JAZZ 2Q26: Strong report, but the next move all depends on Ziihera clinical development

研报英文原文证据摘录

JAZZ 2Q26: Strong report, but the next move all depends on Ziihera clinical development

Jeffrey Walch, MD, Ph.D. +1 917 344 8613 jeffrey.walch@bernsteinsg.com 3 August 2026

Epidiolex continued commercial momentum in branded epilepsy market. Epidiolex/Epidyolex revenue of $292M (+16%

YoY) beat consensus by +8%. Epidiolex reported12% volume growth, driven by strong demand in both the pediatric and the

adult settings.

Zepzelca’s NCCN category 1 listing supports sales growth. Zepzelca revenue of $106M (+42% YoY) beat consensus by

+6%, growth driven by first-line maintenance (1LM) ES-SCLC. JAZZ estimates that between 30% to 40% of overall US sales

is coming from 1LM segment, reinforced by the recent NCCN category listing elevated to Category 1 as a preferred regimen in

1LM in combination with Tecentriq; resulting in a gradual decline in that 2L. JAZZ expects the 2L business to erode.

JAZZ missed on (1) Rylaze/Enrylaze revenue of $100M; miss consensus by -6% (2) Vyxeos revenue of $31M; miss

consensus by -16%, (3) Ziihera revenue of $15M; miss consensus by -1%.

2026 Guidance update: Jazz increased FY26 revenue guidance by 7% driven by expected double-digit growth for Xywav

sales, R&D expenses guidance increased marginally by 1% but significant increase in SG&A guidance by 5% reflecting targeted

investments to drive further growth of Xywav and Epidiolex and to build key capabilities.

Pipeline update: JAZZ is progressing towards realizing full potential of Zanidatamab as the HER2-targeted agent of choice in

1L HER2+ GEA (Ph3 HERIZON-GEA-01); PDUFA date of August 25, 2026. Exhibit 4 shows key pipeline catalysts in near future.

EXHIBIT 1: JAZZ 2Q26 beats the total revenue by 9% but misses the Non-GAAP diluted EPS by 7%

QoQ 2QFY26 YoY 2Q26 estimates Actual vs.

$M except EPS