Jazz Pharmaceuticals plc 10-K

Item 9A. Controls and Procedures Evaluation of Disclosure Controls and Procedures . We have carried out an evaluation under the supervision and with the participation of management, including our principal executive officer and principal financial officer, of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this Annual Report on Form 10‑K. Based on their evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of December 31, 2025. Limitations on the Effectiveness of Controls. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within an organization have been detected. Accordingly, our disclosure controls and procedures are designed to provide reasonable, not absolute, assurance that the objectives of our disclosure control system are met and, as set forth above, our principal executive officer and principal financial officer have concluded, based on their evaluation as of the end of the period covered by this report, that our 106 Table of Contents disclosure controls and procedures were effective to provide reasonable assurance that the objectives of our disclosure control system were met. Changes in Internal Control over Financial Reporting. During the quarter ended December 31, 2025, there were no changes to our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Management’s Report on Internal Control over Financial Reporting. The following report is provided by management in respect of our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act): 1. Our management is responsible for establishing and maintaining adequate internal control over financial reporting. 2. Our management used the COSO framework to evaluate the effectiveness of internal control over financial reporting. Management believes that the COSO framework is a suitable framework for its evaluation of financial reporting because it is free from bias, permits reasonably consistent qualitative and quantitative measurements of our internal control over financial reporting, is sufficiently complete so that those relevant factors that would alter a conclusion about the effectiveness of our internal control over financial reporting are not omitted and is relevant to an evaluation of internal control over financial reporting. 3. Management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2025 and has concluded that such internal control over financial reporting was effective. There were no material weaknesses in internal control over financial reporting identified by management. 4. KPMG, our independent registered public accounting firm, has audited the consolidated financial statements of Jazz Pharmaceuticals plc as of and for the year ended December 31, 2025, included herein, and has issued an audit report on our internal control over financial reporting, which is included below. 107 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors Jazz Pharmaceuticals plc: Opinion on Internal Control Over Financial Reporting We have audited Jazz Pharmaceuticals Plc and subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income (loss), comprehensive income, shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedules at item 15(a)2 (collectively, the consolidated financial statements), and our report dated February 24, 2026, expressed an unqualified opinion on those consolidated financial statements. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Managements Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG Dublin, Ireland February 24, 2026 108 Table of Contents Item 9B. Other Information Insider Trading Arrangements The following is a summary of the material terms of the contracts, instructions or written plans for the purchase or sale of the company’s securities adopted or terminated by our officers (as defined in Rule 16a-1(f) under the Exchange Act) and directors during the quarter ended December 31, 2025: Type of Trading Arrangement Name and Position Date Action Rule 10b5-1* Expiration Date Total Ordinary Shares to be Sold Bruce C. Cozadd ( Chairman ) 11/26/2025 Adoption X 2/26/2027 Up to 72,000 * Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. PART III Certain information required by Part III is omitted from this Annual Report on Form 10‑K and incorporated by reference to our 2026 Proxy Statement, to be filed with the SEC pursuant to Regulation 14A of the Exchange Act. If our 2026 Proxy Statement is not filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10‑K, the omitted information will be included in an amendment to this Annual Report on Form 10‑K filed not later than the end of such 120-day period. Item 10. Directors, Executive Officers and Corporate Governance The information required by this item is to be included in our 2026 Proxy Statement to be filed with the SEC and is incorporated herein by reference, provided that if the 2026 Proxy Statement is not filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, the omitted information will be included in an amendment to this Annual Report on Form 10-K filed not later than the end of such 120-day period. Our Code of Conduct applies to all of our employees, directors and officers, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, and those of our subsidiaries. The Code of Conduct is available on our website at www.jazzpharmaceuticals.com under the section entitled “Our Purpose” under “Ethical Standards.” We intend to satisfy the disclosure requirements under Item 5.05 of the SEC Form 8-K regarding an amendment to, or waiver from, a provision of our Code of Conduct by posting such information on our website at the website address and location specified above. Item 11. Executive Compensation The information required by this item will be included in our 2026 Proxy Statement to be filed with the SEC and is incorporated herein by reference, provided that if the 2026 Proxy Statement is not filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, the omitted information will be included in an amendment to this Annual Report on Form 10-K filed not later than the end of such 120-day period. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by this item will be included in our 2026 Proxy Statement to be filed with the SEC and, other than the information required by Item 402(v) of Regulation S-K is incorporated herein by reference, provided that if the 2026 Proxy Statement is not filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, the 109 Table of Contents omitted information will be included in an amendment to this Annual Report on Form 10-K filed not later than the end of such 120-day period. Item 13. Certain Relationships and Related Transactions, and Director Independence The information required by this item will be included in our 2026 Proxy Statement to be filed with the SEC and is incorporated herein by reference, provided that if the 2026 Proxy Statement is not filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, the omitted information will be included in an amendment to this Annual Report on Form 10-K filed not later than the end of such 120-day period. Item 14. Principal Accountant Fees and Services The information required by this item will be included in our 2026 Proxy Statement to be filed with the SEC and is incorporated herein by reference, provided that if the 2026 Proxy Statement is not filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, the omitted information will be included in an amendment to this Annual Report on Form 10-K filed not later than the end of such 120-day period. PART IV Item 15. Exhibits and Financial Statement Schedules (a) The following documents are filed as part of this Annual Report on Form 10‑K: 1. Financial Statements: See Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10‑K. 2. Financial Statement Schedules: The following financial statement schedule of Jazz Pharmaceuticals plc is filed as part of this Annual Report on Form 10‑K on page F- 49 and should be read in conjunction with the consolidated financial statements of Jazz Pharmaceuticals plc. Schedule II: Valuation and Qualifying Accounts All other schedules are omitted because they are not applicable, not required under the instructions, or the requested information is shown in the consolidated financial statements or related notes thereto. (b) Exhibits—The following exhibits are included herein or incorporated herein by reference: Exhibit Number Description of Document Form File No. Exhibit Filing Date Filed Herewith 2.1‡ Agreement and Plan of Merger, dated as of March 4, 2025, by and among Chimerix, Inc, Jazz Pharmaceuticals Public Limited Company, and Pinetree Acquisition Sub, Inc. 8-K 001-33500 2.1 3/5/2025 2.2‡ Transaction Agreement, dated as of February 3, 2021, by and among Jazz Pharmaceuticals UK Holdings Limited, Jazz Pharmaceuticals Public Limited Company and GW Pharmaceuticals PLC 8-K 001-33500 2.1 2/4/2021 2.3# License and Collaboration Agreement, dated October 18, 2022, between Jazz Pharmaceuticals Ireland Limited and Zymeworks BC Inc. 8-K 001-33500 2.1 12/5/2022 3.1 Amended and Restated Memorandum and Articles of Association of Jazz Pharmaceuticals Public Limited Company , as amended on August 4, 2016 10-Q 001-33500 3.1 8/9/2016 4.1 Description of Share Capital X 4.2A Indenture, dated as of August 23, 2017, among Jazz Pharmaceuticals Public Limited Company , Jazz Investments I Limited and U.S. Bank National Association 8-K 001-33500 4.1 8/23/2017 110 Table of Contents 4.2B Form of 1.50% Exchangeable Senior Note due 2024 8-K 001-33500 4.2 8/23/2017 4.3A Indenture, dated as of June 11, 2020 among Jazz Pharmaceuticals Public Limited Company , Jazz Investments I Limited and U.S. Bank National Association 8-K 001-33500 4.1 6/11/2020 4.3B Form of 2.000% Exchangeable Senior Note due 2026 8-K 001-33500 4.2 6/11/2020 4.4A Indenture, dated as of April 29, 2021, among Jazz Securities Designated Activity Company, the guarantors party thereto, U.S. Bank National Association, as trustee and acknowledged by U.S. Bank National Association, as collateral trustee 8-K 001-33500 4.1 4/29/2021 4.4B Form of 4.375% Senior Notes due 2029 8-K 001-33500 4.2 4/29/2021 4.5 First Supplemental Indenture, dated as of July 21, 2021, among GW Pharmaceuticals Limited, GW Global Services (International) Limited, GW Pharma Limited, GW Research Limited, GW UK Services Limited and Greenwich Biosciences, Inc., Jazz Securities Designated Activity Company, and U.S. Bank National Association, as trustee under the Indenture, dated as of April 29, 2021 10-Q 001-33500 4.5C 8/3/2021 4.6A Indenture, dated as of September 6, 2024 among Jazz Pharmaceuticals Public Limited Company, Jazz Investments I Limited and U.S. Bank Trust Company, National Association 8-K 001-33500 4.1 9/6/2024 4.6B Form of 3.125% Exchangeable Senior Note due 2030 8-K 001-33500 4.2 9/6/2024 10.1A Credit Agreement, dated as of May 5, 2021, by and among Jazz Pharmaceuticals Public Limited Company, the other borrowers from time to time party thereto, the lenders and issuing banks from time to time party thereto, Bank of America, N.A., as administrative agent, and U.S. Bank National Association, as collateral trustee 8-K 001-33500 10.1 5/5/2021 10.1B Conforming Changes Amendment, dated as of June 7, 2023, entered into by Bank of America, N.A. as administrative agent to Credit Agreement, dated as of May 5, 2021, by and among Jazz Pharmaceuticals Public Limited Company, the other borrowers from time to time party thereto, the lenders and issuing banks from time to time party thereto, Bank of America, N.A., as administrative agent, and U.S. Bank National Association, as collateral trustee 10-Q 001-33500 10.1 8/9/2023 10.1C Amendment No. 1 , dated as of January 19, 2024, to Credit Agreement dated as of May 5, 2021, by and among Jazz Pharmaceuticals Public Limited Company, the other borrowers from time to time party thereto, the lenders and issuing banks from time to time party thereto, Bank of America, N.A., as administrative agent, and U.S. Bank Trust Company, National Association, as collateral trustee 8-K 001-33500 10.1 1/25/2024 10.1D Amendment No. 2, dated as of January 19, 2024, to Credit Agreement dated as of May 5, 2021, by and among Jazz Pharmaceuticals Public Limited Company, the other borrowers party thereto, the guarantors party thereto, the lenders party thereto, Bank of America, N.A., as administrative agent, and U.S. Bank Trust Company, National Association, (as successor in interest to U.S. Bank National Association), as collateral truste e 8-K 001-33500 10.1 7/22/2024 10.1E Amendment No. 3, dated as of November 26, 2024 , to Credit Agreement dated as of May 5, 2021, by and among Jazz Pharmaceuticals Public Limited Company, the other borrowers party thereto, the guarantors party thereto, the lenders and issuing banks party thereto, Bank of America, N.A., as administrative agent, and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as collateral trustee 8-K 001-33500 10.1 11/26/2024 111 Table of Contents 10.2A# License and Option Agreement, dated July 27, 2016, by and between Pfenex Inc. and Jazz Pharmaceuticals Ireland Limited 10-Q 001-33500 10.1A 8/6/2025 10.2B# Amended and Restated License and Option Agreement, dated December 18, 2017, by and between Pfenex Inc. and Jazz Pharmaceuticals Ireland Limited 10-Q 001-33500 10.1B 8/6/2025 10.3# Settlement Agreement, dated as of April 5, 2017, by and between Jazz Pharmaceuticals, Inc. and Jazz Pharmaceuticals Ireland Limited, and Roxane Laboratories, Inc., West-Ward Pharmaceuticals Corp., Eurohealth (USA), Inc., and Hikma Pharmaceuticals PLC 10-Q 001-33500 10.1 11/9/2022 10.4† Supply Agreement, dated as of April 1, 2010, by and between Jazz Pharmaceuticals, Inc. and Siegfried (USA) Inc. 10-Q 001-33500 10.54 5/7/2010 10.5‡ Master Manufacturing Services Agreement, dated as of October 1, 2015, by and between Jazz Pharmaceuticals Ireland Limited and Patheon Pharmaceuticals Inc. 10-K 001-33500 10.8 2/23/2021 10.6‡ Contract Manufacturing Agreement, dated as of January 20, 2020, by and between Jazz Pharmaceuticals Ireland Limited and Siegfried AG 10-K 001-33500 10.10 2/25/2020 10.7# Pharmacy Master Services Agreement, dated as of December 1, 2022, by and between Jazz Pharmaceuticals, Inc. and Express Scripts Specialty Distribution Services, Inc. 10-K 001-33500 10.8 3/1/2023 10.8A‡ Amended and Restated License Agreement, dated as of October 14, 2020, between Pharma Mar, S.A. and Jazz Pharmaceuticals Ireland Limited 10-K 001-33500 10.12 2/23/2021 10.8B‡ Amendment No. 1, dated as of May 6, 2021, to Amended and Restated License Agreement, dated as of October 14, 2020, between Pharma Mar, S.A. and Jazz Pharmaceuticals Ireland Limited 10-Q 001-33500 10.2 8/3/2021 10.9 Lease, dated May 8, 2012, by and between John Ronan and Castle Cove Property Developments Limited and Jazz Pharmaceuticals plc 10-Q 001-33500 10.2 8/7/2012 10.10# Preliminary Settlement Agreement, dated April 7, 2025, by and between Jazz Pharmaceuticals Ireland Limited and the Class Plaintiffs named therein, individually and on behalf of the Proposed Settlement Class 8-K 001-33500 10.1 4/8/2025 10.11+ Form of Indemnification Agreement between Jazz Pharmaceuticals plc and its officers and directors 8-K 001-33500 10.1 1/18/2012 10.12+ Offer Letter from Jazz Pharmaceuticals, Inc. to Robert Iannone dated as of April 11, 2019 10-Q 001-33500 10.4 8/6/2019 10.13A+ Employment Agreement, dated as of May 16, 2012 by and between Patricia Carr and Jazz Pharmaceuticals plc 10-Q 001-33500 10.1 11/5/2019 10.13B+ Change in Control Severance Terms, dated as of May 15, 2016, by and between Jazz Pharmaceuticals Ireland Ltd. and Patricia Carr 10-Q 001-33500 10.2 11/5/2019 10.13C+ Change in Control Stock Award Acceleration Agreement, dated as of May 15, 2016 by and between Jazz Pharmaceuticals plc and Patricia Carr 10-Q 001-33500 10.3 11/5/2019 10.14+ Offer Letter, dated as of July 5, 2019 by and between Jazz Pharmaceuticals, Inc. and Neena M. Patil 10-Q 001-33500 10.4 11/5/2019 10.15A+ Employment Contract, dated as of December 14, 2019, by and between Jazz Pharmaceuticals UK Limited and Samantha Pearce 10-K 001-33500 10.28A 2/25/2020 10.15B+ Equity Award Letter, dated as of December 9, 2019, by and between Jazz Pharmaceuticals UK Limited and Samantha Pearce 10-K 001-33500 10.28B 2/25/2020 112 Table of Contents 10.15C+ Amendment to Employment Contract, dated as of April 21, 2020, by and between Jazz Pharmaceuticals UK Limited and Samantha Pearce 10-Q 001-33500 10.4 5/5/2020 10.15D+ Offer Letter from Jazz Pharmaceuticals, Inc. to Samantha Pearce 10-Q 001-33500 10.4 8/1/2024 10.16A+ Offer Letter, dated as of February 23, 2020, by and between Jazz Pharmaceuticals, Inc. and Ren e e Gal a 10-Q 001-33500 10.1 5/5/2020 10.16B+ Letter Agreement, dated as of July 30, 2025, by and between Jazz Pharmaceuticals, Inc. and Ren e e Gal a 10-Q 001-33500 10.2 8/6/2025 10.17A+ Offer Letter, dated as of April 4, 2023, by and between Jazz Pharmaceuticals Ireland and Liz Henderson 10-K 001-33500 10.17A 2/28/2024 10.17B+ New Hire Equity Letter, dated as of April 4, 2023, from Jazz Pharmaceuticals to Liz Henderson 10-K 001-33500 10.17B 2/28/2024 10.18A+ Offer Letter, dated as of January 30, 2024, by and between Jazz Pharmaceuticals, Inc. and Philip Johnson 10-Q 001-33500 10.1 5/2/2024 10.18B+ Sign-On Bonus Repayment Agreement, dated as of February 25, 2024, by and between Jazz Pharmaceuticals, Inc. and Philip Johnson. 10-K 001-33500 10.17B 2/26/2025 10.19A+ Amended and Restated 2011 Equity Incentive Plan (approved November 1, 2023) 10-K 001-33500 10.18I 2/28/2024 10.19B+ Form of U.S. Option Grant Notice and Form of U.S. Option Agreement under the Jazz Pharmaceuticals plc Amended and Restated 2011 Equity Incentive Plan 10-Q 001-33500 10.7 11/8/2016 10.19C+ Form of Non-U.S. Option Grant Notice and Non-U.S. Option Agreement under the Jazz Pharmaceuticals plc 2011 Equity Incentive Plan 10-Q 001-33500 10.4 5/7/2019 10.19D+ Form of U.S. Restricted Stock Unit Award Grant Notice and Form of U.S. Restricted Stock Unit Award Agreement under the Jazz Pharmaceuticals plc Amended and Restated 2011 Equity Incentive Plan 10-Q 001-33500 10.8 8/3/2021 10.19E+ Form of Non-U.S. Restricted Stock Unit Award Grant Notice and Form of Non-U.S. Restricted Stock Unit Award Agreement under the Jazz Pharmaceuticals plc Amended and Restated 2011 Equity Incentive Plan 10-Q 001-33500 10.1 11/9/2021 10.19F+ Form of U.S. Performance Restricted Stock Unit Award Grant Notice and Form of U.S. Performance Restricted Stock Unit Award Agreement under the Jazz Pharmaceuticals plc Amended and Restated 2011 Equity Incentive Plan 10-Q 001-33500 10.6 8/3/2021 10.19G+ Form of Non-U.S. Performance Restricted Stock Unit Award Grant Notice and Form of Non-U.S. Performance Restricted Stock Unit Award Agreement under the Jazz Pharmaceuticals plc Amended and Restated 2011 Equity Incentive Plan 10-Q 001-33500 10.7 8/3/2021 10.20A+ Amended and Restated 2007 Non-Employee Directors Stock Award Plan (approved July 30, 2020) 10-Q 001-33500 10.2 5/2/2024 10.20B+ Form of Non-U.S. Option Grant Notice and Non-U.S. Option Agreement under the Jazz Pharmaceuticals plc Amended and Restated 2007 Non-Employee Directors Stock Award Plan 10-Q 001-33500 10.2 11/2/2020 10.20C+ Form of Non-U.S. Restricted Stock Unit Award Grant Notice and Non-U.S. Restricted Stock Unit Award Agreement under the Jazz Pharmaceuticals plc Amended and Restated 2007 Non-Employee Directors Stock Award Plan 10-Q 001-33500 10.3 11/2/2020 10.21A+ Amended and Restated GW Pharmaceuticals plc 2020 Long-Term Incentive Plan . 