Kv7.2/Kv7.3 modulators(University of Greifswald)

– Modeyso™ approved as the first and only treatment for recurrent H3 K27M-mutant DMG – – Zepzelca® and atezolizumab (Tecentriq®) combination approved as maintenance therapy in 1L ES-SCLC – – 3Q25 total revenues increased 7% year-over-year driven by robust growth of Epidiolex®, Xywav® and the launch of Modeyso – DUBLIN , Nov. 5, 2025 /PRNewswire/ -- Jazz Pharmaceuticals plc (Nasdaq: JAZZ) today announced financial results for the third quarter of 2025 and updated financial guidance for 2025. "Achieving the highest revenue quarter in Jazz's history speaks to the strength of our diversified portfolio and the outstanding performance of our team. We were pleased to once again deliver solid execution across our sleep, epilepsy and oncology portfolios, led by double-digit percentage growth from Epidiolex and Xywav," said Renee Gala , president and chief executive officer of Jazz Pharmaceuticals . "In addition, we achieved several key milestones that will enhance our commercial portfolio, including receiving FDA approvals for Modeyso as well as the Zepzelca and atezolizumab first-line maintenance combination. We remain confident in the opportunity presented by zanidatamab and look forward to sharing the top-line data readout from the Phase 3 HERIZON-GEA-01 trial before the end of the year. With a proven portfolio and strong financial foundation, we are well-positioned to accelerate our evolution and deliver meaningful value for patients and shareholders alike." Key Highlights Modeyso received accelerated approval from the FDA ahead of its PDUFA date; initiated commercial launch in August 2025 with strong initial uptake and sales of $11.0 million in 3Q25. Zepzelca and atezolizumab combination received FDA approval for 1L maintenance treatment of ES-SCLC based on positive data from the Phase 3 IMforte trial. Top-line PFS data from zanidatamab in Phase 3 1L GEA expected in 4Q25; updated intent-to-treat population for PFS to include all patients enrolled in the trial. Narrowed 2025 total revenue guidance range to $4.175 - $4.275 billion from $4.150 - $4.300 billion . Announced the appointment of Dr. Ted Love to the Board of Directors. Business Updates Xywav (calcium, magnesium, potassium, and sodium oxybates) oral solution: Net product sales increased 11% to $431.4 million in 3Q25 compared to 3Q24. Meaningful net patient adds in 3Q25 of approximately 450 patients. There were approximately 15,675 active patients exiting the quarter comprised of approximately 10,725 narcolepsy patients and approximately 4,950 idiopathic hypersomnia (IH) patients. Epidiolex/Epidyolex® (cannabidiol): Net product sales increased 20% to $302.6 million in 3Q25 compared to 3Q24. In 3Q25, volumes increased by 10%, driven by demand, and net product sales benefitted from lower gross to net deductions in the U.S. Rylaze®/Enrylaze®(asparaginase erwiniachrysanthemi (recombinant)-rywn): Net product sales increased 1% to $99.9 million in 3Q25 compared to 3Q24. Zepzelca (lurbinectedin): Net product sales decreased 8% to $79.3 million in 3Q25 compared to 3Q24. Zepzelca and atezolizumab combination was included in National Comprehensive Cancer Network® (NCCN®) Clinical Practice Guidelines in Oncology as a preferred regimen for patients whose disease has not progressed following four cycles of platinum-based chemotherapy and atezolizumab induction. Ziihera® (zanidatamab-hrii): Net product sales were $8.3 million in 3Q25 following product launch in December 2024 . Updated the intent-to-treat population for the primary PFS (progression-free survival) and interim overall survival analyses of the HERIZON-GEA-01 trial to include the full patient population enrolled in the trial. Modeyso (dordaviprone): Net product sales were $11.0 million in 3Q25 following product launch in August 2025 . Modeyso was made commercially available quickly following FDA accelerated approval on August 6 , ensuring patients with H3 K27M-mutant diffuse midline glioma (DMG) had access to the first and only targeted drug therapy for this ultra-rare and aggressive brain tumor. Modeyso was included in the NCCN® Clinical Practice Guidelines in Oncology. Corporate Development: The Company announced a global licensing agreement with Saniona to develop and commercialize SAN2355, a highly differentiated, subtype selective Kv7.2/Kv7.3 activator in preclinical development for epilepsy and other potential indications. Financial Highlights Three Months Ended September 30 , Nine Months Ended September 30 , (In thousands, except per share amounts) 2025 2024 2025 2024 Total revenues $ 1,126,107 $ 1,054,969 $ 3,069,660 $ 2,980,777 GAAP net income (loss) $ 251,412 $ 215,055 $ (559,599) $ 369,005 Non-GAAP adjusted net income1 $ 500,653 $ 412,359 $ 101,037 $ 951,445 GAAP earnings (loss) per share $ 4.08 $ 3.42 $ (9.18) $ 5.63 Non-GAAP adjusted earnings per share1 $ 8.13 $ 6.54 $ 1.63 $ 14.25 ____________________________ 1. Commencing with the first quarter of 2025, we are no longer including an adjustment for non-cash interest expense in the Company's non-GAAP adjusted financial measures and for the purposes of comparability, non-GAAP adjusted financial measures for the 2024 periods have been updated to reflect this