# Jazz Pharmaceuticals (JAZZ.US)

Canonical: https://gigainvestors.com/s/JAZZ

Analysis as of: 2026-10-16T07:29:28.020Z. Financial observations: FY2004–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $214.42 per share; close as of 2026-10-15.

Estimated value: low $77.04 per share, central $83.18 per share, high $91.36 per share. Buy at or below the central value $83.18 per share. Valuation as of 2026-10-16T07:29:28.020Z; scenarios are not confidence intervals.

Expected annual return: 4.9% at the stated quote. About 4.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 3

- Operating margin variation: 0.65×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.33×

- FY2018: 0.33×

- FY2019: 0.25×

- FY2020: 0.16×

- FY2021: 0.06×

- FY2022: -0.02×

- FY2023: 0.15×

- FY2024: 0.18×

- FY2025: 0.05×

- LTM to Jun 2026: 0.31×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: 1.7%

- Typical minus recent gross margin: 2.8 pp

- Typical gross margin (annual median): 91.0%

- Recent gross margin (lower of latest and 3-year median): 88.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.0%

- ROIC including acquisitions, ten-year median: 11.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.1%

- FY2017: 19.3%

- FY2018: 20.0%

- FY2019: 18.5%

- FY2020: 11.8%

- FY2021: 1.7%

- FY2022: -0.8%

- FY2023: 9.4%

- FY2024: 12.9%

- FY2025: 3.2%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 36.74×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.4B

- Net income, five-year total: $66M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 2.1 pp

- Working capital / revenue, change between three-year averages: 13.0 pp

- Working capital / revenue, final three-year average: 28.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -0.54×

- FY2022: 0.41×

- FY2023: 2.48×

- FY2024: 2.09×

- FY2025: -0.37×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.3% vs 9.4%

- Per-share earnings: 6.41 to 5.76 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquisition spending exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.3%

- Ordinary dilution, 5-year annual growth: 1.5%

- Market cap gain: $3.9B

- Cumulative retained earnings: $117M

- Diluted shares, 10-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: 1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.3%

- Per-share value change: -$0.66

- Per-share value, starting three-year median: $6.41

- Per-share value, ending three-year median: $5.76

- Buybacks concentrated in cheaper years (correlation): 0.81

- Average buyback yield: 2.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $8.6B

- Cumulative net income, 10 years: $2.2B

- ROIC, first three-year median: 19.3%

- ROIC, last three-year median: 9.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $6.41

- FY2017: $7.96

- FY2018: $7.30

- FY2019: $9.09

- FY2020: $4.22

- FY2021: -$5.51

- FY2022: -$3.58

- FY2023: $5.76

- FY2024: $8.49

- FY2025: -$5.84

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -14.7%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 21.5%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.45×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.0%

- FY2017: -4.0%

- FY2018: -6.8%

- FY2019: -4.6%

- FY2020: -10.1%

- FY2021: -9.0%

- FY2022: -13.8%

- FY2023: -5.9%

- FY2024: -7.0%

- FY2025: -14.7%

## Holders

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 17.1% a year for ten years · sales +7.8%

Story as of 2026-10-16T09:58:58.782Z; price observation 2026-10-15.

Price needs cash profits to grow 17.1% a year for ten years

- 2025-05-19: JAZZ Q1 Earnings Call: Revenue and Profit Miss, Product Pipeline Drives Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/jazz-q1-earnings-call-revenue-135346555.html))

- 2025-08-29: Jazz Pharmaceuticals plc (JAZZ) Wins FDA Accelerated Approval for Modeyso™ Brain Cancer Therapy ([finance.yahoo.com](https://finance.yahoo.com/news/jazz-pharmaceuticals-plc-jazz-wins-090403893.html))

