At a glance
Jazz Pharmaceuticals PLC is worth $13.16B. Revenue grew 4.9% to $4.27B in fiscal 2025, at a loss; over 5 years it has grown 12.5% a year. It pays no dividend; it spent $706.3M buying back its shares over FY2021–FY2025. The stock returned +48.5% over the past year with dividends reinvested and +8.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.2% in the 2020 crash (S&P 500: 33.7%) and 24.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 38 months after the lows.
The business in plain English
Jazz Pharmaceuticals is a global drug company focused on rare diseases, which affect small groups of patients who often have few or no treatment options. It sells prescription medicines for sleep disorders, epilepsy and several cancers. In the fiscal year ended December 31, 2025, revenue was about $4.27 billion. The United States supplied 89.8% of it, Europe 8% and other regions 2.2%.
Its biggest product is Xywav, an oral liquid for narcolepsy and idiopathic hypersomnia, two disorders that cause severe daytime sleepiness. Xywav contains 92% less sodium than Jazz's older drug, Xyrem. Xywav brought in about $1.66 billion, or 38.8% of 2025 revenue, and about 16,175 patients were taking it at the end of 2025. Epidiolex (Epidyolex in Europe), a cannabis-derived medicine for seizures tied to rare forms of epilepsy, added about $1.06 billion, or 24.8%.
The next two biggest products treat cancer. Rylaze/Enrylaze (9.4%) is used in chemotherapy for certain blood cancers, and Zepzelca (7.2%) treats a form of lung cancer. Newer cancer drugs Modeyso and Ziihera added 1.1% and 0.6%. Jazz also earns royalties, 5% of revenue, from companies licensed to sell generic versions of Xyrem. It has agreements covering Xywav with all three major U.S. pharmacy benefit managers (PBMs), the firms that run drug coverage for health plans.
Price history
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JAZZ +48.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Xywav | $1.66B | 38.8% |
| Epidiolex/Epidyolex | $1.06B | 24.8% |
| Rylaze/Enrylaze | $402.9M | 9.4% |
| Zepzelca | $307.3M | 7.2% |
| High-sodium oxybate AG royalty revenue | $211.7M | 5% |
| Defitelio/defibrotide | $199.4M | 4.7% |
| Vyxeos | $146.7M | 3.4% |
| Xyrem | $146.0M | 3.4% |
| Modeyso | $48.0M | 1.1% |
| Other royalty and contract revenues | $34.0M | 0.8% |
| Ziihera | $24.8M | 0.6% |
| Sativex | $16.3M | 0.4% |
| Other | $14.2M | 0.3% |
By geography
| United States | $3.83B | 89.8% |
| Europe | $341.1M | 8% |
| Other | $94.9M | 2.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.24B, up 10.4% from a year earlier, and net income was $-483.4M (-292.3%).