change. See "Non-GAAP Financial Measures" below. Reconciliations of applicable GAAP reported to non-GAAP adjusted information are included at the end of this press release. Total Revenues Three Months Ended September 30 , Nine Months Ended September 30 , (In thousands) 2025 2024 2025 2024 Xywav $ 431,410 $ 388,466 $ 1,191,535 $ 1,072,238 Xyrem 35,663 58,114 108,253 184,526 Epidiolex/Epidyolex 302,608 251,558 772,075 697,376 Sativex 4,752 4,586 14,774 13,704 Total Neuroscience 774,433 702,724 2,086,637 1,967,844 Rylaze/Enrylaze 99,868 98,780 294,760 309,359 Zepzelca 79,295 85,843 216,869 241,990 Defitelio/defibrotide 51,752 65,818 140,520 158,915 Vyxeos 37,583 34,313 111,978 109,348 Ziihera 8,306 — 16,272 — Modeyso 11,032 — 11,502 — Total Oncology 287,836 284,754 791,901 819,612 Other 2,143 2,229 10,863 8,497 Product sales, net 1,064,412 989,707 2,889,401 2,795,953 High-sodium oxybate AG royalty revenue 52,945 58,157 156,029 162,268 Other royalty and contract revenues 8,750 7,105 24,230 22,556 Total revenues $ 1,126,107 $ 1,054,969 $ 3,069,660 $ 2,980,777 Total revenues increased 7% in 3Q25 compared to the same period in 2024. Total neuroscience revenue, including high-sodium oxybate AG royalty revenue, increased 9% to $827 .4 million in 3Q25, compared to 3Q24. The increase in 3Q25 was due to higher Epidiolex/Epidyolex and Xywav net product sales, partially offset by decreased Xyrem net product sales. Oncology net product sales increased 1% to $287.8 million in 3Q25, compared to 3Q24, due to the inclusion of Modeyso and Ziihera net product sales, offset by lower net product sales of Defitelio/defibrotide and Zepzelca. Operating Expenses and Income Tax (Benefit) Expense Three Months Ended September 30 , Nine Months Ended September 30 , (In thousands, except percentages) 2025 2024 2025 2024 GAAP: Cost of product sales $ 128,880 $ 111,611 $ 349,768 $ 317,000 Gross margin 87.9 % 88.7 % 87.9 % 88.7 % Selling, general and administrative $ 530,647 $ 325,772 $ 1,403,059 $ 1,016,007 % of total revenues 47.1 % 30.9 % 45.7 % 34.1 % Research and development $ 198,203 $ 199,919 $ 568,827 $ 643,500 % of total revenues 17.6 % 19.0 % 18.5 % 21.6 % Acquired in-process research and development $ 42,500 $ — $ 947,862 $ 10,000 Income tax benefit $ (242,424) $ (14,533) $ (277,406) $ (33,517) Effective tax rate N/A(1) (7.2) % 33.2 % (9.9) % _________________________ 1. Not a meaningful metric due to minimal profit before tax in this period. Three Months Ended September 30 , Nine Months Ended September 30 , (In thousands, except percentages) 2025 2024 2025 2024 Non-GAAP adjusted: Cost of product sales $ 83,176 $ 72,844 $ 229,175 $ 209,405 Gross margin 92.2 % 92.6 % 92.1 % 92.5 % Selling, general and administrative $ 460,061 $ 288,672 $ 1,242,722 $ 903,557 % of total revenues 40.9 % 27.4 % 40.5 % 30.3 % Research and development $ 169,977 $ 180,992 $ 496,730 $ 588,470 % of total revenues 15.1 % 17.2 % 16.2 % 19.7 % Acquired in-process research and development $ 42,500 $ — $ 947,862 $ 10,000 Income tax (benefit) expense $ (178,781) $ 40,414 $ (100,096) $ 127,528 Effective tax rate (55.5) % 8.9 % N/A(1) 11.8 % _________________________ 1. Not a meaningful metric due to minimal profit before tax in this period. Changes in operating expenses and income tax (benefit) expense in 3Q25 over the prior year period are primarily due to the following: Cost of product sales, on a GAAP and non-GAAP adjusted basis, increased in 3Q25 compared to 3Q24, primarily due to higher inventory provisions and changes in product mix. Cost of product sales, on a GAAP basis, included higher acquisition accounting inventory fair value step-up expense in 3Q25 as compared to 3Q24. Selling, general and administrative (SG&A) expenses, on a GAAP and non-GAAP adjusted basis, increased in 3Q25 compared to 3Q24, primarily due to the Avadel litigation settlement of $90 .0 million and a Xyrem antitrust litigation settlement of $61.5 million , and, to a lesser extent, higher compensation-related expenses driven by higher headcount along with increased investment in sales and marketing in support of our commercial portfolio. SG&A expenses, on a GAAP basis, also included increased share-based compensation expense. Research and development (R&D) expenses, on a GAAP and non-GAAP adjusted basis, decreased in 3Q25 compared to 3Q24, primarily due to lower clinical study costs primarily related to zanidatamab as a result of timing of clinical trial activities, JZP385 (essential tremor) following discontinuation of this program, and JZP258 (XYLO/DUET) due to the completion of this trial in the first half of 2025, partially offset by the addition of costs relating to Modeyso following the Chimerix acquisition. R&D expenses, on a GAAP basis, included integration expenses related to the Chimerix acquisition of $6.5 million . Acquired in-process research and development (IPR&D) in 3Q25, on a GAAP and non-GAAP adjusted basis, represents the upfront payment made in connection with our global license agreement with Saniona. Income tax benefit in 3Q25, on a GAAP and non-GAAP adjusted basis, included a benefit of $205.9 million on recognition of certain U.S. federal and state deferred tax assets acquired through the Chimerix acquisition. Cash Flow and Balance Sheet As of September 30, 2025 , cash, cash equivalents and investments were $2 .0 billion, and the outstanding principal balance of the Company's long-term debt was $5 .4 billion. In addition, the Company had undrawn borrowing capacity under a revolving credit facility of $885 .0 million. For the nine months ended September 30, 2025 , the Company generated $993 .3 million of cash from operations reflecting strong business performance and continued financial discipline. 