Jazz Pharmaceuticals, Inc. Wells Fargo 21st Annual Healthcare Conference

Thank you for the invite.

Thank you for having us, Mohit. And just a quick word to note that Sam and I will be making some forward-looking statements today, so please do refer to the risk factors in our securities filings. If we do reference guidance, we are referencing guidance that we updated most recently in our last earnings update in early August, and any reference to non-GAAP measures are also reconciled in those recent earnings updates.

Yeah. Thank you. Well, I think I'm first and foremost delighted with the way the teams are executing on the opportunities that we have across our entire portfolio at the moment. I think we've put together a run of really good commercial results recently.

Most recently, obviously, our second quarter earnings, where we delivered our best ever quarter with $1.2 billion of revenue, and that represented 16% growth. I think what's really great about the results that we're seeing now is that that growth is coming right across our portfolio. It's not isolated to one particular brand, but we're seeing really good growth right across all of our key brands. Double-digit growth from all of our key brands. I think the business has got really good, strong foundations. Xywav has proven itself to be a really durable, resilient product, continuing to deliver excellent growth this quarter. Now, of course, what we're also seeing is us really executing on some of the other launch opportunities that we've had recently. Most recently, obviously, Rylaze. Rylaze was launched just about a year ago, really delivering exceptionally well.

We also had the launch of ZEPZELCA in the first-line maintenance market, which also delivered really fabulous growth last quarter. I think as a team, we're proving our ability to really execute on these opportunities. I think as a result of that, and when you look at some of the new opportunities that we have coming, which I'm sure we'll talk about, we did, as you mentioned, have the confidence to raise our guidance for the full year. As we look ahead, we're very excited about Ziihera and the potential of Ziihera. Obviously, now we have the first-line metastatic GEA indication.

Obviously the data that we've seen there, the unprecedented overall survival benefit, we feel increasingly confident that Ziihera represents a new standard of care, and we're excited about executing that in the GEA indication, but then expanding our investment into other areas of opportunity for Ziihera. We've got those exciting development plans that we can touch on as well in R&D across breast cancer, colorectal cancer, non-small cell lung cancer. On the webcast, when we talked about the GEA indication, we talked about the peak potential of Ziihera now increasing to between $3 billion-$5 billion. I think an awful lot for us to be excited about with Ziihera. A lot also for us excited to be about for epilepsy as well and continuing the growth trajectory there.

With our label indications, we do continue to see good growth opportunity, but we are also making some targeted investments in expanding the reach of EPIDIOLEX to other patients with epilepsy. I think the business is in good shape, and I think we are executing on the strategy that Renée set out at J.P. Morgan at the beginning of this year really well.

Yes. As we entered this year, I think there were question marks.

Right. How resilient and durable would Xywav be in the face of high-sodium generics?

Right coming into the market?

I think we have answered that question to a large part as we sit in the middle of the year. We have not really seen any material impacts from those generics coming into the market. The demand remains really strong. You saw in the second quarter of the year the net patient adds, 525 net patient adds. So we are continuing to add new patients to Xywav. I think our teams have done a really great job really communicating the differential benefits of Xywav. Low-sodium oxybate continues to resonate strongly. We know that the majority of patients, 80% or more patients with narcolepsy and IH have comorbidities, cardiovascular and cardiometabolic comorbidities. So offering them a low-sodium option continues to be really, really important. So as we sit in the middle of the year, I think we feel increasingly confident about the durability of Xywav.