10-K 001-33500 10.20A 2/28/2024 10.21B+ Form of Restricted Stock Unit Award Agreement under the GW Pharmaceuticals plc 2020 Long-Term Incentive Plan 10-Q 001-33500 10.10B 8/3/2021 113 Table of Contents 10.21C+ Form of Replacement Stock Option Award Agreement under the GW Pharmaceuticals plc 2020 Long-Term Incentive Plan 10-Q 001-33500 10.10C 8/3/2021 10.21D+ Form of Replacement Restricted Stock Unit Award Agreement under the GW Pharmaceuticals plc 2020 Long-Term Incentive Plan 10-Q 001-33500 10.10D 8/3/2021 10.22A+ Amended and Restated 2007 Employee Stock Purchase Plan (approved November 1, 2023) 10-K 001-33500 10.21C 2/28/2024 10.22B+ Jazz Pharmaceuticals plc 2007 Employee Stock Purchase Plan Sub-Plan Governing Purchase Rights to Participants in the Republic of Ireland 10-Q 001-33500 10.14C 5/8/2012 10.23+ Jazz Pharmaceuticals plc Global Cash Bonus Plan (approved November, 2021) 10-K 001-33500 10.34E 3/1/2022 10.24+ Amended and Restated Executive Change in Control and Severance Benefit Plan, dated as of May 3, 2023 10-Q 001-33500 10.2 8/9/2023 10.25+ Jazz Pharmaceuticals plc Executive Committee Severance Benefit Plan 10-Q 001-33500 10.4 5/7/2025 10.24+ Amended and Restated Non-Employee Director Compensation Policy (approved October 23, 2025) 10-Q 001-33500 10.1 11/5/2025 19.1 Jazz Pharmaceuticals plc Insider Trading Policy 10-K 001-33500 19.1 2/26/2025 21.1 Subsidiaries of Jazz Pharmaceuticals plc. X 23.1 Consent of KPMG, Independent Registered Public Accounting Firm. X 31.1 Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended. X 31.2 Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended. X 32.1* Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. X 97.1 Jazz Pharmaceuticals plc Policy for Recoupment of Incentive Compensation 10-K 001-33500 97.1 2/28/2024 101.INS XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document X 101.SCH Inline XBRL Taxonomy Extension Schema Document X 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document X 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document X 101.LAB Inline XBRL Taxonomy Extension Labels Linkbase Document X 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document X 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) X ___________________ + Indicates management contract or compensatory plan. † Confidential treatment has been granted for portions of this exhibit. Omitted portions have been filed separately with the Securities and Exchange Commission. ‡ Certain portions of this exhibit have been omitted pursuant to Item 601(b)(2) of Regulation S-K. # Portions of this document have been omitted pursuant to Item 601(b)(10) of Regulations S-K because they are both not material and are the type that the company treats as private and confidential. 114 Table of Contents * The certifications attached as Exhibit 32.1 accompany this Annual Report on Form 10‑K pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed “filed” by the Registrant for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. Item 16. Form 10‑K Summary None. 115 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: February 24, 2026 Jazz Pharmaceuticals public limited company (Registrant) /s/ Renee D. Gala Renee D. Gala President and Chief Executive Officer and Director (Principal Executive Officer) /s/ Philip L. Johnson Philip L. Johnson Executive Vice President and Chief Financial Officer (Principal Financial Officer) /s/ Patricia Carr Patricia Carr Senior Vice President, Chief Accounting Officer (Principal Accounting Officer) 116 Table of Contents POWER OF ATTORNEY KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Renee D. Gala, Philip L. Johnson, Neena M. Patil and Patricia Carr, and each of them, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution for him or her, and in his or her name in any and all capacities, to sign any and all amendments to this Annual Report on Form 10‑K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, and any of them, his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof. Pursuant to the requirements of the Securities Exchange Act of 1934, the following persons on behalf of the registrant and in the capacities and on the dates indicated have signed this report below: Signature Title Date /s/ Renee D. Gala President and Chief Executive Officer and Director (Principal Executive Officer) February 24, 2026 Renee D. Gala /s/ Philip L. Johnson Executive Vice President and Chief Financial Officer (Principal Financial Officer) February 24, 2026 Philip L. Johnson /s/ Patricia Carr Senior Vice President, Chief Accounting Officer (Principal Accounting Officer) February 24, 2026 Patricia Carr /s/ Bruce C. Cozadd Chairman February 24, 2026 Bruce C. Cozadd /s/ Jennifer E. Cook Director February 24, 2026 Jennifer E. Cook /s/ Patrick G. Enright Director February 24, 2026 Patrick G. Enright /s/ Laura Hamill Director February 24, 2026 Laura Hamill /s/ Patrick Kennedy Director February 24, 2026 Patrick Kennedy /s/ Ted W. Love, M.D. Director February 24, 2026 Ted W. Love, M.D. /s/ Heather Ann McSharry Director February 24, 2026 Heather Ann McSharry /s/ Seamus C. Mulligan Director February 24, 2026 Seamus C. Mulligan /s/ Anne O’Riordan Director February 24, 2026 Anne O’Riordan /s/ Norbert G. Riedel, Ph.D. Director February 24, 2026 Norbert G. Riedel, Ph.D. /s/ Mark D. Smith, M.D. Director February 24, 2026 Mark D. Smith, M.D. /s/ Rick E Winningham Director February 24, 2026 Rick E Winningham 117 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors Jazz Pharmaceuticals plc: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Jazz Pharmaceuticals Plc and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income (loss), comprehensive income, shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025 and the related notes and financial statement schedules at item 15(a)2 (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 24, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates. Assessment of Epidiolex Medicaid Rebate Accrual As discussed in Note 2 to the consolidated financial statements, sales made under governmental and managed-care pricing programs and commercial payor contracts in the U.S. are subject to rebates and require significant judgment in determining the sales utilization percentage used in calculating the Epidiolex Medicaid rebate accrual. As discussed in Note 10 to the consolidated financial statements, the Company reported rebates and other sales deductions of $459.8 million, which included rebates related to the Epidiolex Medicaid rebate program in the U.S. We identified the assessment of the Epidiolex Medicaid rebate accrual as a critical audit matter. Significant and complex auditor judgment was required to assess the Epidiolex Medicaid rebate accrual, specifically due to the significant judgment required in determining the sales utilization percentage used in the calculation of the Epidiolex Medicaid rebate accrual amount. The following are the primary procedures we performed to address this critical audit matter. - We evaluated the design and tested the operating effectiveness of certain internal controls related to the assessment of Epidiolex Medicaid rebate accrual; F-1 Table of Contents - We compared the Company’s historical Epidiolex Medicaid rebate accrual amount to the actual claims received to assess the Company’s ability to accurately forecast; - We assessed the assumption for reasonableness by comparing it against a sales utilization percentage range that we independently developed based on historical utilization rates. /s/ KPMG We have served as the Company’s auditor since 2012. Dublin, Ireland February 24, 2026 F-2 Table of Contents JAZZ PHARMACEUTICALS PLC CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) December 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 1,391,899 $ 2,412,864 Investments 1,050,000 580,000 Accounts receivable, net of allowances of $ 17,294 and $ 32,691 at December 31, 2025 and 2024, respectively 830,747 716,765 Inventories 416,962 480,445 Prepaid expenses 152,481 177,411 Other current assets 323,954 261,543 Total current assets 4,166,043 4,629,028 Property, plant and equipment, net 199,857 173,413 Operating lease assets 58,880 53,582 Intangible assets, net 4,429,510 4,755,695 Goodwill 1,829,340 1,716,323 Deferred tax assets, net 869,130 560,245 Deferred financing costs 7,550 9,489 Other non-current assets 99,030 114,482 Total assets $ 11,659,340 $ 12,012,257 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 122,061 $ 77,869 Accrued liabilities 1,034,170 910,947 Current portion of long-term debt 1,029,903 31,000 Income taxes payable 56,387 18,757 Total current liabilities 2,242,521 1,038,573 Long-term debt, less current portion 4,328,354 6,077,640 Operating lease liabilities, less current portion 50,892 38,938 Deferred tax liabilities, net 594,470 676,736 Other non-current liabilities 124,519 86,614 Commitments and contingencies (Note 13) Shareholders’ equity: Ordinary shares, nominal value $ 0.0001 per share; 300,000 shares authorized; 61,435 and 60,631 shares issued and outstanding at December 31, 2025 and 2024, respectively 6 6 Non-voting euro deferred shares, € 0.01 par value per share; 4,000 shares authorized, issued and outstanding at both December 31, 2025 and 2024 55 55 Capital redemption reserve 473 473 Additional paid-in capital 4,240,472 3,913,542 Accumulated other comprehensive loss ( 568,598 ) ( 947,667 ) Retained earnings 646,176 1,127,347 Total shareholders’ equity 4,318,584 4,093,756 Total liabilities and shareholders’ equity $ 11,659,340 $ 12,012,257 The accompanying notes are an integral part of these consolidated financial statements. F-3 Table of Contents JAZZ PHARMACEUTICALS PLC CONSOLIDATED STATEMENTS OF INCOME (LOSS) (In thousands, except per share amounts) Year Ended December 31, 2025 2024 2023 Revenues: Product sales, net $ 4,021,849 $ 3,821,164 $ 3,736,943 Royalties and contract revenues 245,737 247,786 97,261 Total revenues 4,267,586 4,068,950 3,834,204 Operating expenses: Cost of product sales (excluding amortization of acquired developed technologies) 503,296 445,713 435,577 Selling, general and administrative 1,809,271 1,385,294 1,343,105 Research and development 782,736 884,000 849,658 Intangible asset amortization 654,661 627,313 608,284 Acquired in-process research and development 947,862 10,000 19,000 Total operating expenses 4,697,826 3,352,320 3,255,624 Income (loss) from operations ( 430,240 ) 716,630 578,580 Interest expense, net ( 195,051 ) ( 238,097 ) ( 289,438 ) Foreign exchange gain (loss) ( 2,568 ) ( 8,182 ) 8,787 Income (loss) before income tax benefit and equity in loss of investees ( 627,859 ) 470,351 297,929 Income tax benefit ( 272,443 ) ( 91,429 ) ( 119,912 ) Equity in loss of investees 732 1,660 3,009 Net income (loss) $ ( 356,148 ) $ 560,120 $ 414,832 Net income (loss) per ordinary share: Basic $ ( 5.84 ) $ 9.06 $ 6.55 Diluted $ ( 5.84 ) $ 8.65 $ 6.10 Weighted-average ordinary shares used in per share calculations - basic 60,981 61,838 63,291 Weighted-average ordinary shares used in per share calculations - diluted 60,981 66,007 72,066 The accompanying notes are an integral part of these consolidated financial statements. F-4 Table of Contents JAZZ PHARMACEUTICALS PLC CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) Year Ended December 31, 2025 2024 2023 Net income (loss) $ ( 356,148 ) $ 560,120 $ 414,832 Other comprehensive income (loss): Foreign currency translation adjustments 380,172 ( 106,025 ) 283,127 Unrealized gain on cash flow hedging activities, net of income tax expense of $ 65 , $ 1,760 and $ 1,215 , respectively 208 5,298 3,658 Gain on cash flow hedging activities reclassified from accumulated other comprehensive loss to interest expense, net of income tax expense of $ 411 , $ 1,593 and $ 1,137 , respectively ( 1,311 ) ( 4,793 ) ( 3,423 ) Other comprehensive income (loss) 379,069 ( 105,520 ) 283,362 Total comprehensive income $ 22,921 $ 454,600 $ 698,194 The accompanying notes are an integral part of these consolidated financial statements. F-5 Table of Contents JAZZ PHARMACEUTICALS PLC CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (In thousands) Ordinary Shares Non-voting Euro Deferred Capital Redemption Reserve Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Equity Shares Amount Shares Amount Balance at December 31, 2022 63,214 $ 6 4,000 $ 55 $ 472 $ 3,477,124 $ ( 1,125,509 ) $ 733,586 $ 3,085,734 Issuance of ordinary shares in conjunction with exercise of share options 280 — — — — 30,189 — — 30,189 Issuance of ordinary shares under employee stock purchase plan 156 — — — — 16,270 — — 16,270 Issuance of ordinary shares in conjunction with vesting of restricted stock units 735 — — — — — — — — Shares withheld for payment of employee's withholding tax liability — — — — — ( 50,952 ) — — ( 50,952 ) Share-based compensation — — — — — 227,323 — — 227,323 Shares repurchased ( 2,130 ) — — — 1 — — ( 269,762 ) ( 269,761 ) Other comprehensive income — — — — — — 283,362 — 283,362 Net income — — — — — — — 414,832 414,832 Balance at December 31, 2023 62,255 6 4,000 55 473 3,699,954 ( 842,147 ) 878,656 3,736,997 Issuance of ordinary shares in conjunction with exercise of share options 22 — — — — 1,629 — — 1,629 Issuance of ordinary shares under employee stock purchase plan 212 — — — — 19,018 — — 19,018 Issuance of ordinary shares in conjunction with vesting of restricted stock units 892 — — — — — — — — Issuance of ordinary shares in conjunction with vesting of performance-based restricted stock units 80 — — — — — — — — Shares withheld for payment of employee's withholding tax liability — — — — — ( 57,753 ) — — ( 57,753 ) Share-based compensation — — — — — 250,694 — — 250,694 Shares repurchased ( 2,830 ) — — — — — — ( 311,429 ) ( 311,429 ) Other comprehensive loss — — — — — — ( 105,520 ) — ( 105,520 ) Net income — — — — — — — 560,120 560,120 Balance at December 31, 2024 60,631 $ 6 4,000 $ 55 $ 473 $ 3,913,542 $ ( 947,667 ) $ 1,127,347 $ 4,093,756 F-6 Table of Contents JAZZ PHARMACEUTICALS PLC CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY—(Continued) (In thousands) Ordinary Shares Non-voting Euro Deferred Capital Redemption Reserve Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Equity Shares Amount Shares Amount Balance at December 31, 2024 60,631 $ 6 4,000 $ 55 $ 473 $ 3,913,542 $ ( 947,667 ) $ 1,127,347 $ 4,093,756 Issuance of ordinary shares in conjunction with exercise of share options 668 — — — — 88,470 — — 88,470 Issuance of ordinary shares under employee stock purchase plan 215 — — — — 19,393 — — 19,393 Issuance of ordinary shares in conjunction with vesting of restricted stock units 964 — — — — — — — — Issuance of ordinary shares in conjunction with vesting of performance-based restricted stock units 99 — — — — — — — — Shares withheld for payment of employee's withholding tax liability — — — — — ( 75,220 ) — — ( 75,220 ) Share-based compensation — — — — — 294,287 — — 294,287 Shares repurchased ( 1,142 ) — — — — — — ( 125,023 ) ( 125,023 ) Other comprehensive income — — — — — — 379,069 — 379,069 Net loss — — — — — — — ( 356,148 ) ( 356,148 ) Balance at December 31, 2025 61,435 $ 6 4,000 $ 55 $ 473 $ 4,240,472 $ ( 568,598 ) $ 646,176 $ 4,318,584 The accompanying notes are an integral part of these consolidated financial statements. F-7 Table of Contents JAZZ PHARMACEUTICALS PLC CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2025 2024 2023 Operating activities Net income (loss) $ ( 356,148 ) $ 560,120 $ 414,832 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Acquired in-process research and development 947,862 10,000 19,000 Intangible asset amortization 654,661 627,313 608,284 Share-based compensation 291,133 248,045 226,841 Acquisition accounting inventory fair value step-up adjustment 147,948 135,014 151,446 Depreciation 41,636 32,754 30,412 Non-cash interest expense 32,542 21,973 22,378 Provision for losses on accounts receivable and inventory 19,108 27,758 11,113 Deferred tax benefit ( 444,971 ) ( 208,327 ) ( 260,217 ) Impairment of property, plant and equipment — — 61,014 Other non-cash transactions 3,103 17,978 11,343 Changes in assets and liabilities: Accounts receivable ( 106,279 ) ( 21,115 ) ( 51,883 ) Inventories ( 86,041 ) ( 45,542 ) ( 13,420 ) Prepaid expenses and other assets 29,030 ( 22,135 ) ( 127,115 ) Accounts payable 39,851 ( 20,073 ) 9,603 Accrued liabilities 77,096 86,159 ( 23,245 ) Income taxes payable 37,224 ( 14,742 ) 25,220 Other liabilities 28,018 ( 39,272 ) ( 23,599 ) Net cash provided by operating activities 1,355,773 1,395,908 1,092,007 Investing activities Acquisition of investments ( 1,830,275 ) ( 1,305,125 ) ( 390,100 ) Asset acquisition, net of cash acquired ( 858,053 ) — — Acquisition of intangible assets ( 108,500 ) — — Purchases of property, plant and equipment ( 58,752 ) ( 38,070 ) ( 23,962 ) Acquired in-process research and development ( 42,500 ) ( 10,000 ) ( 19,000 ) Proceeds from sale of an asset 28,167 — — Proceeds from maturity of investments 1,360,000 845,000 270,000 Net cash used in investing activities ( 1,509,913 ) ( 508,195 ) ( 163,062 ) Financing activities Repayments of long-term debt ( 781,000 ) ( 31,000 ) ( 31,000 ) Share repurchases ( 125,023 ) ( 311,429 ) ( 269,761 ) Payment of employee withholding taxes related to share-based awards ( 75,220 ) ( 57,753 ) ( 50,952 ) Proceeds from employee equity incentive and purchase plans 107,863 20,647 46,459 Repayment of 2024 Notes — ( 575,000 ) — Payment of debt modification costs — ( 5,716 ) — Net proceeds from issuance of 2030 Notes — 980,767 — Net cash provided by (used in) financing activities ( 873,380 ) 20,516 ( 305,254 ) Effect of exchange rates on cash and cash equivalents 6,555 ( 1,675 ) 1,137 Net increase (decrease) in cash and cash equivalents ( 1,020,965 ) 906,554 624,828 Cash and cash equivalents, at beginning of period 2,412,864 1,506,310 881,482 Cash and cash equivalents, at end of period $ 1,391,899 $ 2,412,864 $ 1,506,310 Supplemental disclosure of cash flow information: Cash paid for interest $ 248,553 $ 314,822 $ 333,112 Cash paid for income taxes, net of refunds 121,808 114,907 177,880 The accompanying notes are an integral part of these consolidated financial statements. F-8 Table of Contents JAZZ PHARMACEUTICALS PLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization and Description of Business Jazz Pharmaceuticals plc is a global biopharmaceutical company whose purpose is to innovate to transform the lives of patients and their families. We are dedicated to developing life-changing medicines for people with rare disease - often with limited or no therapeutic options. We have a diverse portfolio of medicines, including leading therapies addressing epilepsies, cancers and sleep disorders. Our patient-focused and science-driven approach powers pioneering R&D advancements across our robust pipeline of innovative therapeutics. Our lead marketed products, listed below, are approved in countries around the world to improve patient care. • Xywav® (calcium, magnesium, potassium, and sodium oxybates) oral solution , a product approved by FDA in July 2020, and launched in the U.S. in November 2020 for the treatment of cataplexy or EDS in patients seven years of age and older with narcolepsy, and also approved by FDA in August 2021 for the treatment of IH in adults and launched in the U.S. in November 2021. Xywav contains 92% less sodium than Xyrem®. Xywav is also approved in Canada for the treatment of cataplexy in patients with narcolepsy. • Epidiolex® (cannabidiol) oral solution , a product approved by FDA and launched in the U.S. in 2018 by GW and currently indicated for the treatment of seizures associated with LGS, DS, or TSC in patients one year of age or older; in the EU and Great Britain (where it is marketed as Epidyolex®) and other markets, it is approved for adjunctive treatment of seizures associated with LGS or DS, in conjunction with clobazam (EU and Great Britain only), in patients 2 years of age and older and for adjunctive treatment of seizures associated with TSC in patients 2 years of age and older. • Ziihera® (zanidatamab-hrii) , a product approved by FDA in November 2024 