Core Viewpoint - Jazz Pharmaceuticals reported a strong Q4 2025 earnings performance, with adjusted EPS and total revenues exceeding estimates, but the stock has seen a slight decline in the past month, raising questions about future performance [1][2]. Financial Performance - Q4 2025 adjusted EPS was $6.64, beating the Zacks Consensus Estimate of $6.62, with a year-over-year increase of 2% [3]. - Total revenues for Q4 2025 rose 10% year over year to $1.2 billion, surpassing the Zacks Consensus Estimate of $1.18 billion [3]. - Net product sales increased 10.5% year over year to $1.13 billion, exceeding both the Zacks Consensus Estimate and internal estimates [4]. Revenue Breakdown - Neuroscience product sales grew over 8% year over year to $792 million, with combined oxybate business sales (Xyrem + Xywav) rising 12% to $503 million [6]. - Xywav sales reached over $465 million, reflecting a 16% year-over-year growth, driven by strong uptake in narcolepsy and idiopathic hypersomnia indications [7]. - Oncology product sales increased 16% to over $337 million, with Rylaze/Enrylaze and Zepzelca contributing significantly to this growth [9]. Cost and Expenses - Adjusted SG&A expenses rose about 12% year over year to $360.5 million, primarily due to higher compensation-related expenses [11]. - Adjusted R&D expenses declined 14% to $190 million, attributed to lower clinical program costs [11]. Full-Year Results and Guidance - For the full year 2025, adjusted EPS was $8.38, down 54% year over year, while total revenues increased 5% to $4.3 billion [12]. - Guidance for 2026 projects total revenues between $4.25 billion and $4.50 billion, indicating a 2.5% growth at the midpoint compared to 2025 [13]. - Adjusted EPS guidance for 2025 is set between $7.65 and $8.45, a significant increase from previous guidance [14]. Market Position and Estimates - The consensus estimate for Jazz has shifted 7.35% in the past month, indicating a flat trend in fresh estimates [15]. - Jazz holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [18].

Jazz Pharmaceuticals FY Conference Summary Company Overview - **Company**: Jazz Pharmaceuticals (NasdaqGS:JAZZ) - **Date**: March 12, 2026 - **Key Speakers**: Philip Johnson (CFO), Jack Spinks (Head of Investor Relations) Core Industry Insights Financial Performance - **2025 Revenue**: Record revenue growth of 5%, driven by: - **Xywav**: 12% growth - **Epidiolex**: 9% growth - **Modeyso**: Strong initial uptake - **Consecutive Growth**: 21st consecutive year of revenue growth [3][4] Pipeline Developments - **Zepzelca**: Positive data in first-line maintenance small cell lung cancer in combination with atezolizumab - **Zanidatamab**: Unprecedented overall survival results extending beyond 2 years in first-line GEA [3][4] - **Acquisition**: Chimerix acquisition for dordaviprone, expected to yield over $200 million in tax savings [4] 2026 Guidance - **Revenue Forecast**: $4.25 billion - $4.5 billion, aiming for 22nd consecutive year of growth [4][5] Key Product Insights Xywav and Sleep Franchise - **Performance**: Continued growth in idiopathic hypersomnia and narcolepsy markets, with Xywav showing strong patient retention and safety benefits [15][17] - **Market Dynamics**: Anticipated competition from orexin agonists, but Xywav expected to remain complementary rather than competitive [20][23] Epidiolex and Epilepsy - **Market Position**: Strong IP runway with ANDA settlements extending to late 2030s; growth opportunities in adult patient populations [24][25] - **Patient Support**: Implementation of Nurse Navigator program to improve patient experiences and treatment adherence [25][27] Oncology Portfolio - **Modeyso**: Strong uptake with potential peak sales of $500 million in the US; ongoing evaluation of patient demographics and treatment duration [29][33] - **Zepzelca**: Anticipated to become standard of care in first-line maintenance setting, with expected revenue dynamics influenced by competitive landscape [43][44] Strategic Focus Areas Corporate Development - **Investment Strategy**: Focus on existing marketed products and pipeline, with plans to expand into new rare disease areas [10][11] - **Acquisition Strategy**: Targeting post-proof of concept investments in rare diseases, leveraging existing expertise [12] Future Growth Opportunities - **Oncology Expansion**: Plans to explore additional indications for zanidatamab and potential partnerships for HER2-targeted therapies [41][42] - **Research Development**: Transitioning to a fully integrated biopharma company with ongoing phase 1 assets in NRAS and KRAS programs [46] Additional Considerations - **Market Trends**: Ongoing interest in orexin agonists and their potential impact on existing therapies; Jazz positions itself as a complementary player in the market [19][20] - **Patient-Centric Approach**: Emphasis on improving patient outcomes and experiences across all therapeutic areas, particularly in epilepsy and oncology [25][27][43] This summary encapsulates the key points from the Jazz Pharmaceuticals FY Conference, highlighting the company's financial performance, product insights, strategic focus, and future growth opportunities.

