Jazz Raises 2026 Revenue Forecast to $4.850 Billion After 10% Quarterly Growth
Key Facts
Jazz Pharmaceuticals reported record third-quarter revenue of $1.243 billion on November 2, 2026, up 10% year over year. Revenue was $1.1261 billion in the same period of 2025. Following the quarterly performance, the company raised its full-year revenue forecast to a range of $4.775–$4.850 billion. Its previous range, announced on August 3, was $4.600–$4.750 billion. Chief Executive Renee Gala said the quarter's performance "reflects continued execution across the business and gives us confidence to raise our full-year total revenue outlook."
The higher forecast came alongside a sharp swing in net results from a year earlier. The company posted a third-quarter 2026 net loss under generally accepted accounting principles of $483.4 million and an adjusted loss of $250.8 million. In the corresponding quarter of 2025, it reported net income of $251.4 million under the same standards and adjusted net income of $500.7 million. The company attributed part of the loss to a $754 million acquired in-process research and development expense, representing the value assigned to the ABS-1230 experimental asset in its acquisition of Actio. It said the expense affected quarterly results by $11.32 per share under generally accepted accounting principles and $11.03 on an adjusted basis.
Jazz completed its acquisition of Actio in September for an upfront payment of $820 million, net of cash acquired. Up to $500 million in additional payments may follow if specified regulatory and commercial milestones are met, bringing total potential consideration to $1.3 billion. The expense included in the company's quarterly results was tied to the value assigned to the ABS-1230 asset in the deal. For comparison, revenue was $1.2083 billion in the second quarter of 2026, versus $1.0457 billion in the second quarter of 2025. The company had raised its full-year revenue forecast in August to $4.600–$4.750 billion from $4.250–$4.500 billion in May.
By product, net sales of Zepzelca rose 32% year over year to $104 million in the third quarter. The company attributed the growth to continued uptake of its use with atezolizumab as first-line maintenance treatment for extensive-stage small cell lung cancer. This was partly offset by declining use in the second line. On September 30, the U.S. Food and Drug Administration approved a label change removing the second-line indication. The regulatory change puts the decline in use in that line in the context of the quarter, alongside growth in maintenance use.
Ziihera recorded net sales of $21 million in the quarter, following U.S. Food and Drug Administration approval on August 25, 2026. The company launched the treatment for patients with HER2-positive gastroesophageal adenocarcinoma that is unresectable, locally advanced or metastatic. By contrast, sales of Epidiolex/Epidyolex fell 2% to $295 million. The company attributed the comparison to lower gross-to-net price deductions in the United States during the third quarter of 2025 and lower inventory build in the current quarter. It said wholesaler purchasing patterns contributed to the lower inventory build.
Modeysso generated net sales of $61 million in the third quarter. Jazz said about 725 patients had received the treatment from its launch in August 2025 through the end of the third quarter of 2026. Cash, cash equivalents and investments totaled $2.9 billion on September 30, compared with $5.6 billion in outstanding long-term debt principal. The company also had $885 million of undrawn borrowing capacity under its revolving credit facility. It generated $1.3 billion in cash from operations during the first nine months of 2026.
In October, the board approved a new program to repurchase up to $500 million of common stock, with no expiration date. In the third quarter, the company issued exchangeable notes with an aggregate principal amount of $1.25 billion, alongside a $225 million share repurchase. An amendment to its Term Loan B reduced the applicable margin by 50 basis points and extended maturity by five years, to May 2033. The company said the amendment is expected to deliver cash interest savings while preserving cash reserves. The Food and Drug Administration set April 16, 2027, as its target action date for the company's application for an oral cannabidiol capsule formulation.