Jazz Pharmaceuticals, Inc. Citigroup’s Biopharma Back to School Summit 2026

Cool summit. We're thrilled today to have Jazz Pharmaceuticals. Guys, maybe just give us the 2-minute high level, and then we can get into some specific questions. We got a lot. Yeah.

Thanks, Geoff, for having us here. Before we start, I'll just mention, Sam and I'll be making some forward-looking comments, so please do refer to the risk factors in our SEC filings. If we do refer to any guidance, we're referring to our most recent guidance provided in our earnings update, and any non-GAAP financial measures we reference are reconciled there as well. Samantha Pearce is our Chief Commercial Officer and be happy to give you an overview of the company.

Great. Well, thank you for inviting us, and thanks for joining us today, everybody. I think I would just start by really reiterating and highlighting the strong commercial performance over the last few quarters. Our second quarter performance was obviously very strong. Our best quarter ever, $1.2 billion, double-digit growth. I think what's really encouraging about what we're seeing right now from Jazz is that performance is across all of our key brands. Double-digit growth across all of our key brands puts us in a really strong position. Really strong foundations when you look at Xywav, which has been our brand that has been generating really good revenues for a long time now. Continues to grow strongly with 13% growth in the last quarter. Still adding significant numbers of net patient adds each quarter. Even in the face of new competition, continues to perform extremely well.

What we're excited about is the way that we've executed on some of those new launches as well. The performance with dordaviprone, with Zepzelca, and I think that combined with the outlook for ZYHERA now as we launch into GEA, has given us the confidence to raise our guidance for the full year in 2026. Looking ahead, we obviously are really excited about the ZYHERA potential. We were delighted with the label that we got in first-line metastatic GEA, and I'm sure we'll talk a little bit more about that. I think that label, combined with the development program, has given us the confidence to raise our expectations there for ZYHERA to $3 billion-$5 billion for that asset. So a really exciting period for Jazz. A much more diversified portfolio with lots of inflection points to come.

We are excited about the future and where we can take Jazz with our new rare disease-focused strategy as well, and some of the corp dev that we are doing there.

Great. Great background. Thanks for that, Sam. Maybe to your last point about the evolution of the portfolio. You guys have gone from sleep primarily to now oncology, epilepsy. You have targeted sort of a natural evolution of the portfolio. Is there a longer-term objective in terms of therapeutic focus? I know obviously rare is the underpinning of all of them, but I wondered if there is a longer-term objective in terms of where you want to be in some of the different therapeutic areas.

Yeah, I think as we have set out our strategy at the beginning of this year with our focus on rare disease, you are really seeing us now execute and pull that strategy through. We have built real strengths in rare disease, and particularly real strengths in particular therapeutic areas. So, the leadership position that we have in epilepsy with Epidiolex, we are looking to build on that now.

Yeah with some of the corp dev deals that we have done that will enable us to leverage.

Yeah those strengths in epilepsy with other assets.

Similarly, we've got strengths in some of the rare oncology areas, like neuro-oncology. The deal that we did with Chimerix really enables us to leverage our rare disease capabilities there, and we'd be looking to augment that with other opportunities as we can. And of course, the big focus at the moment is in ZYHERA, which is being launched in a rare disease indication. But of course, as we look ahead to the full potential of ZYHERA, we're excited to take that into other tumor types, which would include more broad tumors, like breast cancer, for example. So where we are at the moment, our focus very much on rare disease. We can talk about some of the corporate development deals that we've done that are really strengthening our position there. But that's really the focus.

Let's talk about Ziihera. So give us a where you are and maybe approximate timelines for expanding the indication base. What are the growth drivers that we should be focused on in the next, 12 to 24 months?

Yeah. So commercially, obviously right now we are focused on launching well Yeah with Ziihera in the first-line GEA segment.

We were delighted with the label that we got there. And this is an opportunity for us to really leverage the strengths that we've built in launching in rare oncology. We've obviously got a team there that was built for BTC, so we have that established team. We're not expecting reimbursement headwinds. We have the permanent J-code. And we've also got a lot of experience of launching in this space where academic adoption is obviously going to be very important. But what's also going to be important is that we can get a rapid adoption in the community setting as well. And this is a launch that is somewhat similar to what we succeeded to do with Ziihera in the first-line maintenance segment, which was also driven by community adoption.

We're excited there to start with, and our obviously key commercial focus is really doing that well and getting to peak sales as quickly as we possibly can. Beyond that, of course, we're excited. The data shows ZYHERA to be a really new standard of care for HER2 directed treatment, and we're excited about taking that drug into other HER2 expressing tumors. Looking ahead, obviously breast cancer is significantly larger. We have the phase III study ongoing in metastatic breast cancer. We also have a full development program that is looking, our pan-tumor program, early breast cancer, colorectal, non-small cell lung cancer. And we look at the totality of that development plan gave us the confidence to increase the peak sales projections for ZYHERA in the $3 billion to $5 billion range. Obviously a very important asset for Jazz and one that we're committed to maximizing the potential of.