2025 Financial Guidance Jazz Pharmaceuticals has updated its full-year 2025 financial guidance as follows: Guidance provided as of (In millions) November 5, 2025 August 5, 2025 Total Revenues $4,175 - $4,275 $4,150 - $4,300 GAAP: (In millions, except per share amounts and percentages) November 5, 2025 August 5, 2025 Gross margin % 88 % 88 % SG&A expenses $1,786 - $1,846 $1,620 - $1,693 R&D expenses $771 - $810 $805 - $865 Acquired IPR&D $948 $905 Effective tax rate 35% - 45% 4% - 16% Net loss $(435) - $(315) 1 $(565) - $(450) Net loss per diluted share $(7.10) - $(5.20) 1 $(9.25) - $(7.50) Weighted-average ordinary shares used in per share calculations 61 61 - 62 Non-GAAP adjusted: (In millions, except per share amounts and percentages) November 5, 2025 August 5, 2025 Gross margin % 92%2,6 92 % SG&A expenses $1,590 - $1,630 3,6 $1,450 - $1,500 R&D expenses $680 - $710 4,6 $730 - $780 Acquired IPR&D $948 $905 Effective tax rate (20)% - (15)%5,6 27% - 37% Net income $475 - $525 1,6 $300 - $350 Net income per diluted share $7.65 - $8.45 1,6 $4.80 - $5.60 Weighted-average ordinary shares used in per share calculations 62 62 - 63 ___________________________ 1. The projected GAAP net loss and non-GAAP adjusted net income include acquired IPR&D expenses of $947.9 million , litigation settlement expenses of $323.5 million and an income tax benefit of $205.9 million , which impact the Company's projected results by $1.0 billion (net of tax of $54.8 million ), or $16.40 per share and $16.30 per share, on a GAAP and on a non-GAAP adjusted basis, respectively. 2. Excludes $135-$155 million of amortization of acquisition accounting inventory fair value step-up, and $18-$19 million of share-based compensation expense. 3. Excludes $179-$192 million of share-based compensation expense and $17-$24 million of integration related expenses. 4. Excludes $83-$89 million of share-based compensation expense and $8-$11 million of integration related expenses. 5. Excludes 50%-65% from the GAAP effective tax rate of 35%-45% relating to the income tax effect of adjustments between GAAP net loss and non-GAAP adjusted net income, resulting in a non-GAAP adjusted effective tax rate of (20)%-(15)%. 6. See "Non-GAAP Financial Measures" below. Reconciliations of non-GAAP adjusted guidance measures are included above and in the table titled "Reconciliation of 2025 GAAP Net Loss and Diluted LPS to Non-GAAP Adjusted Net Income and Diluted EPS Guidance" at the end of this press release. Conference Call Details Jazz Pharmaceuticals will host an investor conference call and live audio webcast today at 4:30 p.m. EST ( 9:30 p.m. GMT ) to provide a business and financial update and discuss its 2025 third quarter results. Interested parties may register for the call here or via the Investors section of the Jazz Pharmaceuticals website at www.jazzpharmaceuticals.com. To ensure a timely connection, it is recommended that participants register at least 15 minutes prior to the scheduled webcast. A replay of the webcast will be available via the Investors section of the Jazz Pharmaceuticals website at www.jazzpharmaceuticals.com. About Jazz Pharmaceuticals Jazz Pharmaceuticals plc (NASDAQ: JAZZ) is a global biopharmaceutical company whose purpose is to innovate to transform the lives of patients and their families. We are dedicated to developing life-changing medicines for people with serious diseases — often with limited or no therapeutic options. We have a diverse portfolio of marketed medicines, including leading therapies for sleep disorders and epilepsy, and a growing portfolio of cancer treatments. Our patient-focused and science-driven approach powers pioneering research and development advancements across our robust pipeline of innovative therapeutics in oncology and neuroscience. Jazz is headquartered in Dublin, Ireland with research and development laboratories, manufacturing facilities and employees in multiple countries committed to serving patients worldwide. Please visit www.jazzpharmaceuticals.com for more information. Non-GAAP Financial Measures To supplement Jazz Pharmaceuticals' financial results and guidance presented in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP (also referred to as adjusted or non-GAAP adjusted) financial measures in this press release and the accompanying tables. In particular, the Company presents non-GAAP adjusted net income (and the related per share measure) and its line-item components, as well as certain non-GAAP adjusted financial measures derived therefrom, including non-GAAP adjusted gross margin percentage and non-GAAP adjusted effective tax rate. Non-GAAP adjusted net income (and the related per share measure) and its line-item components exclude from GAAP reported net income (loss) (and