Jazz Pharmaceuticals FY Conference Summary Company Overview - **Company**: Jazz Pharmaceuticals (NasdaqGS:JAZZ) - **Event**: FY Conference on March 03, 2026 - **Key Speakers**: CFO Philip Johnson, Head of Oncology Clinical Development Amal Melhem-Bertrandt, Head of Investor Relations John Bluth Key Points Financial Performance - **2025 Achievements**: - Record revenue with the highest revenue quarter in Q4 - 21st consecutive year of revenue growth - Revenue growth: 12% in Xywav, 9% in Epidiolex, and strong start for Modeyso - Oxybate franchise surpassed $2 billion, Epidiolex exceeded $1 billion, and oncology franchise also above $1 billion [4][5] - **2026 Revenue Guidance**: - Expected total revenue between $4.25 billion and $4.5 billion, representing a 2.5% growth at the midpoint - Anticipation of 22nd consecutive year of revenue growth, driven by double-digit growth in epilepsy and oncology portfolio [7][8] Pipeline Developments - **Zanidatamab**: - Completed filing for sBLA for GEA, with a focus on first-line maintenance use in small cell lung cancers [10][11] - Data showed over 2 years of overall survival, indicating potential for practice-changing results [4][31] - **Epidiolex**: - ANDA settlements provide visibility to exclusivity into the late 2030s, with ongoing efforts to expand brand presence [25][26] - **Modeyso**: - Strong early launch performance, exceeding expectations, with peak sales potential estimated over $500 million in the U.S. [45][46] Corporate Development - **Acquisition of Chimerix**: - Enhanced oncology portfolio with Modeyso and significant financial assets, including a deferred tax asset reducing future cash taxes by over $200 million [5][6] - **Future Transactions**: - Plans for one or more transactions in 2026, focusing on epilepsy, oncology, and rare diseases [12][50] Market Dynamics - **Xywav and Generics**: - Agreement with Hikma allows authorized generic to remain until the end of 2029, with two generics already in the market [16][17] - Unique low sodium benefit of Xywav is expected to maintain its market share despite generics [17][18] - **Idiopathic Hypersomnia (IH)**: - Over 5,000 patients on Xywav for IH, with potential for growth as awareness increases [19][20] Strategic Focus - **CEO Transition**: - Successful transition from Bruce Cozadd to Renee Gala, with a refined strategy focusing on rare diseases [7] - **Expansion Opportunities**: - Interest in expanding zanidatamab into breast cancer and other indications, with ongoing studies showing promising results [41][44] Conclusion - Jazz Pharmaceuticals is positioned for continued growth in 2026, with a strong financial outlook, promising pipeline developments, and strategic corporate initiatives aimed at enhancing its market presence in rare diseases and oncology [13][50]

Core Insights - Jazz Pharmaceuticals (NASDAQ:JAZZ) is recognized as a promising investment opportunity in the biotech sector, with multiple analysts issuing bullish ratings and increasing price targets for the stock [1][2][3]. Group 1: Analyst Ratings and Price Targets - Barclays initiated coverage on Jazz Pharmaceuticals with an Overweight rating and set a price target of $224, highlighting the company's stable central nervous system business and potential growth in oncology [1]. - Morgan Stanley raised its price target for Jazz Pharmaceuticals to $226 from $225 while maintaining an Overweight rating, following the release of the fiscal Q4 report [2]. - Deutsche Bank increased its price target to $255 from $210 and reiterated a Buy rating, reflecting confidence in the company's performance [2]. - BofA also raised its price target to $275 from $263, maintaining a Buy rating, and noted that the fiscal Q4 results were in line with expectations, supporting the stock's potential for growth [3]. Group 2: Company Overview and Product Portfolio - Jazz Pharmaceuticals develops medicines for serious diseases, with key products including Xywav, Xyrem, Epidiolex, Rylaze, Zepzelca, Defitelio, and Vyxeos, targeting conditions such as narcolepsy and hepatic veno-occlusive disease [4].

