JAZZJazz Pharmaceuticals plc

Pharmaceutical Preparations

Revenue: $4.3B; 4.9% YoY
Operating margin: -10.1%; 157% YoY
EBITDA: −$389M; 152% YoY
Market cap: $13.3B
Employees: 2,000; $2M revenue each
Net debt / EBITDA: —; $3.5B net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRYes
$16M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
9% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
15% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 91st pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 45th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$70M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.1B	$3.7B	$3.8B	$4.1B	$4.3B	4.9%
Operating income	$170M	−$66M	$579M	$717M	−$430M	160%
Net income	−$330M	−$224M	$415M	$560M	−$356M	164%
Operating cash flow	$779M	$1.3B	$1.1B	$1.4B	$1.4B	2.9%
Capex	$28M	$29M	$24M	$38M	$59M	54%
Stock-based comp	$189M	$222M	$227M	$248M	$291M	17%
Buybacks	$0	$54K	$270M	$311M	$125M	60%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $70M · 59
Net: −$70M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	103	125
FY2024	$16M	$17M	75	93
FY2023	$15M	−$3M	75	94
FY2022	$17M	$26M	97	90
FY2021	$16M	$5M	77	100