumab-based regimens, including Enhertu, which is an antibody-drug conjugate of the monoclonal antibody trastuzumab. We believe zanidatamab will be able to fill an unmet need in the breast cancer space and believe the compelling first-line GEA data helped to de-risk the ongoing metastatic breast cancer trial. We are incredibly excited about this opportunity in breast cancer. We are also hearing similar excitement from physicians and sites that continue to enroll patients to this trial. We expect to complete enrollment in the EmpowHER trial in the first half of 2027, with top-line data anticipated in late 2027 or early 2028. As we continue to evaluate the potential for zanidatamab to be used in multiple HER2-expressing solid tumors, we're pursuing collaborations with partners to combine zani with novel therapies.

Speaker #1: We believe Zamidatumab will be able to fill an unmet need in the breast cancer space, and we believe the compelling first-line GEA data help to de-risk the ongoing metastatic breast cancer trial.

Speaker #1: We are incredibly excited about this opportunity in breast cancer and we are also hearing similar excitement from physicians in sites that continue to enroll patients to this trial.

Speaker #1: We expect to complete enrollment in the empower trial in the first half of 2027. With top-line data anticipated in late 2027 or early 2028.

Speaker #1: As we continue to evaluate the potential for Zamidatumab to be used in multiple HER2-expressing solid tumors, we're pursuing collaborations with partners to combine Zami with novel therapies.

Speaker #1: For example, a phase one trial in combination with Behringer Ingelheim's Ungertinib was recently initiated to explore the combination in metastatic HER2 positive breast cancer along with other potential tumor types.

Robert Iannone: For example, a phase 1 trial in combination with Boehringer Ingelheim's zongertinib, was recently initiated to explore the combination in metastatic HER2-positive breast cancer, along with other potential tumor types. Other earlier-stage trials continue to progress across new indications, including a potentially registrational pan-tumor basket trial and a neoadjuvant adjuvant breast cancer trial. We're also exploring other areas like non-small cell lung cancer and colorectal cancer. We have great confidence in zanidatamab and intend to fully maximize the value it may offer to HER2-positive cancer patients. Beyond zanidatamab, we have a number of promising development opportunities across our diversified pipeline, which are outlined on slide 17. We have strengthened our early-stage pipeline with two recently initiated clinical trials. As we refine our strategy to focus on rare disease in areas where we have deep expertise, we will continue to build on our research and early development capabilities.

Rob Iannone: For example, a phase 1 trial in combination with Boehringer Ingelheim's zongertinib, was recently initiated to explore the combination in metastatic HER2-positive breast cancer, along with other potential tumor types. Other earlier-stage trials continue to progress across new indications, including a potentially registrational pan-tumor basket trial and a neoadjuvant adjuvant breast cancer trial. We're also exploring other areas like non-small cell lung cancer and colorectal cancer. We have great confidence in zanidatamab and intend to fully maximize the value it may offer to HER2-positive cancer patients. Beyond zanidatamab, we have a number of promising development opportunities across our diversified pipeline, which are outlined on slide 17. We have strengthened our early-stage pipeline with two recently initiated clinical trials. As we refine our strategy to focus on rare disease in areas where we have deep expertise, we will continue to build on our research and early development capabilities.

Speaker #1: Other earlier-stage trials continue to progress across new indications, including a potentially registrational pan-tumor basket trial and a neoadjuvant-adjuvant breast cancer trial. We're also exploring other areas like non-small cell lung cancer and colorectal cancer.

Speaker #1: We have great confidence in Zamidatumab and intend to fully maximize the value it may offer to HER2 positive cancer patients. Beyond Zamidatumab, we have a number of promising development opportunities across our diversified pipeline which are outlined on slide 17.

Speaker #1: We have strengthened our early-stage pipeline with two recently initiated clinical trials. As we refine our strategy to focus on rare disease, an area where we have deep expertise, we will continue to build on our research and early development capabilities.

Speaker #1: A great example of this is JZP047, which was developed in-house at Jazz and I'm pleased to share was cleared to proceed into a phase one study under a new IND.

Robert Iannone: A great example of this is JZP-047, which was developed in-house at Jazz, and I'm pleased to share, was cleared to proceed into a phase 1 study under a new IND. We initiated a phase 1 healthy volunteer trial in January to evaluate JZP047 for the treatment of absence epilepsy. Building on our expertise in epilepsy, and as we explore areas of growth for Epidiolex, we also initiated a phase 1b trial of Epidiolex in focal onset seizures. Looking ahead to later this year or early 2027, we anticipate the ongoing phase 3 ACTION trial will have an interim overall survival readout. This trial is designed to confirm the benefit of Modeyso and support regulatory approval as frontline therapy directly following radiation, instead of waiting for signs of tumor progression before treating with Modeyso.

Rob Iannone: A great example of this is JZP-047, which was developed in-house at Jazz, and I'm pleased to share, was cleared to proceed into a phase 1 study under a new IND. We initiated a phase 1 healthy volunteer trial in January to evaluate JZP047 for the treatment of absence epilepsy. Building on our expertise in epilepsy, and as we explore areas of growth for Epidiolex, we also initiated a phase 1b trial of Epidiolex in focal onset seizures. Looking ahead to later this year or early 2027, we anticipate the ongoing phase 3 ACTION trial will have an interim overall survival readout. This trial is designed to confirm the benefit of Modeyso and support regulatory approval as frontline therapy directly following radiation, instead of waiting for signs of tumor progression before treating with Modeyso.

Speaker #1: We initiated a Phase 1 healthy volunteer trial in January to evaluate JZP047 for the treatment of absence epilepsy. Building on our expertise in epilepsy, and as we explore areas of growth for Epidiolex, we also initiated a Phase 1b trial of Epidiolex in focal onset seizures.

Speaker #1: Looking ahead to later this year or early 2027, we anticipate the ongoing phase three action trial will have an interim overall survival readout. This trial is designed to confirm the benefit of Modaso and support regulatory approval as frontline therapy directly following radiation instead of waiting for signs of tumor progression before treating with Modaso.

Speaker #1: Before I turn over the call, I will share an update on JZP441 and orexin we brought into the Sumitomo partnership. Based on our continued assessment of this molecule, we have made the decision to stop the development of JZP441 and end the partnership with Sumitomo.

Robert Iannone: Before I turn over the call, I will share an update on JZP441, an orexin we brought into the clinic with our partner, Sumitomo. Based on our continued assessment of this molecule, we have made the decision to stop the development of JZP441 and end the partnership with Sumitomo. As leaders in sleep, we see promise in the orexin receptor agonist mechanism of action as complementary to oxybate and Xywav as the only low-sodium oxybate. We are continuing to investigate our backup orexin program. Overall, we have a number of exciting clinical trials that are advancing across our pipeline, from early stage to registrational trials. We're looking forward to sharing further updates this year. Now I will turn the call over to Phil for a financial update. Phil?

Rob Iannone: Before I turn over the call, I will share an update on JZP441, an orexin we brought into the clinic with our partner, Sumitomo. Based on our continued assessment of this molecule, we have made the decision to stop the development of JZP441 and end the partnership with Sumitomo. As leaders in sleep, we see promise in the orexin receptor agonist mechanism of action as complementary to oxybate and Xywav as the only low-sodium oxybate. We are continuing to investigate our backup orexin program. Overall, we have a number of exciting clinical trials that are advancing across our pipeline, from early stage to registrational trials. We're looking forward to sharing further updates this year. Now I will turn the call over to Phil for a financial update. Phil?

Speaker #1: As leaders in sleep, we see promise in the orexin receptor agonist mechanism of action as complementary to oxabate and ZyWave as the only low-sodium oxabate.

Speaker #1: And we are continuing to investigate our backup orexin program. Overall, we have a number of exciting clinical trials that are advancing across our pipeline, from early stage to registration trials, and we're looking forward to sharing further updates this year.

Speaker #1: Now I will turn the call over to Phil for a financial update. Phil?

Speaker #2: Thanks, Rob. I'll start with our top-line results on slide 19. Please note that our full financial results are available in today's press release and 10-K.

Philip Johnson: Thanks, Rob. I'll start with our top-line results on slide 19. Please note that our full financial results are available in today's press release and 10-K. In Q4 2025, we achieved record total revenues of $1.2 billion, with Xywav, Zepzelca, and Rylaze all posting their highest-ever revenue quarter. Total revenue growth of 10% was driven primarily by 16% growth in Xywav and strong initial uptake of Modeyso. For the full year of 2025, we recorded $4.3 billion in total revenues, also a record, representing 5% growth over 2024. Full-year revenue growth was driven by Xywav, Epidiolex, and Modeyso, partially offset by Xyrem. Turning to slide 20, our full year 2025 non-GAAP adjusted net income was approximately $522 million, and we reported non-GAAP adjusted EPS of $8.38.

Phil Johnson: Thanks, Rob. I'll start with our top-line results on slide 19. Please note that our full financial results are available in today's press release and 10-K. In Q4 2025, we achieved record total revenues of $1.2 billion, with Xywav, Zepzelca, and Rylaze all posting their highest-ever revenue quarter. Total revenue growth of 10% was driven primarily by 16% growth in Xywav and strong initial uptake of Modeyso. For the full year of 2025, we recorded $4.3 billion in total revenues, also a record, representing 5% growth over 2024. Full-year revenue growth was driven by Xywav, Epidiolex, and Modeyso, partially offset by Xyrem. Turning to slide 20, our full year 2025 non-GAAP adjusted net income was approximately $522 million, and we reported non-GAAP adjusted EPS of $8.38.

Speaker #2: In the fourth quarter of 2025, we achieved record total revenues of $1.2 billion with ZyWave, Zepzalca, and Rylaze all posting their highest ever revenue quarter.

Speaker #2: Total revenue growth of 10% was driven primarily by 16% growth in ZyWave and strong initial uptake of Modaso. For the full year of 2025, we recorded $4.3 billion in total revenues also a record representing 5% growth over 2024.

Speaker #2: Full year revenue growth was driven by ZyWave, epidiolex, and Modaso partially offset by Zyrum. Turning to slide 20, our full year 2025 non-gap adjusted net income was approximately $522 million and we reported non-gap adjusted EPS of $8.38.

Speaker #2: Moving to slide 21, we're pleased to share our full year financial guidance for 2026. Our 2026 total revenue guidance range of $4.25 to $4.50 billion equates to growth of about 2.5% at the midpoint compared to 2025.

