On this page of StockholderLetter.com we present the latest annual shareholder letter from Jazz Pharmaceuticals plc — ticker symbol JAZZ. Reading current and past JAZZ letters to shareholders can bring important insights into the investment thesis.

 •  6/6/2025 Letter Continued (Full PDF)
 •  6/16/2023 JAZZ Stockholder Letter
 •  6/14/2024 JAZZ Stockholder Letter
 •  More "Drugs & Pharmaceuticals" Category Stockholder Letters
 •  JAZZ Benford's Law Stock Score = 44

JAZZ Shareholder/Stockholder Letter Transcript:

STEVEN
EPIDIOLEX   Patient
Jazz Pharmaceuticals plc
Proxy Statement | 2024 Annual Report
CINDY
XYWAV   Patient
MARK
Zanidatamab Clinical Trial Participant


MEET STEVEN
Steven   s childhood was overshadowed by
frequent and severe seizures, and although
he underwent several tests to try to find
the cause, they weren   t conclusive. Steven
and his family endured years of seizures
without them being well controlled and
without knowing what was causing them.
   It was difficult for healthcare
providers to pinpoint what
was causing the seizures.   
    Annette, Steven   s mom
It wasn't until Steven's 25th birthday when
an epileptologist confirmed a diagnosis of
Lennox-Gastaut syndrome, or LGS.
LGS is a severe form of epilepsy that
begins in early childhood and continues
into adulthood. LGS can be difficult to
diagnose due to the complex clinical
presentation and evolution of symptoms
with time.1 Key clinical symptoms of LGS
include multiple types of treatmentresistant seizures with onset prior to
18 years of age, particularly tonic,
atonic and atypical absence seizures,
developmental delays, cognitive, and
often behavioral impairment. 2
LGS is frequently undiagnosed in
adult patients due to the evolution of
electroclinical symptoms over time
and the lack of transfer of prior medical
history to adult providers. The refractory
epilepsy screening tool for LennoxGastaut syndrome (REST-LGS) can
help adult providers identify patients
living with LGS.3 A specific diagnosis
can be meaningful for the family of a
person living with LGS, allowing them
to access specific resources such as
appropriate treatment options and join
in advocacy efforts.
Once Steven received a diagnosis, his
healthcare provider prescribed Epidiolex  
(cannabidiol). Steven   s family worked with
his healthcare provider to optimize the
appropriate dosage of Epidiolex for him,
which led to a reduction in seizures. In
addition, his family members noticed he
was more alert and able to focus on an
activity for a longer period of time than he
could before.
As the number of seizures decreased,
Steven   s family felt more comfortable with
him moving into an assisted living facility,
which helped him have new experiences
and gain some independence. Steven
enjoys time with friends and listening to
musical instruments such as the cabasa,
ukulele and piano.
1. Cincinnati Children   s Hospital. What is Lennox-Gastaut Syndrome? Available at https://www.cincinnatichildrens.org/health/l/
lennox-gastaut-syndrome#:~:text=LGS%20can%20be%20hard%20to,distinct%20electroencephalogram%20(EEG)%20pattern.
Accessed March 2025.
2. Children   s Hospital of Philadelphia. Lennox-Gastaut Syndrome. Available at https://www.chop.edu/conditions-diseases/lennoxgastaut-syndrome. Accessed March 2025.
3. Pina-Garza JE, Boyce D, Tworek DM, Davis KA, Gatens H, Lai G, McGoldrick PE, Thomas B, Wolf SM. The refractory epilepsy
screening tool for Lennox-Gastaut Syndrome (REST-LGS). Epilepsy & Behavior. 2019;(90):148-153.

   The fact that he was having
less seizures made us more
confident that he could live in
an assisted living facility.   
    Steve, Steven   s dad
It   s a great relief for Steven   s family knowing
that he has a community and a more
hopeful future.
Epidiolex  /Epidyolex   (cannabidiol) is the
first prescription, plant-derived cannabisbased medicine approved by the U.S.
Food and Drug Administration (FDA), the
European Commission and the Medicines
and Healthcare products Regulatory
Agency. Epidiolex/Epidyolex is approved in
more than 35 countries outside of the U.S.
In the U.S., Epidiolex is approved for the
treatment of seizures associated with
Lennox-Gastaut syndrome (LGS), Dravet
syndrome (DS), or tuberous sclerosis
complex (TSC) in patients 1 year of age
and older.
Epidyolex is approved by the European
Commission for use in addition to clobazam,
to treat patients from two years of age
and older with LGS or DS. It is also used to
treat TSC with other epilepsy treatments in
patients aged two and older.
The patient story shared in this
communication depicts an individual
patient   s response to our medicine and is
not representative of all patient responses.