the related per share measure) and its line-item components certain items, as detailed in the reconciliation tables that follow, and in the case of non-GAAP adjusted net income (and the related per share measure), adjust for the income tax effect of the non-GAAP adjustments. In this regard, the components of non-GAAP adjusted net income, including non-GAAP adjusted cost of product sales, SG&A expenses and R&D expenses, are income statement line items prepared on the same basis as, and therefore components of, the overall non-GAAP adjusted net income measure. The Company believes that each of these non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors and analysts and that each of these non-GAAP financial measures, when considered together with the Company's financial information prepared in accordance with GAAP, can enhance investors' and analysts' ability to meaningfully compare the Company's results from period to period, to its forward-looking guidance, and to identify operating trends in the Company's business. In addition, these non-GAAP financial measures are regularly used by investors and analysts to model and track the Company's financial performance. Jazz Pharmaceuticals' management also regularly uses these non-GAAP financial measures internally to understand, manage and evaluate the Company's business and to make operating decisions, and compensation of executives is based in part on certain of these non-GAAP financial measures. Because these non-GAAP financial measures are important internal measurements for Jazz Pharmaceuticals' management, the Company also believes that these non-GAAP financial measures are useful to investors and analysts since these measures allow for greater transparency with respect to key financial metrics the Company uses in assessing its own operating performance and making operating decisions. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures; should be read in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are not prepared under any comprehensive set of accounting rules or principles in the reconciliation tables that follow. In addition, from time to time in the future there may be other items that the Company may exclude for purposes of its non-GAAP financial measures; and the Company has ceased, and may in the future cease, to exclude items that it has historically excluded for purposes of its non-GAAP financial measures. In this regard, commencing with the first quarter of 2025, the Company is no longer including an adjustment for non-cash interest expense in the Company's non-GAAP adjusted financial measures. For purposes of comparability, non-GAAP adjusted financial measures for the 2024 periods have been updated to reflect this change. Likewise, the Company may determine to modify the nature of its adjustments to arrive at its non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measures as used by Jazz Pharmaceuticals in this press release and the accompanying tables have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. Caution Concerning Forward-Looking Statements This press release contains forward-looking statements, including, but not limited to, statements related to: the Company's growth prospects and future financial and operating results, including the Company's 2025 financial guidance and the Company's expectations related thereto, including with respect to anticipated catalysts; expectations with respect to the transition of the CEO role; anticipated multiple near-term pipeline catalysts that each represent significant opportunities to drive greater revenue and create long-term value; expectations that Epidiolex will achieve blockbuster status in 2025; anticipated benefits and expenses relating to the Company's acquisition of Chimerix ; the Company's advancement of pipeline programs and the timing of development activities, regulatory activities and submissions related thereto; the potential of the ongoing Phase 3 ACTION trial to confirm clinical benefit of Modeyso in recurrent H3 K27M-mutant diffuse glioma and extend to use in first-line patients; planned or anticipated clinical trial events, including with respect to initiations, enrollment and data read-outs, and the anticipated timing thereof, including: top-line PFS data from a Phase 3 trial of zanidatamab in 1L GEA; and the Company's development, regulatory and commercialization strategy; the Company's expectations with respect to its products and product candidates and the potential of the Company's products and product candidates and the potential regulatory path related thereto; including Zepzelca's potential to change current practice as maintenance therapy in 1L ES-SCLC and Modeyso's potential to be a meaningful and durable revenue opportunity; the Company's capital allocation and corporate development strategy; the potential successful future development, manufacturing, regulatory and commercialization activities; the Company's ability to realize the commercial potential of its products; the Company's net product sales and goals for net product sales from new and acquired products; the Company's views and expectations relating to its patent portfolio, including with respect to expected patent protection, as well as expectations