Philip Johnson: Moving to slide 21, we're pleased to share our full-year financial guidance for 2026. Our 2026 total revenue guidance range of $4.25 to $4.50 billion equates to growth of about 2.5% at the midpoint compared to 2025. We have strong momentum in our rare oncology and epilepsy revenues. Sales of these products totaled $2.2 billion in 2025. In 2026, we expect double-digit growth in this part of our business, driven primarily by Epidiolex, Modeyso, and Ziihera. Revenue from our rare sleep franchise, on the other hand, which totaled $2.01 billion in 2025, may decline due to the evolving sleep market that Sam mentioned, including the introduction of multiple generic high-sodium oxybate products.

Phil Johnson: Moving to slide 21, we're pleased to share our full-year financial guidance for 2026. Our 2026 total revenue guidance range of $4.25 to $4.50 billion equates to growth of about 2.5% at the midpoint compared to 2025. We have strong momentum in our rare oncology and epilepsy revenues. Sales of these products totaled $2.2 billion in 2025. In 2026, we expect double-digit growth in this part of our business, driven primarily by Epidiolex, Modeyso, and Ziihera. Revenue from our rare sleep franchise, on the other hand, which totaled $2.01 billion in 2025, may decline due to the evolving sleep market that Sam mentioned, including the introduction of multiple generic high-sodium oxybate products.

Speaker #2: We have strong momentum in our rare oncology and epilepsy revenues. Sales of these products totaled $2.2 billion in 2025 and in 2026 we expect double-digit growth in this part of our business driven primarily by epidiolex, Modaso, and ZyHero.

Speaker #2: Revenue from our rare sleep franchise, on the other hand, which totaled $2.01 billion in 2025, may decline due to the evolving sleep markets that Sam mentioned, including the introduction of multiple generic high-sodium oxybate products.

Speaker #2: We expect total rare sleep revenue of $1.8 to $1.9 billion which represents a modest decrease from 2025 primarily driven by ZyRem and Hikma AG revenue.

Philip Johnson: We expect total rare sleep revenue of $1.8 to 1.9 billion, which represents a modest decrease from 2025, primarily driven by Xyrem and Hikma AG revenue. Specifically, with two generic high-sodium oxybate products on the market, we expect a further reduction in sales of Xyrem, which generated $146 million in revenue in 2025. For the Hikma AG, there is a modest step down in the royalty rate from 2025 to 2026, with significant economics still flowing to Jazz. For branded low-sodium Xywav, we expect revenue to be flat to up mid-single digits. Moving to the rest of our guidance line items, our non-GAAP adjusted gross margin percent guidance is 90% to 91%.

Phil Johnson: We expect total rare sleep revenue of $1.8 to 1.9 billion, which represents a modest decrease from 2025, primarily driven by Xyrem and Hikma AG revenue. Specifically, with two generic high-sodium oxybate products on the market, we expect a further reduction in sales of Xyrem, which generated $146 million in revenue in 2025. For the Hikma AG, there is a modest step down in the royalty rate from 2025 to 2026, with significant economics still flowing to Jazz. For branded low-sodium Xywav, we expect revenue to be flat to up mid-single digits. Moving to the rest of our guidance line items, our non-GAAP adjusted gross margin percent guidance is 90% to 91%.

Speaker #2: Specifically, with two generic high-sodium oxabate products on the market, we expect a further reduction in sales of Xyrem, which generated $146 million in revenue in 2025.

Speaker #2: For the Hikma AG, there is a modest step down in the royalty rate from 2025 to 2026 with significant economics still flowing to Jazz.

Speaker #2: For branded low-sodium ZyWave, we expect revenue to be flat to up mid-single digits. Moving to the rest of our guidance line items, our non-GAAP adjusted gross margin percent guidance is 90 to 91 percent, and this is a slight decline from 2025, primarily due to higher sales of products like Modaso and ZyHero driving higher royalties and, to a lesser extent, the potential for higher tariffs on products imported into the US.

Philip Johnson: This is a slight decline from 2025, primarily due to higher sales of products like Modeyso and Ziihera, driving higher royalties, and to a lesser extent, the potential for higher tariffs on products imported into the US. Our non-GAAP adjusted SG&A guidance range is $1.26 to $1.32 billion. Excluding the Xyrem and Avadel litigation settlement expenses from 2025, this means we expect SG&A expenses to be relatively unchanged in 2026, as increased launch expenses for Modeyso and Ziihera in the first-line GEA setting, as well as increased investment in key commercial capabilities and AI, are offset by productivity efforts across our global commercial organization, lower facilities expenses, and lower legal fees. Our non-GAAP adjusted R&D guidance range is $725 to $775 million.

Phil Johnson: This is a slight decline from 2025, primarily due to higher sales of products like Modeyso and Ziihera, driving higher royalties, and to a lesser extent, the potential for higher tariffs on products imported into the US. Our non-GAAP adjusted SG&A guidance range is $1.26 to $1.32 billion. Excluding the Xyrem and Avadel litigation settlement expenses from 2025, this means we expect SG&A expenses to be relatively unchanged in 2026, as increased launch expenses for Modeyso and Ziihera in the first-line GEA setting, as well as increased investment in key commercial capabilities and AI, are offset by productivity efforts across our global commercial organization, lower facilities expenses, and lower legal fees. Our non-GAAP adjusted R&D guidance range is $725 to $775 million.

Speaker #2: Our non-gap adjusted SG&A guidance range is 1.26 to 1.32 billion excluding the ZyRem and Avidah litigation settlement expenses from 2025. This means we expect SG&A expenses to be relatively unchanged in 2026 as increased launch expenses for Modaso and ZyHero in the first-line GEA setting as well as increased investment in key commercial capabilities and AI are offset by productivity efforts across our global commercial organization lower facilities expenses and lower legal fees.

Speaker #2: Our non-gap adjusted R&D guidance range is $725 to $775 million. This represents an increase over 2025 driven by increased spend for Zeny DataMap both for ongoing and new studies across multiple potential indications including breast cancer higher expenses for Dordavaprone as a recognized full year's worth of activity higher spend on preclinical and early clinical programs including JZP898, JZP815, JZP3507 formerly ONC206, and JZP053 Decennium Molecule and higher spend on advanced analytics and AI.

Philip Johnson: This represents an increase over 2025, driven by increased spend for zanidatamab, both for ongoing and new studies across multiple potential indications, including breast cancer, higher expenses for dordaviprone, as we'll recognize a full year's worth of activity, higher spend on preclinical and early clinical programs, including JZP898, JZP815, JZP3507, formerly ONC206, and JZP053, the Cennyota molecule, and higher spend on advanced analytics and AI. We expect our non-GAAP adjusted effective tax rate to be between 11.5% and 13.5%. Finally, our guidance range for fully diluted shares outstanding is 65 to 66 million.

Phil Johnson: This represents an increase over 2025, driven by increased spend for zanidatamab, both for ongoing and new studies across multiple potential indications, including breast cancer, higher expenses for dordaviprone, as we'll recognize a full year's worth of activity, higher spend on preclinical and early clinical programs, including JZP898, JZP815, JZP3507, formerly ONC206, and JZP053, the Cennyota molecule, and higher spend on advanced analytics and AI. We expect our non-GAAP adjusted effective tax rate to be between 11.5% and 13.5%. Finally, our guidance range for fully diluted shares outstanding is 65 to 66 million.

Speaker #2: We expect our non-gap adjusted effective tax rate to be between 11.5 and 13.5 percent. Finally, our guidance range for fully diluted shares outstanding is 65 to 66 million.

Speaker #2: The increase from 2025 is driven by normal factors like shares issued for employee compensation and those purchased by employees via our stock purchase program as well as by accounting for our 2026 and 2030 convertible notes now that our stock price exceeds the conversion price of those notes.

Philip Johnson: The increase in 2025 is driven by normal factors like shares issued for employee compensation and those purchased by employees via our stock purchase program, as well as by accounting for our 2026 and 2030 convertible notes now that our stock price exceeds the conversion price of those notes. We've included an Excel worksheet in the investors section of our website to help you model this impact. You'll note that we're not guiding to adjusted net income or EPS this year. This reflects both a review of questions we've received and not received from investors and analysts, as well as a review of peer guidance practices. Moving to slide 22, our balance sheet remains strong.

Phil Johnson: The increase in 2025 is driven by normal factors like shares issued for employee compensation and those purchased by employees via our stock purchase program, as well as by accounting for our 2026 and 2030 convertible notes now that our stock price exceeds the conversion price of those notes. We've included an Excel worksheet in the investors section of our website to help you model this impact. You'll note that we're not guiding to adjusted net income or EPS this year. This reflects both a review of questions we've received and not received from investors and analysts, as well as a review of peer guidance practices. Moving to slide 22, our balance sheet remains strong.

Speaker #2: We've included an Excel worksheet in the investors section of our website to help you model this impact. You'll note that we're not guiding to adjusted net income or EPS this year this reflects both a review of questions we've received and not received from investors and analysts as well as a review of peer guidance practices.

Speaker #2: Moving to slide 22, our balance sheet remains strong. We continue to generate significant cash from our business recording approximately $1.4 billion of cash from operations for the full year 2025 and we ended the year with $2.4 billion in cash and investments.

Philip Johnson: We continue to generate significant cash from our business, recording approximately $1.4 billion of cash from operations for the full year 2025, and we ended the year with $2.4 billion in cash and investments. Our overall financial position and robust operating cash flows provide significant flexibility to invest in value-driving commercial and R&D programs, as well as in promising corporate development opportunities to support our refined strategy on rare disease. I'll now turn the call back to Renee for closing remarks.

Phil Johnson: We continue to generate significant cash from our business, recording approximately $1.4 billion of cash from operations for the full year 2025, and we ended the year with $2.4 billion in cash and investments. Our overall financial position and robust operating cash flows provide significant flexibility to invest in value-driving commercial and R&D programs, as well as in promising corporate development opportunities to support our refined strategy on rare disease. I'll now turn the call back to Renee for closing remarks.

Speaker #2: Our overall financial position and robust operating cash flows provide significant flexibility to invest in value-driving commercial and R&D programs as well as in promising corporate development opportunities to support our refined strategy on rare disease.

Speaker #2: I'll now turn the call back to Renee for closing remarks.

