Jazz Pharmaceuticals PLC: LUMRYZ Validated in IH, Commercial Impact in FY28

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Jazz Pharmaceuticals PLC: LUMRYZ Validated in IH, Commercial Impact in FY28

Update

May 12, 2026 04:33 PM GMT

Morgan Stanley & Co. LLCMJazz Pharmaceuticals PLC | North America Sean Laaman, Ph.D.

Equity Analyst

LUMRYZ Validated in IH, Sean.Laaman@morganstanley.comMichael H Riad, Ph.D. +1 212 761-4947

Research Associate

Michael.Riad@morganstanley.com +1 212 761-1309

Commercial Impact in FY28 Katherine Sun

Katherine.Sun@morganstanley.com +1 212 761-5968

ALKS reported positive Phase 3 data for once nightly high Morgan K Gryga

sodium oxybate LUMRYZ. The efficacy in IH is encouraging, Research Associate

Morgan.Gryga@morganstanley.com +1 212 761-0824

meanwhile commercial impact remains deferred until 2028.

Jazz Pharmaceuticals PLC (JAZZ.O, JAZZ US)

Key Takeaways Specialty Pharmaceuticals | United States of America

Stock Rating Overweight

XYWAV remains differentiated on low sodium, while JAZZ captures offsetting Industry View In-Line

Price target $245.00

royalties post‑settlement. Shr price, close (May 11, 2026) $223.61

Mkt cap, curr (mm) $14,781

52-Week Range $230.40-97.56

LUMRYZ (high sodium oxybate ER) for Idiopathic Hypersomnia. ALKS (not

Enterprise Value, For Consensus $14,957

covered) announced positive REVITALYZ topline results, with LUMRYZ (12/26e) (mm)**

demonstrating statistically significant and clinically meaningful benefit on ESS ** = Based on consensus methodology

versus placebo in a randomized‑withdrawal design. In our view, the trial design and Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

magnitude of effect align with prior oxybate experience, reinforcing class validity in Rev, gross ($mm) - - - -

EBITDA ($mm)** 266 1,855 1,716 1,760

IH rather than introducing a potential for meaningful switch dynamics. WE note that EBIT ($mm)** (430) 1,120 993 1,057