under FDA’s accelerated approval pathway and launched in the U.S. in December 2024 for the treatment of adults with previously treated, unresectable or metastatic HER2-positive (IHC3+) BTC, as detected by an FDA-approved test. In June 2025, the EC granted conditional marketing authorization for Ziihera for the treatment of adults with unresectable locally advanced or metastatic HER2-positive (IHC3+) BTC previously treated with at least one prior line of systemic therapy. In January 2026, Ziihera obtained conditional approval in Canada for the treatment of adults with previously treated, unresectable locally advanced or metastatic HER2-positive (IHC3+) BTC, as monotherapy. • Modeyso™ (dordaviprone) , a product approved by FDA in August 2025 under FDA's accelerated approval pathway for the treatment of adult and pediatric patients 1 year of age and older with diffuse midline glioma harboring an H3 K27M mutation with progressive disease following prior therapy. • Zepzelca® (lurbinectedin) , a product approved by FDA in June 2020 under FDA's accelerated approval pathway and launched in the U.S. in July 2020 for the treatment of adult patients with metastatic SCLC with disease progression on or after platinum-based chemotherapy; approved by FDA in October 2025 in combination with atezolizumab or atezolizumab and hyaluronidase-tqjs as a first-line maintenance treatment for adults with extensive-stage SCLC whose disease has not progressed after first-line induction therapy with atezolizumab, carboplatin and etoposide; and obtained conditional approval in Canada in September 2021 for the treatment of adults with Stage III or metastatic SCLC, who have progressed on or after platinum-containing therapy. • Rylaze® (asparaginase erwinia chrysanthemi (recombinant)-rywn) , a product approved by FDA in June 2021 and launched in the U.S. in July 2021 for use as a component of a multi-agent chemotherapeutic regimen for the treatment of ALL or LBL in adults and pediatric patients aged one month or older who have developed hypersensitivity to E. coli -derived asparaginase. In September 2023, the EC granted marketing authorization under the trade name Enrylaze ® . This therapy is also approved in markets including Great Britain, Canada, Switzerland and Australia. Throughout this report, unless otherwise indicated or the context otherwise requires, all references to “Jazz Pharmaceuticals,” “the registrant,” “the Company,” “we,” “us,” and “our” refer to Jazz Pharmaceuticals plc and its consolidated subsidiaries. Throughout this report, all references to “ordinary shares” refer to Jazz Pharmaceuticals plc’s ordinary shares. F-9 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. GAAP, and include the accounts of Jazz Pharmaceuticals plc and our subsidiaries. Intercompany transactions and balances have been eliminated. Our consolidated financial statements include the results of operations of businesses we have acquired from the date of each acquisition for the applicable reporting periods. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures in the consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. Actual results could differ materially from those estimates. Adoption of New Accounting Standards In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures”, which requires enhanced tax disclosures providing greater disaggregation of information in the Company's effective tax rate reconciliation and disaggregates income taxes paid by jurisdiction. We adopted ASU 2023-09 for the year ended December 31, 2025 with prospective application and have provided the required tax disclosures in this Annual Report on Form 10-K. There was no impact on reported income tax (benefit) expense or related tax assets or liabilities. Significant Risks and Uncertainties Our financial condition, results of operations and growth prospects are dependent on our ability to maintain or increase sales of our commercialized products, which is subject to many risks and there is no guarantee that we will be able to continue to successfully commercialize those products for their approved indications. In that regard, we expect that our business will continue to meaningfully depend on oxybate revenues; however, there is no guarantee that oxybate revenues will remain at current levels. Our ability to maintain oxybate revenues and realize the anticipated benefits from our investment in Xywav are subject to a number of risks and uncertainties including, without limitation, those related to the commercialization of Xywav for the treatment of IH in adults and adoption in that indication; competition from the Hikma AG version of high-sodium oxybate and a branded fixed-dose, high-sodium oxybate, Alkermes’ Lumryz (acquired through its acquisition of Avadel), for treatment of cataplexy and/or EDS in narcolepsy in the U.S. market, as well as potential future competition from generic versions of high-sodium oxybate, including a generic version of high-sodium oxybate from each of Amneal and Ascent approved in September 2025 and November 2025, respectively, and from other competitors; increased pricing pressure from, changes in policies by, or restrictions on reimbursement imposed by, third party payors, including our ability to maintain adequate coverage and reimbursement for Xywav; increased rebates required to maintain access to our products; challenges to our intellectual property around Xywav and/or Xyrem, including from pending intellectual property litigation; and continued acceptance of Xywav by physicians and patients. A significant decline in oxybate revenues could cause us to reduce our operating expenses or seek to raise additional funds and would have a material adverse effect on our business, financial condition, results of operations and growth prospects, including on our ability to acquire, in-license or develop new products to grow our business. Our financial condition, results of operations and growth prospects are also dependent on our ability to maintain or increase sales of Epidiolex/Epidyolex in the U.S. and Europe, which is subject to many risks and there is no guarantee that we will be able to continue to successfully commercialize Epidiolex/Epidyolex for its approved indications. The commercial success of Epidiolex/Epidyolex depends on the extent to which patients and physicians accept and adopt Epidiolex/Epidyolex as a treatment for seizures associated with LGS, DS and TSC. Physicians may not prescribe Epidiolex and patients may be unwilling to use Epidiolex/Epidyolex if coverage is not provided or reimbursement is inadequate to cover a significant portion of the cost. Additionally, any negative development for Epidiolex/Epidyolex in the market, in clinical development for additional indications, or in regulatory processes in other jurisdictions, may adversely impact the commercial results and potential of Epidiolex/Epidyolex. In addition to risks related specifically to Xywav and Epidiolex/Epidyolex, we are subject to other challenges and risks related to successfully commercializing a portfolio of oncology products and other neuroscience products, and other risks specific to our business and our ability to execute on our strategy, as well as risks and uncertainties common to companies in the pharmaceutical industry with development and commercial operations, including, without limitation, risks and uncertainties associated with: pharmaceutical product development, ongoing clinical research activity and related outcomes; obtaining regulatory approval of our late-stage product candidates; effectively commercializing our approved products such as Rylaze, Zepzelca, Ziihera and Modeyso; obtaining and maintaining adequate coverage and reimbursement for our products; contracting F-10 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) and rebates to PBMs and similar organizations that reduce our net revenue; increasing scrutiny of pharmaceutical product pricing and resulting changes in healthcare laws and policy; market acceptance; regulatory concerns with controlled substances generally and the potential for abuse; future legislation; action by the U.S. Federal Government authorizing the sale, distribution, use, and insurance reimbursement of non-FDA approved cannabinoid products; delays or problems in the supply of our products; loss of single source suppliers or failure to comply with manufacturing regulations; delays or problems with third parties that are part of our manufacturing and supply chain; identifying, acquiring or in-licensing additional products or product candidates; our ability to realize the anticipated benefits of acquired or in-licensed products or product candidates, such as Ziihera and Modeyso, at the expected levels, with the expected costs and within the expected timeframe; the challenges of protecting and enhancing our intellectual property rights; complying with applicable regulatory requirements; the impact of new or increased tariffs and escalating trade tensions; and possible restrictions on our ability and flexibility to pursue certain future opportunities as a result of our substantial outstanding debt obligations. Concentrations of Risk Financial instruments that potentially subject us to concentrations of credit risk consist of cash, cash equivalents, investments and derivative contracts. Our investment policy permits investments in U.S. federal government and federal agency securities, corporate bonds or commercial paper issued by U.S. corporations, money market instruments, certain qualifying money market mutual funds, certain repurchase agreements, and tax-exempt obligations of U.S. states, agencies and municipalities and places restrictions on credit ratings, maturities, and concentration by type and issuer. We are exposed to credit risk in the event of a default by the financial institutions holding our cash, cash equivalents and investments to the extent recorded on the balance sheet. We manage our foreign currency transaction risk and interest rate risk within specified guidelines through the use of derivatives. All of our derivative instruments are utilized for risk management purposes, and we do not use derivatives for speculative trading purposes. As of December 31, 2025 and 2024, we had foreign exchange forward contracts with notional amounts totaling $ 575.9 million and $ 461.2 million, respectively. As of December 31, 2025 and 2024, the outstanding foreign exchange forward contracts had a net asset fair value of $ 2.5 million and a net liability fair value of $ 7.9 million, respectively. As of December 31, 2025 and 2024, we had interest rate swap contracts with notional amounts totaling $ 500.0 million. As of December 31, 2025 and 2024, these outstanding interest rate swap contracts had a net liability fair value of $ 0.5 million and a net asset fair value of $ 1.0 million, respectively. The counterparties to these contracts are large multinational commercial banks, and we believe the risk of nonperformance is not significant. We are also subject to credit risk from our accounts receivable related to our product sales. We monitor our exposure within accounts receivable and record a reserve against uncollectible accounts receivable as necessary. We extend credit to pharmaceutical wholesale distributors and specialty pharmaceutical distribution companies, primarily in the U.S., and to other international distributors and hospitals. Customer creditworthiness is monitored and collateral is not required. We monitor economic conditions in certain European countries which may result in variability of the timing of cash receipts and an increase in the average length of time that it takes to collect accounts receivable outstanding. Historically, we have not experienced significant credit losses on our accounts receivable and as of December 31, 2025, allowances on receivables were not material. As of December 31, 2025, five customers accounted for 81 % of gross accounts receivable, including ESSDS, which accounted for 41 % of gross accounts receivable, ASD, which accounted for 16 % of gross accounts receivable and McKesson, which accounted for 11 % of gross accounts receivable. As of December 31, 2024, five customers accounted for 80 % of gross accounts receivable, including ESSDS, which accounted for 39 % of gross accounts receivable, ASD, which accounted for 15 % of gross accounts receivable and McKesson, which accounted for 13 % of gross accounts receivable. We depend on single source suppliers for most of our products, product candidates and their APIs. With respect to our oxybate products, the API is manufactured for us by a single source supplier and the finished products are manufactured both by us in our facility in Athlone, Ireland and by our U.S.-based supplier. Business Acquisitions Our consolidated financial statements include the results of operations of an acquired business from the date of acquisition. We account for acquired businesses using the acquisition method of accounting. The acquisition method of accounting for acquired businesses requires, among other things, that assets acquired, liabilities assumed and any noncontrolling interests in the acquired business be recognized at their estimated fair values as of the acquisition date, with limited exceptions, and that the fair value of acquired IPR&D, be recorded on the balance sheet. Also, transaction costs are expensed as incurred. Any excess of the acquisition consideration over the assigned values of the net assets acquired is recorded as goodwill. Contingent consideration is included within the acquisition cost and is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved and changes in fair value are recognized in earnings. F-11 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Cash Equivalents and Investments We consider all highly liquid investments, readily convertible to cash, that mature within three months or less from date of purchase to be cash equivalents. Investments consist of time deposits with initial maturities of greater than three months. Collectively, cash equivalents and investments are considered available-for-sale and are recorded at fair value. Unrealized gains and losses, net of tax, are recorded in accumulated other comprehensive loss in shareholders’ equity. We use the specific-identification method for calculating realized gains and losses on securities sold. Realized gains and losses and declines in value judged to be other than temporary on investments are included in interest expense, net in the consolidated statements of income (loss). Derivative Instruments and Hedging Activities We record the fair value of derivative instruments as either assets or liabilities on the consolidated balance sheets. Changes in the fair value of derivative instruments are recorded each period in current earnings or other comprehensive income (loss), depending on whether a derivative instrument is designated as part of a hedging transaction and, if it is, the type of hedging transaction. For a derivative to qualify as a hedge at inception and throughout the hedged period, we formally document the nature and relationships between the hedging instruments and hedged item. For derivatives formally designated as hedges, we assess both at inception and quarterly thereafter, whether the hedging derivatives are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. Gains or losses on cash flow hedges are reclassified from other comprehensive income (loss) to earnings when the hedged transaction occurs. If we determine that a forecasted transaction is no longer probable of occurring, we discontinue hedge accounting and any related unrealized gain or loss on the derivative instrument is recognized in current earnings. Derivatives that are not designated and do not qualify as hedges are adjusted to fair value through current e arnings. Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method for all inventories. Our policy is to write down inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value and inventory in excess of expected requirements. The estimate of excess quantities is subjective and primarily dependent on our estimates of future demand for a particular product. If our estimate of future demand changes, we consider the impact on the reserve for excess inventory and adjust the reserve as required. Increases in the reserve are recorded as charges in cost of product sales. We capitalize inventory costs associated with our products prior to regulatory approval when, based on management's judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as R&D. The determination to capitalize inventory costs is based on various factors, including status and expectations of the regulatory approval process, any known safety or efficacy concerns, potential labeling restrictions, and any other impediments to obtaining regulatory approval. We had no pre-approval inventory on our consolidated balance sheet as of December 31, 2025 or 2024. Our inventory production process for our cannabinoid products includes the cultivation of botanical raw material. Because of the duration of the cultivation process, a portion of our inventory will not be sold within one year. Consistent with the practice in other industries that cultivate botanical raw materials, all inventory is classified as a current asset. Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Estimated useful lives are as follows: Buildings 40 years Manufacturing equipment and machinery 4 - 20 years Computer software and equipment 3 - 7 years Furniture and fixtures 5 years Leasehold improvements are amortized over the shorter of the noncancelable term of our leases or their economic useful lives. Maintenance and repairs are expensed as incurred. F-12 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Leases We determine if an arrangement is a lease at inception. Leases are classified at lease commencement as either operating leases or finance leases. Operating leases are included in operating lease assets, accrued liabilities, and operating lease liabilities on our consolidated balance sheets. Finance lease assets are included in property, plant and equipment, net, and finance lease liabilities are included in accrued liabilities and other non-current liabilities in our consolidated balance sheets. Lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. In determining the net present value of lease payments, we use our incremental borrowing rate based on the information available at the lease commencement date. The lease asset also includes any lease payments made, reduced by lease incentives and increased by initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Finance lease expense is recognized as depreciation expense of property, plant and equipment and interest expense on finance lease liabilities. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For vehicle leases we account for the lease and non-lease components as a single lease component. We have elected the short-term lease exemption and, therefore, do not recognize a lease asset or corresponding liability for lease arrangements with an original term of 12 months or less. Rent expense under short-term leases is recognized on a straight-line basis over the lease term. Goodwill Goodwill represents the excess of the acquisition consideration over the fair value of assets acquired and liabilities assumed. We have determined that we operate in a single segment and have a single reporting unit associated with the development and commercialization of pharmaceutical products. In performing the annual impairment test, the fair value of the reporting unit is compared to its corresponding carrying value, including goodwill. If the carrying value exceeds the fair value of the reporting unit an impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. We test goodwill for impairment annually in October and when events or changes in circumstances indicate that the carrying value may not be recoverable. Acquired In-Process Research and Development The initial costs of rights to IPR&D projects acquired in an asset acquisition are expensed as IPR&D unless the project has an alternative future use. The fair value of IPR&D projects acquired in a business combination are capitalized and accounted for as indefinite-lived intangible assets until the underlying project receives regulatory approval, at which point the intangible asset will be accounted for as a finite-lived intangible asset, or discontinued, at which point the intangible asset will be written off. Development costs incurred after an acquisition are expensed as incurred. Intangible Assets Intangible assets with finite useful lives consist primarily of purchased developed technology and are amortized on a straight-line basis over their estimated useful lives, which range from four to sixteen years . The estimated useful lives associated with finite-lived intangible assets are consistent with the estimated lives of the associated products and may be modified when circumstances warrant. Such assets are reviewed for impairment when events or circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset and its eventual disposition are less than its carrying amount. The amount of any impairment is measured as the difference between the carrying amount and the fair value of the impaired asset. Revenue Recognition Our revenue is comprised of product sales, net and royalties and contract revenues. Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Prior to recognizing revenue, we make estimates of the transaction price, including variable consideration that is subject to a constraint. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Product Sales, Net Product sales revenue is recognized when control has transferred to the customer, which occurs at a point in time, which is typically on delivery to the customer or, in the case of products that are subject to consignment agreements, when the customer removes product from our consigned inventory location for shipment directly to a patient. F-13 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Reserves for Variable Consideration Revenues from sales of products are recorded at the net sales price, which includes estimates of variable consideration for which reserves are established and which relate to returns, specialty distributor fees, wholesaler fees, prompt payment discounts, government rebates, government chargebacks, coupon programs and rebates under managed care plans and commercial payor contracts. Calculating certain of these reserves involves estimates and judgments and we determine their expected value based on sales or invoice data, contractual terms, historical utilization rates, new information regarding changes in these programs’ regulations and guidelines that would impact the amount of the actual rebates, our expectations regarding future utilization rates for these programs and channel inventory data. These reserves reflect our best estimates of the amount of consideration to which we are entitled based on the terms of the contract. A large portion of the reserve relates to rebates where there is significant judgment, in particular in the determination of the sales utilization percentage used to calculate the Epidiolex Medicaid rebate accrual. The amount of variable consideration that is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. We reassess our reserves for variable consideration at each reporting date. Historically, adjustments to estimates for these reserves have not been material. Reserves for returns, specialty distributor fees, wholesaler fees, government rebates, coupon programs and rebates under managed care plans and commercial payor contracts are included within current liabilities in our consolidated balance sheets. Reserves for government chargebacks and prompt payment discounts are shown as a reduction in accounts receivable. Royalties and Contract Revenues We enter into out-licensing agreements under which we license certain rights to our products or product candidates to third parties. If a licensing arrangement includes multiple goods or services, we consider whether the license is distinct. If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. If the license to our intellectual property is determined not to be distinct, it is combined with other goods or services into a combined performance obligation. We consider whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. We evaluate the measure of progress each reporting date and, if necessary, adjust the measure of performance and related revenue recognition. At the inception of each arrangement that includes development milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our control or that of the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which we recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achievement of such development milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. For arrangements that include sales-based royalties and milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties and sales-based milestones relate, we recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty or sales-based milestone has been allocated has been satisfied (or partially satisfied). Cost of Product Sales Cost of product sales includes manufacturing and distribution costs, the cost of drug substance, royalties due to third parties on product sales, product liability and cargo insurance, FDA user fees, freight, shipping, handling and storage costs and salaries and related costs of employees involved with production. Excluded from cost of product sales shown on the consolidated statements of income (loss) is amortization of acquired developed technology of $ 654.7 million, $ 627.3 million and $ 608.3 million in 2025, 2024 and 2023, respectively. Research and Development R&D expenses consist primarily of costs related to clinical studies and outside services, personnel expenses, and other R&D costs, including milestone payments incurred prior to regulatory approval of products. Clinical study and outside services costs relate primarily to services performed by clinical research organizations, clinical studies performed at clinical sites, materials and supplies, and other third party fees. Personnel expenses relate primarily to salaries, benefits and share-based compensation. Other R&D expenses primarily include overhead allocations consisting of various support and facilities-related F-14 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) costs. R&D costs are expensed as incurred. For product candidates that have not been approved by FDA, inventory used in clinical trials is expensed at the time of production and recorded as R&D expense. For products that have been approved by FDA, inventory used in clinical trials is expensed at the time the inventory is packaged for the trial. Advertising Expenses We expense the costs of advertising, including promotional expenses, as incurred. Advertising expenses were $ 105.6 million, $ 107.4 million and $ 92.2 million in 2025, 2024 and 2023, respectively. Income Taxes We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial statement carrying amount and the tax basis of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided to reduce deferred tax assets to the amount that is more-likely-than-not to be realized. We recognize the benefits of a tax position if it is more-likely-than-not of being sustained. A recognized tax benefit is then measured as the largest amount of tax benefit that is greater than fifty percent likely of being realized upon settlement. Interest and penalties related to income taxes are included in income tax expense and classified with the related liability on the consolidated balance sheets. Foreign Currency Our functional and reporting currency is the U.S. dollar. The assets and liabilities of our subsidiaries that have a functional currency other than the U.S. dollar are translated into U.S. dollars at the exchange rate prevailing at the balance sheet date with the results of operations of subsidiaries translated at the weighted average exchange rate for the reporting period. The cumulative foreign currency translation adjustment is recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity. Transactions in foreign currencies are translated into the functional currency of the relevant subsidiary at the weighted average exchange rate for the reporting period. Any monetary assets and liabilities arising from these transactions are translated into the relevant functional currency at exchange rates prevailing at the balance sheet date or on settlement. Resulting gains and losses are recorded in foreign exchange gain (loss) in our consolidated statements of income (loss). Deferred Financing Costs Deferred financing costs are reported at cost, less accumulated amortization and are presented in the consolidated balance sheets as a direct deduction from the carrying value of the associated debt, with the exception of deferred financing costs associated with revolving-debt arrangements which are presented as assets. The related amortization expense is included in interest expense, net in our consolidated statements of income (loss). Contingencies From time to time, we may become involved in claims and other legal matters arising in the ordinary course of business. We record accruals for loss contingencies to the extent that we conclude that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. Legal fees and other expenses related to litigation are expensed as incurred and included in selling, general and administrative expenses. Share-Based Compensation We account for compensation cost for all share-based awards at fair value on the date of grant. The fair value is recognized as expense over the service period, net of estimated forfeitures, using the straight-line method. The estimation of share-based awards that will ultimately vest requires judgment, and, to the extent actual results or updated estimates differ from current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. We primarily consider historical experience when estimating expected forfeitures. Performance-Based Restricted Stock Unit Awards PRSUs awarded to employees vest upon the achievement of certain performance criteria at the end of a specified performance period. For PRSUs granted prior to 2024, the amount of shares awarded will be subject to adjustment based on the application of a TSR modifier. For PRSUs granted in 2025 and 2024, relative TSR represents one of the performance metrics. The estimated fair value of these PRSUs is based on a Monte Carlo simulation model. Compensation expense for PRSUs is recognized from the date the Company determines the performance criteria probable of being achieved to the date the award, or relevant portion of the award, is expected to vest. Cumulative adjustments are recorded on a quarterly basis to reflect subsequent changes to the estimated outcome of the performance criteria until the date results are determined. F-15 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-04) - Disaggregation of Income Statement Expenses”, which requires additional disclosure in the notes to the financial statements of the nature of certain expenses included in the income statement. The amendments are effective on a prospective basis, with the option to apply them retrospectively, for fiscal years beginning after December 15, 2026. We are currently evaluating the impact of adopting this new accounting guidance. In November 2024, the FASB issued ASU 2024-04, “Induced Conversions of Convertible Debt Instruments”, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or extinguishment of convertible debt. The amendments are effective on a prospective basis, with the option to apply them retrospectively, for fiscal years beginning after December 15, 2025. We are currently evaluating the impact of adopting this new accounting guidance. In September 2025, the FASB issued ASU 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”, which modernizes the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. ASU 2025-06 is effective for the Company for annual reporting periods beginning with the fiscal year ending December 15, 2027 and for interim reporting periods beginning in that fiscal year. We are currently evaluating the impact of adopting this new accounting guidance. 3. Asset Acquisition and License Agreements Asset Acquisition In April 2025, we acquired the entire issued share capital of Chimerix at a price of $ 8.55 per share, payable in cash at closing, representing a total cash consideration of $ 944.2 million, funded with our cash and cash equivalents. As a result of this, Chimerix became an indirect wholly owned subsidiary of the Company. The Chimerix Acquisition was accounted for as an asset acquisition as it did not meet the definition of a business. The total consideration paid and the allocation to assets acquired and liabilities assumed was (in thousands): Consideration Cash consideration to acquire Chimerix’s outstanding common stock $ 802,023 Cash consideration for Chimerix’s outstanding equity awards 142,131 Total cash consideration paid to Chimerix 944,154 Transaction costs 13,237 Total consideration $ 957,391 Assets Acquired and Liabilities Assumed Cash $ 99,338 In-process research and development 905,362 Accrued liabilities ( 53,066 ) Other assets and liabilities 5,757 Total net assets acquired $ 957,391 The value attributed to IPR&D related to Modeyso and was expensed as it was determined to have no alternative future use at the time of the acquisition. F-16 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) License Agreements In August 2025, we entered into a global license agreement with Saniona to obtain exclusive worldwide rights to develop SAN2355, now referred to as JZP053, a highly differentiated, subtype-selective Kv7.2/Kv7.3 activator in preclinical development for epilepsy and other potential indications, designed to overcome the limitations of non-selective Kv7-targeting compounds. Under the terms of the agreement, we made an upfront payment of $ 42.5 million to Saniona, which was recorded as acquired IPR&D expense in our consolidated statements of income (loss) for the year ended December 31, 2025. Saniona is eligible to receive development, regulatory and commercial milestone payments of up to $ 992.5 million and, if SAN2355 is approved, a tiered, mid-single digit to low-double digit royalty on our net sales of SAN2355. In February 2024, we entered into a definitive asset purchase agreement with Redx to acquire global rights to a KRAS inhibitor program. Under the terms of the agreement, we made an upfront payment of $ 10.0 million to Redx which was recorded as acquired IPR&D expense in our consolidated statements of income (loss) for the year ended December 31, 2024. Redx is eligible to receive development and commercial milestone payments of up to $ 870.0 million and, if a product is approved, a tiered, mid-single-digit percentage royalty on net sales of that product. In November 2023, we entered into an exclusive licensing and collaboration agreement with Autifony to discover and develop drug candidates targeting two different ion channel targets associated with neurological disorders. Under the terms of the agreement, we made an upfront payment of $ 18.0 million to Autifony, which was recorded as acquired IPR&D expense in our consolidated statements of income (loss) for the year ended December 31, 2023. Autifony is eligible to receive development and commercial milestone payments of up to $ 752.5 million and, if a product is approved, a tiered, mid-single-digit percentage royalty on net sales of that product. 4. Cash and Available-for-Sale Securities Cash, cash equivalents and investments consisted of the following (in thousands): December 31, 2025 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and Cash Equivalents Investments Cash $ 682,746 $ — $ — $ 682,746 $ 682,746 $ — Time deposits 1,130,000 — — 1,130,000 80,000 1,050,000 Money market funds 629,153 — — 629,153 629,153 — Totals $ 2,441,899 $ — $ — $ 2,441,899 $ 1,391,899 $ 1,050,000 December 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and Cash Equivalents Investments Cash $ 948,894 $ — $ — $ 948,894 $ 948,894 $ — Time deposits 790,000 — — 790,000 210,000 580,000 Money market funds 1,253,970 — — 1,253,970 1,253,970 — Totals $ 2,992,864 $ — $ — $ 2,992,864 $ 2,412,864 $ 580,000 Cash equivalents and investments are considered available-for-sale securities. We use the specific-identification method for calculating realized gains and losses on securities sold and include them in interest expense, net in the consolidated statements of income (loss). Our investment balances represent time deposits with original maturities of greater than three months and less than one year. Interest income from available-for-sale securities was $ 85.8 million, $ 106.3 million and $ 65.1 million in 2025, 2024 and 2023, respectively. F-17 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 5. Fair Value Measurement The following table summarizes, by major security type, our available-for-sale securities and derivative contracts that were measured at fair value on a recurring basis and were categorized using the fair value hierarchy (in thousands): December 31, 2025 December 31, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Estimated Fair Value Assets: Available-for-sale securities: Money market funds $ 629,153 $ — $ 629,153 $ 1,253,970 $ — $ 1,253,970 Time deposits — 1,130,000 1,130,000 — 790,000 790,000 Foreign exchange forward contracts — 6,259 6,259 — 2,250 2,250 Interest rate contracts — — — — 991 991 Totals $ 629,153 $ 1,136,259 $ 1,765,412 $ 1,253,970 $ 793,241 $ 2,047,211 Liabilities: Foreign exchange forward contracts $ — $ 3,760 $ 3,760 $ — $ 10,198 $ 10,198 Interest rate contracts — 465 465 — — — Totals $ — $ 4,225 $ 4,225 $ — $ 10,198 $ 10,198 As of December 31, 2025 and 2024, our available-for-sale securities included money market funds and time deposits and their carrying values were approximately equal to their fair values. Money market funds were measured using quoted prices in active markets, which represent Level 1 inputs and time deposits were measured at fair value using Level 2 inputs. Level 2 inputs are obtained from various third party data providers and represent quoted prices for similar assets in active markets, or these inputs were derived from observable market data, or if not directly observable, were derived from or corroborated by other observable market data. Our derivative assets and liabilities include interest rate and foreign exchange derivatives that are measured at fair value using observable market inputs such as forward rates, interest rates, our own credit risk as well as an evaluation of our counterparties’ credit risks. Based on these inputs, the derivative assets and liabilities are classified within Level 2 of the fair value hierarchy. There were no transfers between the different levels of the fair value hierarchy in 2025 or in 2024. As of December 31, 2025 and 2024, the carrying amount of investments measured using the measurement alternative for equity investments without a readily determinable fair value was $ 4.3 million. The carrying amount, which is recorded within other non-current assets, is based on the latest observable transaction price. As of December 31, 2025, the estimated fair values of the 2026 Notes, the 2030 Notes, the Secured Notes and the Tranche B-2 Dollar Term Loans were $ 1.2 billion, $ 1.3 billion, $ 1.5 billion and $ 1.9 billion, respectively. As of December 31, 2024, the estimated fair values of the 2026 Notes, the 2030 Notes, the Secured Notes and the Tranche B-2 Dollar Term Loans were $ 1.0 billion, $ 1.1 billion, $ 1.4 billion and $ 2.7 billion, respectively. The fair values of each of these debt facilities were estimated using quoted market prices obtained from brokers (Level 2). 