- 2025-11-17: Jazz, Zymeworks’ Ziihera trial shows significant PFS improvement, shares rally ([seekingalpha.com](https://seekingalpha.com/news/4522831-jazz-zymeworks-ziihera-trial-shows-significant-pfs-improvement-shares-rally?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-28: Why Jazz Pharmaceuticals (JAZZ) Is Up 10.4% After Record Q4 Sales But Full-Year Loss ([finance.yahoo.com](https://finance.yahoo.com/news/why-jazz-pharmaceuticals-jazz-10-111319042.html))

- 2026-06-15: JAZZ's Zepzelca Fails to Meet Primary Goal in Lung Cancer Study ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/jazzs-zepzelca-fails-meet-primary-161600987.html))

### Sales · FY2025–2026

sales +7.8%; source https://www.sec.gov/Archives/edgar/data/1232524/000123252426000013/jazz-20251231.htm; observed 2026-02-24.

- FY2017: $1.6B 

- FY2018: $1.9B 

- FY2019: $2.2B 

- FY2020: $2.4B 

- FY2021: $3.1B 

- FY2022: $3.7B 

- FY2023: $3.8B 

- FY2024: $4.1B 

- FY2025: $4.3B 

- FY2026: $4.6B 

### Gross margin · FY2025

gross margin 88.2%; source https://www.sec.gov/Archives/edgar/data/1232524/000123252426000013/jazz-20251231.htm; observed 2026-02-24.

- FY2016: 92.9% 

- FY2017: 93.2% 

- FY2018: 93.6% 

- FY2019: 94.1% 

- FY2020: 93.7% 

- FY2021: 85.8% 

- FY2022: 85.2% 

- FY2023: 88.6% 

- FY2024: 89.0% 

- FY2025: 88.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 4.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1232524/000123252426000013/jazz-20251231.htm (filed 2026-02-24); FY2025: revenue 4267586000; grossProfit 3764290000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JAZZ.US: Jazz Pharmaceuticals plc identifies, develops, and commercializes pharmaceutical products in the United States, Europe, and internationally. The company offers Xywav to treat cataplexy or excessive daytime sleepiness (EDS) with narcolepsy and idiopathic hypersomnia (IH); Epidiolex for seizures associated with Lennox-Gastaut syndrome (LGS), Dravet syndrome (DS), or tuberous sclerosis complex (TSC); Rylaze for the treatment of acute lymphoblastic leukemia or lymphoblastic lymphoma; Enrylaze to treat acute lymphoblastic leukemia and lymphoblastic lymphoma; Zepzelca for the treatment of metastatic small cell lung cancer with disease progression on or after platinum-based chemotherapy; Ziihera to treat HER2-positive biliary tract cancers; Modeyso for the treatment of diffuse midline glioma harboring an H3 K27M mutation; and Defitelio to treat severe veno-occlusive disease. It also develops Zanidatamab in Phase 3 trial to treat HER2-positive gastroesophageal adenocarcinoma (GEA) and biliary tract cancers (BTC); Dordaviprone to treat H3 K27M-mutant diffuse glioma; and Vyxeos for the treatment of newly-diagnosed therapy-related acute myeloid leukemia. In addition, the company is developing Zanidatamab to treat neoadjuvant and adjuvant breast cancer; Vyxeos for the treatment of High-risk MDS, newly diagnosed untreated patients with high-risk AML, and De novo intermediate or adverse risk AML stratified by genomics; and JZP3507 to treat pheochromocytoma and paraganglioma that are in Phase 2 clinical trials. Further, it develops JZP815 to treat Raf and Ras mutant tumors; JZP898 for the IFN INDUKIN molecule in solid tumors; and JZP047 to treat absence epilepsy that are in Phase 1 clinical trials. The company collaboration agreements with Redx Pharma plc, Autifony Therapeutics Limited, Zymeworks Inc., Sumitomo Pharma Co., Ltd., Werewolf Therapeutics, Inc; and AbCellera Biologics Inc. Jazz Pharmaceuticals plc was founded in 2003 and is headquartered in Dublin, Ireland.

### Why customers stay

Margins ranged from 88.2% to 89% during 2023–25; it earns 12.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 88.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 89%.