Speaker #1: Thank you, Phil. I'll conclude our prepared remarks on slide 24. 2025 represented a truly transformational year for Jazz. We delivered record financial performance, achieved multiple regulatory approvals, successfully launched innovative therapies, and generated practice-changing clinical data that positions us for significant future growth.

Renee Gala: Thank you, Phil. I'll conclude our prepared remarks on slide 24. 2025 represented a truly transformational year for Jazz. We delivered record financial performance, achieved multiple regulatory approvals, successfully launched innovative therapies, and generated practice-changing clinical data that positions us for significant future growth. Our refined strategic focus on rare disease leverages our proven capabilities and positions us to compete and win in areas where we can make the greatest impact for patients. We have the opportunity to invest in our pipeline, the growth of our commercial products, and also in corporate development, where we think there is a solid foundation for us to transact in our existing areas of sleep, epilepsy, and oncology, as well as in other areas of rare disease. With our strong financial position, diversified commercial portfolio, and robust pipeline, we are well positioned to drive durable growth and create long-term shareholder value.

Renée Galá: Thank you, Phil. I'll conclude our prepared remarks on slide 24. 2025 represented a truly transformational year for Jazz. We delivered record financial performance, achieved multiple regulatory approvals, successfully launched innovative therapies, and generated practice-changing clinical data that positions us for significant future growth. Our refined strategic focus on rare disease leverages our proven capabilities and positions us to compete and win in areas where we can make the greatest impact for patients. We have the opportunity to invest in our pipeline, the growth of our commercial products, and also in corporate development, where we think there is a solid foundation for us to transact in our existing areas of sleep, epilepsy, and oncology, as well as in other areas of rare disease. With our strong financial position, diversified commercial portfolio, and robust pipeline, we are well positioned to drive durable growth and create long-term shareholder value.

Speaker #1: Our refined strategic focus on rare disease leverages our proven capabilities and positions us to compete and win in areas where we can make the greatest impact for patients.

Speaker #1: We have the opportunity to invest in our pipeline, the growth of our commercial products, and also in corporate development where we think there is a solid foundation for us to transact in our existing areas of sleep, epilepsy, and oncology as well as in other areas of rare disease.

Speaker #1: With our strong financial position, diversified commercial portfolio, and robust pipeline, we are well positioned to drive durable growth and create long-term shareholder A value that concludes our prepared remarks .

Renee Gala: That concludes our prepared remarks. I'd now like to turn the call over to the operator to open the line for Q&A.

Renée Galá: That concludes our prepared remarks. I'd now like to turn the call over to the operator to open the line for Q&A.

Speaker #1: I'd now like to turn the call over to the operator to open the line for Q&A.

Speaker #2: Thank you . As a reminder to ask a question , please press star one one on your telephone and wait for your name to be announced To withdraw your question , please press star one one again .

Operator: Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. We ask that you please limit yourself to one question. Our first question comes from the line of Jason Gerberry with Bank of America. Your line is now open.

Speaker #2: We ask that you please limit yourself to one question Our first question comes from the line of Jason Gerberry with Bank of America .

Speaker #2: Your line is now open

Speaker #3: Hey guys . Thanks for taking my question . I just wanted to follow up Phil on just , I guess the the guidance around Xywav for 2026 .

Jason Gerberry: Hey, guys. Thanks for taking my question. I just wanted to follow up, Phil, on, I guess, the guidance around Xywav for 2026. I believe it's flat, essentially growing mid-single digit. Is the right way to think about the dynamics there, that in a flat scenario, IH is growing and maybe the conservatism to a guidance of flat is just payer contracting concessions that may need to occur? There was some commentary about limited generic impact in first half, but second half, I'm just wondering, I know there was, like, not total clarity earlier in the year on when you'd have a full line of sight on what the generic Xyrem impact is.

Speaker #3: So

Jason Gerberry: Is there something that you're kind of reserving in the guidance, conservatism-wise, in terms of, like, what the second-half impact could be? Thanks.

Philip Johnson: Yeah, Jason, thank you for the question. As we think about the evolution over 2026 of Xywav, we come into the year really well positioned, both from a contracting perspective, the kind of net patient ads we had throughout the year, including in Q4, and the recognition that patients and physicians have for the unique safety benefit that's offered by Xywav as the only low-sodium oxybate. We also now have better line of sight into the timing of entry for generic high-sodium oxybate products, where it appears that now we've got two, as we speak, that are in the process of having their launch. That could have occurred as early as 31 December 2023, but is occurring now.

Phil Johnson: Yeah, Jason, thank you for the question. As we think about the evolution over 2026 of Xywav, we come into the year really well positioned, both from a contracting perspective, the kind of net patient ads we had throughout the year, including in Q4, and the recognition that patients and physicians have for the unique safety benefit that's offered by Xywav as the only low-sodium oxybate. We also now have better line of sight into the timing of entry for generic high-sodium oxybate products, where it appears that now we've got two, as we speak, that are in the process of having their launch. That could have occurred as early as 31 December 2023, but is occurring now.

Speaker #4: For the , the question . So as we think about the evolution over 2026 , of Xywav , we come into the year really well positioned both from a contracting perspective , the kind of net patient adds , we have throughout the year , including in the fourth quarter and the recognition that patients and physicians have for the unique safety benefit that's offered by Xywav as the only low sodium oxybate We also now have better line of sight into the timing of entry for generic high sodium oxybate products , where it appears that now we've got two .

Speaker #4: As we speak that are in the process of having their launch that could have occurred as early as December 31st of last year , but is occurring now It will probably just given the dynamics in this marketplace with the need to register physicians and patients into the Rems program .

Philip Johnson: It will probably, just given the dynamics in this marketplace, with the need to register physicians and patients into the REMS program, take some time for those generics to build their volumes over time. That's one of the dynamics that could lead to maybe different effect on brand of Xywav in the first half versus the second half. We also have an evolving landscape, more broadly in sleep, where there's the potential for a couple of wake-promoting agents to be entering the market in the second half of the year. Often we do see with new patients in narcolepsy, for example, they'll typically go on to a wake-promoting agent first.

Phil Johnson: It will probably, just given the dynamics in this marketplace, with the need to register physicians and patients into the REMS program, take some time for those generics to build their volumes over time. That's one of the dynamics that could lead to maybe different effect on brand of Xywav in the first half versus the second half. We also have an evolving landscape, more broadly in sleep, where there's the potential for a couple of wake-promoting agents to be entering the market in the second half of the year. Often we do see with new patients in narcolepsy, for example, they'll typically go on to a wake-promoting agent first.

Speaker #4: Take some time for those generics to build their volumes over time . That's one of the dynamics that could lead to maybe different effect on branded xywav in the first half versus the second half .

Speaker #4: And we also have evolving landscape more broadly in sleep , where there's the potential for a couple of wake promoting agents to be entering the market in the second half of the year .

Speaker #4: And often we do see with new patients in narcolepsy , for example , they'll typically go on to wake promoting agent first . They may even go through one or more of those before they would then progress onto sodium oxybate to give them some of the night benefits that Oxybate can offer that the daytime waking agents cannot .

Philip Johnson: They may even go through one or more of those before they would then progress onto sodium oxybate to give them some of the nighttime benefits that oxybate can offer that the daytime waking agents cannot. Those are the dynamics that are factoring into our thinking. We're really pleased with where we're at and the outlook we have for the year. Just ask Sam if there's anything that she would want to complement to my answer from her commercial perspective.

Phil Johnson: They may even go through one or more of those before they would then progress onto sodium oxybate to give them some of the nighttime benefits that oxybate can offer that the daytime waking agents cannot. Those are the dynamics that are factoring into our thinking. We're really pleased with where we're at and the outlook we have for the year. Just ask Sam if there's anything that she would want to complement to my answer from her commercial perspective.

Speaker #4: So, some of the dynamics that are factoring into our thinking—we're really pleased with where we're at and the outlook we have for the year.

Speaker #4: Maybe I'll just ask Sam , is there anything that you would want to compliment to my answer from her commercial perspective ?

Speaker #5: I think it was a great answer . Phil . Yeah , I think you mentioned we're carrying really fabulous momentum into 2026 , and we have payer contracts in place for this year We're very happy with the patient ads that we saw in 2026 , 2000 .

Samantha Pearce: ... I think it was a great answer, Phil. Yeah, I think you mentioned we're carrying really fabulous momentum into 2026, and we have payer contracts in place for this year. We're very happy with the patient adds that we saw in 2026. 2,000 additional patients at the end of the year. Most of that is coming from IH. We actually had 34% growth in the numbers of active IH patients by the end of the year. You mentioned around that, and we do feel as though the IH business is probably gonna be the major driver of continued growth for Xywav, being the only approved medication in that space. Yeah, we enter the year with some confidence.

Sam Pearce: ... I think it was a great answer, Phil. Yeah, I think you mentioned we're carrying really fabulous momentum into 2026, and we have payer contracts in place for this year. We're very happy with the patient adds that we saw in 2026. 2,000 additional patients at the end of the year. Most of that is coming from IH. We actually had 34% growth in the numbers of active IH patients by the end of the year. You mentioned around that, and we do feel as though the IH business is probably gonna be the major driver of continued growth for Xywav, being the only approved medication in that space. Yeah, we enter the year with some confidence.

Speaker #5: Additional patients. At the end of the year, and most of that is coming from I, we actually had 34% growth in the number of active patients by the end of the year.

Speaker #5: So you mentioned around that , and we do feel as though the e business is probably going to be the major driver of continued growth for for Xywav being the only approved medication in that space So yeah , we entered the year with with some confidence .

Speaker #5: We also know that what we've seen through the course of 2025 is really significant support from healthcare physicians and also from patients we know patients with narcolepsy .

Samantha Pearce: We also know that, what we've seen through the course of 2025 is really significant support from healthcare physicians and also from patients. We know, patients with narcolepsy and IH, the vast majority of them have some kind of cardiovascular or cardiometabolic issue, and therefore, the low sodium option is one that resonates extremely well for this particular patient type. Even with any payer action that may be taking, we do believe there's strong commitment from HCPs to ensure that those patients can access a low sodium option.

Sam Pearce: We also know that, what we've seen through the course of 2025 is really significant support from healthcare physicians and also from patients. We know, patients with narcolepsy and IH, the vast majority of them have some kind of cardiovascular or cardiometabolic issue, and therefore, the low sodium option is one that resonates extremely well for this particular patient type. Even with any payer action that may be taking, we do believe there's strong commitment from HCPs to ensure that those patients can access a low sodium option.

