Jazz Pharmaceuticals plc

Good day, and thank you for standing by. Welcome to the Jazz Pharmaceuticals fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker today, John Bluth, head of investor relations. Please go ahead.

Thank you, and good afternoon, everyone. Today, Jazz Pharmaceuticals reported its fourth quarter and full year 2025 financial results. The slide presentation accompanying this webcast is available on the investor section of our website, along with the press release and annual report on Form 10-K for the fiscal year ended December 31, 2025. On the call today are Renee Galla, President and Chief Executive Officer, Sam Pearce, Chief Commercial Officer, Robbie Annone, Global Head of R&D and Chief Medical Officer, and Phil Johnson, Chief Financial Officer. On slide two, I'd like to remind you that today's webcast includes forward-looking statements, such as those related to our future financial and operating results, growth potential and anticipated development regulatory and commercial milestones, which involve risks and uncertainties that could cause actual events, performance, and results to differ materially from those contained in these forward-looking statements. We encourage you to review these risks and uncertainties described in today's press release and under the caption risk factors in our annual report on Form 10-K for the fiscal year ended December 31st, 2025, and our subsequent filings with the SEC. We undertake no duty or obligation to update our forward-looking statements. As noted on slide three, we will discuss non-GAAP financial measures on this webcast, Descriptions of these non-GAAP financial measures and reconciliations of GAAP to non-GAAP financial measures are included in today's press release and the slide presentation available on the investor section of our website. I'll now turn the call over to Renee.

Thanks, John. Good afternoon, everyone, and thank you for joining us to discuss Jazz's fourth quarter and full year 2025 results, as well as our outlook for 2026. I'll begin on slide five. Jazz had an exceptional year in 2025, representing our 21st consecutive year of top-line revenue growth and underscoring our commitment to operational excellence as we deliver meaningful innovation for patients. We achieved record total revenue in 2025 of $4.3 billion. This included fourth quarter revenue of $1.2 billion, reflecting 10% year-over-year growth and our highest revenue quarter ever. we expanded our portfolio through multiple approvals and launches. Following our acquisition of Chimerix in April, we rapidly received approval of and launched Medeso, bringing this new therapy to patients who previously had no approved drug options. From its launch in August, Medeso generated $48 million in 2025 revenue. In October, we received approval of Dubselka in combination with the Tizolizumab in the first-line maintenance setting, following the strong overall survival data presented at ASCO in June. Our most significant R&D progress came with the presentation of practice-changing data from our first randomized phase three clinical trial of zanidatamab, supporting the opportunity for Zani to become the HER2-targeted agent of choice across a number of tumor types. Zanidatamab in combination with tizolizumab and chemotherapy demonstrated more than two years of median overall survival in first-line HER2-positive metastatic GEA, an unprecedented survival benefit for these patients whose five-year survival rates remain below 10%. In addition to our outstanding execution on the commercial and regulatory front, we resolved nearly all major litigation for the company. We settled outstanding AMDA litigation for Epidiolex, increasing the runway into the very late 2030s, and we resolved the majority of litigation in our Rare Suite franchise. These achievements are all underpinned by our strong financial position and performance, which Phil will cover later in the call. As we look ahead to the next decade and beyond, we are sharpening our strategic focus on rare disease. Our rare disease strategy is centered on strengthening our current franchises and expanding into new areas of rare disease, supported by multiple dynamics that make this space attractive for JAS, as outlined on slide six. Built on the capabilities we have developed over many years and our longstanding commitment to delivering life-changing medicines, we believe JAS is particularly well-suited to have a meaningful impact for patients with rare disease. We look forward to announcing future pipeline advancements and new business development transactions. Our proven track record in corporate development, as outlined on slide seven, includes a number of successful value-creating transactions in rare disease. For example, we acquired Xani DataMap through a licensing agreement with a modest upfront payment. Since then, we've made significant progress with an approval in second-line BTC, practice-changing data in GEA, and what is now an extensive development program across breast and other HER2-expressing cancers. With the Chimerix acquisition, in addition to securing Medeso, we generated significant financial value by recognizing a deferred tax asset that will reduce our future cash taxes by over $200 million. And as announced in January, we sold our priority review voucher for $200 million in gross proceeds half of which will flow to Jazz. In fact, each of the deals outlined here has added new areas of strength and expertise, which we intend to leverage to continue building a more valuable company. 2025 was an outstanding year for Jazz, one that we're proud of and one that provides us with immense confidence in the future. We are building upon this momentum in 2026, as we prepare for the potential launch of Dany Datamab in GEA and sustain the launch execution for Medeso and Zepzelka. We also remain focused on reinforcing the differentiated profiles of Epidiolex and Zywave as the leading branded treatments for epilepsy and narcolepsy, respectively. In parallel, we continue to advance our R&D pipeline and pursue a business development strategy that is aligned with our rare disease focus aiming to deliver durable growth and long-term value creation for patients and shareholders. I'll now turn the call over to Sam to discuss our commercial performance.