Core Insights - Jazz Pharmaceuticals (JAZZ) reported fourth-quarter 2025 adjusted earnings per share (EPS) of $6.64, exceeding the Zacks Consensus Estimate of $6.62, with a year-over-year earnings increase of 2% [1] - Total revenues for the quarter rose 10% year over year to $1.2 billion, surpassing the Zacks Consensus Estimate of $1.18 billion [1] - The stock price of Jazz increased by 5% in after-market trading following the earnings report [1] Revenue Breakdown - Net product sales increased by 10.5% year over year to $1.13 billion, beating both the Zacks Consensus Estimate and the internal model estimate of $1.11 billion [3] - Royalty revenues from high-sodium oxybate authorized generic (AG) reached approximately $56 million, up 1% year over year, exceeding the Zacks Consensus Estimate of $53 million [3] - Other royalties and contract revenues amounted to about $10 million, reflecting a 28% increase from the previous year [4] Neuroscience Segment Performance - Sales of neuroscience products rose over 8% year over year to $792 million [5] - Combined net product sales for the oxybate business (Xyrem + Xywav) increased by 12% to $503 million, surpassing the Zacks Consensus Estimate of $481 million [5] - Xywav sales grew by 16% to over $465 million, attributed to strong uptake in narcolepsy and idiopathic hypersomnia indications [6] Oncology Segment Performance - Oncology product sales increased by 16% to over $337 million [8] - Sales of chemotherapy drug Rylaze/Enrylaze reached more than $108 million, up nearly 7% year over year, beating the Zacks Consensus Estimate of $106 million [8] - Zepzelca, for small-cell lung cancer, recorded sales over $90 million, up 15% year over year [8] Operating Costs - Adjusted selling, general and administrative expenses (SG&A) rose about 12% year over year to $360.5 million, primarily due to higher compensation-related expenses [11] - Adjusted research and development (R&D) expenses decreased by 14% to $190 million, mainly due to lower clinical program costs [11] Full-Year 2025 Results - For the full year, Jazz reported adjusted EPS of $8.38, down 54% year over year [12] - Total revenues for the year rose 5% year over year to $4.3 billion, including neuroscience and oncology net product sales of $2.9 billion and $1.1 billion, respectively [12] 2026 Guidance - Jazz expects total revenues for 2026 to be in the range of $4.25 billion to $4.50 billion, indicating a 2.5% year-over-year growth at the midpoint [13] - The company anticipates double-digit growth across its combined epilepsy and oncology franchises, while Xywav sales are projected to remain flat or increase by a mid-single-digit percentage [14] - Adjusted SG&A expenses are expected to be between $1.26 billion and $1.32 billion, while adjusted R&D expenses are projected to be in the range of $725 million to $775 million [14]

Core Insights - The company achieved record annual revenue of $4.3 billion in 2025, driven by the successful launch of Modeyso and double-digit growth in the Xywav and Zepzelca franchises [1] Financial Performance - Revenue growth was significantly influenced by the launch of Modeyso and strong performance in existing franchises, indicating robust market demand and effective product strategies [1] Strategic Focus - Management is sharpening the corporate focus on rare diseases, leveraging existing capabilities in sleep, epilepsy, and oncology to drive long-term value through internal R&D and M&A [1] Legal Developments - The company resolved significant legal headwinds by settling ANDA litigation for Epidiolex, extending the product's runway into the late 2030s, and settling the majority of rare sleep franchise litigation [1] Acquisition Impact - The acquisition of Chimerix provided immediate commercial value via Modeyso and a strategic financial benefit through a deferred tax asset expected to reduce future cash taxes by over $200 million [1] Product Development - Zanidatamab (Ziihera) is positioned as a potential new standard of care in HER2-positive cancers following Phase III data showing unprecedented survival benefits in first-line GEA [1] Operational Efficiency - Operational excellence and productivity efforts are being utilized to offset increased launch investments for new therapies and expanded AI capabilities [1]

