JAZZ 2Q26 EPS: Strong Results and Guidance Raised on Broad Growth

研报英文原文证据摘录

JAZZ 2Q26 EPS: Strong Results and Guidance Raised on Broad Growth

chises,

and our PT goes to $280 (from $245). Unlessframeworkotherwise noted, all metrics are based on Morgan Stanley ModelWare

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

Jazz reported strong 2Q26 revenue of $1.21B and raised FY26 revenue guidance e = Morgan Stanley Research estimates

Quarterly EPS ($)

to $4.60B-$4.75B (from $4.25B-$4.50B), reflecting strong first-half execution and

2026e 2026e 2027e 2027e

expected double-digit growth from both Xywav and the combined epilepsy and Quarter 2025 Prior Current Prior Current

oncology franchises. Product sales reached $1.16B. Q1 1.68 - 6.35a 6.61 7.20

Q2 (8.25) - 5.71a 6.42 6.91

Q3 8.13 6.47 6.48 6.89 7.17

Neuroscience Product Dynamics. Xywav grew to $471M, supported by 525 net Q4 6.64 6.55 6.59 7.35 7.57

patient adds, including roughly 200 narcolepsy and 325 IH patients, ending the e = Morgan Stanley Research estimates, a = Actual Company reported data

quarter with approximately 17,125 active patients. Management noted this

represented the strongest quarterly patient-add performance in roughly a year and

highlighted continued limited impact from high-sodium generics. Importantly,

management specifically cited slower-than-expected generic uptake as a key reason

for the FY26 guidance increase and expressed growing confidence in Xywav's long-

term competitive position. On the call, management also framed future orexin

entrants as potentially complementary to oxybates given Xywav's unique role in

Morgan Stanley does and seeks to do business with

addressing disrupted nighttime sleep, reinforcing our view that investor concerns companies covered in Morgan Stanley Research. As a result,