Speaker #5: And I , the vast majority of them have some kind of cardiovascular or cardiometabolic issue and therefore the low sodium option is one that is resonates extremely well for this particular patient type And even with any payer action that may be taken , we do believe there's strong commitment from HC to ensure that those patients can access the low sodium option

Speaker #2: Thank you. Our next question comes from the line of Sean Lehmann with Morgan Stanley. Your line is now open.

Operator: Thank you. Our next question comes from the line of Sean Lahman with Morgan Stanley. Your line is now open.

Speaker #6: Hi , this is Mike Riordan . Thank you for taking our question . Are you able to provide any more color on the level of that modest step down on the Hikma royalty rate in 26 relative to last year And then any commentary on the overall impact to the AG volume with two more generics coming on market ?

Michael Riad: Hi, this is Michael Riad on for Sean. Thank you for taking our question. Are you able to provide any more color on the level of that modest step down on the Hikma royalty rate in 2026 relative to last year? Any commentary on the overall impact to the AG volume with 2 more generics coming on market? Thank you.

Speaker #6: Thank you

Speaker #4: Yeah . Mike , this is Phil . Maybe I'll handle that . The first part , we're not able to disclose the specific royalty percentages we had said in the past that the royalty rate that we had for the latter part of 24 and through 25 was quite high So I think that sort of links that there is a step down coming into 2026 .

Robert Iannone: Yeah, Mike, this is Phil. Maybe I'll handle that. The first part, we're not able to disclose the specific royalty percentages. We had said in the past that the prior royalty rate that we had for the latter part of 2024 and through 2025 was quite high. I think that sort of links that there is a step down coming into 2026, but we do still have significant economics flowing to Jazz, but can't be more specific than that. Sam, did you wanna comment maybe on the AG?

Phil Johnson: Yeah, Mike, this is Phil. Maybe I'll handle that. The first part, we're not able to disclose the specific royalty percentages. We had said in the past that the prior royalty rate that we had for the latter part of 2024 and through 2025 was quite high. I think that sort of links that there is a step down coming into 2026, but we do still have significant economics flowing to Jazz, but can't be more specific than that. Sam, did you wanna comment maybe on the AG?

Speaker #4: But we do still have significant economics flowing to to jazz . That can't be more specific than , than that . Sam , do you want to comment maybe on the AG

Samantha Pearce: Nothing too much more to add, Phil. You know, with the AG's obviously been in the market for some time, and, you know, nothing much more to add to what you said, Phil, in terms of our expectations there.

Speaker #5: Nothing too much more to add . Phil . You know , we've the AGS obviously been in the market for some time and you know , we .

Sam Pearce: Nothing too much more to add, Phil. You know, with the AG's obviously been in the market for some time, and, you know, nothing much more to add to what you said, Phil, in terms of our expectations there.

Speaker #5: Nothing much more to add to what you said . Phil , in terms of our expectations there

Speaker #2: Thank you Our next question comes from the line of Mark Goodman with Leerink . Your line is now open

Operator: Thank you. Our next question comes from the line of Marc Goodman with Leerink. Your line is now open.

Speaker #7: Yes . Hi , Rob . Can you talk a little bit more about GCP 047 ? The background of the asset is this a cannabidiol from GW deal or what kind of preclinical data do you have .

Marc Goodman: Yes, hi, Rob. Can you talk a little bit more about JCP047? The background of the asset, is this a cannabidiol from GW deal, or what kind of preclinical data do you have? I mean, what's the proof of concept, the mechanism, why absence seizures? Anything you're willing to give us. Thanks.

Speaker #7: I mean , what's the proof of concept . The mechanism . Why absence seizures . Anything you're willing to give us . Thanks .

Speaker #4: Yeah . Thanks for the question mark . So we haven't yet disclosed the specific mechanism of action for competitive reasons , but I can say that it's not in the cannabinoid space .

Robert Iannone: Yeah, thanks for the question, Marc. We haven't yet disclosed the specific mechanism of action, you know, for competitive reasons, but I can say that it's not in the cannabinoid space. It's a novel chemical entity that we discovered and developed at Jazz. We have strong preclinical data, we believe, in absence epilepsy, and that will be our initial focus of development. The development starts in healthy volunteers where, you know, we think we'll get meaningful information around safety and exposures that we expect would be efficacious to de-risk the asset before going into a patient population.

Rob Iannone: Yeah, thanks for the question, Marc. We haven't yet disclosed the specific mechanism of action, you know, for competitive reasons, but I can say that it's not in the cannabinoid space. It's a novel chemical entity that we discovered and developed at Jazz. We have strong preclinical data, we believe, in absence epilepsy, and that will be our initial focus of development. The development starts in healthy volunteers where, you know, we think we'll get meaningful information around safety and exposures that we expect would be efficacious to de-risk the asset before going into a patient population.

Speaker #4: It's a novel . It's a novel chemical entity that we developed , discovered and developed at jazz . We have strong preclinical data .

Speaker #4: We believe in absence epilepsy . And that will be our initial focus of development . The development starts in healthy volunteers , where , you know , we think we'll get meaningful information around safety at exposures that we expect would be efficacious to de-risk the asset before going into a patient population

Speaker #2: Thank you Our next question comes from the line of Akash Tewari with Jefferies . Your line is now open .

Operator: Thank you. Our next question comes from the line of Akash Tewari with Jefferies. Your line is now open.

Speaker #5: Hey .

Anastasia Maria Savoretti: Hey, this is Anastasia on for Akash. Thanks for taking my question. Can you give us a little more context on that post in HER2 breast cancer population, potential uptake? Like, how big is the population? What kind of treatments do patients typically take post in HER2? Any kind of context on, like, potential penetration, whether you consider dropping price to enhance access and the like? Thanks.

Anastasia Parafestas: Hey, this is Anastasia on for Akash. Thanks for taking my question. Can you give us a little more context on that post in HER2 breast cancer population, potential uptake? Like, how big is the population? What kind of treatments do patients typically take post in HER2? Any kind of context on, like, potential penetration, whether you consider dropping price to enhance access and the like? Thanks.

Speaker #8: This is . Anastasia on for Akash . Thanks for taking my question . Can you give us a little more context on that post in Her2 breast cancer population potential uptake ?

Speaker #8: Like how big is the population ? What kind of treatments do patients typically take post enhertu ? Any kind of context on potential penetration , whether you consider dropping price to enhance access and the like .

Speaker #8: Thanks

Robert Iannone: You know, Renee, would you like me to start with regard to, you know, the clinical treatment landscape there and how we're viewing that?

Speaker #4: You know , so I can . Renee , would you like me to start with regard to , you know , the clinical treatment landscape there and how we're viewing that

Rob Iannone: You know, Renee, would you like me to start with regard to, you know, the clinical treatment landscape there and how we're viewing that?

Speaker #9: Yeah . Why don't you go ahead and start with that ? Rob

Samantha Pearce: Yeah, why don't you go ahead and start with that, Rob?

Sam Pearce: Yeah, why don't you go ahead and start with that, Rob?

Speaker #4: Yeah . So we see this this landscape I think is evolving , just as we had predicted with Enhertu moving to front line , potentially with Pertuzumab , in Her2 being an ADC .

Robert Iannone: Yeah. You know, we see this landscape, I think, is evolving just as we had predicted within HER2, moving to frontline, potentially with pertuzumab. You know, HER2 being an ADC that is developed on top of Herceptin and possibly even with pertuzumab, it really disrupts the subsequent therapies, it becomes unclear what therapies to use after patients have had an HER2. That's the opportunity for zanidatamab, where we have prior data showing activity. We're positioning this post in HER2. We said there are about 150,000 patients with HER2 positive breast cancer in the markets that we serve, and we think we'd be the first to have data in this post in HER2 setting.

Rob Iannone: Yeah. You know, we see this landscape, I think, is evolving just as we had predicted within HER2, moving to frontline, potentially with pertuzumab. You know, HER2 being an ADC that is developed on top of Herceptin and possibly even with pertuzumab, it really disrupts the subsequent therapies, it becomes unclear what therapies to use after patients have had an HER2. That's the opportunity for zanidatamab, where we have prior data showing activity. We're positioning this post in HER2. We said there are about 150,000 patients with HER2 positive breast cancer in the markets that we serve, and we think we'd be the first to have data in this post in HER2 setting.

Speaker #4: That is developed on top of Herceptin and possibly given with Pertuzumab , it really disrupts the subsequent therapies . And so it becomes unclear what therapies to use after enhertu , after patients have had enhertu That's the opportunity for zanidatamab , where we have prior data .

Speaker #4: Showing activity . So we're positioning this post Enhertu . We said there are about 150,000 patients With Her2 positive breast cancer in the markets that we serve .

Speaker #4: And we think we'd be the first to have data in this post . Enhertu setting . The study is being conducted essentially in third line .

Robert Iannone: The study is being conducted essentially in third line plus, because currently patients get the CLEOPATRA regimen, which is chemo, Herceptin, Perjeta, and then HER2 is approved in the second line. As that moves forward, you can imagine use in the second line plus setting.

Rob Iannone: The study is being conducted essentially in third line plus, because currently patients get the CLEOPATRA regimen, which is chemo, Herceptin, Perjeta, and then HER2 is approved in the second line. As that moves forward, you can imagine use in the second line plus setting.

Speaker #4: Plastic is currently patients get get the Cleopatra regimen , which is chemo , Herceptin , Perjeta and Enhertu is improved in the approved in the second line .

Speaker #4: But as that moves forward , you can imagine use in the second line setting as well

Speaker #2: Thank you .

Samantha Pearce: ... just to wrap up the second part of that question. Yeah, we're obviously very excited about the opportunity to bring Ziihera into the breast cancer setting. Too early for us to comment at the moment on the pricing strategy there.

Sam Pearce: ... just to wrap up the second part of that question. Yeah, we're obviously very excited about the opportunity to bring Ziihera into the breast cancer setting. Too early for us to comment at the moment on the pricing strategy there.

Speaker #5: Just just to wrap up the second part of that question , yeah , we're obviously very excited about the opportunity to bring I hear her into the breast cancer setting too early for us to comment at the moment on the pricing strategy .

Speaker #5: There

Speaker #2: Thank you .