- For fiscal 2025, revenue was $4.27B (+4.9% year over year; +12.5% a year from FY2020 to FY2025) with a -8.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +12.5% good |
|---|---|
| Operating margin | -10.1% weak |
| Free cash flow margin | 30.4% good |
| Return on equity (FY2025) | -8.2% weak |
| Return on assets (FY2025) | -3.1% weak |
| Net cash (cash minus debt) | $-3.53B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.36B | $238.6M | $884.6M |
| FY2021 | $3.09B | $-329.7M | $750.9M |
| FY2022 | $3.66B | $-224.1M | $1.24B |
| FY2023 | $3.83B | $414.8M | $1.07B |
| FY2024 | $4.07B | $560.1M | $1.36B |
| FY2025 | $4.27B | $-356.1M | $1.30B |
Valuation snapshot
| Market value | $13.16B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Jazz Pharmaceuticals’s market value went from $6.53B at the end of 2016 to $13.16B on Oct 28, 2026, about 2.0 times as much; since the end of 2025 it is up 27%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $13.16B | +27.4% |
| 2025 | $10.33B | +38.8% |
| 2024 | $7.44B | -3.9% |
| 2023 | $7.74B | -22.8% |
| 2022 | $10.03B | +28.1% |
| 2021 | $7.83B | -14.8% |
| 2020 | $9.20B | +8.9% |
| 2019 | $8.45B | +12.9% |
| 2018 | $7.48B | -7.4% |
| 2017 | $8.07B | +23.6% |
| 2016 | $6.53B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| JAZZ price data to Oct 28, 2026 | +20.6% | +48.5% | +17.6% | +8.9% | +6.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +20.6% |
| 2025 | +38.0% |
| 2024 | +0.1% |
| 2023 | -22.8% |
| 2022 | +25.1% |
| 2021 | -22.8% |
| 2020 | +10.6% |
| 2019 | +20.4% |
| 2018 | -7.9% |
| 2017 | +23.5% |
| 2016 | -22.4% |
| 2015 | -14.2% |
| 2014 | +29.4% |
| 2013 | +137.7% |
| 2012 | +37.9% |
| 2011 | +96.3% |
| 2010 | +149.8% |
| 2009 | +308.3% |
| 2008 | -86.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 95.7% over that stretch · deepest drop along the way 96.6%, back to its old high 20.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.2% over that stretch · deepest drop along the way 36.2%, back to its old high 5.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 0.1% over that stretch · deepest drop along the way 24.9%, back to its old high 37.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 11 sales ($23.3M), 11 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 27, 2026 | Robert Iannone EVP, Global Head of R&D & CMO | sell (plan) | $4.9M |
| Aug 27, 2026 | Robert Iannone EVP, Global Head of R&D & CMO | sell (plan) | $4.5M |
| Aug 27, 2026 | Robert Iannone EVP, Global Head of R&D & CMO | sell (plan) | $4.5M |
| Aug 27, 2026 | Robert Iannone EVP, Global Head of R&D & CMO | sell (plan) | $2.8M |
| Aug 27, 2026 | Robert Iannone EVP, Global Head of R&D & CMO | sell (plan) | $2.3M |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 7.4% | Jun 30, 2026 |
| Vanguard Capital Management | 5.04% | Mar 31, 2026 |
ETFs with the most weight in JAZZ
| YOLO AdvisorShares Pure Cannabis ETF | 6.7% |
| XPH SPDR S&P Pharmaceuticals ETF | 3.46% |
| FTXH First Trust Nasdaq Pharmaceuticals ETF | 3.09% |
| IHE iShares U.S. Pharmaceuticals ETF | 3.04% |
| SAMM Strategas Macro Momentum ETF | 2.78% |
| FXH First Trust Health Care AlphaDEX Fund | 2.02% |
| MNTL Tema Neuroscience and Mental Health ETF | 1.94% |
| PPH VanEck Pharmaceutical ETF | 1.78% |
What could go wrong
- Heavy reliance on Xywav and oxybate sales. Xywav alone made up 38.8% of 2025 revenue. Jazz expects to stay meaningfully dependent on its oxybate sleep drugs. It says a big drop in those sales would badly hurt results and its ability to add new products.
- Generic and branded rivals for oxybates. Licensed generic versions of Xyrem have competed since January 2023, and Alkermes sells Lumryz, a once-nightly rival. Generics from Amneal and Ascent were approved in late 2025. Jazz expects more pressure on oxybate revenue.
- Epidiolex relies on cannabis licenses. Epidiolex, 24.8% of 2025 revenue, depends on licenses to grow, hold and supply botanical cannabis, a controlled substance. Drug laws differ by country and may limit where Jazz can sell it.
- Xywav's exclusivity and patents have limits. Orphan drug exclusivity, a U.S. protection period for rare-disease drugs, covers Xywav in narcolepsy through January 21, 2028 and in idiopathic hypersomnia through August 12, 2028. Patent fights are costly and uncertain.