with respect to exclusivity; the Company's clinical trials confirming clinical benefit or enabling regulatory submissions; planned or anticipated regulatory submissions and filings, and the anticipated timing thereof; potential regulatory approvals; and other statements that are not historical facts. These forward-looking statements are based on the Company's current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward- looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with: maintaining or increasing sales of, and revenue from, Xywav, Rylaze and Epidiolex/Epidyolex and other marketed products; the introduction of new products into the U.S. market that compete with, or otherwise disrupt the market for the Company's products and product candidates; effectively launching and commercializing the Company's other products and product candidates; the successful completion of development and regulatory activities with respect to the Company's product candidates; obtaining and maintaining adequate coverage and reimbursement for the Company's products; the time-consuming and uncertain regulatory approval process, including the risk that the Company's current and/or planned regulatory submissions may not be submitted, accepted or approved by applicable regulatory authorities in a timely manner or at all; the costly and time-consuming pharmaceutical product development and the uncertainty of clinical success, including risks related to failure or delays in successfully initiating or completing clinical trials and assessing patients; global economic, financial, and healthcare system disruptions and the current and potential future negative impacts to the Company's business operations and financial results; geopolitical events, including international tariffs and trade restrictions and the conflict between Russia and Ukraine and related sanctions; macroeconomic conditions, including global financial markets, rising interest rates and inflation and recent and potential banking disruptions; regulatory initiatives and changes in tax laws; market volatility; protecting and enhancing the Company's intellectual property rights and the Company's commercial success being dependent upon the Company obtaining, maintaining and defending intellectual property protection and exclusivity for its products and product candidates; delays or problems in the supply or manufacture of the Company's products and product candidates; complying with applicable U.S. and non- U.S. regulatory requirements, including those governing the research, development, manufacturing and distribution of controlled substances; government investigations, legal proceedings and other actions; identifying and consummating corporate development transactions, financing these transactions and successfully integrating acquired products and product candidates, products and businesses, including Chimerix and the acquired product Modeyso; the Company's ability to realize the anticipated benefits of its corporate development transactions and its collaborations and license agreements with third parties; the sufficiency of the Company's cash flows and capital resources; the Company's ability to achieve targeted or expected future financial performance and results and the uncertainty of future tax, accounting and other provisions and estimates; the Company's ability to meet its projected long-term goals and objectives, in the time periods that the Company anticipates, or at all, and the inherent uncertainty and significant judgments and assumptions underlying the Company's long-term goals and objectives; fluctuations in the market price and trading volume of the Company's ordinary shares; the timing and availability of alternative investment opportunities; and other risks and uncertainties affecting the Company, including those described from time to time under the caption "Risk Factors" and elsewhere in Jazz Pharmaceuticals' Securities and Exchange Commission filings and reports, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024 , as supplemented by the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 , the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and future filings and reports by the Company, including the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 . Other risks and uncertainties of which the Company is not currently aware may also affect the Company's forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. JAZZ PHARMACEUTICALS PLC CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (In thousands, except per share amounts) (Unaudited) Three Months Ended September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 Revenues: Product sales, net $ 1,064,412 $ 989,707 $ 2,889,401 $ 2,795,953 Royalties and contract revenues 61,695 65,262 180,259 184,824 Total revenues 1,126,107 1,054,969 3,069,660 2,980,777 Operating expenses: Cost of product sales (excluding amortization of acquired developed technologies) 128,880 111,611 349,768 317,000 Selling, general and administrative 530,647 325,772 1,403,059 1,016,007 Research and development 198,203 199,919 568,827 643,500 Intangible asset amortization 168,368 157,457 484,919 468,410 Acquired in-process research and development 42,500 — 947,862 10,000 Total