6. Derivative Instruments and Hedging Activities We are exposed to certain risks arising from operating internationally, including fluctuations in foreign exchange rates primarily related to the translation of sterling and euro denominated net monetary liabilities, including intercompany balances, held by subsidiaries with a U.S. dollar functional currency and fluctuations in interest rates on our outstanding term loan borrowings. We manage these exposures within specified guidelines through the use of derivatives. All of our derivative instruments are utilized for risk management purposes, and we do not use derivatives for speculative trading purposes. We enter into foreign exchange forward contracts, with durations of up to 12 months, designed to limit the exposure to fluctuations in foreign exchange rates related to the translation of certain non-U.S. dollar denominated liabilities, including intercompany balances. Hedge accounting is not applied to these derivative instruments as gains and losses on these hedge F-18 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) transactions are designed to offset gains and losses on underlying balance sheet exposures. As of December 31, 2025 and 2024 , the notional amount of foreign exchange contracts where hedge accounting was not applied was $ 575.9 million and $ 461.2 million, respectively. The foreign exchange gain (loss) in our consolidated statements of income (loss) included the following gains (losses) associated with foreign exchange contracts not designated as hedging instruments (in thousands): Year Ended December 31, Foreign Exchange Forward Contracts: 2025 2024 2023 Gain (loss) recognized in foreign exchange gain (loss) $ 12,065 $ ( 14,444 ) $ 13,543 To achieve a desired mix of floating and fixed interest rates on our variable rate debt, we entered into interest rate swap agreements in April 2023, which are effective until April 2026. These agreements hedge contractual term loan interest rates. As of December 31, 2025, the interest rate swap agreements had a notional amount of $ 500.0 million. As a result of these agreements, the interest rate on a portion of our term loan borrowings is fixed at 3.9086 %, plus the borrowing spread, until April 30, 2026. The impact on accumulated other comprehensive loss and earnings from derivative instruments that qualified as cash flow hedges was as follows (in thousands): Year Ended December 31, Interest Rate Contracts: 2025 2024 2023 Gain recognized in accumulated other comprehensive loss, net of tax $ 208 $ 5,298 $ 3,658 Gain reclassified from accumulated other comprehensive loss to interest expense, net of tax ( 1,311 ) ( 4,793 ) ( 3,423 ) Assuming no change in the Term SOFR based interest rates from market rates as of December 31, 2025, $ 0.4 million of losses, net of tax, recognized in accumulated other comprehensive loss will be reclassified to earnings over the next 12 months. The cash flow effects of our derivative contracts are included within net cash provided by operating activities in the consolidated statements of cash flows. F-19 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The following tables summarize the fair value of outstanding derivatives (in thousands): Classification December 31, 2025 December 31, 2024 Assets Derivatives designated as hedging instruments: Interest rate contracts Other current assets $ — $ 959 Other non-current assets — 32 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Other current assets 6,259 2,250 Total fair value of derivative asset instruments $ 6,259 $ 3,241 Liabilities Derivatives designated as hedging instruments: Interest rate contracts Accrued liabilities $ 465 $ — Derivatives not designated as hedging instruments: Foreign exchange forward contracts Accrued liabilities 3,760 10,198 Total fair value of derivative liability instruments $ 4,225 $ 10,198 Although we do not offset derivative assets and liabilities within our consolidated balance sheets, our International Swap and Derivatives Association agreements provide for net settlement of transactions that are due to or from the same counterparty upon early termination of the agreement due to an event of default or other termination event. The following table summarizes the potential effect on our consolidated balance sheets of offsetting our interest rate and foreign exchange forward contracts subject to such provisions (in thousands): December 31, 2025 Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Description Derivative Financial Instruments Cash Collateral Received (Pledged) Net Amount Derivative assets $ 6,259 $ — $ 6,259 $ ( 3,972 ) $ — $ 2,287 Derivative liabilities ( 4,225 ) — ( 4,225 ) 3,972 — ( 253 ) December 31, 2024 Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Description Derivative Financial Instruments Cash Collateral Received (Pledged) Net Amount Derivative assets $ 3,241 $ — $ 3,241 $ ( 2,910 ) $ — $ 331 Derivative liabilities ( 10,198 ) — ( 10,198 ) 2,910 — ( 7,288 ) 7. Inventories Inventories consisted of the following (in thousands): December 31, 2025 2024 Raw materials $ 21,963 $ 20,161 Work in process 253,350 311,752 Finished goods 141,649 148,532 Total inventories $ 416,962 $ 480,445 F-20 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) As of December 31, 2025 and 2024, inventories included $ 54.1 million and $ 191.2 million, respectively, related to the purchase accounting inventory fair value step-up on inventory acquired as part of our GW Acquisition. 8. Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): December 31, 2025 2024 Manufacturing equipment and machinery $ 97,414 $ 87,451 Land and buildings 72,230 71,902 Computer software 63,648 42,635 Leasehold improvements 63,569 70,201 Construction-in-progress 49,635 34,493 Computer equipment 21,905 20,137 Furniture and fixtures 10,009 8,551 Subtotal 378,410 335,370 Less accumulated depreciation and amortization ( 178,553 ) ( 161,957 ) Property, plant and equipment, net $ 199,857 $ 173,413 Depreciation and amortization expense on property, plant and equipment amounted to $ 41.6 million, $ 32.8 million and $ 30.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. 9. Goodwill and Intangible Assets The gross carrying amount of goodwill was as follows (in thousands): Balance at December 31, 2024 $ 1,716,323 Foreign exchange 113,017 Balance at December 31, 2025 $ 1,829,340 The gross carrying amounts and net book values of our intangible assets were as follows (in thousands): December 31, 2025 December 31, 2024 Remaining Weighted- Average Useful Life (In years) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Acquired developed technologies 6.8 $ 8,194,656 $ ( 3,765,146 ) $ 4,429,510 $ 7,699,423 $ ( 2,943,728 ) $ 4,755,695 Manufacturing contracts — 12,578 ( 12,578 ) — 11,121 ( 11,121 ) — Trademarks — 2,904 ( 2,904 ) — 2,868 ( 2,868 ) — Total finite-lived intangible assets $ 8,210,138 $ ( 3,780,628 ) $ 4,429,510 $ 7,713,412 $ ( 2,957,717 ) $ 4,755,695 The increase in the gross carrying amount of intangible assets as of December 31, 2025 compared to December 31, 2024 primarily relates to the positive impact of foreign currency translation adjustments due to the strengthening of sterling against the U.S. dollar. The assumptions and estimates used to determine future cash flows and remaining useful lives of our intangible and other long-lived assets are complex and subjective. They can be affected by various factors, including external factors, such as industry and economic trends, and internal factors such as changes in our business strategy and our forecasts for specific product lines. F-21 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Based on finite-lived intangible assets recorded as of December 31, 2025, and assuming the underlying assets will not be impaired and that we will not change the expected lives of any other assets, future amortization expenses were estimated as follows (in thousands): Year Ending December 31, Estimated Amortization Expense 2026 $ 683,211 2027 673,586 2028 649,535 2029 647,270 2030 586,093 Thereafter 1,189,815 Total $ 4,429,510 10. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): December 31, 2025 2024 Rebates and other sales deductions $ 459,837 $ 342,717 Employee compensation and benefits 215,351 153,133 Accrued royalties 47,075 36,802 Clinical trial accruals 41,967 49,962 Accrued interest 40,667 41,626 Inventory-related accruals 34,046 25,509 Sales return reserve 26,412 26,428 Accrued development expenses 24,371 23,099 Consulting and professional services 22,977 26,221 Selling and marketing accruals 15,405 26,981 Current portion of lease liabilities 14,717 14,779 Accrued construction-in-progress 14,308 10,061 Derivative instrument liabilities 4,225 10,198 Accrued collaboration expenses 1,117 18,005 Accrued milestones — 27,500 Other 71,695 77,926 Total accrued liabilities $ 1,034,170 $ 910,947 F-22 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 11. Debt The following table summarizes the carrying amount of our indebtedness (in thousands): December 31, 2025 2024 2026 Notes $ 1,000,000 $ 1,000,000 Unamortized - debt issuance costs ( 1,097 ) ( 3,747 ) 2026 Notes, net 998,903 996,253 2030 Notes 1,000,000 1,000,000 Unamortized - debt issuance costs ( 16,036 ) ( 19,135 ) 2030 Notes, net 983,964 980,865 Secured Notes 1,487,445 1,483,841 Term Loan (1) 1,887,945 2,647,681 Total debt 5,358,257 6,108,640 Less current portion (2) 1,029,903 31,000 Total long-term debt $ 4,328,354 $ 6,077,640 ________________________ (1) In January 2025, we made a voluntary repayment on the Tranche B-2 Dollar Term Loan totaling $ 750.0 million . (2) Balance as of December 31, 2025 includes the 2026 Notes since they mature in June 2026. Credit Agreement On May 5, 2021, Jazz Pharmaceuticals plc, Jazz Lux, and certain of our other subsidiaries, as borrowers, or, collectively with Jazz Pharmaceuticals plc and Jazz Lux, the “Borrowers”, entered into the Credit Agreement. The Credit Agreement initially provided for (i) the Dollar Term Loan, which was drawn by Jazz Lux on the closing date thereof in U.S. dollars (ii) the Euro Term Loan, which was drawn by Jazz Lux on the closing date thereof in Euros and (iii) the Initial Revolving Credit Facility. We used the proceeds from the Dollar Term Loan (i) to repay in full $ 575.9 million under the 2015 Credit Agreement, (ii) to fund, in part, the cash consideration payable in connection with the GW Acquisition and (iii) to pay related fees and expenses. Upon the repayment in full of loans under the 2015 Credit Agreement, it was terminated and all guarantees and liens thereunder were released. In 2021, we made voluntary prepayments on the Euro Term Loan totaling € 416.7 million, or $ 502.0 million, and in March 2022 we repaid the remaining outstanding principal of € 208.3 million, or $ 251.0 million. The Euro Term Loan bore interest at the EURIBOR plus an applicable margin. During the term of the Euro Term Loan, the interest rate and effective interest rate were 4.43 % and 4.93 %, respectively. In January 2024, Jazz Lux entered into the Repricing Amendment No.1 to the Credit Agreement. Upon entry into the Repricing Amendment No.1, certain existing lenders converted a portion of the outstanding Dollar Term Loan into the Tranche B-1 Dollar Term Loans, and Jazz Lux borrowed $ 201.9 million aggregate principal amount of additional Tranche B-1 Dollar Term Loans, the proceeds of which were used to repay the portion of the outstanding Dollar Term Loan that was not converted. In July 2024, Jazz Lux entered into the Repricing Amendment No. 2 to the Credit Agreement, as amended by the Repricing Amendment No. 1. Upon entry into Repricing Amendment No. 2, certain existing lenders converted a portion of the outstanding Tranche B-1 Dollar Term Loans into the Tranche B-2 Dollar Term Loans, and Jazz Lux borrowed $ 289.6 million aggregate principal amount of additional Tranche B-2 Dollar Term Loans, the proceeds of which were used to repay the portion of the outstanding Tranche B-1 Dollar Term Loans that were not converted. The Tranche B-2 Dollar Term Loans are a separate class of term loans under the Credit Agreement, as amended by Repricing Amendment No. 1 and Repricing Amendment No. 2, with the same material terms (including with respect to maturity, prepayment, security, covenants and events of default) as the previously outstanding Tranche B-1 Dollar Term Loans and the initial Dollar Term Loan incurred on May 5, 2021, with the interest rate amended as described below and the credit spread adjustment removed. The principal amount of Tranche B-1 Dollar Term Loans outstanding immediately prior to the F-23 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Repricing Amendment No. 2 and the outstanding principal amount of Tranche B-2 Dollar Term Loans immediately following the Repricing Amendment No.2, each totaled $ 2.7 billion. The Tranche B-2 Dollar Term Loans bear interest at a rate equal to either (a) Term SOFR or (b) the prime lending rate, in each case, plus an applicable margin. The applicable margin for the Tranche B-2 Dollar Term Loans is 2.25 % (in the case of Term SOFR borrowings) and 1.25 % (in the case of borrowings at the prime lending rate), a decrease, in each case, of 75 basis points from the applicable margin on the Tranche B-1 Dollar Term Loans. The Tranche B-2 Dollar Term Loans are subject to a Term SOFR floor of 0.50 %. As of December 31, 2025, the interest rate and effective interest rate on the Tranche B-2 Dollar Term Loans were 5.97 % and 8.32 %, respectively. In November 2024, we entered into Amendment No. 3 to the Credit Agreement, as amended by the Repricing Amendment No. 1 and Repricing Amendment No. 2, to increase the Initial Revolving Credit Facility from $ 500.0 million to $ 885.0 million and extend the maturity date, or Amended Revolving Credit Facility, from May 5, 2026 to November 26, 2029 (such date, the “Amended Revolving Facility Maturity Date”), provided that: • if, as of any date from March 16, 2026 to the maturity date of the 2026 Notes (any such date, the “2026 Notes Springing Maturity Date”), (x) any 2026 Notes (or any permitted refinancing indebtedness in respect thereof with a maturity date that is not later than the date that is 91 days after the Amended Revolving Facility Maturity Date) (any such indebtedness, the “2026 Maturity Indebtedness”) remain outstanding and (y) the aggregate amount of unrestricted cash of Jazz Pharmaceuticals plc and its subsidiaries is less than an amount equal to 125 % of the aggregate principal amount of 2026 Maturity Indebtedness outstanding, then the maturity date for the Amended Revolving Credit Facility will be shortened to the 2026 Notes Springing Maturity Date; • if, as of February 4, 2028, (x) more than $ 500,000,000 of the Tranche B-2 Dollar Term Loans under the Amended Credit Agreement (and any extended term loans, refinancing term loans, refinancing notes and permitted refinancing indebtedness, in each case, in respect thereof) (any such indebtedness, the “Term Loan Indebtedness”) remains outstanding and (y) the maturity date of such Term Loan Indebtedness is not later than the date that is 91 days after the Amended Revolving Facility Maturity Date, then the maturity date for the Amended Revolving Credit Facility will be shortened to February 4, 2028; and • if, as of October 16, 2028 (such date, the “Senior Notes Springing Maturity Date”), (x) more than $ 500,000,000 of the Secured Notes (and permitted refinancing indebtedness in respect thereof) (any such indebtedness, the “Senior Note Indebtedness”) remains outstanding and (y) the maturity date with respect to such Senior Note Indebtedness is not later than the date that is 91 days after the Amended Revolving Facility Maturity Date, then the maturity date for the Amended Revolving Credit Facility will be shortened to October 16, 2028. Initially, the applicable margin for the loans under the Amended Revolving Credit Facility will be 2.00 % (in the case of Term SOFR borrowings) and 1.00 % (in the case of borrowings at the prime lending rate). Thereafter, the applicable margin for the Amended Revolving Credit Facility ranges from 1.75 % to 2.75 % (in the case of Term SOFR borrowings) and 0.75 % to 1.75 % (in the case of borrowings at the prime lending rate), depending on our first lien secured net leverage ratio level, and any loans under the Amended Revolving Credit Facility are subject to a Term SOFR floor of 0.00 %. The Amended Revolving Credit Facility has a commitment fee payable on the undrawn amount ranging from 0.25 % to 0.45 % per annum based upon our first lien secured net leverage ratio. As of December 31, 2025, we had an undrawn Amended Revolving Credit Facility totaling $ 885.0 million. We may make voluntary prepayments at any time without payment of a premium or penalty, subject to certain exceptions, and are required to make certain mandatory prepayments of outstanding indebtedness under the Amended Credit Agreement in certain circumstances. Principal repayments of the Dollar Term Loan, which were due quarterly, began in September 2021 and were equal to 1.0 % per annum of the original principal amount of $ 3.1 billion with any remaining balance payable on the maturity date. In September 2022, we made a voluntary repayment on the Dollar Term Loan totaling $ 300.0 million. In January 2025, we made a voluntary repayment on the Tranche B-2 Dollar Term Loans totaling $ 750.0 million. The Tranche B-2 Dollar Term Loans will amortize in quarterly installments equal to 0.286294791 % of the initial aggregate principal amount thereof, with the remaining balance payable on May 5, 2028. Our obligations under the Amended Credit Agreement and any hedging or cash management obligations entered into with any lender thereunder are guaranteed by Jazz Pharmaceuticals plc, the other borrowers, and each of the Jazz Pharmaceuticals plc’s other existing or subsequently acquired or organized direct and indirect subsidiaries (subject to certain exceptions), or the Guarantors. We refer to the Borrowers and the Guarantors collectively as the “Loan Parties.” F-24 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The Loan Parties’ obligations under the Amended Credit Agreement are secured, subject to customary permitted liens and other exceptions, by a security interest in (a) all tangible and intangible assets of the Loan Parties, except for certain excluded assets, and (b) all of the equity interests of the subsidiaries of the Loan Parties held by the Loan Parties. The Amended Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants applicable to Jazz Pharmaceuticals plc and its restricted subsidiaries, including, among other things, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of junior indebtedness and dividends and other distributions. The Amended Credit Agreement contains financial covenants that require Jazz Pharmaceuticals plc and its restricted subsidiaries to (a) not exceed a maximum first lien secured net leverage ratio and (b) not fall below a minimum interest coverage ratio, provided that such covenants apply only to the Amended Revolving Credit Facility and are applicable only if amounts are drawn (or non-cash collateralized letters of credit in excess of $ 50.0 million are outstanding) under the Amended Revolving Credit Facility. The Amended Credit Agreement also contains customary events of default relating to, among other things, failure to make payments, breach of covenants and breach of representations. 