Revenue growth has recovered to 19.1% in 2026Q1, supported by structural gross margins that have historically remained resilient in the 88-89% range.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 4.44B | 4.27B | 4.07B | 3.83B | 3.66B | 3.09B | 2.36B | 2.16B | 1.89B | 1.62B | 1.49B | 1.32B | 1.17B | 872.42M | 585.98M | 272.28M | 173.78M | 128.45M | 67.51M | 65.3M | 44.86M | 21.44M |
| Revenue Growth % | 9.2% | 4.88% | 6.12% | 4.78% | 18.26% | 30.91% | 9.34% | 14.32% | 16.82% | 8.79% | 12.32% | 12.95% | 34.44% | 48.88% | 115.21% | 56.68% | 35.29% | 90.26% | 3.39% | 45.58% | 109.2% | - |
| Cost of Goods Sold | 398.68M | 503.3M | 445.71M | 435.58M | 540.52M | 440.76M | 148.92M | 127.93M | 121.54M | 110.19M | 105.39M | 102.53M | 117.42M | 102.15M | 78.42M | 13.94M | 13.56M | 9.64M | 13.92M | 8.9M | 6.97M | 4.29M |
| COGS % of Revenue | - | 11.79% | 10.95% | 11.36% | 14.77% | 14.24% | 6.3% | 5.92% | 6.43% | 6.81% | 7.08% | 7.74% | 10.01% | 11.71% | 13.38% | 5.12% | 7.8% | 7.5% | 20.62% | 13.63% | 15.53% | 20.02% |
| Gross Profit | 2.97B | 3.76B | 3.62B | 3.4B | 3.12B | 2.65B | 2.21B | 2.03B | 1.77B | 1.51B | 1.38B | 1.22B | 1.06B | 770.28M | 507.55M | 258.33M | 160.22M | 118.81M | 53.59M | 56.4M | 37.89M | 17.15M |
| Gross Margin % | 66.94% | 88.21% | 89.05% | 88.64% | 85.23% | 85.76% | 93.7% | 94.08% | 93.57% | 93.19% | 92.92% | 92.26% | 89.99% | 88.29% | 86.62% | 94.88% | 92.2% | 92.5% | 79.38% | 86.37% | 84.47% | 79.98% |
| Gross Profit Growth % | - | 3.89% | 6.61% | 8.97% | 17.54% | 19.81% | 8.89% | 14.95% | 17.29% | 9.11% | 13.12% | 15.81% | 37.02% | 51.76% | 96.47% | 61.24% | 34.85% | 121.7% | -4.98% | 48.86% | 120.92% | - |
| Operating Expenses | 3.42B | 3.54B | 2.91B | 2.82B | 3.18B | 2.48B | 1.84B | 1.5B | 1.15B | 979.66M | 790.93M | 714.06M | 859.87M | 429.96M | 309.71M | 130.5M | 102.43M | 102.88M | 223.96M | 195.18M | 115.94M | 95.59M |
| OpEx % of Revenue | - | 82.95% | 71.43% | 73.55% | 87.02% | 80.25% | 77.7% | 69.46% | 61.06% | 60.52% | 53.16% | 53.9% | 73.31% | 49.28% | 52.85% | 47.93% | 58.94% | 80.09% | 331.72% | 298.88% | 258.47% | 445.83% |
| Selling, General & Admin | 1.65B | 1.81B | 1.39B | 1.34B | 1.42B | 1.45B | 854.23M | 736.94M | 683.53M | 544.16M | 502.89M | 449.12M | 406.11M | 304.3M | 223.88M | 108.94M | 69M | 58.65M | 111.4M | 78.54M | 51.38M | 23.55M |
| SG&A % of Revenue | - | 42.4% | 34.05% | 35.03% | 38.72% | 46.92% | 36.14% | 34.09% | 36.15% | 33.62% | 33.8% | 33.9% | 34.63% | 34.88% | 38.21% | 40.01% | 39.7% | 45.66% | 165% | 120.27% | 114.55% | 109.84% |
| Research & Development | 736.18M | 782.74M | 884M | 849.66M | 590.45M | 505.75M | 335.38M | 299.73M | 226.62M | 198.44M | 162.3M | 135.25M | 85.18M | 46.62M | 20.48M | 14.12M | 25.61M | 36.56M | 69.96M | 69.79M | 54.96M | 45.78M |
| R&D % of Revenue | - | 18.34% | 21.73% | 22.16% | 16.14% | 16.34% | 14.19% | 13.86% | 11.98% | 12.26% | 10.91% | 10.21% | 7.26% | 5.34% | 3.49% | 5.19% | 14.74% | 28.46% | 103.63% | 106.87% | 122.52% | 213.52% |