operating expenses 1,068,598 794,759 3,754,435 2,454,917 Income (loss) from operations 57,509 260,210 (684,775) 525,860 Interest expense, net (48,576) (58,702) (149,645) (186,841) Foreign exchange gain (loss) 102 (701) (1,910) (1,887) Income (loss) before income tax benefit and equity inloss of investees 9,035 200,807 (836,330) 337,132 Income tax benefit (242,424) (14,533) (277,406) (33,517) Equity in loss of investees 47 285 675 1,644 Net income (loss) $ 251,412 $ 215,055 $ (559,599) $ 369,005 Net income (loss) per ordinary share: Basic $ 4.14 $ 3.50 $ (9.18) $ 5.93 Diluted $ 4.08 $ 3.42 $ (9.18) $ 5.63 Weighted-average ordinary shares used in per sharecalculations - basic 60,696 61,414 60,955 62,275 Weighted-average ordinary shares used in per sharecalculations - diluted 61,606 63,174 60,955 67,511 JAZZ PHARMACEUTICALS PLC CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) September 30 , 2025 December 31 , 2024 ASSETS Current assets: Cash and cash equivalents $ 1,326,070 $ 2,412,864 Investments 720,000 580,000 Accounts receivable, net of allowances 764,364 716,765 Inventories 483,111 480,445 Prepaid expenses 146,892 177,411 Other current assets 315,441 261,543 Total current assets 3,755,878 4,629,028 Property, plant and equipment, net 188,913 173,413 Operating lease assets 61,204 53,582 Intangible assets, net 4,565,737 4,755,695 Goodwill 1,827,483 1,716,323 Deferred tax assets, net 846,168 560,245 Deferred financing costs 8,034 9,489 Other non-current assets 103,068 114,482 Total assets $ 11,356,485 $ 12,012,257 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 152,227 $ 77,869 Accrued liabilities 1,001,556 910,947 Current portion of long-term debt 1,029,179 31,000 Income taxes payable 91,140 18,757 Total current liabilities 2,274,102 1,038,573 Long-term debt, less current portion 4,331,982 6,077,640 Operating lease liabilities, less current portion 53,426 38,938 Deferred tax liabilities, net 629,033 676,736 Other non-current liabilities 108,912 86,614 Total shareholders' equity 3,959,030 4,093,756 Total liabilities and shareholders' equity $ 11,356,485 $ 12,012,257 JAZZ PHARMACEUTICALS PLC SUMMARY OF CASH FLOWS (In thousands) (Unaudited) Nine Months Ended September 30 , 2025 2024 Net cash provided by operating activities $ 993,255 $ 997,328 Net cash used in investing activities (1,137,751) (314,908) Net cash provided by (used in) financing activities (948,820) 28,791 Effect of exchange rates on cash and cash equivalents 6,522 614 Net increase (decrease) in cash and cash equivalents $ (1,086,794) $ 711,825 JAZZ PHARMACEUTICALS PLC RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (In thousands, except per share amounts) (Unaudited) Three Months Ended September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 Net Income DilutedEarningsPer Share(EPS) Net Income DilutedEPS1 NetIncome(Loss) Diluted EPS/(Loss)Per Share(LPS) Net Income DilutedEPS1 GAAP reported $ 251,412 $ 4.08 $ 215,055 $ 3.42 $ (559,599) $ (9.18) $ 369,005 $ 5.63 Intangible assetamortization 168,368 2.73 157,457 2.49 484,919 7.83 468,410 6.94 Share-basedcompensation expense 88,125 1.43 59,760 0.95 220,279 3.56 177,855 2.63 Acquisition accountinginventory fair value step-up 40,355 0.66 35,034 0.55 107,344 1.73 97,220 1.44 Integration relatedexpenses2 16,036 0.26 — — 25,404 0.41 — — Income tax effect ofabove adjustments (63,643) (1.03) (54,947) (0.87) (177,310) (2.86) (161,045) (2.39) Effect of potentiallydilutive ordinary shareson non-GAAP adjusted EPS1 — — — — — 0.14 — — Non-GAAP adjusted $ 500,653 $ 8.13 $ 412,359 $ 6.54 $ 101,037 $ 1.63 $ 951,445 $ 14.25 Weighted-averageordinary shares used indiluted per sharecalculations - GAAP1 61,606 63,174 60,955 67,511 Dilutive effect ofemployee equityincentive and purchaseplans — — 951 — Weighted-average ordinaryshares used in diluted pershare calculations - non-GAAP1 61,606 63,174 61,906 67,511 ________________________________________________ Explanation of Adjustments and Certain Line Items: 1. Diluted EPS was calculated using the "if-converted" method in relation to the 2.000% exchangeable senior notes due 2026, or the 2026 Notes. In July 2024 , we made the irrevocable election to net share settle the 2026 Notes. As a result, the assumed issuance of ordinary shares upon exchange of the 2026 Notes has only been included in the calculation of diluted EPS, on a GAAP and non-GAAP adjusted basis, up to the date the irrevocable election was made. Diluted EPS, on a GAAP and non-GAAP adjusted basis, for the three and nine months ended September 30, 2024 included 1.3 million shares and 4.7 million shares, respectively, related to the assumed conversion of the 2026 Notes and the associated interest expense, net of tax, add-back, to GAAP reported net income and non-GAAP adjusted net income, for the three and nine months ended September 30, 2024 of $1.0 million and $10.8 million , respectively. 