2029 Secured Notes On April 29, 2021, Jazz Securities, a wholly owned subsidiary of Jazz Pharmaceuticals plc, closed the offering of the Secured Notes in a private placement. We used the proceeds from the Secured Notes to fund, in part, the cash consideration payable in connection with the GW Acquisition. Interest on the Secured Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2022, at a rate of 4.375 % per year. The Secured Notes mature on January 15, 2029. The Secured Notes are jointly and severally guaranteed by Jazz Pharmaceuticals plc and each of its restricted subsidiaries, other than Jazz Securities, that is a borrower, or a guarantor, under the Amended Credit Agreement. The Secured Notes and related guarantees are secured by a first priority lien (subject to permitted liens and certain other exceptions), equally and ratably with the Amended Credit Agreement, on the collateral securing the Amended Credit Agreement. Some or all of the Secured Notes, may be redeemed at any time and from time to time at a specified redemption prices, plus accrued and unpaid interest, if any, to, but excluding, to the redemption date. In addition, Jazz Securities may redeem all but not part of the Secured Notes at its option at any time in connection with certain tax-related events at a price equal to 100 % of the principal amount of the Secured Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If Jazz Pharmaceuticals plc undergoes a change of control, Jazz Securities will be required to make an offer to purchase all of the Secured Notes at a purchase price in cash equal to 101 % of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase, subject to certain exceptions. The indenture governing the Secured Notes contains customary affirmative covenants and negative covenants applicable to Jazz Pharmaceuticals plc and its restricted subsidiaries, including, among other things, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of junior indebtedness and dividends and other distributions. If Jazz Securities or Jazz Pharmaceuticals plc’s restricted subsidiaries engage in certain asset sales, Jazz Securities will be required under certain circumstances to make an offer to purchase the Secured Notes at 100 % of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. As of December 31, 2025, the interest rate and effective interest rate on the Secured Notes were 4.375 % and 4.64 %, respectively. 2030 Notes In September 2024, Jazz Investments, a wholly owned subsidiary of Jazz Pharmaceuticals plc , completed a private placement of $ 1.0 billion principal amount of the 2030 Notes. Interest on the 2030 Notes is payable semi-annually in cash in arrears on March 15 and September 15 of each year, beginning on March 15, 2025, at a rate of 3.125 % per year. In certain circumstances, we may be required to pay additional amounts as a result of any applicable tax withholding or deductions required in respect of payments on the 2030 Notes. The 2030 Notes mature on September 15, 2030, unless earlier exchanged, redeemed or repurchased. The holders of the 2030 Notes have the ability to require us to repurchase all or a portion of their 2030 Notes for cash at a fundamental change repurchase price equal to 100 % of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date in the event we undergo a fundamental change (as defined in the indenture related to the 2030 Notes), such as specified change of control transactions, our liquidation or F-25 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) dissolution or the delisting of our ordinary shares from any of The New York Stock Exchange, The Nasdaq Global Market, The Nasdaq Global Select Market or The Nasdaq Capital Market (or any of their respective successors). Additionally, the terms and covenants in the indenture related to the 2030 Notes include certain events of default after which the 2030 Notes may be due and payable immediately. Prior to September 15, 2030, we may redeem the 2030 Notes, in whole but not in part, in connection with certain tax-related events. We also may redeem the 2030 Notes on or after September 20, 2027 and prior to June 15, 2030, in whole or in part (subject to the partial redemption limitation described in the indenture related to the 2030 Notes), if the last reported sale price per ordinary share has been at least 130 % of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100 % of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The 2030 Notes are exchangeable at an initial exchange rate of 6.5339 ordinary shares per $1,000 principal amount of 2030 Notes, which is equivalent to an initial exchange price of approximately $ 153.05 per ordinary share. Upon exchange of the 2030 Notes, we will pay cash up to the aggregate principal amount of the 2030 Notes to be exchanged and pay or deliver, as the case may be, cash, ordinary shares or a combination of cash and ordinary shares, at our election, in respect of the remainder, if any, of our exchange obligation in excess of the aggregate principal amount of the 2030 Notes being exchanged. The exchange rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain make-whole fundamental changes (as defined in the indenture related to the 2030 Notes) that occur prior to the maturity date or upon our issuance of a notice of redemption, we will, in certain circumstances, increase the exchange rate for a holder who elects to exchange its 2030 Notes in connection with that make-whole fundamental change or exchange its 2030 Notes called (or deemed called) for redemption during the related redemption period. Prior to June 15, 2030, the 2030 Notes will be exchangeable only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. As of December 31, 2025, the “if converted value” of the 2030 Notes exceeded the principal amount by $ 110.7 million. As of December 31, 2024, the “if converted value” did not exceed the principal amount of the 2030 Notes. The total liability is reflected net of issuance costs of $ 19.2 million which will be amortized over the term of the 2030 Notes. We have determined the expected life of the 2030 Notes to be equal to the original six-year term. The effective interest rate of the 2030 Notes is 3.47 %. 2026 Notes In 2020, we completed a private placement of $ 1.0 billion principal amount of the 2026 Notes. We used a portion of the net proceeds from this offering to repurchase for cash $ 332.9 million aggregate principal amount of the 1.875 % exchangeable senior notes due 2021, through privately-negotiated transactions concurrently with the offering of the 2026 Notes. Interest on the 2026 Notes is payable semi-annually in cash in arrears on June 15 and December 15 of each year, beginning on December 15, 2020, at a rate of 2.00 % per year. In certain circumstances, we may be required to pay additional amounts as a result of any applicable tax withholding or deductions required in respect of payments on the 2026 Notes. The 2026 Notes mature on June 15, 2026, unless earlier exchanged, repurchased or redeemed. The holders of the 2026 Notes have the ability to require us to repurchase all or a portion of their 2026 Notes for cash in the event we undergo certain fundamental changes, such as specified change of control transactions, our liquidation or dissolution or the delisting of our ordinary shares from any of The New York Stock Exchange, The Nasdaq Global Market, The Nasdaq Global Select Market or The Nasdaq Capital Market (or any of their respective successors). Additionally, the terms and covenants in the indenture related to the 2026 Notes include certain events of default after which the 2026 Notes may be due and payable immediately. Prior to June 15, 2026, we may redeem the 2026 Notes, in whole but not in part, subject to compliance with certain conditions, if we have, or on the next interest payment date would, become obligated to pay to the holder of any 2026 Notes additional amounts as a result of certain tax-related events. We also may redeem the 2026 Notes prior to March 15, 2026, in whole or in part, if the last reported sale price per ordinary share has been at least 130 % of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide the notice of redemption. The 2026 Notes are exchangeable at an initial exchange rate of 6.4182 ordinary shares per $1,000 principal amount of 2026 Notes, which is equivalent to an initial exchange price of approximately $ 155.81 per ordinary share. On July 22, 2024, we irrevocably elected to fix the settlement method for exchanges of the 2026 Notes to a combination of cash and ordinary shares of Jazz Pharmaceuticals plc with a specified cash amount per $1,000 principal amount of 2026 Notes exchanged equal to or in excess of $ 1,000 . As a result, for any 2026 Notes exchanged subsequent to such notice, an exchanging holder will receive F-26 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) (i) up to $ 1,000 in cash per $1,000 principal amount of 2026 Notes exchanged and (ii) cash, ordinary shares, or any combination thereof, at our election, in respect of the remainder, if any, of its exchange obligation in excess of $ 1,000 per $1,000 principal amount of 2026 Notes exchanged. The exchange rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain make-whole fundamental changes occurring prior to the maturity date of the 2026 Notes or upon our issuance of a notice of redemption, we will in certain circumstances increase the exchange rate for holders of the 2026 Notes who elect to exchange their 2026 Notes in connection with that make-whole fundamental change or during the related redemption period. Prior to March 15, 2026, the 2026 Notes will be exchangeable only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. As of December 31, 2025, the “if converted value” of the 2026 Notes exceeded the principal amount by $ 91.1 million. As of December 31, 2024, the “if converted value” did not exceed the principal amount of the 2026 Notes. The total liability is reflected net of issuance costs of $ 15.3 million which will be amortized over the term of the 2026 Notes. We have determined the expected life of the 2026 Notes to be equal to the original six-year term. The effective interest rate of the 2026 Notes is 2.26 %. 2024 Notes In 2017, we completed a private placement of $ 575.0 million principal amount of 2024 Notes. We used the net proceeds from this offering to repay $ 500.0 million in outstanding loans under the Initial Revolving Credit Facility and to pay related fees and expenses. We used the remainder of the net proceeds for general corporate purposes. Interest on the 2024 Notes was payable semi-annually in cash in arrears on February 15 and August 15 of each year, beginning on February 15, 2018, at a rate of 1.50 % per year. The 2024 Notes were exchangeable at an initial exchange rate of 4.5659 ordinary shares per $1,000 principal amount of 2024 Notes, which was equivalent to an initial exchange price of approximately $ 219.02 per ordinary share. On August 15, 2024, the maturity date for the 2024 Notes, we repaid the $ 575.0 million aggregate principal amount, plus accrued and unpaid interest thereon. The Exchangeable Senior Notes were issued by Jazz Investments I Limited, or the Issuer, a 100 %-owned finance subsidiary of Jazz Pharmaceuticals plc. The Exchangeable Senior Notes are senior unsecured obligations of the Issuer and are fully and unconditionally guaranteed on a senior unsecured basis by Jazz Pharmaceuticals plc. No subsidiary of Jazz Pharmaceuticals plc guaranteed the Exchangeable Senior Notes. Subject to certain local law restrictions on payment of dividends, among other things, and potential negative tax consequences, we are not aware of any significant restrictions on the ability of Jazz Pharmaceuticals plc to obtain funds from the Issuer or Jazz Pharmaceuticals plc’s other subsidiaries by dividend or loan, or any legal or economic restrictions on the ability of the Issuer or Jazz Pharmaceuticals plc’s other subsidiaries to transfer funds to Jazz Pharmaceuticals plc in the form of cash dividends, loans or advances. There is no assurance that in the future such restrictions will not be adopted. For the year ended December 31, 2025, we recognized $ 57.0 million, in interest expense, net, of which $ 51.3 million related to the contractual coupon rate and $ 5.7 million related to the amortization of the debt issuance costs on the Exchangeable Senior Notes. For the year ended December 31, 2024, we recognized $ 40.0 million in interest expense, net, of which $ 35.3 million related to the contractual coupon rate and $ 4.7 million related to the amortization of the debt issuance costs on the 2024 Notes and the Exchangeable Senior Notes. For the year ended December 31, 2023, we recognized $ 32.8 million in interest expense, net, of which $ 28.6 million related to the contractual coupon rate and $ 4.2 million related to the amortization of the debt issuance costs on the 2024 Notes and the 2026 Notes. Scheduled maturities with respect to our long-term debt principal balances outstanding were as follows (in thousands): Year Ending December 31, Scheduled Long-Term Debt Maturities 2026 $ 1,031,000 2027 31,000 2028 1,848,500 2029 1,500,000 2030 1,000,000 Total $ 5,410,500 F-27 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 12. Leases We have noncancelable leases for our buildings and growing facilities and we are obligated to make payments under noncancelable operating leases for automobiles used by our sales force. The components of the lease expense for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands): Year Ended December 31, Lease Cost 2025 2024 2023 Operating lease cost $ 23,922 $ 22,209 $ 19,394 Short-term lease cost 7,485 7,441 6,290 Variable lease cost 242 789 81 Sublease income ( 1,047 ) ( 472 ) ( 22 ) Finance Lease Cost Amortization of leased asset 490 413 481 Interest on lease liabilities 370 442 377 Net lease cost $ 31,462 $ 30,822 $ 26,601 Supplemental balance sheet information related to operating and finance leases was as follows (in thousands): December 31, Leases Classification 2025 2024 Assets Operating lease assets Operating lease assets $ 58,880 $ 53,582 Finance lease assets Property, plant and equipment 2,804 3,917 Total lease assets $ 61,684 $ 57,499 Liabilities Current Operating lease liabilities Accrued liabilities $ 14,278 $ 14,331 Finance lease liabilities Accrued liabilities 439 448 Non-current Operating lease liabilities Operating lease liabilities, less current portion 50,892 38,938 Finance lease liabilities Other non-current liabilities 3,440 4,561 Total lease liabilities $ 69,049 $ 58,278 December 31, Lease Term and Discount Rate 2025 2024 Weighted-average remaining lease term (years) Operating leases 4.0 4.3 Finance leases 9.5 10.4 Weighted-average discount rate Operating leases 6.9 % 6.6 % Finance leases 8.1 % 7.6 % F-28 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Supplemental cash flow information related to operating and finance leases was as follows (in thousands): Year Ended December 31, 2025 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 20,733 $ 33,632 $ 20,646 Operating cash outflows from finance leases 868 830 835 Financing cash outflows from finance leases 370 442 377 Non-cash operating activities: Operating lease assets obtained in exchange for new operating lease liabilities $ 24,386 $ 25,819 $ 9,953 De-recognition of operating lease asset on lease assignment / termination 2,342 19,877 4,169 De-recognition of operating lease liability on lease assignment / termination 2,300 21,297 4,457 De-recognition of finance lease asset on lease assignment / termination 903 — — De-recognition of finance lease liability on lease assignment / termination 1,023 — — Maturities of operating and finance lease liabilities were as follows (in thousands): Year Ending December 31, Operating Leases Finance Leases 2026 $ 18,031 $ 765 2027 15,851 681 2028 13,375 512 2029 8,684 512 2030 6,604 512 Thereafter 16,678 2,647 Total lease payments 79,223 5,629 Less imputed interest ( 14,053 ) ( 1,750 ) Present value of lease liabilities $ 65,170 $ 3,879 13. Commitments and Contingencies Indemnification In the normal course of business, we enter into agreements that contain a variety of representations and warranties and provide for general indemnification, including indemnification associated with product liability or infringement of intellectual property rights. Our exposure under these agreements is unknown because it involves future claims that may be made but have not yet been made against us. To date, we have not paid any claims or been required to defend any action related to these indemnification obligations. We have agreed to indemnify our executive officers, directors and certain other employees for losses and costs incurred in connection with certain events or occurrences, including advancing money to cover certain costs, subject to certain limitations. The maximum potential amount of future payments we could be required to make under the indemnification obligations is unlimited; however, we maintain insurance policies that may limit our exposure and may enable us to recover a portion of any future amounts paid. Assuming the applicability of coverage, the willingness of the insurer to assume coverage, and subject to certain retention, loss limits and other policy provisions, we believe the fair value of these indemnification obligations is not significant. Accordingly, we did not recognize any liabilities relating to these obligations as of December 31, 2025 and December 31, 2024. No assurances can be given that the covering insurers will not attempt to dispute the validity, applicability, or amount of coverage without expensive litigation against these insurers, in which case we may incur substantial liabilities as a result of these indemnification obligations. Other Commitments As of December 31, 2025, we had $ 69.5 million of noncancelable purchase commitments due within one year, primarily related to agreements with third party manufacturers. F-29 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Legal Proceedings We are involved in legal proceedings, including the following matters: Xyrem Antitrust Litigation From June 2020 to May 2022, the Xyrem Antitrust Litigation was filed on behalf of purported direct and indirect Xyrem purchasers, alleging that the patent litigation settlement agreements we entered with generic drug manufacturers who had filed ANDAs violate state and federal antitrust and consumer protection laws. The Xyrem Antitrust Litigation was consolidated for multi-district litigation in the U.S. District Court for the Northern District of California, as previously disclosed in the notes to our consolidated financial statements for the year ended December 31, 2024 included in our Annual Report on Form 10-K for the year ended December 31, 2024, and the notes to our unaudited condensed consolidated financial statements for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, included in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, respectively. As of October 2025, we resolved the entirety of the Xyrem Antitrust Litigation, as described further below. On April 7, 2025, Jazz Ireland, our wholly-owned subsidiary, entered into a class settlement agreement with the class of indirect Xyrem purchasers to settle all claims of participating class members against the Company with respect to our actions leading up to, and entering into, patent litigation settlement agreements with the ANDA filers. Pursuant to the class settlement agreement, which was entered into with counsel representing the class representatives, we agreed to pay a total of $ 145.0 million in a lump sum. The class settlement agreement, in which we deny all alleged wrongdoing, also includes specified releases by our class members and our past, present and future