Jazz Pharmaceuticals reported total revenues of $898 million for the first quarter of 2025, maintaining stable performance compared to the same period last year. The company affirmed its 2025 total revenue guidance of $4.15-$4.40 billion, representing 5% growth at the midpoint, while updating other financial guidance to reflect its recent Chimerix acquisition and impact of certain Xyrem antitrust litigation settlements.
"In the first quarter of 2025, our focus on commercial execution resulted in total revenues of $898 million, led by the strong performance of Xywav and Epidiolex," said Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals. "We are affirming our 2025 total revenue guidance range of $4.15-$4.40 billion, reflecting our confidence in our commercial portfolio delivering top-line growth this year."
Commercial Performance Highlights
The company's neuroscience portfolio showed continued strength, with total neuroscience revenue, including high-sodium oxybate authorized generic royalties, reaching $654.1 million in Q1 2025, a 4% increase compared to the same period last year.
Xywav (calcium, magnesium, potassium, and sodium oxybates) continued its strong performance with net product sales increasing 9% to $344.8 million compared to Q1 2024. The company reported approximately 14,600 active Xywav patients at the end of Q1, adding approximately 450 patients during the quarter. This included approximately 10,375 narcolepsy patients and 4,225 idiopathic hypersomnia patients.
Epidiolex/Epidyolex (cannabidiol) net product sales increased 10% to $217.7 million compared to Q1 2024. The company expressed confidence in achieving blockbuster status for this product in 2025. Outside the U.S., Epidyolex is now approved in more than 35 countries.
The oncology portfolio faced some challenges, with net product sales of $229.4 million in Q1 2025, representing an 11% decrease compared to the same period last year. This decline was primarily attributed to lower sales of Zepzelca, Rylaze/Enrylaze, and Defitelio/defibrotide.
Rylaze/Enrylaze (asparaginase erwinia chrysanthemi) net product sales decreased 8% to $94.2 million, impacted by updates to pediatric treatment protocols for acute lymphoblastic leukemia. The company expects these impacts to normalize during Q2 2025.
Zepzelca (lurbinectedin) net product sales decreased 16% to $63.0 million, affected by increased competition in second-line small cell lung cancer and treatment protocol updates.
Ziihera (zanidatamab-hrii), launched in December 2024, contributed $2.0 million in net product sales during its first full quarter on the market.
Pipeline Advancements and Strategic Developments
Jazz made significant progress across its pipeline during the quarter, highlighted by several key developments:
The company submitted a supplemental New Drug Application (sNDA) for Zepzelca in combination with atezolizumab (Tecentriq) as maintenance therapy in first-line extensive-stage small cell lung cancer (1L ES-SCLC) for patients who have not progressed after induction chemotherapy. This submission was based on the Phase 3 IMforte trial, which showed statistically significant and clinically meaningful benefits in both progression-free survival and overall survival. Data from this potentially practice-changing trial will be presented at the upcoming American Society of Clinical Oncology (ASCO) Annual Meeting in June 2025.
"We are pleased to report that we have submitted a supplemental New Drug Application for Zepzelca for maintenance therapy in first-line extensive-stage small cell lung cancer," noted Cozadd.
In April 2025, Jazz completed its acquisition of Chimerix for approximately $935 million, adding dordaviprone to its late-stage pipeline. Dordaviprone is a novel first-in-class small molecule treatment in development for H3 K27M-mutant diffuse glioma, a rare, high-grade brain tumor that most commonly affects children and young adults. The FDA has granted Priority Review for dordaviprone with a target Prescription Drug User Fee Act (PDUFA) action date of August 18, 2025.
The ongoing Phase 3 ACTION trial is evaluating dordaviprone in newly diagnosed, non-recurrent H3 K27M-mutant diffuse glioma patients following radiation treatment, potentially extending its use into the first-line setting. Data on the efficacy and safety of dordaviprone from prospective clinical trials in adult and pediatric recurrent H3 K27M-mutant diffuse glioma patients has been accepted for an oral presentation at the 2025 ASCO Annual Meeting.
For zanidatamab, Jazz's HER2-targeted bispecific antibody, the pivotal HERIZON-GEA-01 trial in first-line gastroesophageal adenocarcinoma (1L GEA) is expected to read out top-line progression-free survival data in the second half of 2025. The company is also advancing the Phase 3 EmpowHER-BC-303 trial evaluating zanidatamab plus chemotherapy or trastuzumab plus chemotherapy in patients with HER2-positive breast cancer whose disease has progressed on previous T-DXd treatment.
On April 25, 2025, Jazz announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency adopted a positive opinion recommending conditional marketing authorization of zanidatamab in second-line biliary tract cancer.
Financial Results
Jazz reported a GAAP net loss for Q1 2025 of $(92.5) million, or $(1.52) per diluted share, compared to $(14.6) million, or $(0.23) per diluted share, for Q1 2024. Non-GAAP adjusted net income was $105.2 million, or $1.68 per diluted share, compared to $178.4 million, or $2.63 per diluted share, for Q1 2024.
The financial results for Q1 2025 included an expense of $172.0 million related to certain Xyrem antitrust litigation settlements, which impacted GAAP and non-GAAP results by $146.3 million (net of tax) or $2.38 per share on a GAAP basis and $2.34 per share on a non-GAAP adjusted basis.
As of March 31, 2025, Jazz had cash, cash equivalents, and investments of $2.6 billion, with an outstanding principal balance of long-term debt of $5.4 billion. For the three months ended March 31, 2025, the company generated $429.8 million of cash from operations. In January 2025, Jazz made a voluntary prepayment of $750.0 million principal amount on its Term Loan B.
Outlook and Future Catalysts
Jazz Pharmaceuticals is updating its full-year 2025 financial guidance primarily to reflect the impact of the Chimerix acquisition and certain Xyrem antitrust litigation settlements, while affirming its total revenue guidance of $4.15-$4.40 billion.
Key upcoming catalysts include:
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Top-line progression-free survival data from zanidatamab in the Phase 3 HERIZON-GEA-01 trial in first-line gastroesophageal adenocarcinoma expected in the second half of 2025
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FDA decision on dordaviprone for recurrent H3 K27M-mutant diffuse glioma with a PDUFA target date of August 18, 2025
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Presentation of data from the Phase 3 IMforte trial of Zepzelca in combination with atezolizumab as maintenance therapy in first-line extensive-stage small cell lung cancer at the 2025 ASCO Annual Meeting in June
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Potential European Commission decision on zanidatamab for second-line biliary tract cancer following the positive CHMP opinion
These developments underscore Jazz Pharmaceuticals' continued focus on expanding its commercial portfolio while advancing its pipeline of innovative therapeutics in oncology and neuroscience, positioning the company for sustainable growth in the years ahead.