Operator: Thank you.

Speaker #9: And just to add there , that that study currently is expected to read out at the end of next year or early the following year .

Philip Johnson: Just to add there that that study currently is expected to read out at the end of next year or early the following year. We should complete enrollment next year, and we will have some time to continue to consider price, as Sam mentioned.

Renée Galá: Just to add there that that study currently is expected to read out at the end of next year or early the following year. We should complete enrollment next year, and we will have some time to continue to consider price, as Sam mentioned.

Speaker #9: So we should complete enrollment next year and we will have some time to continue to consider price as Sam mentioned

Speaker #2: Thank you. Our next question comes from the line of Mohit Bansal with Wells Fargo. Your line is now open.

Operator: Thank you. Our next question comes from the line of Mohit Bansal with Wells Fargo. Your line is now open.

Speaker #10: Great. Thank you very much, and congrats on all the progress. Just want to double-click on your Xywav comments regarding the first half being mostly unaffected versus the second half.

Mohit Bansal: Great. Thank you very much, and congrats on all the progress. Just want to double-click on your Xywav comments regarding first half being mostly unaffected versus second half. Can you just talk a little bit more about that? What are you expecting the competitive pressure on Xywav to be like in the second half in your guidance? As and then as you get into, like, next year, how do you see, you know, this franchise evolving in the face of low sodium competition? Thank you.

Speaker #10: Can you just talk a little bit more about that ? So what are you expecting the competitive pressure on Xywav to be like in the second half ?

Speaker #10: In your guidance ? As as you get into next year , how do you see this franchise evolving in the face of low sodium competition ?

Speaker #10: Thank you .

Samantha Pearce: Yes, we're obviously very pleased with the momentum that we've generated through 2025. You know, Xywav is delivering $1.7 billion, 12% growth year-over-year, and that momentum was carried into Q4, with, you know, 16% growth in Q4. I've already mentioned the numbers of patient adds that we saw throughout the year. The messages that we've been conveying to the market are really resonating. Xywav is highly differentiated in the market, the only low sodium option, the only oxybate with an IH indication. That gives us enormous confidence. We have good payer contracts in place as we go into the year. Of course, you know, the landscape, the sleep landscape is evolving.

Speaker #5: Yes , we're obviously very pleased with the momentum that we've generated through 2025 . You know , Xywav delivering $1.7 billion . It's 12% growth year over year .

Sam Pearce: Yes, we're obviously very pleased with the momentum that we've generated through 2025. You know, Xywav is delivering $1.7 billion, 12% growth year-over-year, and that momentum was carried into Q4, with, you know, 16% growth in Q4. I've already mentioned the numbers of patient adds that we saw throughout the year. The messages that we've been conveying to the market are really resonating. Xywav is highly differentiated in the market, the only low sodium option, the only oxybate with an IH indication. That gives us enormous confidence. We have good payer contracts in place as we go into the year. Of course, you know, the landscape, the sleep landscape is evolving.

Speaker #5: And that momentum was carried into the fourth quarter with , you know , 16% growth in the fourth quarter . I've already mentioned the numbers of patient ads that we saw throughout the year .

Speaker #5: So the messages that we've been conveying to the market are really resonating . Xywav is highly differentiated in the market . The only low sodium option , the only oxybate with an E indication , so that gives us enormous confidence .

Speaker #5: We have good payer contracts in place as we go into the year , but of course , you know , the landscape , the sleep landscape is evolving from where we sit today .

Samantha Pearce: From where we sit today, knowing what we know, we know that there are the two generics coming into the market, two multi-source generics, plus we have Hikma in the market as well. Well, we really expect minimal impact on the Xywav business in the first half of 2026. In the second half of the year, obviously, we've got that increasing competitive dynamics. Phil mentioned that, you know, generics are likely to build their volumes throughout the year. We could see also the entry of at least one new wake-promoting agent in the market as well. Given all of those things, we may see more a different dynamic emerging in the second half of the year.

Sam Pearce: From where we sit today, knowing what we know, we know that there are the two generics coming into the market, two multi-source generics, plus we have Hikma in the market as well. Well, we really expect minimal impact on the Xywav business in the first half of 2026. In the second half of the year, obviously, we've got that increasing competitive dynamics. Phil mentioned that, you know, generics are likely to build their volumes throughout the year. We could see also the entry of at least one new wake-promoting agent in the market as well. Given all of those things, we may see more a different dynamic emerging in the second half of the year.

Speaker #5: Knowing what we know , we know that there are two generics coming into the market , two multi-source generics . Plus we have Hikma in the market as well .

Speaker #5: We don't expect significant . Well , we really expect minimal impact on Xywav business in the first half of 2026 . In the second half of the year , obviously we've got that increasing competitive dynamics .

Speaker #5: Phil mentioned that , you generics are likely to build their volumes throughout the year , and we could see also the entry of at least one new wake promoting agent in the market as well .

Speaker #5: So given all of those things we may see more more a different dynamic emerging in the second half of the year . But we will continue to focus on conveying the significant differentiation of xywav , which is clearly resonating with prescribers and patients and and , you know , we'll we'll be continuing to convey those messages to those customers .

Samantha Pearce: We will continue to focus on conveying the significant differentiation of Xywav, which is clearly resonating with prescribers and patients. You know, we'll be continuing to convey those messages to those customers. We expect to continue to see the product being highly appreciated in the market.

Sam Pearce: We will continue to focus on conveying the significant differentiation of Xywav, which is clearly resonating with prescribers and patients. You know, we'll be continuing to convey those messages to those customers. We expect to continue to see the product being highly appreciated in the market.

Speaker #5: And we expect to continue to see the product being highly appreciated in the market.

Speaker #2: Thank you . Our next question comes from the line of David Hong with Deutsche Bank . Your line is now open .

Operator: Thank you. Our next question comes from the line of David Hoang with Deutsche Bank. Your line is now open.

Speaker #11: Hi there . Congrats on the quarter and thanks for taking my questions So maybe a follow up to some of the questions here on the sleep wake franchise .

David Hoang: Hi there, congrats on the quarter, and thanks for taking my question. Maybe a follow-up to some of the questions here on the Sleepwake franchise. Just in terms of your payer contracts, you mentioned that you feel confident about the ones you have in place. Is there any possibility for the payers to ask you to come back to the table to, you know, maybe negotiate over the course of the year? And could you envision any step edits or other restrictions being put into place by payers that might favor the multi-source generics? Thank you.

Speaker #11: Just in terms of your payer contracts , you mentioned that you feel confident about the ones you have in place . Is there any possibility for payers to ask you to come back to the table to , you know , maybe negotiate over the course of the year ?

Speaker #11: And could you envision any step edits or other restrictions being put into place by payers that might favor the multi-source generics? Thank you.

Samantha Pearce: Yes. Whilst we do have good contracts in place as we enter the year, there's always the possibility that the payers may want to approach us if there's a significant event in the market with multi-source generics. One thing that is worth considering is that the rebates that the payers have for products as significant as Xywav are quite material and very significant. Of course, you know, they'll be wanting to consider coming back to us to renegotiate and walking away from those rebates. In order for them to have confidence to do that, of course, they'd want to be confident that the generics have built enough volume and support in the market.

Speaker #5: Yes . We do have good contracts in place as we enter the year . There's always the possibility that the payers may may want to approach us if there's a significant event in the market with Multi-source generics , but one thing that is worth considering is that the the rebates that payers have for products are significant as xywav are quite material and very significant .

Sam Pearce: Yes. Whilst we do have good contracts in place as we enter the year, there's always the possibility that the payers may want to approach us if there's a significant event in the market with multi-source generics. One thing that is worth considering is that the rebates that the payers have for products as significant as Xywav are quite material and very significant. Of course, you know, they'll be wanting to consider coming back to us to renegotiate and walking away from those rebates. In order for them to have confidence to do that, of course, they'd want to be confident that the generics have built enough volume and support in the market.

Speaker #5: So, of course, you know, they'll be wanting to consider coming back to us to renegotiate and walking away from those rebates.

Speaker #5: So in order for them to have confidence to do that , of course they'd want to be confident that the generics are built enough volume and support in the market .

Samantha Pearce: And also another consideration there is that even if step edits were put in place, and certainly that is an option. We know that physicians and patients really value the low sodium option. I mentioned before that, you know, well over half, about 70% of patients with narcolepsy and IH have a cardiovascular or a cardiometabolic comorbidity. Really the last thing you'd want to be giving those patients is a heavy salt dose every single day for a chronic condition. Even with a step edit, we believe that there would be a strong commitment from healthcare providers to move through those step edits to get to low sodium XYWAV. All of these things are possible, but I think the strength of our differentiation it doesn't change.

Speaker #5: And also another consideration there is that even if step edits were put in place and certainly that's that's that is an option . We know that physicians and patients really value the low sodium option .

Sam Pearce: And also another consideration there is that even if step edits were put in place, and certainly that is an option. We know that physicians and patients really value the low sodium option. I mentioned before that, you know, well over half, about 70% of patients with narcolepsy and IH have a cardiovascular or a cardiometabolic comorbidity. Really the last thing you'd want to be giving those patients is a heavy salt dose every single day for a chronic condition. Even with a step edit, we believe that there would be a strong commitment from healthcare providers to move through those step edits to get to low sodium XYWAV. All of these things are possible, but I think the strength of our differentiation it doesn't change.

Speaker #5: I mentioned before that , you know , well over half , about 70% of patients with narcolepsy . And I have a cardiovascular or cardiometabolic comorbidity .

Speaker #5: And so really , the last thing you'd want to be giving those patients is a heavy salt dose . Every single day for a chronic condition .

Speaker #5: So even with a step edit, we believe that there would be a strong commitment from healthcare providers to move through those step edits to get to low-sodium Xywav.

Speaker #5: So all of these things are possible , but I think the strength of our differentiated differentiation , it change . We're still the only low sodium option in the market , and that will , I believe , still resonate with prescribers and patients .

Samantha Pearce: We're still the only low sodium option in the market, and that will, I believe, still resonate with prescribers and patients.

Sam Pearce: We're still the only low sodium option in the market, and that will, I believe, still resonate with prescribers and patients.

Philip Johnson: Hey.

Phil Johnson: Hey.

Speaker #5: This is .

Speaker #12: Maybe David , I'll add something really quickly . And we have had a small number of accounts . For example , in 2025 where the AG was put in more privileged position and basically had to step through that to get to Xywav .

