Jazz Pharmaceuticals plc (JAZZ)

Price$246.81Cached quoteAs of 2026-09-06 05:52 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong cash generation is offset by higher growth expectations.

Using the latest regular-session close, Jazz's equity value is about $16.9 billion. Trailing twelve-month operating cash flow from the supplied quarterly history is about $1.66 billion; after roughly $70 million of capital spending, free cash flow, meaning cash left after running and investing in the business, is about $1.59 billion. That implies roughly 10.6 times free cash flow, or a 9.4% cash yield. Trailing net income is about $941 million, about 18 times earnings. Those are reasonable, not bargain, multiples because the valuation assumes continued double-digit franchise growth and meaningful Ziihera contribution.

Big pictureCash generation is durable, but reported earnings swing with acquisitions and one-time research charges.

Revenue rose from $3.09 billion in 2021 to $4.27 billion in 2025, and the first half of 2026 reached $2.28 billion, up 17% year over year. Cash flow stayed positive even when accounting earnings turned negative: 2025 operating cash flow was $1.36 billion despite a $356 million net loss. The gap largely reflects acquisition-related research charges and other non-cash items, including a $905 million acquired research charge in second-quarter 2025. Jazz is not economically cyclical in the usual sense; its cycles are product launches, patents, reimbursement decisions, and clinical results.

Business strengthCore medicines are growing, debt is falling, but dilution and deal spending reduce shareholder gains.

Second-quarter 2026 sales grew across Xywav, Epidiolex and Zepzelca, while cash plus investments totaled about $2.2 billion against $4.4 billion of debt. Debt has fallen sharply from $6.1 billion at the end of 2024, improving downside protection. Capital allocation is less clean: Jazz spent $125 million on buybacks in 2025, but issued 1.89 million shares when 2026 notes matured, and management now guides to 69 million to 70 million diluted shares. Share-based compensation also remains substantial, so per-share growth can lag growth in the underlying business.

What could change the storyZiihera success could justify upside, while pipeline misses or weaker core growth would expose valuation risk.

The strongest bull case is Ziihera becoming a major first-line stomach and esophageal cancer therapy while Xywav and Epidiolex keep growing at double-digit rates. The FDA approval removes one key regulatory risk, but commercial adoption still has to prove the revenue opportunity. The bear case is that growth slows while Jazz keeps paying heavily for pipeline assets: the Actio deal requires $820 million upfront and up to $500 million more. A sustained rise in Ziihera sales would strengthen the thesis; weaker core growth or more costly acquisitions would weaken it.

AI: News

Ziihera wins first-line approvalFDA approval broadens Ziihera into first-line cancer treatment, creating Jazz's clearest new growth engine.

On August 25, the FDA approved two Ziihera-based first-line regimens for advanced HER2-positive gastroesophageal cancer. In the pivotal trial, the Ziihera, tislelizumab and chemotherapy combination produced median overall survival of 26.4 months versus 19.2 months for the comparator, with median progression-free survival of 12.4 versus 8.1 months. Jazz shares rose about 2.3% that session and reached a record intraday high. The approval was expected, so the price move should not be treated as proof of the therapy's full long-term value.

Actio acquisition announcedJazz agreed to a large rare-epilepsy acquisition, adding pipeline upside but increasing capital-allocation risk.

On August 10, Jazz agreed to acquire Actio Biosciences for $820 million upfront plus up to $500 million in future milestone payments. The main asset, ABS-1230, targets KCNT1-related epilepsy, an ultra-rare disorder affecting about 2,500 U.S. patients and lacking approved therapies. The deal fits Jazz's epilepsy expertise but is still a clinical-stage bet, so near-term cash leaves before product revenue arrives. Shares were nearly flat on announcement day and fell the following session; attributing that later move solely to the deal is uncertain.

Revenue outlook raisedRecord quarterly sales and higher full-year guidance strengthened confidence in Jazz's core franchises and launch pipeline.

On August 3, Jazz reported record second-quarter revenue of $1.21 billion, up 16% year over year, and raised full-year revenue guidance to $4.60 billion to $4.75 billion from $4.25 billion to $4.50 billion. Xywav revenue grew 13% and Epidiolex grew 16%, while first-half operating cash flow reached $824 million. Shares rose about 2.4% in the next regular session. The timing supports an earnings-related reaction, although one day of trading cannot isolate every cause.

Zepzelca trial missesA failed lung-cancer trial weakened the second-line Zepzelca story, though first-line sales remained intact.