| Other Operating Expenses | 2M | 947.86M | 637.31M | 627.28M | 1.18B | 525.77M | 646.97M | 464.79M | 244.39M | 237.06M | 125.74M | 129.69M | 368.57M | 84.03M | 65.35M | 7.45M | 7.83M | 7.67M | 42.59M | 46.85M | 9.6M | 26.26M |
| Operating Income | 616.91M | 224.42M | 716.63M | 578.58M | -65.53M | 170.28M | 378.07M | 532.37M | 614.84M | 528.84M | 591.65M | 508.22M | 195.59M | 340.31M | 197.84M | 127.83M | 57.79M | 15.93M | -170.37M | -138.78M | -78.05M | -78.44M |
| Operating Margin % | 13.9% | 5.26% | 17.61% | 15.09% | -1.79% | 5.5% | 16% | 24.63% | 32.52% | 32.67% | 39.76% | 38.36% | 16.68% | 39.01% | 33.76% | 46.95% | 33.25% | 12.4% | -252.34% | -212.51% | -174.01% | -365.84% |
| Operating Income Growth % | - | -68.68% | 23.86% | 982.95% | -138.48% | -54.96% | -28.98% | -13.41% | 16.26% | -10.62% | 16.42% | 159.84% | -42.53% | 72.01% | 54.77% | 121.2% | 262.77% | 109.35% | -22.76% | -77.8% | 0.5% | - |
| EBITDA | 994.04M | 766.42M | 1.38B | 1.22B | 563.94M | 722.76M | 656.33M | 902.53M | 831.57M | 694M | 705.43M | 616.28M | 329.27M | 422.4M | 272.07M | 135.66M | 66.5M | 25.03M | -155.34M | -128.25M | -67.74M | -73M |
| EBITDA Margin % | 22.4% | 17.96% | 33.83% | 31.75% | 15.41% | 23.36% | 27.77% | 41.75% | 43.98% | 42.87% | 47.41% | 46.52% | 28.07% | 48.42% | 46.43% | 49.82% | 38.27% | 19.48% | -230.08% | -196.4% | -151.02% | -340.48% |
| EBITDA Growth % | -20.86% | -44.33% | 13.1% | 115.85% | -21.97% | 10.12% | -27.28% | 8.53% | 19.82% | -1.62% | 14.47% | 87.17% | -22.05% | 55.25% | 100.56% | 104% | 165.71% | 116.11% | -21.12% | -89.32% | 7.21% | - |
| D&A (Non-Cash Add-back) | 377.13M | 542M | 660.07M | 638.7M | 629.47M | 552.48M | 278.25M | 370.16M | 216.73M | 165.15M | 113.78M | 108.06M | 133.68M | 82.09M | 74.23M | 7.83M | 8.71M | 9.1M | 15.03M | 10.53M | 10.31M | 5.44M |
| EBIT | -376.89M | -433.54M | 861.64M | 810.73M | 839.14M | 475.26M | 765.46M | 642.35M | 715.93M | 613.84M | 640.1M | 557.91M | 450.02M | 372.02M | 235.95M | 126.58M | 45.5M | 15.93M | -140.6M | -138.78M | -78.05M | -57.14M |
| Net Interest Income | -141.34M | -195.05M | -238.1M | -289.44M | -288.24M | -278.77M | -99.71M | -72.26M | -78.5M | -77.76M | -61.94M | -56.92M | -52.71M | -26.92M | -16.87M | -1.6M | -12.72M | -22.76M | -17.91M | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 75K | 6K | 34K | 1.83M | 0 | 0 | 0 |
| Interest Expense | 101.44M | 195.05M | 238.1M | 289.44M | 288.24M | 278.77M | 99.71M | 72.26M | 78.5M | 77.76M | 61.94M | 56.92M | 52.71M | 26.92M | 16.87M | 1.68M | 12.73M | 22.8M | 19.74M | 0 | 0 | 0 |
| Other Income/Expense | -835.95M | -853.01M | -247.94M | -283.66M | -317.18M | -283.83M | -105.94M | -82.16M | -87.58M | -88.73M | -59.59M | -72.29M | -44.03M | -32.36M | -58.59M | -2.85M | -25.01M | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -219.04M | -628.59M | 468.69M | 294.92M | -382.7M | -113.55M | 272.13M | 450.21M | 527.26M | 440.11M | 532.07M | 435.93M | 151.56M | 307.95M | 177.35M | 124.98M | 32.78M | -6.84M | -184.34M | -138.83M | -59.39M | -85.16M |