Samantha Pearce: Phil?

Sam Pearce: Phil?

Philip Johnson: maybe David, I'll add something really quickly. We have had a small number of accounts, for example, in 2025, where the AG was put in a more privileged position and basically had to step through that to get to Xywav.

Phil Johnson: maybe David, I'll add something really quickly. We have had a small number of accounts, for example, in 2025, where the AG was put in a more privileged position and basically had to step through that to get to Xywav.

Speaker #12: And we saw physicians very motivated to do that for their patients . Given the unique safety advantage that Xywav conveys , as Sam has mentioned , and we had leading share effectively in that account .

Philip Johnson: ... we saw physicians very motivated to do that for their patients, given the unique safety advantage that Xywav conveys, as Sam has mentioned, we had leading share effectively in that account. We've seen this happen at least on a small scale already, and again, it reinforces our belief that Xywav has a unique value proposition in the marketplace that neither the AG in the past or the emergence of the high-sodium generics can replace.

Phil Johnson: ... we saw physicians very motivated to do that for their patients, given the unique safety advantage that Xywav conveys, as Sam has mentioned, we had leading share effectively in that account. We've seen this happen at least on a small scale already, and again, it reinforces our belief that Xywav has a unique value proposition in the marketplace that neither the AG in the past or the emergence of the high-sodium generics can replace.

Speaker #12: So we've seen this happen at least on a small scale already. And again, it reinforces our belief that Xywav has a unique value proposition.

Speaker #12: The marketplace that neither the AG in the past or the emergence of the high sodium generics can replace them

Speaker #2: Thank you . Our next question comes from the line of Brian Skorney with Baird . Your line is now open .

Operator: Thank you. Our next question comes from the line of Brian Skorney with Baird. Your line is now open.

Speaker #13: Hey . Good afternoon Congrats on the quarter and thanks for taking my question . Maybe for Sam , the medical launch looks really off to a much better start than I think a lot of us expected .

Brian Skorney: Hey, good afternoon. Congrats on the quarter, and thanks for taking my question. Maybe for Sam, the Rylaze launch looks really off to a much better start than, I think a lot of us expected. I'm just wondering, how you think about these initial launch metrics, and I understand that they're early, and contextualizing the greater than $500 million US sales guidance, and how the ACTION study may come into play there. Do you think you need to hit in that study to achieve that guidance, or can you get there given the current label? If ACTION were to hit, do you envision that would change the peak guidance?

Speaker #13: I'm just wondering how you think about these initial launch metrics, and I understand that they're early, and contextualizing the greater than $500 million U.S. sales guidance and how the ACTION study may or may not come into play there.

Speaker #13: Do you think do you think you need to hit in that study to achieve that guidance ? Or can you get there given the current label ?

Speaker #13: And if action were to hit , do you envision that would change the guidance

Speaker #5: Yeah . Thanks for the question Yeah , we're clearly delighted with the early phase of the launch of . Midazo $48 million in 2025 , which was just , you know , four and a half months of launch .

Samantha Pearce: Yeah, thanks for the question. Yeah, we're clearly delighted with the early phase of the launch of Rylaze. $48 million in 2025, which is just, you know, 4 and a half months of launch, is really terrific. We obviously, this market is a market which has seen very little development over the last 60 years. The launch of Rylaze was one that was highly anticipated by our physicians and by patients. We had very high awareness and really strong advocacy support from patient organizations, and obviously a very high unmet need for this treatment. We've seen really strong uptake.

Sam Pearce: Yeah, thanks for the question. Yeah, we're clearly delighted with the early phase of the launch of Rylaze. $48 million in 2025, which is just, you know, 4 and a half months of launch, is really terrific. We obviously, this market is a market which has seen very little development over the last 60 years. The launch of Rylaze was one that was highly anticipated by our physicians and by patients. We had very high awareness and really strong advocacy support from patient organizations, and obviously a very high unmet need for this treatment. We've seen really strong uptake.

Speaker #5: Is really terrific . We obviously this , this , this market is a market which has seen very little development over the last 60 years .

Speaker #5: So the launch of Modesto was one that was highly anticipated by physicians and by patients. We had very high awareness and really strong advocacy support from patient organizations.

Speaker #5: And obviously a very high unmet need for this treatment . So we've seen really strong uptake , I think , in relation to the peak sales opportunity , we obviously are , as we see the uptake and the way this product has been accepted into the market , we're increasingly confident about the $500 million peak sales opportunity .

Samantha Pearce: I think in relation to the peak sales opportunity, we obviously are, as we see the uptake and the way this product's been accepted into the market, we're increasingly confident about the $500 million peak sales opportunity. That does assume that we hit on the first-line action study to achieve that, because what that means is that the product will, you know, get used earlier, immediately after radiotherapy, as opposed to waiting for progression, which is the label that we currently have. There's still quite a lot that we need to understand about this market. For example, what really is the real-world duration of treatment? That's going to be quite an important factor in the overall size of the opportunity. What is the true, you know, epidemiology in this market as well?

Sam Pearce: I think in relation to the peak sales opportunity, we obviously are, as we see the uptake and the way this product's been accepted into the market, we're increasingly confident about the $500 million peak sales opportunity. That does assume that we hit on the first-line action study to achieve that, because what that means is that the product will, you know, get used earlier, immediately after radiotherapy, as opposed to waiting for progression, which is the label that we currently have. There's still quite a lot that we need to understand about this market. For example, what really is the real-world duration of treatment? That's going to be quite an important factor in the overall size of the opportunity. What is the true, you know, epidemiology in this market as well?

Speaker #5: That does assume that we hit on the first line action study to achieve that , because what that means is that the product will get used earlier , immediately after radiotherapy , as opposed to waiting for progression , which is the label that we currently have .

Speaker #5: There's still quite a lot that we need to understand about this market . For example , what really is the real world duration of treatment ?

Speaker #5: That's going to be quite an important factor in the overall size of the opportunity . And also , what is the true epidemiology in this in this market as well ?

Samantha Pearce: We've used the best available data to do that, but obviously, the longer we're on market, the more confidence we're going to get around these areas. Testing rates are also something that we've been working on. We've seen that steadily increasing as well. All the launch metrics are very positive, and we are increasingly confident about that $500 million sales opportunity.

Speaker #5: We've used the best available data to do that . But obviously the longer we're on market , the more confidence we're going to get around these areas .

Sam Pearce: We've used the best available data to do that, but obviously, the longer we're on market, the more confidence we're going to get around these areas. Testing rates are also something that we've been working on. We've seen that steadily increasing as well. All the launch metrics are very positive, and we are increasingly confident about that $500 million sales opportunity.

Speaker #5: Testing rates are also something that we've been working on , and we've seen that steadily increasing as well . So all the launch metrics are very positive .

Speaker #5: And we are increasingly confident about that . $500 million sales opportunity

Speaker #2: Thank you. Our next question comes from the line of David Amsellem with Piper Sandler. Your line is now open.

Operator: Thank you. Our next question comes from the line of David Amsellem with Piper Sandler. Your line is now open.

David Amsellem: Thanks. Maybe a bigger picture question about the sleep-wake franchise. Obviously, you mentioned 441. You are looking at other orexin agonists. Absent that, would you consider making a significant acquisition, in other words, an inorganic way of trying to extend the life of your sleep-wake franchise, bearing in mind that eventually Xywav will go off patent? Maybe taking a step back, strategically, do you just simply toggle over to oncology, neuroscience, and neurology more completely, and look at sleep-wake as sort of a more mature franchise that you manage for cash? How are you thinking about that? Thank you.

Speaker #14: Thanks . So maybe a bigger picture question about the sleep wake franchise . So obviously you mentioned 441 . You are looking at other orexin agonists , but absent that , would you consider making a significant acquisition ?

Speaker #14: In other words , an inorganic way of trying to extend the life of your sleep ? Wake franchise , bearing in mind that eventually xywav will go off patent and maybe taking a step back strategically , do you just simply toggle over to oncology and neuroscience and neurology More completely and look at sleep wake as sort of a more mature franchise that you manage for cash ?

Speaker #14: How are you thinking about that ? Thank you

Speaker #9: Yeah , I'll jump in on that one . So as as we look at our strategy going forward and where we're investing , we are investing in the growth of each of these current franchises .

Renee Gala: Yeah, I'll jump in on that one. As we look at our strategy going forward and where we're investing, we are investing in the growth of each of these current franchises, sleep, epilepsy, and oncology. We think there are multiple opportunities there, both within our current portfolio and opportunities to invest in licensing and M&A to augment those opportunities. With being specific on particular opportunities we're interested in probably isn't that helpful. I would say from a medical perspective, we're excited to see the new innovations coming from orexin science, and as Rob mentioned, we continue to be active in this area in terms of early programs. We also see there's still opportunity there in terms of really understanding, is there benefit for nighttime disruptive sleep?

Renée Galá: Yeah, I'll jump in on that one. As we look at our strategy going forward and where we're investing, we are investing in the growth of each of these current franchises, sleep, epilepsy, and oncology. We think there are multiple opportunities there, both within our current portfolio and opportunities to invest in licensing and M&A to augment those opportunities. With being specific on particular opportunities we're interested in probably isn't that helpful. I would say from a medical perspective, we're excited to see the new innovations coming from orexin science, and as Rob mentioned, we continue to be active in this area in terms of early programs. We also see there's still opportunity there in terms of really understanding, is there benefit for nighttime disruptive sleep?

Speaker #9: Sleep and epilepsy . And oncology . And we think there are multiple opportunities there , both within our current portfolio and opportunities to invest in licensing and M&A to to augment those opportunities with with being specific on particular Opportunities .

Speaker #9: We're interested in probably isn't that helpful . I would say from a medical perspective , we're excited to see the new innovations coming from Orexins .

Speaker #9: And as Rob mentioned , we continue to be active in this area in terms of early programs . But we also see there's still opportunity there in terms of really understanding .

Speaker #9: Is there benefit for nighttime disrupted sleep ? We seem to see right now data that points to Orexins being complementary with Oxybates . And we have yet to see any PSG data or otherwise , on Orexins that will tell us that we'll have therapies that can be fully treated without being augmented with a therapy like an oxybate that can address the nighttime symptoms , but if we just step back and look at our business and the growth drivers , we believe we have a highly differentiated product in Xywav , as Sam has described , we're in a strong position as we go into this year .