- Source: https://www.sec.gov/Archives/edgar/data/1232524/000123252426000013/jazz-20251231.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 88.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on capital observations [[2016,0.1705605472445489],[2017,0.19261696052867847],[2018,0.2004015535424232],[2019,0.18454259003130166],[2020,0.11763933590012791],[2021,0.017472258879029073],[2022,-0.00818619838015898],[2023,0.0940907319051625],[2024,0.1291940797479541],[2025,0.03240463400150351]]; median 0.12341670782404102. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 10 years; bought back USD 125 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2016: growth capex 7027623.709200025; upkeep 174554376.29079998; cash acquisitions 1502443000; owner earnings 336056623.7092. Growth capex plus acquisitions / owner earnings = 4.491715137313855.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2017: growth capex 0; upkeep 113950000; cash acquisitions 0; owner earnings 539052000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2018: growth capex 0; upkeep 131470000; cash acquisitions 0; owner earnings 532359000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2019: growth capex 0; upkeep 182335000; cash acquisitions 0; owner earnings 711188000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2020: growth capex 20881180.538440943; upkeep 358372819.46155906; cash acquisitions 0; owner earnings 158496180.53844094. Growth capex plus acquisitions / owner earnings = 0.13174563871194686.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2021: growth capex 0; upkeep 45532000; cash acquisitions 6234792000; owner earnings 177997000. Growth capex plus acquisitions / owner earnings = 35.02751169963539.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: growth capex 0; upkeep 23962000; cash acquisitions 0; owner earnings 1029566000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: growth capex 0; upkeep 48070000; cash acquisitions 0; owner earnings 1172117000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1232524/000123252426000013/jazz-20251231.htm (filed 2026-02-24); FY2025: growth capex 0; upkeep 209752000; cash acquisitions 858053000; owner earnings 130397000. Growth capex plus acquisitions / owner earnings = 6.580312430500702.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,57831000],[2020,99681000],[2021,99659000],[2022,98020000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1232524/000123252426000013/jazz-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 125023000 USD.

### Are managers owners

Insiders own 2.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JAZZ.US SharesStats.PercentInsiders = 2.904 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17.1% yearly over ten years; actual decline was 10.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Ten-year compound average after fade. Initial solved rate 0.2351808245381598. Price 214.42; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 6.3714861349070375 → FY2025 2.1383217723553236. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $109.47 per share

