Jazz Pharmaceuticals (JAZZ) FY2025 results: revenue $4.3 billion, up 4.9% on the year
Jazz Pharmaceuticals plc (JAZZ) reported revenue of $4.3 billion for fiscal 2025, the year ended 31 December 2025, up 4.9% on the year before. Net income was -$356 million, and diluted earnings per share $-5.84. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 8 new.
- Fourth-quarter revenue reached highest ever: Total revenues were $4.3 billion for 2025, up 5%, and $1.2 billion for 4Q25, up 10%; the company called 4Q25 its highest revenue quarter ever.
- Xywav sales grew 12% in 2025: Xywav net product sales were $1.7 billion for 2025, up 12%, and $465 million for 4Q25, up 16%; the total sleep franchise exceeded $2 billion for 2025.
- Modeyso sales since August launch: Modeyso net product sales were $48 million for 2025 since the August 2025 launch, and $37 million for 4Q25.
- Cost of product sales rose on mix: GAAP gross margin on product sales was 87.5% for 2025 against 88.3%, and non-GAAP 91.6% against 92.3%; the company attributed the cost increase to product mix.
- SG&A rose with two litigation settlements: GAAP SG&A was $1.81 billion for 2025, or 42.4% of total revenues, against $1.39 billion, including Xyrem antitrust settlements of $234 million and an Avadel settlement of $90 million.
From this 10-K
Jazz Pharmaceuticals is a biopharmaceutical company that develops and sells medicines for rare diseases, with products for sleep disorders, epilepsies and cancers. It is an Irish public limited company, formed in 2005 as Azur Pharma and combined with Jazz Pharmaceuticals, Inc. in 2012, and its headquarters are in Dublin, Ireland.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 4,268 | 4,069 | 3,834 | +4.9% | |
| Research and development | 783 | 884 | 850 | -11.5% | |
| Selling, general and administrative | 1,809 | 1,385 | 1,343 | +30.6% | |
| Operating income | -430 | 717 | 579 | ||
| Operating margin | -10.1% | 17.6% | 15.1% | ||
| Interest expense | n/a | n/a | 32.8 | ||
| Pre-tax income | -628 | 470 | 298 | ||
| Income tax | -272 | -91.4 | -120 | ||
| Effective tax rate | n/a | -19.4% | -40.2% | ||
| Net income | -356 | 560 | 415 | ||
| Net margin | -8.3% | 13.8% | 10.8% | ||
| Diluted EPS | -$5.84 | $8.65 | $6.10 |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 1,356 | 1,396 | 1,092 | -2.9% | |
| Capital expenditure | 58.8 | 38.1 | 24.0 | +54.3% | |
| Free cash flow | 1,297 | 1,358 | 1,068 | -4.5% | |
| Free cash flow margin | 30.4% | 33.4% | 27.9% | ||
| Cash from investing | -1,510 | -508 | -163 | ||
| Cash from financing | -873 | 20.5 | -305 | ||
| Depreciation and amortisation | 41.6 | 32.8 | 30.4 | +26.8% | |
| Share-based compensation | 291 | 248 | 227 | +17.4% | |
| Buybacks | 125 | 311 | 270 | -59.9% | |
| Diluted shares, weighted | 61m | 66m | 72m | -7.6% | |
| Shares outstanding at period end | 61m | 61m | 62m | +1.3% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 4,319 | 4,094 | 3,737 | +5.5% | |
| Debt | 5,358 | 6,109 | 5,713 | -12.3% | |
| Operating lease liabilities | 50.9 | 38.9 | 59.2 | +30.7% | |
| Finance lease liabilities | 3.4 | 4.6 | 5.0 | -24.6% | |
| Other liabilities | 1,928 | 1,766 | 1,879 | +9.2% | |
| Total liabilities and equity | 11,659 | 12,012 | 11,393 | -2.9% | |
| Goodwill | 1,829 | 1,716 | 1,753 | +6.6% | |
| Intangible assets | 4,430 | 4,756 | 5,418 | -6.9% | |
| Securities held for sale or to maturity | 2,442 | 2,993 | 1,626 | -18.4% | |
| Cash and equivalents | 1,392 | 2,413 | 1,506 | -42.3% | |
| Receivables | 831 | 717 | 706 | +15.9% | |
| Inventory | 417 | 480 | 597 | -13.2% | |
| Other assets | 319 | n/a | n/a | ||
| Total assets | 11,659 | 12,012 | 11,393 | -2.9% |
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.