Renee Gala: We seem to see right now data that points to orexin being complementary with oxybates, and we have yet to see any PSG data or otherwise on orexin that will tell us that we'll have therapies that can be fully treated without being augmented with a therapy like an oxybate that can address the nighttime symptoms. If we just step back and look at our business and the growth drivers, we believe we have a highly differentiated product in Xywav, as Sam has described. We're in a strong position as we go into this year. We have a highly differentiated franchise in Epidiolex with multiple early-stage programs that we're advancing. A lot of opportunity across oncology, whether that's Modeyso or the Zepzelca first-line approval, and a really meaningful growth driver with zanidatamab that we're investing in heavily.

Renée Galá: We seem to see right now data that points to orexin being complementary with oxybates, and we have yet to see any PSG data or otherwise on orexin that will tell us that we'll have therapies that can be fully treated without being augmented with a therapy like an oxybate that can address the nighttime symptoms. If we just step back and look at our business and the growth drivers, we believe we have a highly differentiated product in Xywav, as Sam has described. We're in a strong position as we go into this year. We have a highly differentiated franchise in Epidiolex with multiple early-stage programs that we're advancing. A lot of opportunity across oncology, whether that's Modeyso or the Zepzelca first-line approval, and a really meaningful growth driver with zanidatamab that we're investing in heavily.

Speaker #9: We have a highly differentiated franchise in Epidiolex with multiple early stage programs that we're advancing . A lot of opportunity across oncology , whether that's medicine or the Zepzelca first line approval and a really meaningful growth driver with Zanidatamab that we're investing in heavily .

Speaker #9: So that's how we're thinking more broadly about our investments and where we're headed and how we think about investing across the franchises

Renee Gala: That's how we're thinking more broadly about our investments and where we're headed and how we think about investing across the franchises.

Renée Galá: That's how we're thinking more broadly about our investments and where we're headed and how we think about investing across the franchises.

Speaker #2: Thank you . Our next question comes from the line of Joseph Thome with TD Cowan . Your line is now open .

Philip Johnson: Thank you. Our next question comes from the line of Joseph Thome with TD Cowen. Your line is now open.

Operator: Thank you. Our next question comes from the line of Joseph Thome with TD Cowen. Your line is now open.

Speaker #15: Heather, good evening and thank you for taking my question. Maybe the one on the... It looks like another trial from the Chimerix acquisition was launched in PCPG.

Joseph Thome: Hi there. Good evening, and thank you for taking my question. Maybe the one on the... It looks like another trial from the Chimerix acquisition was launched in PCPG. Can you just talk a little bit about the size of that market, maybe as it relates to the market for suvecaltamide for H3K27M? Maybe a bit of a follow-on to the last question. Obviously, with Epidiolex, you levered up the balance sheet, and you've worked to kind of delever that over the years. You just mentioned, you know, BD several times through the call. I guess, how comfortable are you to lever up the balance sheet again? Is that something that you're considering, and kind of the size of the transactions, that would be helpful. Thank you.

Speaker #15: Can you just talk a little bit about the size of that market ? Maybe as it relates to the market for for H3k27m and maybe a bit of a follow on to the last question , obviously with Epidiolex , you levered up the balance sheet and you've worked to kind of deliver that over the years .

Speaker #15: You just mentioned BD several times through the call, I guess. How comfortable are you to lever up the balance sheet again?

Speaker #15: Is that something that you're considering and kind of the size of the transactions ? That would be helpful . Thank you

Samantha Pearce: Rob, can you cover PCPG in terms of what we're aiming to achieve there with that study? Maybe, Phil, do you want to jump in on the balance sheet?

Speaker #9: Rob , can you cover Pcpg in terms of what we're aiming to achieve there with that study ? And then maybe , Phil , do you want to jump in on the balance sheet ?

Sam Pearce: Rob, can you cover PCPG in terms of what we're aiming to achieve there with that study? Maybe, Phil, do you want to jump in on the balance sheet?

Speaker #4: Sure . Happy to . So just to remind the group that the two two of six asset is is a follow on to hitting the same clip P and dopamine receptors , but potentially with greater potency .

Robert Iannone: Sure, happy to. Just to remind the group that the ONC206 asset is a follow-on to Modeyso, hitting the same CLPTM1 and dopamine receptors, but potentially with greater potency. We have an opportunity based on preclinical data that we have to evaluate that in pheochromocytoma and paraganglioma, which are rare neuroendocrine tumors. This will serve as a proof of concept, at least in that tumor type, which we've prioritized to demonstrate the activity of that next-generation molecule.

Rob Iannone: Sure, happy to. Just to remind the group that the ONC206 asset is a follow-on to Modeyso, hitting the same CLPTM1 and dopamine receptors, but potentially with greater potency. We have an opportunity based on preclinical data that we have to evaluate that in pheochromocytoma and paraganglioma, which are rare neuroendocrine tumors. This will serve as a proof of concept, at least in that tumor type, which we've prioritized to demonstrate the activity of that next-generation molecule.

Speaker #4: And we have an opportunity, based on preclinical data that we have, to evaluate that in pheochromocytoma and paraganglioma, which are rare neuroendocrine tumors.

Speaker #4: And so this will serve as a proof of concept , at least in that tumor type , which we've we've prioritized to demonstrate the activity of that next generation molecule

Speaker #12: And Joan , your question regarding leverage , we certainly have deleveraged substantially on a net basis , down to about one and a half tons of EBITDA at the end of 2025 .

Philip Johnson: John, your question regarding leverage, we certainly have deleveraged substantially on a net basis, down to about one and a half turns of EBITDA at the end of 2025. We do have the ability to go ahead and lever up for a transaction or series of transactions if we find ones that are particularly compelling in terms of benefit they can bring to patients, and our conviction that we can create significant value for Jazz shareholders as well. I would say over a longer arc of time, I think the expectation is that you will see debt be less and less of the capitalization of the company over time.

Phil Johnson: John, your question regarding leverage, we certainly have deleveraged substantially on a net basis, down to about one and a half turns of EBITDA at the end of 2025. We do have the ability to go ahead and lever up for a transaction or series of transactions if we find ones that are particularly compelling in terms of benefit they can bring to patients, and our conviction that we can create significant value for Jazz shareholders as well. I would say over a longer arc of time, I think the expectation is that you will see debt be less and less of the capitalization of the company over time.

Speaker #12: And we do have the ability to go ahead and lever up for a transaction or series of transactions . If we find ones that are particularly compelling in terms of the benefit they can bring to patients and our conviction that we can create significant value for shareholders as well .

Speaker #12: I would say over a longer arc of time , I think the expectation is , is that you will see debt be less and less of the capitalization of the company over time , but I would encourage you to think of that as probably a sawtooth with some peaks as we do transactions , particularly if there are M&A .

Philip Johnson: I would encourage you to think of that as probably a sawtooth with some peaks as we do transactions, particularly if they're M&A, but over the long term, would expect that overall capitalization be more weighted towards equity and less towards debt as we move forward. Thank you. Our next question comes from the line of Leonid Timashev with RBC. Your line is now open.

Phil Johnson: I would encourage you to think of that as probably a sawtooth with some peaks as we do transactions, particularly if they're M&A, but over the long term, would expect that overall capitalization be more weighted towards equity and less towards debt as we move forward.

Speaker #12: But over the long term would expect that overall capitalization be more weighted towards equity and less towards debt as we move forward

Operator: Thank you. Our next question comes from the line of Leonid Timashev with RBC. Your line is now open.

Speaker #2: Thank you . Our next question comes from the line of Leonid Timashev with RBC . Your line is now open

Speaker #16: Hey guys , thanks for taking my question . I wanted to ask on Epidiolex . You mentioned , both the fact that you had patent settlements extending the cliff out to the late 2030s , and interest in continuing to grow that franchise .

Joseph Thome: Hey, guys. Thanks for taking my question. I want to ask on Epidiolex. You mentioned, you know, both the fact that had patent settlements extending the cliff out to the late 2030s, and interesting continuing to grow that franchise. I guess I'm curious how you're seeing, or what you need to do to continue to grow the adult side of that business, and maybe what you're seeing currently with adult uptake, maybe where education, additional education is needed, and sort of how you think about the size of that opportunity relative to the pediatric side. Thanks.

Leonid Timashev: Hey, guys. Thanks for taking my question. I want to ask on Epidiolex. You mentioned, you know, both the fact that had patent settlements extending the cliff out to the late 2030s, and interesting continuing to grow that franchise. I guess I'm curious how you're seeing, or what you need to do to continue to grow the adult side of that business, and maybe what you're seeing currently with adult uptake, maybe where education, additional education is needed, and sort of how you think about the size of that opportunity relative to the pediatric side. Thanks.

Speaker #16: So I guess I'm curious how you're seeing, or what you need to do, to continue to grow the adult side of that business.

Speaker #16: And maybe what you're seeing currently with adult uptake , maybe where education , additional education is needed and sort of how you think about the size of that opportunity relative to the pediatric side .

Speaker #16: Thanks .

Speaker #5: Yes, thanks for the question. Yeah, we were delighted in 2025 to achieve the $1.1 billion blockbuster status for Epidiolex and delivering 9% growth year over year.

Samantha Pearce: Yes, thanks for the question. We were delighted in 2025 to achieve $1.1 billion blockbuster status for Epidiolex, delivering 9% growth year-over-year. I think, you know, we've continued to drive really strong momentum behind this brand. With our current license indications, there still remains significant opportunity for us to make an impact. We've identified the adult segment as being a key source of future growth. We have invested there in long-term care teams that are going to those long-term care facilities, because what we do know is that there are a significant number of patients, particularly LGS patients, who reside in long-term care settings that have not had a definitive diagnosis of LGS.

Sam Pearce: Yes, thanks for the question. We were delighted in 2025 to achieve $1.1 billion blockbuster status for Epidiolex, delivering 9% growth year-over-year. I think, you know, we've continued to drive really strong momentum behind this brand. With our current license indications, there still remains significant opportunity for us to make an impact. We've identified the adult segment as being a key source of future growth. We have invested there in long-term care teams that are going to those long-term care facilities, because what we do know is that there are a significant number of patients, particularly LGS patients, who reside in long-term care settings that have not had a definitive diagnosis of LGS.