| Pretax Margin % | -4.93% | -14.73% | 11.52% | 7.69% | -10.46% | -3.67% | 11.51% | 20.83% | 27.88% | 27.19% | 35.76% | 32.91% | 12.92% | 35.3% | 30.27% | 45.9% | 18.86% | -5.32% | -273.04% | -212.59% | -132.4% | -397.15% |
| Income Tax | -248.53M | -272.44M | -91.43M | -119.91M | -158.65M | 216.12M | 33.52M | -73.15M | 80.16M | -47.74M | 135.24M | 106.4M | 94.23M | 91.64M | -83.79M | 0 | 0 | 0 | 0 | 48K | -18.66M | 28.01M |
| Effective Tax Rate % | 113.46% | 43.34% | -19.51% | -40.66% | 41.45% | -190.32% | 12.32% | -16.25% | 15.2% | -10.85% | 25.42% | 24.41% | 62.18% | 29.76% | -47.25% | 0% | 0% | 0% | 0% | -0.03% | 31.42% | -32.89% |
| Net Income | 29.49M | -356.15M | 560.12M | 414.83M | -224.06M | -328.95M | 238.62M | 523.37M | 447.1M | 487.85M | 396.83M | 329.54M | 58.39M | 216.31M | 288.59M | 124.98M | 32.78M | -6.84M | -184.34M | -138.83M | -59.39M | -85.16M |
| Net Margin % | 0.66% | -8.35% | 13.77% | 10.82% | -6.12% | -10.63% | 10.1% | 24.21% | 23.64% | 30.14% | 26.67% | 24.87% | 4.98% | 24.79% | 49.25% | 45.9% | 18.86% | -5.32% | -273.04% | -212.59% | -132.4% | -397.15% |
| Net Income Growth % | -93.88% | -163.58% | 35.02% | 285.14% | 31.89% | -237.86% | -54.41% | 17.06% | -8.35% | 22.94% | 20.42% | 464.4% | -73.01% | -25.04% | 130.9% | 281.3% | 579.49% | 96.29% | -32.78% | -133.75% | 30.26% | - |
| Net Income (Continuing) | 29.49M | -356.15M | 560.12M | 414.83M | -224.06M | -329.67M | 238.62M | 523.37M | 447.1M | 487.85M | 396.83M | 329.53M | 57.33M | 216.31M | 261.15M | 124.98M | 32.78M | -6.84M | -184.34M | -138.83M | -59.39M | -85.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.45 | -5.84 | 8.65 | 6.10 | -3.58 | -5.51 | 4.22 | 9.09 | 7.30 | 7.96 | 6.41 | 5.23 | 0.93 | 3.51 | 4.79 | 2.67 | 0.83 | -0.23 | -7.19 | -10.04 | -4.41 | -6.32 |
| EPS Growth % | -98.53% | -167.51% | 41.8% | 270.39% | 35.03% | -230.57% | -53.58% | 24.52% | -8.29% | 24.18% | 22.56% | 462.37% | -73.5% | -26.72% | 79.4% | 221.69% | 460.87% | 96.8% | 28.39% | -127.66% | 30.22% | - |
| EPS (Basic) | - | -5.84 | 9.06 | 6.55 | -3.58 | -5.51 | 4.28 | 9.22 | 7.45 | 8.13 | 6.56 | 5.38 | 0.98 | 3.71 | 5.09 | 3.01 | 0.90 | -0.23 | -7.19 | -10.04 | -4.41 | -6.32 |
| Diluted Shares Outstanding | 66.1M | 60.98M | 66.01M | 72.07M | 62.54M | 59.69M | 56.52M | 57.55M | 61.22M | 61.32M | 61.87M | 63.04M | 62.61M | 61.57M | 60.2M | 46.8M | 39.41M | 30.02M | 25.65M | 13.83M | 13.47M | 13.47M |
| Basic Shares Outstanding | 61.9M | 60.98M | 61.84M | 63.29M | 62.54M | 59.69M | 55.71M | 56.75M | 59.98M | 60.02M | 60.5M | 61.23M | 59.75M | 58.3M | 56.64M | 41.5M | 36.34M | 30.02M | 25.65M | 13.83M | 13.47M | 13.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Patent cliff and leverage
According to recent financial filings, JAZZ achieved a 19.1% year-over-year revenue growth in 2026Q1, signaling a recovery from the stagnant performance observed in early 2025, when growth dipped to -0.5% as the company navigated the transition of its core oxybate franchise toward newer, low-sodium formulations.