DEAR FELLOW SHAREHOLDERS,
2024 was another strong year for Jazz across
commercial execution, pipeline progress and
financial performance. Our continued focus on
execution generated a record year of more than
$4 billion in total annual revenue, growing 6% yearover-year on the top-line, further strengthening
our financial position. This growth was driven by
increased revenues from Xywav  , Epidiolex   and
our oncology portfolio. Our commercial portfolio
was further diversified with the accelerated approval
and launch of Ziihera   (zanidatamab-hrii), the first
and only dual HER2-targeted bispecific antibody
approved for HER2-positive (IHC3+) second-line
(2L) biliary tract cancer (BTC) in the U.S.
Pipeline progress was equally noteworthy in 2024,
highlighted by the advancement of several late-stage
programs that have the potential to significantly
expand our therapeutic reach. In addition to FDA
approval of Ziihera in 2L BTC, we initiated a first-line
(1L) BTC confirmatory trial. We further advanced
the zanidatamab development program with the
initiation of the Phase 3 EmpowHER-BC-303
breast cancer trial and the Phase 2 pan-tumor trial.
Additionally, we reported statistically significant and
clinically meaningful top-line results from the Phase
3 IMforte trial of Zepzelca   in combination with
Tecentriq   (atezolizumab) as a maintenance therapy
in 1L extensive-stage small cell lung cancer (SCLC).
Based on these potentially practice-changing
data, we submitted a supplemental New Drug
Application (sNDA) to the FDA in the first half of 2025;
if approved in this indication, more patients will have
the opportunity to benefit from Zepzelca for a longer
period of time.
Our financial position remains strong. In 2024, we
generated approximately $1.4 billion in cash from
operations and ended the year with $3.0 billion in
cash, cash equivalents and investments, enabling
us to support multiple avenues of growth, including
maximizing our commercial portfolio, advancing
our pipeline and maintaining flexibility for strategic
corporate development opportunities. We have
multiple expansion opportunities stemming from
the development programs we initiated in 2024
and continue to progress. Our disciplined capital
allocation approach positions us to make investments
in driving continued growth and funding operations
while maintaining sufficient cash for value-creating
corporate development opportunities. In the second
quarter of 2025, we completed the acquisition of
Chimerix, further diversifying our oncology portfolio
with a near-commercial asset, dordaviprone, a
treatment under U.S. FDA regulatory review for H3
K27M-mutant diffuse glioma, a rare, high-grade
brain tumor that most commonly affects children
and young adults. The acquisition of Chimerix
strengthens Jazz   s presence in rare oncology and
reinforces our commitment to patients with rare
diseases and significant unmet medical needs.
We believe these accomplishments and our strong
balance sheet position us for continued success.
2024 ACCOMPLISHMENTS
COMMERCIAL
    Xywav is the only low-sodium oxybate therapy.
Xywav net product sales grew 16% year-over-year
in 2024. The importance of reducing sodium, which
is supported by FDA clinical superiority findings,
continues to resonate with healthcare providers
and patients. We see the most opportunity
for patient growth coming from idiopathic
hypersomnia (IH) as the only therapy approved to
treat IH and no near-term competition.
    Epidiolex/Epidyolex  : #1 branded epilepsy
treatment. Epidiolex net product sales grew 15%
year-over-year in 2024, driven by commercial
execution and generation of new data. We remain
confident that we will achieve blockbuster status
for Epidiolex/Epidyolex in 2025.
    Rylaze  /Enrylaze  : Only therapy available to
patients in the U.S. who have a hypersensitivity
reaction to E. coli-derived asparaginase.
Rylaze/Enrylaze net product sales grew 4%
year-over-year in 2024, and it has been nearly
universally adopted in pediatric asparaginasebased oncology protocols in the U.S.



 6/6/2025 Letter Continued (Full PDF)