affiliates, directors, officers, employees and other related parties, for all conduct concerning any of the matters alleged, or that could have been alleged, in the lawsuit. The U.S. District Court for the Northern District of California held a preliminary approval hearing regarding the class settlement agreement on May 15, 2025, and granted the motion for preliminary approval on May 16, 2025. The U.S. District Court for the Northern District of California held a final approval hearing regarding the class settlement on October 23, 2025 and approved the class settlement agreement on October 27, 2025. On May 20, 2025, Jazz Ireland entered into a settlement agreement with United Healthcare to settle all of United Healthcare’s claims against us with respect to our actions leading up to, and entering into, patent litigation settlement agreements with the ANDA filers. Pursuant to that settlement agreement, on June 23, 2025, United Healthcare filed a motion for voluntary dismissal with prejudice of its claims against us. The U.S. District Court for the Northern District of California granted United Healthcare’s motion on July 16, 2025. The terms of the settlement between Jazz Ireland and United Healthcare are confidential. On August 29, 2025, Jazz Ireland entered into a settlement agreement with the Federal Opt-Out Plaintiffs and Aetna to settle all of the Federal Opt-Out Plaintiffs’ and Aetna's claims against us with respect to our actions leading up to, and entering into, patent litigation settlement agreements with the ANDA filers. Pursuant to the settlement agreement, on September 29, 2025, Aetna filed a Request for Dismissal with prejudice of its claims against us. On September 30, 2025, the U.S. District Court for the Northern District of California dismissed Aetna’s claims. On September 30, 2025, the Federal Opt-Out Plaintiffs filed a motion for voluntary dismissal with prejudice of their claims against us. The U.S. District Court for the Northern District of California granted the Federal Opt-Out Plaintiffs’ motion on September 30, 2025. On October 7, 2025, we, Hikma, and Aetna filed a stipulation for voluntary dismissal of Aetna’s pending appeal to the United States Court of Appeals for the Ninth Circuit. On October 10, 2025, the United States Court of Appeals for the Ninth Circuit dismissed Aetna’s appeal. The terms of the settlement agreement between Jazz Ireland and the Federal Opt-Out Plaintiffs and Aetna are confidential. During the year ended December 31, 2025, we recognized expenses of $ 233.5 million, within selling, general and administrative expenses in our consolidated statements of income (loss) for charges related to the resolution of the Xyrem Antitrust Litigation, including the class settlement. Patent Infringement Litigation Avadel Litigation As previously disclosed in the notes to our consolidated financial statements for the year ended December 31, 2024, included in our Annual Report on Form 10-K for the year ended December 31, 2024, and the notes to our unaudited condensed consolidated financial statements for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, included in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, respectively, we were a party to certain legal proceedings against Avadel, which as of February 2026, is a subsidiary of Alkermes. From May 2021 to July 2022, we filed a number of patent infringement suits against Avadel, and several of its F-30 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) corporate affiliates in the United States District Court for the District of Delaware, alleging that Avadel’s Lumryz infringes a number of our patents. In response, Avadel filed a series of counterclaims, including counterclaims asserting that we engaged in unlawful monopolization in violation of the Sherman Antitrust Act, and in April 2022, Avadel sued us in the U.S. District Court for the District of Delaware alleging that we misappropriated trade secrets and breached certain contracts between the parties. Additionally, from December 2024 through April 2025, Avadel filed a series of patent infringement suits against us in the U.S. District Court for the District of Delaware, alleging that our sales of Xywav infringe on certain newly-issued Avadel patents. On October 21, 2025, we entered into a global settlement agreement with Avadel CNS Pharmaceuticals LLC and Flamel Ireland Limited, subsidiaries of Avadel Pharmaceuticals plc (collectively, “Avadel”) to settle all claims relating to all disputes between the parties, including the Company’s previously disclosed ongoing patent infringement litigation against Avadel in the U.S. District Court for the District of Delaware and Avadel’s counterclaims alleging anticompetitive conduct by us and other alleged conduct related to Avadel trade secrets and contracts between the parties, as well as Avadel’s ongoing patent infringement litigation in the U.S. District Court for the District of Delaware against us. Pursuant to the settlement agreement, we agreed to (a) grant a license to Avadel, effective immediately to any past, present, or future patents that could be asserted by us against Avadel’s Lumryz product for use in Narcolepsy Indications, and (b) grant a license to Avadel effective March 1, 2028 to any past, present, or future patents that could be asserted by us against Avadel’s Lumryz products for use in Non-Narcolepsy Indications, including all present and future indications, strengths, conditions of use, dosages, doses, dosage forms, and presentations. Pursuant to the settlement agreement, Avadel has agreed to pay royalties to us of 3.85 % (subject to a potential reduction to 3.75 %) on net sales of its Lumryz product for Narcolepsy Indications commencing October 1, 2025, and beginning March 1, 2028, to pay royalties to us of 10 % (subject to a potential reduction to 9.5 %) on net sales of its Lumryz product for Non-Narcolepsy Indications. Avadel has also agreed not to market, offer for sale, take orders for, distribute, promote, or provide patient support services with respect to Avadel Licensed Products for Non-Narcolepsy Indications before March 1, 2028, and to pay royalties to us of 80 % of such unpermitted net sales of its Lumryz product for Non-Narcolepsy Indications from October 1, 2025 through February 29, 2028. Pursuant to the settlement agreement, Avadel grants us a covenant not to sue for infringement of any past, present or future patents that could be asserted against the Xywav or Xyrem products, including all present and future indications, strengths, conditions of use, dosages, doses, dosage forms, and presentations. We have not agreed to waive or otherwise consent to the “breaking” of the Orphan Drug Exclusivity for Xywav in IH as part of this settlement. Pursuant to the settlement agreement, we agreed to (a) pay a total of $ 90.0 million in a lump sum in settlement of Avadel’s pending claims against us and (b) waive our right to receive certain royalties the U.S. District Court for the District of Delaware previously ordered Avadel to pay us on sales of Avadel’s Lumryz product through September 30, 2025. The settlement agreement obligated the parties to promptly file stipulations of dismissal with the U.S. District Court for the District of Delaware or otherwise abandon the pending legal proceedings, and as of October 27, 2025, the U.S. District Court for the District of Delaware dismissed all relevant matters with prejudice. The settlement agreement, in which we deny all alleged wrongdoing, also includes releases by us, on the one hand, and Avadel, on the other hand, and each of their past, present and future affiliates, directors, officers, employees and other related parties, for all conduct concerning any of the matters alleged, or that could have been alleged, in the lawsuit. During the year ended December 31, 2025, we recorded an expense of $ 90.0 million, within selling, general and administrative expenses in our consolidated statements of income (loss), for charges related to the resolution of the Avadel Litigation. Xywav Patent Litigation In June 2021, we received notice from Lupin, that it has filed with FDA an ANDA, for a generic version of Xywav. The notice from Lupin included a paragraph IV certification with respect to ten of our patents listed in FDA’s Orange Book for Xywav on the date of our receipt of the notice. The asserted patents relate generally to the composition and method of use of Xywav, and methods of treatment when Xywav is administered concomitantly with certain other medications. In July 2021, we filed a patent infringement suit against Lupin in the U.S. District Court for the District of New Jersey. The complaint alleges that by filing its ANDA, Lupin has infringed ten of our Orange Book listed patents. We are seeking a permanent injunction to prevent Lupin from introducing a generic version of Xywav that would infringe our patents. As a result of this lawsuit, we expect that a stay of approval of up to 30 months will be imposed by FDA on Lupin's ANDA. In June 2021, FDA recognized seven years of Orphan Drug Exclusivity for Xywav through July 21, 2027. On October 4, 2021, Lupin filed an answer to the complaint and counterclaims asserting that the patents are invalid or not enforceable, and that its product, if approved, will not infringe our patents. F-31 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) In April 2022, we received notice from Lupin that it had filed a paragraph IV certification regarding a newly-issued patent listed in the Orange Book for Xywav. On May 11, 2022, we filed an additional lawsuit against Lupin in the U.S. District Court for the District of New Jersey alleging that by filing its ANDA, Lupin infringed the newly-issued patent related to a method of treatment when Xywav is administered concomitantly with certain other medications. The suit seeks a permanent injunction to prevent Lupin from introducing a generic version of Xywav that would infringe our patent. On June 22, 2022, the U.S. District Court for the District of New Jersey consolidated the two lawsuits we filed against Lupin. In November 2022, we received notice from Lupin that it had filed a paragraph IV certification regarding a newly-issued patent listed in the Orange Book for Xywav. On January 19, 2023, we filed an additional lawsuit against Lupin in the U.S. District Court for the District of New Jersey alleging that by filing its ANDA, Lupin infringed the newly-issued patent referenced in its November 2022 paragraph IV certification, as well as another patent that issued in January 2023. The suit seeks a permanent injunction to prevent Lupin from introducing a generic version of Xywav that would infringe the two patents in suit. On February 15, 2023, the U.S. District Court for the District of New Jersey consolidated the new lawsuit with the two suits we previously filed against Lupin. No trial date has been set in the consolidated case against Lupin. In February 2023, we received notice from Teva that it had filed with FDA an ANDA for a generic version of Xywav. The notice from Teva included a paragraph IV certification with respect to thirteen of our patents listed in FDA’s Orange Book for Xywav on the date of the receipt of the notice. The asserted patents relate generally to the composition and method of use of Xywav, and methods of treatment when Xywav is administered concomitantly with certain other medications. In March 2023, we filed a patent infringement suit against Teva in the U.S. District Court for the District of New Jersey. The complaint alleges that by filing its ANDA, Teva has infringed thirteen of our Orange Book listed patents. We are seeking a permanent injunction to prevent Teva from introducing a generic version of Xywav that would infringe our patents. As a result of this lawsuit, we expect that a stay of approval of up to 30 months will be imposed by FDA on Teva’s ANDA. On May 23, 2023, Teva filed an answer to the complaint and counterclaims asserting that the patents are invalid or not enforceable, and that its product, if approved, will not infringe our patents. On December 15, 2023, based on a stipulation between all parties, the U.S. District Court for the District of New Jersey consolidated the Lupin lawsuits and the Teva lawsuit for all purposes. No trial date has been set in the consolidated case. In July 2024, we received notices from Lupin and Teva that they had each filed a paragraph IV certification regarding a newly-issued patent listed in the Orange Book for Xywav. On August 27, 2024, we filed an additional lawsuit in the U.S. District Court for the District of New Jersey against each of Lupin and Teva, alleging that, by filing its ANDA, each party infringed the newly-issued patent related to a method of treatment using Xywav. The suits seek orders that the effective date of FDA approval of each defendant’s application shall be a date no earlier than the expiration of the newly-issued patent. In July 2025, we received notice from Granules that it has filed with FDA an ANDA for a generic version of Xywav. The notice from Granules included a paragraph IV certification with respect to fourteen of our patents listed in FDA’s Orange Book for Xywav on the date of the receipt of the notice. The asserted patents relate generally to the composition and method of use of Xywav, and methods of treatment when Xywav is administered concomitantly with certain other medications. In August 2025, we filed a patent infringement suit against Granules in the U.S. District Court for the District of New Jersey. The complaint alleges that by filing its ANDA, Granules has infringed fourteen of our Orange Book-listed patents. We are seeking a permanent injunction to prevent Granules from introducing a generic version of Xywav that would infringe our patents. As a result of this lawsuit, we expect that a stay of approval of up to 30 months will be imposed by FDA on Granules’ ANDA. Zepzelca Patent Litigation In July and August 2024, we received notices from the Zepzelca ANDA Filers that they have each filed with FDA an ANDA for a generic version of Zepzelca. As of the date of this filing, we are not aware of other ANDA filers. The notices from the Zepzelca ANDA Filers each included a paragraph IV certification with respect to a patent listed in the Orange Book for Zepzelca on the date of the receipt of the notice. The listed patent relates to the drug substance, drug product and approved use of Zepzelca. We are the exclusive licensee to this Zepzelca patent pursuant to an agreement with PharmaMar. A paragraph IV certification is a certification by a generic applicant that alleges that the patent covering the branded product is invalid, unenforceable, and/or will not be infringed by the manufacture, use or sale of the generic product. On September 11, 2024, we and PharmaMar filed a patent infringement suit against the Zepzelca ANDA Filers in the U.S. District Court for the District of New Jersey. The complaint alleges that by filing their ANDAs, the Zepzelca ANDA Filers have infringed the Orange Book listed patent for Zepzelca, and seeks an order that the effective date of FDA approval of the ANDAs shall be a date no earlier than the expiration of the asserted patent. F-32 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) In December 2024, we received the Zepzelca ANDA Filers’ answers to the complaint. The answers include defenses and counterclaims asserting that the Zepzelca ANDA Filers’ products, if launched, would not infringe our patents and that our patents are invalid. No trial date has been set in this matter. On March 26, 2025, we and Sandoz stipulated to the dismissal of our lawsuit against Sandoz without prejudice. On September 12, 2024, we and PharmaMar filed a patent infringement suit against RK Pharma, in the U.S. District Court for the District of Delaware. The complaint alleges that by filing its ANDA, RK Pharma has infringed the Orange Book listed patent for Zepzelca, and seeks an order that the effective date of FDA approval of RK Pharma’s ANDA shall be no earlier than the expiration of the asserted patent. On November 13, 2024, we voluntarily dismissed this action against RK Pharma in the U.S. District Court for the District of Delaware. RK Pharma remains a defendant in the litigation referenced above in the U.S. District Court for the District of New Jersey. In July 2025, we received notice from InvaGen that it had filed a paragraph IV certification regarding a newly-issued patent listed in the Orange Book for Zepzelca. On September 4, 2025, we filed an additional lawsuit in the U.S. District Court for the District of New Jersey against each of the Zepzelca ANDA Filers, alleging that, by filing its ANDA, each party infringed the newly-issued patent related to a method of treatment using Zepzelca. The suit seeks orders that the effective date of FDA approval for each defendant’s application shall be no earlier than the expiration of the newly-issued patent. Defitelio Patent Litigation In March 2025, we received a notice from Almaject that it had filed with FDA an ANDA for a generic version of Defitelio. The notice from Almaject included a paragraph IV certification respect to certain of our patents listed in FDA’s Orange Book for Defitelio on the date of the notice. The listed patents relate generally to the Defitelio drug product and its approved use. On April 16, 2025, we filed a patent infringement lawsuit against Almaject in the U.S. District Court for the District of New Jersey. The complaint alleges that by filing its ANDA, Almaject has infringed certain of our Orange Book listed patents, and seeks an order that the effective date of FDA approval for the Almaject ANDA shall be on a date no earlier than the expiration of the last to expire of the asserted patents. As a result of this lawsuit, we expect that a stay of approval of up to 30 months will be imposed by FDA on Almaject’s ANDA. Tris Pharma Patent Litigation In January 2026, we received notices from Tris Pharma that it had filed with FDA a Section 505(b)(2) NDA with Xyrem and Xywav as reference listed drugs. The first notice included a paragraph IV certification with respect to seven patents listed in FDA’s Orange Book for Xyrem, and the second notice included a paragraph IV certification with respect to fifteen patents listed in FDA’s Orange Book for Xywav on the date of our receipt of the notice. Seven of the listed patents relate generally to methods of treatment when Xywav or Xyrem is administered concomitantly with certain other medications, and the remaining eight relate generally to the composition and method of use of Xywav. On February 20, 2026, we filed two patent infringement suits against Tris Pharma in the U.S. District Court for the District of New Jersey. The complaints allege that by filing its Section 505(b)(2) NDA, Tris Pharma infringed certain of our patents listed in FDA’s Orange Book for Xyrem and certain of our patents listed in FDA’s Orange Book for Xywav, respectively. Each lawsuit seeks an order that the effective date of FDA approval of Tris Pharma’s Section 505(b)(2) NDA shall be a date no earlier than the expiration of the last to expire of the asserted patents. As a result of this lawsuit, we expect that a stay of approval of up to 30 months will be imposed by FDA of Tris Pharma’s Section 505(b)(2) NDA. FDA Litigation On June 22, 2023, we filed a complaint in the U.S. District Court for the District of Columbia seeking a declaration that FDA’s approval on May 1, 2023, of the NDA for Alkermes’ Lumryz (acquired through its acquisition of Avadel) was unlawful. In the complaint, we alleged that FDA acted outside its authority under the Orphan Drug Act, when, despite ODE protecting our low-sodium oxybate product Xywav, FDA approved the Lumryz NDA and granted Lumryz ODE based on FDA’s