Jazz Pharmaceuticals: Another Positive Print; Mgmt Call Tidbits

研报英文原文证据摘录

Jazz Pharmaceuticals: Another Positive Print; Mgmt Call Tidbits

J P M O R G A N North America Equity Research

04 August 2026

Jazz Pharmaceuticals Overweight

JAZZ, JAZZ US

Another Positive Print; Mgmt Call Tidbits Price (03 Aug 26):$251.58

▲Price Target (Dec-26):$276.00

Prior (Dec-26):$265.00

Coming off of a strong 2Q with a meaningful topline beat and raise (see our initial

take here), we wanted to share our thoughts after the conference call and our check- Biotechnology - Large Cap

in with management. With a 7% increase to the midpoint of 2026 topline guidance Jessica Fye AC

mainly driven by Xywav and the lower end of the new range now above where (1-212) 622-4165

consensus stood when 2Q hit, we expect upward revisions to consensus sales jessica.m.fye@jpmorgan.com

J.P. Morgan Securities LLC

forecasts and are raising our 2026+ Xywav estimates. Meanwhile, with what we

expect will be a strong zani launch in GEA, we model oncology growing to >50%

of total revs by 2030 as zani ramps and its growth far outpaces what we model as Quarterly Forecasts (FYE Dec)

a slow fade for Xywav over that timeframe. Jazz has historically been a BD-driven Adj. EPS ($)

business and we think mgmt sounds enthusiastic about the potential deal 2025A 2026E 2027E

opportunities in front of them, reiterating that they expect to announce one or more Q1 1.68 6.34A

Q2 (8.25) 5.71A

additional transactions this year. While JAZZ shares are up strongly YTD (+48% Q3 8.13 6.52

vs NBI/XBI + 13%/21%), we see current levels as an attractive entry point with the Q4 6.64 6.19

stock trading at ~10x our new ’26E EPS. Reiterate OW. FY 8.38 24.76 23.16

• Total revenue guidance higher, largely driven by continued Xywav Style Exposure

strength... JAZZ raised 2026 total rev guidance by $300mm at the midpoint