JAZZ 2Q26 Quick Take: Revenue Beat and Guidance Raise Driven by Neuro, Oncology Strength

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JAZZ 2Q26 Quick Take: Revenue Beat and Guidance Raise Driven by Neuro, Oncology Strength

Update

AugustAugust 3,3, 20262026 09:2309:29 PMPM GMTGMT

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

Equity Analyst

JAZZ 2Q26 Quick Take: Revenue Sean.Laaman@morganstanley.comMichael H Riad, Ph.D. +1 212 761-4947

Research Associate

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

Beat and Guidance Raise Driven Katherine Sun

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

by Neuro, Oncology Strength Natasha Arya

Natasha.Arya@morganstanley.com +1 212 761-6294

AlphaSignals Earnings Reaction

Jazz Pharmaceuticals PLC (JAZZ.O, JAZZ US)

Unchanged Modest upside Modest revision higher

Specialty Pharmaceuticals | United States of America

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Overweight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target $245.00

Shr price, close (Jul 31, 2026) $252.86

Key Takeaways Mkt52-Weekcap, currRange(mm) $261.30-105.00$16,714

Jazz reported record 2Q26 revenue of $1.21B (vs $1,074M Cons) and raised FY26

revenue guidance to $4.60B-$4.75B (from $4.25B-$4.50B, $4,521M cons)

Growth was driven by continued strength in Xywav, Epidiolex, Zepzelca and

Modeyso, while upcoming Ziihera launch in GEA remains central to growth

Jazz Pharmaceuticals reported 2Q26 total revenue of $1.21B, driven primarily by

growth from Xywav, Epidiolex, Zepzelca, and the continued contribution from

Modeyso. Product sales reached $1.16B, while non-GAAP EPS was $5.71. Following

strong first-half execution, management raised FY26 total revenue guidance to

$4.60B-$4.75B from $4.25B-$4.50B, reflecting anticipated double-digit growth from