On June 12, the Phase 3 LAGOON trial failed its overall-survival goal in second-line small cell lung cancer. Median survival was 8.7 months for Zepzelca alone and 10.9 months with irinotecan, versus 10.7 months for control. Reuters reported shares down about 2%. Jazz later said it would seek removal of the second-line indication, while the newer first-line maintenance use remains unaffected. That limits the damage, but it narrows a previously approved revenue opportunity.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$4.27B	$4.07B	$3.83B	$3.66B	$3.09B	$2.36B	$2.16B	$1.89B	$1.62B	$1.49B	$1.32B	$1.17B	$872.4M	$586.0M	$272.3M	$173.8M	$128.4M
Research & development	$782.7M	$884.0M	$849.7M	$590.5M	$505.7M	$335.4M	$299.7M	$226.6M	$198.4M	$162.3M	$135.3M	$85.2M	$41.6M	$20.5M	$14.1M	$25.6M	$36.6M
Operating expenses	$4.70B	$3.35B	$3.26B	$3.72B	$2.92B	$1.99B	$1.63B	$1.28B	$1.09B	$896.3M	$816.6M	$977.3M	$532.1M	$388.1M	$144.4M	$116.0M	$112.5M
Operating income	−$430.2M	$716.6M	$578.6M	−$65.5M	$170.3M	$378.1M	$532.4M	$614.8M	$528.8M	$591.7M	$508.2M	$195.6M	$340.3M	$197.8M	$127.8M	$57.8M	$15.9M
Operating margin	−10.08%	17.61%	15.09%	−1.79%	5.50%	16.00%	24.63%	32.52%	32.67%	39.76%	38.36%	16.68%	39.01%	33.76%	46.95%	33.25%	12.40%
EBITDA	−$388.6M	$749.4M	$609.0M	−$35.2M	$197.0M	$396.8M	$547.7M	$630.0M	$541.9M	$603.5M	$518.1M	$329.3M	$422.4M	$272.1M	$135.7M	$66.5M	$25.0M
EBITDA margin	−9.11%	18.42%	15.88%	−0.96%	6.37%	16.79%	25.33%	33.32%	33.48%	40.56%	39.11%	28.07%	48.42%	46.43%	49.82%	38.27%	19.48%
Net income	−$356.1M	$560.1M	$414.8M	−$224.1M	−$329.7M	$238.6M	$523.4M	$447.1M	$487.8M	$396.8M	$329.5M	$58.4M	$216.3M	$288.6M	$125.0M	$32.8M	−$6.8M
Net profit margin	−8.35%	13.77%	10.82%	−6.12%	−10.65%	10.10%	24.21%	23.64%	30.14%	26.67%	24.87%	4.98%	24.79%	49.25%	45.90%	18.86%	−5.32%
Basic EPSper basic share	-$5.84	$9.06	$6.55	-$3.58	-$5.52	$4.28	$9.22	$7.45	$8.13	$6.56	$5.38	$0.98	$3.71	$5.09	$3.01	$0.90	-$0.23
Diluted EPSper diluted share	-$5.84	$8.65	$6.10	-$3.58	-$5.52	$4.22	$9.09	$7.30	$7.96	$6.41	$5.23	$0.93	$3.51	$4.79	$2.67	$0.83	-$0.23

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of JAZZ
Holder	Shares held
BlackRock, Inc.	5.97M
FMR LLC	4.61M
VANGUARD PORTFOLIO MANAGEMENT LLC	3.04M
VANGUARD CAPITAL MANAGEMENT LLC	2.73M
Capital World Investors	2.7M
LSV ASSET MANAGEMENT	2.28M
FRANKLIN RESOURCES INC	2.04M
STATE STREET CORP	2M
DIMENSIONAL FUND ADVISORS LP	1.71M
FULLER & THALER ASSET MANAGEMENT, INC.	1.64M
Bank of New York Mellon Corp	1.58M
AQR CAPITAL MANAGEMENT LLC	1.52M
GEODE CAPITAL MANAGEMENT, LLC	1.48M
Mulligan Seamus	1.28M
AMERIPRISE FINANCIAL INC	1.22M
JPMORGAN CHASE & CO	1.16M
BANK OF AMERICA CORP /DE/	1.14M
CITADEL ADVISORS LLC	1.01M
Swedbank AB	968.09K
BNP PARIBAS ASSET MANAGEMENT Holding S.A.	799.3K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$9.99M disclosed value

Sells (SEC code S)74$50.84M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4 · 10b5-1	Smith Mark DouglasDirector	SellOrdinary Shares	1.2K	$230.55	$266.7K	9.7K
Jun 10, 2026Form 4 · 10b5-1	Patil Neena MEVP & Chief Legal Officer	SellOrdinary Shares	1.2K	$231.83	$278.2K	51.5K
Jun 1, 2026Form 4 · 10b5-1	COZADD BRUCE CDirector	SellOrdinary Shares	6.0K	$235.12	$1.41M	372.7K
May 28, 2026Form 4	Pearce SamanthaEVP, Chief Commercial Officer	SellOrdinary Shares	6.9K	$235.41	$1.63M	50.3K
May 28, 2026Form 4 · 10b5-1	Patil Neena MEVP & Chief Legal Officer	SellOrdinary Shares	1.2K	$236.97	$282.5K	52.6K

Review ownership filings at SEC.gov ↗

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Jazz Pharmaceuticals plc (JAZZ)

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