Core Insights - Jazz Pharmaceuticals reported revenue of $1.2 billion for the quarter ended December 2025, reflecting a year-over-year increase of 10.1% and an EPS of $6.64, slightly up from $6.60 in the previous year [1] - The revenue exceeded the Zacks Consensus Estimate of $1.18 billion by 1.56%, while the EPS also surpassed the consensus estimate of $6.62 by 0.27% [1] Revenue Performance by Segment - Oncology revenue from Vyxeos was $34.73 million, significantly below the estimated $47.69 million, marking a decline of 34.8% year-over-year [4] - Oncology revenue from Defitelio/defibrotide reached $58.87 million, slightly above the estimated $56.26 million, with a year-over-year increase of 2.1% [4] - Neuroscience revenue from Oxybate (Xywav) was $465.45 million, exceeding the estimated $448.99 million, representing a year-over-year growth of 16.1% [4] - Neuroscience revenue from Epidiolex/Epidyolex was $287.12 million, slightly below the estimated $297.23 million, with a year-over-year increase of 4.4% [4] - Neuroscience revenue from Sativex was $1.5 million, significantly lower than the estimated $5.12 million, reflecting a year-over-year decline of 71% [4] - Total Neuroscience revenue, including Oxybate (Xywav & Xyrem), was $503.23 million, surpassing the estimated $481.03 million, with a year-over-year increase of 11.8% [4] - Total Neuroscience revenue amounted to $791.86 million, exceeding the estimated $783.39 million, with a year-over-year growth of 8.4% [4] - Total Oncology revenue was $337.28 million, above the estimated $322.89 million, reflecting a year-over-year increase of 15.6% [4] - Revenue from Rylaze/Enrylaze was $108.16 million, slightly above the estimated $105.81 million, with a year-over-year increase of 6.6% [4] - Revenue from Zepzelca was $90.44 million, exceeding the estimated $84.24 million, marking a year-over-year growth of 15.5% [4] - Net product sales reached $1.13 billion, surpassing the estimated $1.11 billion, with a year-over-year increase of 10.5% [4] - Oncology revenue from Ziihera was $8.54 million, below the estimated $11.91 million [4] Stock Performance - Jazz Pharmaceuticals' shares have returned +4.2% over the past month, contrasting with a -1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Jazz Pharmaceuticals reported record total revenue of $4.3 billion for 2025, reflecting a 5% growth over 2024, with fourth quarter revenue of $1.2 billion, a 10% year-over-year increase [6][31] - Non-GAAP adjusted net income for 2025 was approximately $522 million, with non-GAAP adjusted EPS of $8.38 [31] - The company expects total revenue for 2026 to be in the range of $4.25 billion to $4.50 billion, indicating a growth of about 2.5% at the midpoint compared to 2025 [32] Business Line Data and Key Metrics Changes - The rare sleep therapeutic area generated over $2 billion in total revenue in 2025, with XYWAV revenue growing 12% to approximately $1.7 billion for the year [12][31] - Epidiolex achieved blockbuster status with $1.1 billion in revenue, up 9% year-over-year, while Zepzelca generated $307 million in revenue in 2025 [16][21] - Modeyso, launched in August 2025, generated $48 million in revenue by year-end, with expectations of peak sales exceeding $500 million in the U.S. [19][31] Market Data and Key Metrics Changes - XYWAV remains the number one branded treatment for narcolepsy and the only FDA-approved treatment for idiopathic hypersomnia (IH), with a 34% increase in net active IH patients [14][15] - The introduction of multiple generic high-sodium oxybate products is expected to negatively impact revenues from high-sodium Xyrem, while XYWAV is anticipated to maintain its market position due to its unique low-sodium profile [15][32] - The company expects a modest decrease in total rare sleep revenue for 2026, primarily driven by Xyrem and Hikma Pharmaceuticals revenue [32] Company Strategy and Development Direction - Jazz Pharmaceuticals is sharpening its strategic focus on rare diseases, aiming to strengthen current franchises and expand into new areas [8][39] - The company plans to leverage its proven capabilities in corporate development to continue building a more valuable company, with a focus on rare disease therapies [9][39] - Future pipeline advancements and new business development transactions are anticipated, particularly in the oncology space with zanidatamab and Ziihera [10][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial position and operational excellence, highlighting the successful launch of innovative therapies and regulatory approvals [5][39] - The management team acknowledged the evolving competitive landscape in the sleep market but emphasized the unique safety benefits of XYWAV, which resonate well with patients and healthcare providers [48][75] - The company is optimistic about the potential for zanidatamab to become the HER2-targeted agent of choice across multiple tumor types, with a potential launch in the second half of 2026 [24][25] Other Important Information - The company resolved nearly all major litigation, including settling outstanding ANDA litigation for Epidiolex, which extends its market runway into the late 2030s [7][8] - Jazz Pharmaceuticals generated approximately $1.4 billion of cash from operations for the full year 