2. Integration related expenses with respect to the Chimerix acquisition. JAZZ PHARMACEUTICALS PLC RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION - CERTAIN LINE ITEMS (In thousands, except percentages) (Unaudited) Three months ended September 30, 2025 Cost ofproduct sales Grossmargin SG&A R&D Intangibleassetamortization AcquiredIPR&D Interestexpense,net Income taxbenefit Effectivetax rate GAAP Reported $ 128,880 87.9 % $ 530,647 $ 198,203 $ 168,368 $ 42,500 $ 48,576 $ (242,424) N/A(1) Non-GAAP Adjustments: Intangible assetamortization — — — — (168,368) — — — — Share-basedcompensation expense (5,063) 0.5 (61,295) (21,767) — — — — — Acquisition accountinginventory fair value step-up (40,355) 3.8 — — — — — — — Integration relatedexpenses (286) — (9,291) (6,459) — — — — — Income tax effect ofabove adjustments — — — — — — — 63,643 N/A(1) Total of non-GAAPadjustments (45,704) 4.3 (70,586) (28,226) (168,368) — — 63,643 N/A(1) Non-GAAP Adjusted $ 83,176 92.2 % $ 460,061 $ 169,977 $ — $ 42,500 $ 48,576 $ (178,781) (55.5) % _________________________ 1. Not a meaningful metric due to minimal GAAP profit before tax in this period. Three months ended September 30, 2024 Cost ofproduct sales Grossmargin SG&A R&D Intangibleassetamortization Interestexpense,net Income taxexpense(benefit) Effectivetax rate GAAP Reported $ 111,611 88.7 % $ 325,772 $ 199,919 $ 157,457 $ 58,702 $ (14,533) (7.2) % Non-GAAP Adjustments: Intangible assetamortization — — — — (157,457) — — — Share-basedcompensation expense (3,733) 0.4 (37,100) (18,927) — — — — Acquisition accountinginventory fair value step-up (35,034) 3.5 — — — — — — Income tax effect ofabove adjustments — — — — — — 54,947 16.1 Total of non-GAAPadjustments (38,767) 3.9 (37,100) (18,927) (157,457) — 54,947 16.1 Non-GAAP Adjusted $ 72,844 92.6 % $ 288,672 $ 180,992 $ — $ 58,702 $ 40,414 8.9 % JAZZ PHARMACEUTICALS PLC RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION - CERTAIN LINE ITEMS (In thousands, except percentages) (Unaudited) Nine months ended September 30, 2025 Cost ofproductsales Grossmargin SG&A R&D Intangibleassetamortization AcquiredIPR&D Interestexpense,net Income taxbenefit Effectivetax rate GAAP Reported $ 349,768 87.9 % $ 1,403,059 $ 568,827 $ 484,919 $ 947,862 $ 149,645 $ (277,406) 33.2 % Non-GAAP Adjustments: Intangible assetamortization — — — — (484,919) — — — — Share-basedcompensation expense (12,963) 0.5 (143,968) (63,348) — — — — — Integration relatedexpenses (286) — (16,369) (8,749) — — — — — Acquisition accountinginventory fair value step-up (107,344) 3.7 — — — — — — — Income tax effect ofabove adjustments — — — — — — — 177,310 N/A(1) Total of non-GAAPadjustments (120,593) 4.2 (160,337) (72,097) (484,919) — — 177,310 N/A(1) Non-GAAP Adjusted $ 229,175 92.1 % $ 1,242,722 $ 496,730 $ — $ 947,862 $ 149,645 $ (100,096) N/A(1) _________________________ 1. Not a meaningful metric due to minimal non-GAAP profit before tax in this period. Nine months ended September 30, 2024 Cost ofproductsales Grossmargin SG&A R&D Intangibleassetamortization AcquiredIPR&D Interestexpense,net Income taxexpense (benefit) Effectivetax rate GAAP Reported $ 317,000 88.7 % $ 1,016,007 $ 643,500 $ 468,410 $ 10,000 $ 186,841 $ (33,517) (9.9) % Non-GAAP Adjustments: Intangible assetamortization — — — — (468,410) — — — — Share-basedcompensation expense (10,375) 0.4 (112,450) (55,030) — — — — — Acquisition accountinginventory fair value step-up (97,220) 3.4 — — — — — — — Income tax effect of aboveadjustments — — — — — — — 161,045 21.7 Total of non-GAAP adjustments (107,595) 3.8 (112,450) (55,030) (468,410) — — 161,045 21.7 Non-GAAP Adjusted $ 209,405 92.5 % $ 903,557 $ 588,470 $ — $ 10,000 $ 186,841 $ 127,528 11.8 % JAZZ PHARMACEUTICALS PLC RECONCILIATION OF 2025 GAAP NET LOSS AND DILUTED LPS TO NON-GAAP ADJUSTED NET INCOME AND DILUTED EPS GUIDANCE (In millions, except per share amounts) (Unaudited) Net Income (Loss) Diluted EPS/(LPS) GAAP $(435) - $(315) $(7.10) - $(5.20) Intangible asset amortization 610 - 660 9.85 - 10.65 Share-based compensation expense 280 - 300 4.50 - 4.85 Acquisition accounting inventory fair value step-up 135 - 155 2.15 - 2.50 Integration related expenses 25 - 35 0.40 - 0.55 Income tax effect of above adjustments (210) - (240) (3.40) - (3.85) Effect of potentially dilutive ordinary shares on non-GAAP adjusted EPS - 0.10 - 0.15 Non-GAAP adjusted $475 - $525 $7.65 - $8.45 Weighted-average ordinary shares used in per share calculations - GAAP 61 Weighted-average ordinary shares used in per share calculations - non-GAAP 62 Contacts: Investors: Jack Spinks Executive Director, Investor Relations Jazz Pharmaceuticals plc InvestorInfo@jazzpharma.com Ireland +353 1 634 3211 U.S. +1 650 496 2717 Media: Kristin Bhavnani Head of Global Corporate Communications Jazz Pharmaceuticals plc CorporateAffairsMediaInfo@jazzpharma.com Ireland +353 1 637 2141 U.S. +1 215 867 4948 View original content to download multimedia:https://www.prnewswire.com/news-releases/jazz-pharmaceuticals-announces-third-quarter-2025-financial-results-and-updates-2025-financial-guidance-302606012.html SOURCE Jazz Pharmaceuticals plc