- 2016-11: $103.63 per share

- 2016-12: $109.03 per share

- 2017-01: $121.92 per share

- 2017-02: $132.62 per share

- 2017-03: $145.13 per share

- 2017-04: $159.28 per share

- 2017-05: $145.56 per share

- 2017-06: $155.50 per share

- 2017-07: $153.61 per share

- 2017-08: $149.36 per share

- 2017-09: $146.25 per share

- 2017-10: $141.53 per share

- 2017-11: $139.74 per share

- 2017-12: $134.65 per share

- 2018-01: $145.74 per share

- 2018-02: $144.80 per share

- 2018-03: $150.99 per share

- 2018-04: $152.04 per share

- 2018-05: $169.00 per share

- 2018-06: $172.30 per share

- 2018-07: $173.08 per share

- 2018-08: $170.92 per share

- 2018-09: $168.13 per share

- 2018-10: $158.82 per share

- 2018-11: $151.20 per share

- 2018-12: $123.96 per share

- 2019-01: $125.89 per share

- 2019-02: $140.03 per share

- 2019-03: $142.95 per share

- 2019-04: $129.77 per share

- 2019-05: $125.55 per share

- 2019-06: $142.56 per share

- 2019-07: $139.38 per share

- 2019-08: $128.15 per share

- 2019-09: $128.14 per share

- 2019-10: $125.63 per share

- 2019-11: $151.12 per share

- 2019-12: $149.28 per share

- 2020-01: $143.35 per share

- 2020-02: $114.58 per share

- 2020-03: $99.74 per share

- 2020-04: $110.25 per share

- 2020-05: $119.32 per share

- 2020-06: $110.34 per share

- 2020-07: $108.25 per share

- 2020-08: $134.39 per share

- 2020-09: $142.59 per share

- 2020-10: $144.10 per share

- 2020-11: $140.71 per share

- 2020-12: $165.05 per share

- 2021-01: $155.50 per share

- 2021-02: $168.04 per share

- 2021-03: $164.37 per share

- 2021-04: $164.40 per share

- 2021-05: $178.13 per share

- 2021-06: $177.64 per share

- 2021-07: $169.52 per share

- 2021-08: $131.71 per share

- 2021-09: $130.21 per share

- 2021-10: $133.04 per share

- 2021-11: $119.87 per share

- 2021-12: $127.40 per share

- 2022-01: $138.91 per share

- 2022-02: $137.42 per share

- 2022-03: $155.67 per share

- 2022-04: $160.22 per share

- 2022-05: $149.68 per share

- 2022-06: $156.01 per share

- 2022-07: $156.06 per share

- 2022-08: $155.22 per share

- 2022-09: $133.29 per share

- 2022-10: $143.79 per share

- 2022-11: $156.91 per share

- 2022-12: $159.31 per share

- 2023-01: $156.66 per share

- 2023-02: $140.40 per share

- 2023-03: $146.33 per share

- 2023-04: $140.47 per share

- 2023-05: $128.16 per share

- 2023-06: $123.97 per share

- 2023-07: $130.42 per share

- 2023-08: $143.36 per share

- 2023-09: $129.44 per share

- 2023-10: $127.02 per share

- 2023-11: $118.23 per share

- 2023-12: $123.00 per share

- 2024-01: $122.72 per share

- 2024-02: $118.90 per share

- 2024-03: $120.42 per share

- 2024-04: $110.75 per share

- 2024-05: $105.25 per share

- 2024-06: $106.73 per share

- 2024-07: $110.25 per share

- 2024-08: $115.98 per share

- 2024-09: $111.41 per share

- 2024-10: $110.03 per share

- 2024-11: $121.59 per share

- 2024-12: $123.15 per share

- 2025-01: $124.37 per share

- 2025-02: $143.53 per share

- 2025-03: $124.15 per share

- 2025-04: $116.96 per share

- 2025-05: $108.07 per share

- 2025-06: $106.12 per share

- 2025-07: $114.63 per share

- 2025-08: $127.75 per share

- 2025-09: $131.80 per share

- 2025-10: $137.64 per share

- 2025-11: $176.53 per share

- 2025-12: $170.00 per share

- 2026-01: $164.49 per share

- 2026-02: $190.02 per share

- 2026-03: $189.05 per share

- 2026-04: $203.02 per share

- 2026-05: $236.49 per share

- 2026-06: $240.97 per share

- 2026-07: $252.86 per share

- 2026-08: $250.68 per share

- 2026-09: $231.52 per share

- 2026-10: $214.42 per share

## Annual estimated value (USD per share)

- FY2016: low $105.53 per share, central $148.00 per share, high $172.74 per share

- FY2017: low $118.08 per share, central $164.70 per share, high $191.85 per share

- FY2018: low $131.07 per share, central $181.73 per share, high $211.23 per share

- FY2019: low $172.79 per share, central $239.13 per share, high $277.76 per share

- FY2020: low $196.97 per share, central $265.56 per share, high $305.50 per share

- FY2021: low $169.60 per share, central $193.24 per share, high $223.08 per share

- FY2022: low $55.81 per share, central $61.73 per share, high $69.60 per share

- FY2023: low $60.50 per share, central $65.88 per share, high $73.03 per share

- FY2024: low $89.29 per share, central $95.52 per share, high $103.81 per share

- FY2025: low $82.65 per share, central $88.71 per share, high $96.79 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1232524/000123252426000013/jazz-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.