- Substantial debt with restrictive terms. As of June 30, 2026, Jazz owed about $4.35 billion against $1.62 billion of cash and investments. It took on new obligations in August and September 2026. Lender rules, called covenants, limit some business decisions.
- Pressure on drug prices and rebates. With 89.8% of revenue from the U.S., Medicare changes and wider scrutiny of drug prices could hurt sales in ways Jazz cannot predict. Keeping insurance coverage may also require bigger rebates.
Recent events
- Quarterly results released
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Other company announcement
- Major agreement signed
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
For income and retirement investors
Jazz Pharmaceuticals paid no dividend in any fiscal year from 2020 through 2025. That held even though it had about $1.30 billion of free cash flow (cash left after operating costs and capital spending) in 2025. So the stock gives no income stream, and an investor who needs cash from it would have to sell shares. Jazz bought back its own stock instead, spending about $706 million from fiscal 2021 through 2025. Even so, the share count rose 5.6% between November 2, 2021 and July 27, 2026.
The shares have fallen hard in past downturns. They dropped 96.6% in the 2008 financial crisis and recovered about 21 months after the March 9, 2009 low. They fell 36.2% in the 2020 COVID crash but recovered within about six months. In the 2022 bear market, a broad and lasting market decline, they dropped 24.9% and did not regain their high until November 17, 2025. Single stocks like Jazz carry more risk than diversified funds.
Questions investors ask
How does Jazz Pharmaceuticals make money?
Jazz makes money by selling prescription medicines for rare diseases, mostly in the United States. The U.S. supplied 89.8% of its $4.27 billion in revenue in the fiscal year ended December 31, 2025. Xywav, a sleep medicine for narcolepsy and idiopathic hypersomnia, brought in 38.8% of revenue, and the epilepsy drug Epidiolex brought in 24.8%. Cancer drugs such as Rylaze/Enrylaze (9.4%) and Zepzelca (7.2%) added more. So did royalties (5%) from companies selling licensed generic versions of Xyrem, its older sleep drug.
Does Jazz Pharmaceuticals pay a dividend?
No. Jazz paid no dividend in any fiscal year from 2020 through 2025, so the shares provided no regular income. It returned cash through buybacks (buying back its own shares) instead, spending about $706 million from fiscal 2021 through 2025, including $125 million in 2025. The buybacks did not shrink the share count, though: it rose 5.6% between November 2, 2021 and July 27, 2026. An income investor would need to sell shares to raise cash from this holding.
Is Jazz Pharmaceuticals profitable?
Jazz lost money in fiscal 2025 but was profitable in the quarter ended June 30, 2026. For 2025 it reported a net loss of about $356 million, or $5.84 per share, after net income of about $560 million in 2024. Even so, it generated about $1.30 billion of free cash flow (cash left after operating costs and capital spending) in 2025. In the June 2026 quarter, it earned $192.8 million on revenue of $1.21 billion, which was up 15.5% from a year earlier.
Will generic drugs hurt Jazz Pharmaceuticals' sleep medicine sales?
They already have, and Jazz expects more pressure. Licensed generic versions of Xyrem, Jazz's older high-sodium sleep drug, have competed since January 2023. Alkermes also sells Lumryz, a once-nightly rival. The Food and Drug Administration approved more generics from Amneal in September 2025 and Ascent in November 2025. Xywav, Jazz's top seller, contains 92% less sodium. It also has orphan drug exclusivity (U.S. protection for rare-disease drugs) through January 21, 2028 in narcolepsy and August 12, 2028 in idiopathic hypersomnia.
How has Jazz Pharmaceuticals stock performed over the long term?
Jazz shares rose over five and ten years, but the path was bumpy. As of October 28, 2026, the stock returned about 8.9% a year over five years and 6.1% a year over ten years, or about 81% in total over the decade. It gained 48.5% in the year to that date. Calendar years swung widely: down 22.8% in 2023, roughly flat in 2024 and up 38.0% in 2025. Its worst peak-to-bottom fall in about 19 years of price history was 96.9%.