Saniona to receive US $42.5 million upfront; potential for development, regulatory and sales milestone payments in addition to royalties on future net sales Jazz obtains exclusive worldwide rights to develop and commercialize preclinical asset SAN2355 in epilepsy and other potential indications For U.S. media and investors only DUBLIN, Ireland and COPENHAGEN, Denmark I August 20, 2025 I Jazz Pharmaceuticals plc (Nasdaq: JAZZ ) and Saniona (Nasdaq OMX: SANION) today announce that the companies have entered into a global license agreement for Jazz to obtain exclusive worldwide rights to develop SAN2355, a highly differentiated, subtype-selective Kv7.2/Kv7.3 activator in preclinical development for epilepsy and other potential indications, designed to overcome the limitations of non-selective Kv7-targeting compounds. Jazz will lead and fund further development, regulatory submissions, and global commercialization activities. “Our collaboration with Jazz leverages their leading position in epilepsy and their strong track record of rapidly advancing clinical development programs and effectively commercializing novel therapies in neuroscience, positioning SAN2355 as a promising option for epilepsy and neurological conditions, while enabling us to advance several of our other valuable pipeline programs to key inflection points,” said Thomas Feldthus, CEO of Saniona. “Jazz’s commitment to develop life-changing medicines for people with serious diseases aligns with our mission to improve outcomes for those affected by neurological and psychiatric disorders, and both companies aim to expand treatment possibilities for patients in need.” “SAN2355 is a unique and highly promising preclinical asset that has the potential to become a best-in-class Kv7 activator for the treatment of epilepsy. We are pleased to enter this exclusive agreement with Saniona to lead the SAN2355 clinical development program,” said Robert Iannone, M.D., M.S.C.E., executive vice president, global head of research and development, and chief medical officer of Jazz Pharmaceuticals. “This transaction further expands our early-stage neuroscience pipeline building on our existing expertise in the treatment of epilepsy and our R&D team remains committed to developing novel approaches to improving treatment options for people living with epilepsy and other neurologic conditions.” Transaction Terms Under the terms of the exclusive licensing agreement, Saniona will receive an upfront payment of US $42.5 million. Saniona is eligible to receive: up to US $192.5 million in development and regulatory milestones, including a US $7.5 million milestone payment upon initiation of the first Phase 1 clinical study; up to US $800 million in commercial milestone payments based on the achievement of significant and pre-specified annual net sales thresholds; and tiered royalties ranging from the mid-single digits to low-double digits on net sales of commercial products resulting from the development of SAN2355. About SAN2355 SAN2355 is a preclinical, selective small molecule activator of Kv7.2/Kv7.3 potassium channels, a mechanism validated for seizure suppression. Prior Kv7-targeting agents have demonstrated clinical efficacy, but dosing appears to be limited by adverse events associated with off-target activation. SAN2355 is uniquely selective for Kv7.2/Kv7.3, the Kv7-subtypes responsible for seizure suppression, and avoids activation of other Kv7-subtypes. This selectivity enables SAN2355 to deliver dosing to optimal efficacy and supports its potential as a best-in-class treatment for epilepsy. About Jazz Pharmaceuticals Jazz Pharmaceuticals plc (Nasdaq: JAZZ ) is a global biopharma company whose purpose is to innovate to transform the lives of patients and their families. We are dedicated to developing potentially life-changing medicines for people with serious diseases — often with limited or no therapeutic options. We have a diverse portfolio of marketed medicines, including leading therapies for sleep disorders and epilepsy, and a growing portfolio of cancer treatments. Our patient-focused and science-driven approach powers pioneering research and development advancements across our robust pipeline of innovative therapeutics in oncology and neuroscience. Jazz is headquartered in Dublin, Ireland with research and development laboratories, manufacturing facilities and employees in multiple countries committed to serving patients worldwide. Please visit www.jazzpharmaceuticals.com for more information. About Saniona Saniona is a clinical-stage biopharmaceutical company focused on discovering, developing, and delivering innovative treatments for neurological and psychiatric disorders. The company’s internal pipeline includes SAN2219 for epilepsy and SAN2465 for major depressive disorder. Saniona has established strategic collaborations with leading pharmaceutical companies, including Jazz Pharmaceuticals, which holds global rights to SAN2355 for epilepsy, Acadia Pharmaceuticals, which holds worldwide rights to ACP-711 for essential tremor, and with Medix, which holds rights to tesofensine for obesity in Mexico and Argentina, where a market authorization application is currently under review. In addition, Saniona has two clinical-stage programs available for partnering: Tesomet™, ready to advance to Phase 2b trials in rare eating disorders, and SAN903, ready to enter Phase 1 trials in inflammatory bowel disease. Saniona’s ion channel discovery platform is further validated through research collaborations with Boehringer Ingelheim, AstronauTx, and Cephagenix. Headquartered in Copenhagen, Saniona is listed on the Nasdaq Stockholm Main Market. For more information, visit www.saniona.com . SOURCE: Jazz Pharmaceuticals