2025, ending the year with $2.4 billion in cash and investments [38] Q&A Session Summary Question: Guidance around XYWAV for 2026 - Management indicated that XYWAV is well-positioned for 2026, with growth expected primarily from the IH segment, despite potential competitive pressures from generics in the second half of the year [41][44] Question: Hikma royalty rate and AG volume impact - Management confirmed a modest step down in the Hikma royalty rate for 2026 but emphasized that significant economics will still flow to Jazz Pharmaceuticals [50][51] Question: JZP047 background and development - Management clarified that JZP047 is a novel chemical entity developed in-house, with strong preclinical data supporting its use in absence epilepsy [54][55] Question: HER2 breast cancer population and potential uptake - Management noted approximately 150,000 patients with HER2-positive breast cancer in the markets served, positioning zanidatamab as a potential treatment option in the post-HER2 setting [57][58] Question: XYWAV competitive pressure in the second half - Management expects minimal impact on XYWAV in the first half of 2026, with increasing competitive dynamics anticipated in the second half due to generics and new wake-promoting agents [66][68] Question: Payer contracts and potential negotiations - Management acknowledged the possibility of payers wanting to renegotiate contracts if generics gain significant market volume, but emphasized the unique value proposition of XYWAV [71][73] Question: Launch metrics for Idacio and ACTION study impact - Management expressed confidence in the early launch metrics for Idacio, with the $500 million peak sales opportunity contingent on the success of the ACTION study [79][82]

Financial Data and Key Metrics Changes - Jazz Pharmaceuticals reported record total revenue of $4.3 billion for 2025, reflecting a 5% growth over 2024, with fourth quarter revenue of $1.2 billion, representing a 10% year-over-year growth [6][31] - Non-GAAP adjusted net income for 2025 was approximately $522 million, with non-GAAP adjusted EPS of $8.38 [31] - The company expects total revenue for 2026 to be in the range of $4.25 billion to $4.50 billion, equating to a growth of about 2.5% at the midpoint compared to 2025 [32] Business Line Data and Key Metrics Changes - The rare sleep therapeutic area generated over $2 billion in total revenue in 2025, with XYWAV revenue growing 12% to approximately $1.7 billion for the year [12][31] - Epidiolex achieved blockbuster status with $1.1 billion in revenue, up 9% year-over-year, while Zepzelca generated $307 million in revenue in 2025 [16][21] - Modeyso, launched in August 2025, generated $48 million in revenue by year-end, indicating strong early performance [19] Market Data and Key Metrics Changes - XYWAV remains the number one branded treatment for narcolepsy and the only FDA-approved treatment for idiopathic hypersomnia (IH), with a 34% increase in net active IH patients [14][15] - The competitive landscape for sleep medications is evolving, with two generic versions of high-sodium Xyrem entering the market, expected to negatively impact revenues [15][32] - The company anticipates a modest decrease in rare sleep revenue for 2026, primarily driven by Xyrem and Hikma Pharmaceuticals revenue [32] Company Strategy and Development Direction - Jazz Pharmaceuticals is sharpening its strategic focus on rare diseases, aiming to strengthen current franchises and expand into new areas [8][39] - The company plans to leverage its proven capabilities in corporate development to continue building a more valuable company, particularly in rare diseases [9][39] - Future pipeline advancements and new business development transactions are expected to align with the company's rare disease focus [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial position and operational excellence, highlighting the potential for significant future growth [5][39] - The company is focused on maximizing the potential of its oncology portfolio, particularly with zanidatamab and its upcoming launch in GEA [10][24] - Management acknowledged the evolving competitive landscape in the sleep market but emphasized the unique value proposition of XYWAV as a low-sodium option [68][75] Other Important Information - The company resolved nearly all major litigation, including settling outstanding ANDA litigation for Epidiolex, which extends its runway into the late 2030s [7][8] - Jazz Pharmaceuticals generated approximately $1.4 billion of cash from operations for the full year 2025, ending the year with $2.4 billion in cash and investments [38] Q&A Session Summary Question: Guidance around XYWAV for 2026 - Management indicated that XYWAV is well-positioned with strong patient adds and unique safety benefits, but