Speaker #5: I think , you know , we've continued to drive really strong momentum behind this brand with our current license indications . There still remains significant opportunity for us to make an impact .

Speaker #5: We've identified the adult segment as been a key source of future growth . We have invested there in long term care teams that are going to those long term care facilities , because what we do know is that there are a significant number of patients , particularly LGS patients who reside in long term care settings that have not had a definitive diagnosis of LGS .

Speaker #5: So we've invested with that team in a particular tool . The LGS tool , to help physicians diagnose those patients so that they can have the opportunity to to benefit from , benefit from Epidiolex .

Samantha Pearce: We've invested with that team in a particular tool, the REST-LGS tool, to help physicians diagnose those patients so that they can have the opportunity to benefit from Epidiolex. That's a key source of growth. In addition to that, we know that persistence is a key hallmark of Epidiolex. Patients do very, very well on Epidiolex, and they can stay on treatment for a long time. If the patients have access to our JazzCares, with the nurse team that we have supporting those patients, then they stay on treatment even longer. We're investing a lot in making sure that more patients can benefit from our JazzCares program. In addition to that, we've generated data that become data that really reinforces the benefit of Epidiolex in seizure and non-seizure benefits.

Sam Pearce: We've invested with that team in a particular tool, the REST-LGS tool, to help physicians diagnose those patients so that they can have the opportunity to benefit from Epidiolex. That's a key source of growth. In addition to that, we know that persistence is a key hallmark of Epidiolex. Patients do very, very well on Epidiolex, and they can stay on treatment for a long time. If the patients have access to our JazzCares, with the nurse team that we have supporting those patients, then they stay on treatment even longer. We're investing a lot in making sure that more patients can benefit from our JazzCares program. In addition to that, we've generated data that become data that really reinforces the benefit of Epidiolex in seizure and non-seizure benefits.

Speaker #5: So that's a key source of growth . In addition to that , we know that persistence is a key hallmark of Epidiolex . Patients do very , very well on Epidiolex , and they can stay on treatment for a long time .

Speaker #5: But if the patients have access to our jazz Cares with the team that we have supporting those patients , then they stay on treatment even longer .

Speaker #5: So we're investing a lot in making sure that more patients can benefit from our our Jazz Cares program . In addition to that , we've generated data that become data that really reinforces the benefit of Epidiolex in seizure and non-seizure seizure .

Speaker #5: And non-seizure benefits . So there's a number of things within our existing label indication , sources of growth , which we're very confident in , that we're going to be making investments in .

Samantha Pearce: There's a number of things within our existing label indication, sources of growth, which we're very confident in, that we're going to be making investments in. In addition to that, given the very, very late 2030s durability of the brand, we're also investing in other areas as well. For example, new formulations of Epidiolex that will be particularly beneficial for adults, as well as a phase 1B trial in focal onset seizures as well. You know, we're excited about the potential of Epidiolex to continue to grow and bringing it to more patients.

Sam Pearce: There's a number of things within our existing label indication, sources of growth, which we're very confident in, that we're going to be making investments in. In addition to that, given the very, very late 2030s durability of the brand, we're also investing in other areas as well. For example, new formulations of Epidiolex that will be particularly beneficial for adults, as well as a phase 1B trial in focal onset seizures as well. You know, we're excited about the potential of Epidiolex to continue to grow and bringing it to more patients.

Speaker #5: And in addition to that , given the very , very late 2030s durability of the brand , we're also investing in other areas as well .

Speaker #5: So , for , new formulations of Epidiolex that will be particularly beneficial for adults as well as a phase one trial in focal onset seizures as well .

Speaker #5: So we're excited about the potential of Epidiolex to continue to grow and bring it to more patients

Speaker #2: Thank you . Our next question comes from the line of Ami Fadia with Needham and Company . Your line is now open .

Philip Johnson: Thank you. Our next question comes from the line of Ami Fadia with Needham & Company. Your line is now open.

Phil Johnson: Thank you. Our next question comes from the line of Ami Fadia with Needham & Company. Your line is now open.

Speaker #9: Hi . Good afternoon . Thanks for taking my question . Just on the breast cancer study . Can you remind us if you've shared any details around the powering of the study and ahead of the final readout , is there opportunity to see any interim data ?

Ami Fadia: Hi, good afternoon. Thanks for taking my question. Just on the Zani breast cancer study, can you remind us if you've shared any details around the powering of the study? Ahead of the final readout, is there opportunity to see any interim data? Also maybe just remind us of the regulatory endpoints that we would be, you know, or the regulatory requirements in terms of the endpoint? Thank you.

Speaker #9: And also maybe just remind us of the regulatory endpoints that we would be that , you know , or the regulatory requirements in terms of the endpoint .

Speaker #9: Thank you

Speaker #4: Sure . Thanks for the question . It's a two arm trial where patients are assigned . Their chemotherapy backbone by the treating physician .

Robert Iannone: Sure. Thanks for the question. It's a two-arm trial where patients are assigned their chemotherapy backbone by the treating physician and then randomized to receive either Herceptin versus zanidatamab. A head-to-head comparison of Zani versus Herceptin again, but in a different setting. It's 550 patients, which is listed on ClinicalTrials.gov. We have an opportunity to look at progression-free survival along with an interim analysis of overall survival before the final readout on overall survival.

Rob Iannone: Sure. Thanks for the question. It's a two-arm trial where patients are assigned their chemotherapy backbone by the treating physician and then randomized to receive either Herceptin versus zanidatamab. A head-to-head comparison of Zani versus Herceptin again, but in a different setting. It's 550 patients, which is listed on ClinicalTrials.gov. We have an opportunity to look at progression-free survival along with an interim analysis of overall survival before the final readout on overall survival.

Speaker #4: And then randomized to receive either Herceptin versus Anti-cd8a Mab . So a head to head comparison of Danny versus Herceptin . Again , but in a different setting .

Speaker #4: It's 550 patients, which is listed on ClinicalTrials.gov. And we have an opportunity to look at progression-free survival, along with an interim analysis of overall survival, before the final readout on overall survival.

Speaker #2: Thank you . This concludes the question and answer session . I would now like to hand the call back over to Rene Gal for closing remarks .

Operator: Thank you. This concludes the question-and-answer session. I would now like to hand the call back over to Renee Gala for closing remarks.

Speaker #9: Great . Thank you . Operator . And just a quick reminder to our listeners . Thank you for joining in the call today to give you a quick overview of some of our upcoming catalysts .

Renee Gala: Great. Thank you, operator. Just a quick reminder to our listeners, thank you for joining in the call today. To give you a quick overview of some of our upcoming catalysts, as we've mentioned, we're really excited about zanidatamab and the breast cancer study that Rob was just describing. We also have the opportunity, as we mentioned on the call, for an approval and a launch in the second half of this year. We do plan to get our FDA submission complete this quarter and expect an upcoming publication in a premier peer-reviewed journal with our second interim OS readout for our Zani plus chemo RNB arm anticipated to occur mid-year.

Renée Galá: Great. Thank you, operator. Just a quick reminder to our listeners, thank you for joining in the call today. To give you a quick overview of some of our upcoming catalysts, as we've mentioned, we're really excited about zanidatamab and the breast cancer study that Rob was just describing. We also have the opportunity, as we mentioned on the call, for an approval and a launch in the second half of this year. We do plan to get our FDA submission complete this quarter and expect an upcoming publication in a premier peer-reviewed journal with our second interim OS readout for our Zani plus chemo RNB arm anticipated to occur mid-year.

Speaker #9: As we mentioned , we're really excited about Zanidatamab and the breast cancer study that Rob was just describing . We also have the opportunity , as we mentioned , on the call for an approval and launch in the second half of this year .

Speaker #9: We do plan to get our FDA submission complete this quarter and expect an upcoming publication and a premier peer reviewed journal with our second interim OS readout for our Zani plus chemo RMB arm anticipated to occur mid-year in addition to the broader development program .

Renee Gala: In addition to the broader development program, as I mentioned earlier, we have readout planned at the end of next year for our metastatic breast cancer study or early in 2028, and we're excited about the opportunity there, given the underlying backbone comparison is again zanidatamab versus Herceptin. This year, we have the opportunity for our first full year of sales in dordaviprone and expect the ACTION trial supporting that Sam described, to read out at the end of this year or the beginning of next year, and that will be our first OS readout of that study. Strong momentum coming into this year, from 2025, and we do expect to announce one or more deals in 2026 on the corporate development front.

Renée Galá: In addition to the broader development program, as I mentioned earlier, we have readout planned at the end of next year for our metastatic breast cancer study or early in 2028, and we're excited about the opportunity there, given the underlying backbone comparison is again zanidatamab versus Herceptin. This year, we have the opportunity for our first full year of sales in dordaviprone and expect the ACTION trial supporting that Sam described, to read out at the end of this year or the beginning of next year, and that will be our first OS readout of that study. Strong momentum coming into this year, from 2025, and we do expect to announce one or more deals in 2026 on the corporate development front.

Speaker #9: As I mentioned earlier, we have a readout planned at the end of next year for our metastatic breast cancer study, or early in 2028.

Speaker #9: And we're excited about the opportunity there , given the underlying backbone comparison is , again , Zanny versus Herceptin this year , we have the opportunity for our first full year of sales in Dordevic and expect the action trial supporting that that Sam described to readout at the end of this year or the beginning of next year .

Speaker #9: And that will be our first OS readout of that study . So strong momentum coming into this year from 2025 . And we do expect to announce one or more deals in 2026 on the corporate development front .

Speaker #9: So I'd like to close today's call by thanking all of our colleagues for their efforts . Our partners and stakeholders for their continued confidence and support .

Renee Gala: I'd like to close today's call by thanking all of our Jazz colleagues for their efforts, our partners and stakeholders for their continued confidence and support. 2025 was quite an impactful year for Jazz, and I look forward to continuing our work together in 2026. Thank you all for joining.

Renée Galá: I'd like to close today's call by thanking all of our Jazz colleagues for their efforts, our partners and stakeholders for their continued confidence and support. 2025 was quite an impactful year for Jazz, and I look forward to continuing our work together in 2026. Thank you all for joining.

Speaker #9: 2025 was quite an impactful year for jazz , and I look forward to continuing our work together in 2026 . So thank you all for joining .

Operator: This concludes today's conference. Thank you for your participation. You may now disconnect.

Q4 2025 Jazz Pharmaceuticals PLC Earnings Call

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