The recent acceleration suggests that the company is successfully managing the patient migration to Xywav, effectively mitigating the impact of generic entry for legacy products. Investors should monitor whether this growth trajectory can be sustained through broader oncology adoption or if it remains tethered to the cyclicality of the neuroscience segment.
As reported in quarterly income statements, JAZZ maintains a robust gross margin profile, consistently hovering near 88-89% in most periods, which underscores the significant pricing power inherent in its specialized orphan drug portfolio despite the occasional volatility seen in 2025Q3 when margins temporarily compressed to 77.1%.
This high margin structure is a hallmark of the company's business model, reflecting the low marginal cost of production for its complex therapeutic assets. However, the periodic fluctuations in gross profitability warrant further investigation into potential shifts in payer mix or the impact of increased rebate obligations on net realized pricing.
Based on the provided income statement data, JAZZ exhibits significant operating leverage instability, with operating margins swinging from a negative 65.6% in 2025Q2 to a positive 75.9% by 2025Q4, largely driven by the lumpy nature of R&D spending and the integration of large-scale acquisition-related costs.
The extreme variance in operating income suggests that the company's cost structure is heavily influenced by non-recurring charges and aggressive investment cycles. Analysts should interpret these figures with caution, as the underlying operational efficiency is often obscured by the accounting treatment of intangible assets and acquisition-related expenses.
As indicated by the historical income data, JAZZ's net income is frequently impacted by significant non-operating items, evidenced by the sharp swing from a $718.5 million loss in 2025Q2 to a $293.1 million profit in 2026Q1, highlighting the disconnect between GAAP earnings and actual cash generation.
The reliance on stock-based compensation, which reached $199.8 million in 2025Q4, further complicates the assessment of true shareholder value creation. Investors should prioritize cash-based metrics over headline EPS, as the latter appears heavily influenced by accounting adjustments that may not reflect the company's long-term operational health.
While recent revenue figures show expansion, a critical analysis of the income statement suggests that JAZZ faces substantial risks from generic erosion and the high cost of debt, which may limit the company's ability to maintain its current growth trajectory without further dilutive or debt-funded capital allocation.
Short-term revenue gains may mask the underlying pressure on the neuroscience franchise, which remains the primary engine for the company's cash flow. The market may be underestimating the potential for margin compression if competitive pressures in the narcolepsy space intensify, forcing higher rebates and eroding the current pricing power.
Quick answers to the most common questions about buying JAZZ stock.
For fiscal year 2025, Jazz Pharmaceuticals plc (JAZZ) reported total revenue of $4.27B. This represents a 19802.9% increase compared to $21.4M in 2005.
Jazz Pharmaceuticals plc (JAZZ) reported a net loss of $356.1M for the fiscal year ending 2025.
Jazz Pharmaceuticals plc (JAZZ) reported an operating income of $224.4M, resulting in an operating profit margin of 5.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Jazz Pharmaceuticals plc (JAZZ) generated $3.76B in gross profit for the year, representing a gross profit margin of 88.2%. This demonstrates the company's core pricing power and production efficiency.