acknowledged potential competitive pressures from generics in the second half of 2026 [41][44] Question: Hikma royalty rate and AG volume impact - Management confirmed a modest step down in the Hikma royalty rate for 2026 but emphasized that significant economics will still flow to Jazz [50][51] Question: JZP047 background and development - Management clarified that JZP047 is a novel chemical entity developed in-house, focusing on absence epilepsy, with strong preclinical data supporting its development [54][55] Question: HER2 breast cancer population and potential uptake - Management highlighted the opportunity for zanidatamab in the HER2-positive breast cancer market, estimating around 150,000 patients in the served markets [57][58] Question: XYWAV competitive pressure in the second half - Management expects minimal impact on XYWAV in the first half of 2026 but anticipates increasing competitive dynamics in the second half due to generics and new agents [66][68] Question: Payer contracts and potential negotiations - Management acknowledged the possibility of payers wanting to renegotiate contracts but emphasized the strong commitment from healthcare providers to ensure access to XYWAV [71][74] Question: Future strategy for the sleep-wake franchise - Management stated that they are investing in the growth of all current franchises, including sleep, and are open to opportunities for licensing and M&A to augment growth [85][88]

Financial Data and Key Metrics Changes - Jazz Pharmaceuticals achieved record total revenue of $4.3 billion in 2025, reflecting a 5% growth over 2024, with fourth quarter revenue of $1.2 billion, representing a 10% year-over-year growth [4][30] - Non-GAAP adjusted net income for the full year 2025 was approximately $522 million, with non-GAAP adjusted EPS of $8.38 [30] Business Line Data and Key Metrics Changes - The rare sleep therapeutic area generated over $2 billion in total revenue in 2025, with XYWAV revenue growing 12% to approximately $1.7 billion for the year [11] - Epidiolex achieved blockbuster status with $1.1 billion in revenue, up 9% year-over-year, while Zepzelca generated $307 million in revenue in 2025, with a 15% year-over-year growth in the fourth quarter [14][20] - Modeyso generated $48 million in revenue from its launch in August 2025, indicating strong early performance [18] Market Data and Key Metrics Changes - XYWAV remains the number one branded treatment for narcolepsy and the only FDA-approved treatment for idiopathic hypersomnia (IH), with a 34% increase in net active IH patients in 2025 [12] - The introduction of two generic versions of high-sodium Xyrem is expected to negatively impact revenues, particularly in the second half of 2026 [13][31] Company Strategy and Development Direction - The company is sharpening its strategic focus on rare diseases, aiming to strengthen current franchises and expand into new areas, supported by a strong financial position [6][9] - Jazz Pharmaceuticals plans to leverage its proven track record in corporate development to continue building a more valuable company, with a focus on rare disease and oncology [8][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, highlighting the potential launch of zanidatamab in GEA and sustained execution for Modeyso and Zepzelca [9][38] - The company anticipates double-digit growth in rare oncology and epilepsy revenues in 2026, driven primarily by Epidiolex, Modeyso, and Ziihera [31] Other Important Information - The company resolved nearly all major litigation, including settling outstanding ANDA litigation for Epidiolex, which extends its runway into the late 2030s [5] - Jazz Pharmaceuticals sold its priority review voucher for $200 million, with half of the proceeds flowing to the company [8] Q&A Session Summary Question: Guidance around XYWAV for 2026 - Management indicated that XYWAV is expected to be flat or grow mid-single digits, with potential payer contracting concessions impacting guidance [40][42] Question: Hikma royalty rate and AG volume impact - Management noted a modest step down in the Hikma royalty rate for 2026, but significant economics will still flow to Jazz [49][50] Question: JZP047 background and development - JZP047 is a novel chemical entity developed in-house, focusing on absence epilepsy, with strong preclinical data supporting its development [53][54] Question: HER2 breast cancer population and potential uptake - Management highlighted approximately 150,000 patients with HER2-positive breast cancer, positioning zanidatamab as a potential treatment in the post HER2 setting [56][57] Question: Competitive pressure on XYWAV - Management expects minimal impact on XYWAV in the first half of 2026, with increasing competitive dynamics anticipated in the second half [65][66]