finding that Lumryz makes a major contribution to patient care and is therefore clinically superior to Xywav and Xyrem. We further alleged that, in doing so, FDA failed to follow its own regulations, failed to follow established agency policy without providing a reasoned explanation for the departure, reversed prior decisions by its own staff and experts without a reasoned explanation, and disregarded the relevant scientific literature and data. The complaint, filed pursuant to the Administrative Procedure Act, asked the U.S. District Court for the District of Columbia to vacate and set aside FDA’s approval of the Lumryz NDA and sought a declaration that FDA’s approval of the Lumryz NDA was arbitrary, capricious, an abuse of discretion and otherwise not in accordance with law and that approval of the Lumryz NDA was in excess of FDA’s statutory authority and was made without observance of procedure required by law. F-33 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) On September 15, 2023, we filed a motion for summary judgment. On October 20, 2023, Avadel and FDA filed cross motions for summary judgment. Oral argument on these motions was held on May 10, 2024 and on October 30, 2024, the U.S. District Court for the District of Columbia issued an order denying our motion for summary judgment and granting Avadel’s and FDA’s cross-motions for summary judgment. We appealed the matter to the U.S. Court of Appeals for the District of Columbia Circuit. We filed our opening appeal brief on January 31, 2025 and the D.C. Circuit held oral argument on the appeal on May 5, 2025. On June 27, 2025, the D.C. Circuit affirmed the U.S. District Court for the District of Columbia’s ruling. Qui Tam Matters In July 2022, we received a subpoena from the USAO for the District of Massachusetts requesting documents related to Xyrem and U.S. Patent No. 8,772,306 (“Method of Administration of Gamma Hydroxybutyrate with Monocarboxylate Transporters”), product labeling changes for Xyrem, communications with FDA and the USPTO, pricing of Xyrem, and other related documents. On July 18, 2024, the U.S. District Court for the District of Massachusetts unsealed a qui tam whistleblower lawsuit underlying the USAO’s subpoena, captioned 1:21-cv-10891-PBS and originally filed under seal on May 27, 2021. The public docket in this matter indicates that on May 24 and June 7, 2024, respectively, the U.S. and a number of states named in the whistleblower complaint declined to intervene in this matter. As such, private whistleblower litigation will proceed in the U.S. District Court for the District of Massachusetts. The U.S. District Court for the District of Massachusetts set a deadline of September 1, 2024, for the plaintiff to file an amended complaint, and December 2, 2024, for us to file a motion to dismiss the amended complaint. The p laintiff filed the amended complaint on September 1, 2024. We filed our motion to dismiss on December 2, 2024. The U.S. District Court for the District of Massachusetts held oral argument on the motion to dismiss on April 2, 2025. On September 23, 2025, the U.S. District Court for the District of Massachusetts granted our motion and dismissed the plaintiff’s federal claims with prejudice and state-law claims without prejudice. On January 23, 2026, the U.S. District Court for the Southern District of New York unsealed a lawsuit filed by a qui tam whistleblower against us under the New York state False Claims Act, captioned 1:25-cv-08797-PKC. The docket reflects that the New York Attorney General declined to participate in the litigation. This lawsuit repeats almost verbatim allegations asserted by this same whistleblower against us in a case that was dismissed on September 23, 2025, by the U.S. District Court for the District of Massachusetts, 1:21-cv-10891-PBS. We will continue to vigorously defend against these claims. Chimerix Acquisition Litigation On March 21, 2025, Chimerix filed a Recommendation Statement with the SEC in relation to the proposed acquisition of Chimerix by us. Also on March 21, 2025, we disseminated a Tender Offer Statement to Chimerix shareholders in relation to the proposed transaction. Following the filing and dissemination of the Tender Offer Documents, we, our wholly-owned subsidiary Pinetree Acquisition Sub, Inc., Chimerix, the Chimerix Board of Directors, Centerview Partners LLC, were named as defendants in the Rosenthal Lawsuit in the Supreme Court of the State of New York, County of Chemung. In addition to the Rosenthal Lawsuit, the Chimerix Shareholder Litigation was filed in the Supreme Court of the State of New York, County of New York. Collectively, in the Chimerix Transaction Litigation, the plaintiffs alleged that the Tender Offer Documents omitted material information and contained misrepresentations, in violation of various New York and North Carolina laws. The plaintiffs in the Chimerix Transaction Litigation sought various remedies, including injunctive relief to prevent the consummation of the Chimerix Acquisition unless certain allegedly material information was disclosed, or in the alternative, rescission or damages. On April 7, 2025, Chimerix filed an amended Recommendation Statement and we filed an amended Tender Offer Document, each containing supplemental disclosures related to the Chimerix Acquisition. Pursuant to a memorandum of understanding between the parties, the Rosenthal Lawsuit was dismissed on April 7, 2025. The remaining lawsuits in the Chimerix Transaction Litigation were dismissed on June 26, 2025. From time to time, we are involved in legal proceedings arising in the ordinary course of business. We believe there is no other litigation pending that could have, individually or in the aggregate, a material adverse effect on our results of operations or financial condition. 14. Shareholders’ Equity Share Repurchase Program In July 2024, our board of directors authorized the New Repurchase Program to repurchase ordinary shares having an aggregate purchase price of $ 500.0 million, exclusive of any brokerage commissions. Under the New Repurchase Program, which has no expiration date, we may repurchase ordinary shares from time to time by any methods and/or structures permitted by applicable law. The timing and amount of repurchases will depend on a variety of factors, including the price of our F-34 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) ordinary shares, alternative investment opportunities, restrictions under the Amended Credit Agreement and the indenture for our Secured Notes, corporate and regulatory requirements and market conditions. The New Repurchase Program may be modified, suspended or discontinued at any time without our prior notice. The New Repurchase Program replaces and supersedes the Old Repurchase Program, a share repurchase program to repurchase ordinary shares having an aggregate purchase price of $ 1.5 billion, exclusive of any brokerage commissions. During the year ended December 31, 2025, we spent a total of $ 125.0 million to repurchase 1.1 million of our ordinary shares, all under the New Repurchase Program, at a purchase price, including commissions, of $ 109.52 per share. In 2024, we spent a total of $ 150.0 million to repurchase 1.4 million of our ordinary shares, all under the New Repurchase Program, at a purchase price, including commissions, of $ 109.32 per share and $ 161.4 million to repurchase 1.5 million of our ordinary shares, all under the Old Repurchase Program, at a purchase price, including commissions, of $ 110.75 per share. The repurchases made under the New Share Repurchase Program in 2024 were effected in privately negotiated transactions with or through one of the initial purchasers of the 2030 Notes concurrently with the pricing of the offering of the 2030 Notes. All ordinary shares repurchased were canceled. As of December 31, 2025, the remaining amount authorized for repurchases under the New Repurchase Program was $ 225.0 million, exclusive of any brokerage commissions. Authorized But Unissued Ordinary Shares We had reserved the following shares of authorized but unissued ordinary shares (in thousands): December 31, 2025 2024 2011 Equity Incentive Plan 20,610 22,056 2007 Employee Stock Purchase Plan 3,485 3,701 GW Incentive Plans 1,170 1,408 Amended and Restated 2007 Non-Employee Directors Stock Award Plan 631 677 Total 25,896 27,842 Dividends In 2025 and 2024, we did not declare or pay cash dividends on our common equity. Under Irish law, dividends may only be paid, and share repurchases and redemptions must generally be funded only out of, “distributable reserves.” In addition, the terms of the Amended Credit Agreement restrict our ability to make certain restricted payments, including dividends and other distributions by us in respect of our ordinary shares, subject to, among other exceptions, (1) a general exception for dividends and other restricted payments not to exceed in the aggregate the greater of $ 350 million and 3.5 % of consolidated total assets (as defined in the Amended Credit Agreement) when made, and (2) an exception that allows for dividends and other restricted payments equal to an amount tied to our financial performance, so long as no default or event of default shall have occurred and is continuing under the Amended Credit Agreement and the total net leverage ratio (as defined in the Amended Credit Agreement) on a pro forma basis does not exceed 5 :1, and (3) an exception that allows for additional dividends and other restricted payments, so long as no default or event of default shall have occurred and is continuing under the Amended Credit Agreement and the total net total leverage ratio (as defined in the Amended Credit Agreement) on a pro forma basis is not greater than 4 :1. Any future determination as to the payment of dividends will, subject to Irish legal requirements, be at the sole discretion of our board of directors and will depend on our consolidated financial condition, results of operations, capital requirements, compliance with the terms of the Amended Credit Agreement or other future borrowing arrangements, and other factors our board of directors deems relevant. 15. Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and all changes in shareholders’ equity during a period, except for those changes resulting from investments by shareholders or distributions to shareholders. F-35 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss as of December 31, 2025 and 2024 were as follows (in thousands): Net Unrealized Gain (Loss) From Hedging Activities Foreign Currency Translation Adjustments Total Accumulated Other Comprehensive Loss Balance at December 31, 2024 $ 740 $ ( 948,407 ) $ ( 947,667 ) Other comprehensive income before reclassifications 208 380,172 380,380 Amounts reclassified from accumulated other comprehensive loss ( 1,311 ) — ( 1,311 ) Other comprehensive income (loss), net ( 1,103 ) 380,172 379,069 Balance at December 31, 2025 $ ( 363 ) $ ( 568,235 ) $ ( 568,598 ) In 2025, other comprehensive income (loss) primarily reflects foreign currency translation adjustments due to the strengthening of the sterling against the U.S. dollar. 16. Net Income (Loss) per Ordinary Share Basic net income (loss) per ordinary share is based on the weighted-average number of ordinary shares outstanding. Diluted net income (loss) per ordinary share is based on the weighted-average number of ordinary shares outstanding and potentially dilutive ordinary shares outstanding. Basic and diluted net income (loss) per ordinary share were computed as follows (in thousands, except per share amounts): Year Ended December 31, 2025 2024 2023 Numerator: Net income (loss) $ ( 356,148 ) $ 560,120 $ 414,832 Effect of interest on assumed conversions of the 2026 Notes and the 2024 Notes, net of tax — 10,762 24,876 Net income (loss) for dilutive net income (loss) per ordinary share $ ( 356,148 ) $ 570,882 $ 439,708 Denominator: Weighted-average ordinary shares used in per share calculations - basic 60,981 61,838 63,291 Dilutive effect of the 2026 Notes and the 2024 Notes — 3,540 8,016 Dilutive effect of employee equity incentive and purchase plans — 629 759 Weighted-average ordinary shares used in per share calculations - diluted 60,981 66,007 72,066 Net income (loss) per ordinary share: Basic $ ( 5.84 ) $ 9.06 $ 6.55 Diluted $ ( 5.84 ) $ 8.65 $ 6.10 Potentially dilutive ordinary shares from our employee equity incentive and purchase plans are determined by applying the treasury stock method to the assumed vesting of outstanding RSUs and PRSUs, the assumed exercise of share options and the assumed issuance of ordinary shares under our ESPP. In August 2023, we irrevocably elected to fix the settlement method for exchanges of the 2024 Notes to a combination of cash and ordinary shares of the Company with a specified cash amount per $1,000 principal amount of the 2024 Notes of $ 1,000 . As a result, the assumed issuance of ordinary shares upon exchange of the 2024 Notes has only been included in the calculation of diluted net income per ordinary share in 2023 up to the date the irrevocable election was made. In August 2024 we repaid the aggregate principal amount in cash. F-36 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) In July 2024, we irrevocably elected to fix the settlement method for exchanges of the 2026 Notes to a combination of cash and ordinary shares of the Company with a specified cash amount per $1,000 principal amount of 2026 Notes exchanged equal to or in excess of $ 1,000 . As a result, the assumed issuance of ordinary shares upon exchange of the 2026 Notes has only been included in the calculation of diluted net income per ordinary share in 2024, up to the date the irrevocable election was made. As a result of the election, an exchanging holder will receive (i) up to $ 1,000 in cash per $1,000 principal amount of 2026 Notes exchanged and (ii) cash, ordinary shares, or any combination thereof, at our election, in respect of the remainder, if any, of its exchange obligation in excess of $ 1,000 per $1,000 principal amount of 2026 Notes exchanged. The average price of our ordinary shares in 2025 and 2024 did not exceed the conversion price of the 2026 Notes. For the 2030 Notes, we are required to settle the principal amount in cash and have the option to settle the conversion feature for the amount above the conversion price, or the conversion spread, in cash, ordinary shares or a combination of cash and ordinary shares. The conversion spread will have a dilutive impact on diluted net income per ordinary share when the average market price of our ordinary shares for a given period exceeds the conversion price of the 2030 Notes. For the year ended December 31, 2025, the 2030 Notes have been excluded from the computation of diluted net loss per ordinary share, as the effect was anti-dilutive. The average price of our ordinary shares in 2024 did not exceed the conversion price of the 2030 Notes. The following table represents the weighted-average ordinary shares that were excluded from the computation of diluted net income (loss) per ordinary share for the years presented because including them would have an anti-dilutive effect (in thousands): Year Ended December 31, 2025 2024 2023 Employee equity incentive and purchase plans 4,369 4,074 2,973 2030 Notes 3 — — 17. Segment and Other Information Our operating segment is reported in a manner consistent with the internal reporting provided to the CODM. Our CODM has been identified as our President and Chief Executive Officer. We have determined that we operate in one business segment, which is the identification, development and commercialization of meaningful pharmaceutical products that address unmet medical needs. The CODM assesses segment performance and decides how to allocate resources for the segment based on net income (loss) and a measure of segment assets which are on the consolidated statements of income (loss) and consolidated balance sheet. The following table presents total long-lived assets by location (in thousands): December 31, 2025 2024 Ireland $ 95,947 $ 85,703 United Kingdom 81,801 77,741 United States 45,611 33,724 Italy 26,976 21,931 Other 8,402 7,896 Total long-lived assets (1) $ 258,737 $ 226,995 _________________________ (1) Long-lived assets consist of property, plant and equipment and operating lease assets. F-37 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 18. Revenues The following table presents a summary of total revenues (in thousands): Year Ended December 31, 2025 2024 2023 Xywav $ 1,656,986 $ 1,473,202 $ 1,272,977 Xyrem 146,034 233,816 569,730 Epidiolex/Epidyolex 1,059,197 972,423 845,468 Sativex 1 16,277 18,877 19,668 Total Neuroscience 2,878,494 2,698,318 2,707,843 Rylaze/Enrylaze 402,920 410,846 394,226 Zepzelca 307,309 320,318 289,533 Defitelio/defibrotide 199,392 216,565 184,000 Vyxeos 146,709 162,595 147,495 Modeyso 48,043 — — Ziihera 24,810 1,051 — Total Oncology 1,129,183 1,111,375 1,015,254 Other 14,172 11,471 13,846 Product sales, net 4,021,849 3,821,164 3,736,943 High-sodium oxybate AG royalty revenue 211,725 217,575 75,918 Other royalty and contract revenues 34,012 30,211 21,343 Total revenues $ 4,267,586 $ 4,068,950 $ 3,834,204 ____________________________ (1) Divestiture of Sativex was completed in October 2025. The following table presents a summary of total revenues attributed to geographic sources (in thousands): Year Ended December 31, 2025 2024 2023 United States $ 3,831,598 $ 3,660,109 $ 3,489,977 Europe 341,122 312,706 269,243 All other 94,866 96,135 74,984 Total revenues $ 4,267,586 $ 4,068,950 $ 3,834,204 The following table presents a summary of the percentage of total revenues from customers that represented more than 10% of our total revenues: Year Ended December 31, 2025 2024 2023 ESSDS 42 % 42 % 48 % ASD 11 % 9 % 7 % McKesson 10 % 12 % 11 % Financing and payment Our payment terms vary by the type and location of our customer, but payment is generally required in a term ranging from 30 to 65 days. 19. Share-Based Compensation GW Incentive Plans On May 5, 2021, we acquired the entire issued share capital of GW. In connection with the GW Acquisition, we assumed the GW Incentive Plans. The terms of the GW Incentive Plans provide for the grant of stock options, stock appreciation rights, F-38 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) RSUs, other stock awards, and performance awards that may be settled in cash, shares, or other property. Ordinary shares granted to employees in exchange for American Depositary Shares of GW, in connection with the GW Acquisition, vested ratably over a service period of two years , while all post-acquisition grants vest ratably over service periods of four years and expire no more than 10 years after the date of grant. As of December 31, 2025, a total of 1,864,475 of our ordinary shares had been authorized for issuance under the GW Incentive Plans. 2011 Plan In connection with the Azur Merger, Jazz Pharmaceuticals, Inc.’s board of directors adopted the 2011 Plan in October 2011, and its stockholders approved the 2011 Plan at the special meeting of the stockholders held in December 2011. The 2011 Plan became effective immediately before the consummation of the Azur Merger and was assumed and adopted by us upon the consummation of the Azur Merger. The terms of the 2011 Plan provide for the grant of stock options, stock appreciation rights, RSUs, other stock awards, and performance awards that may be settled in cash, shares, or other property. All outstanding grants under the 2011 Plan were granted to employees and vest ratably over service periods of four years and expire no more than 10 years after the date of grant. As of December 31, 2025, a total of 34,836,988 of our ordinary shares had been authorized for issuance under the 2011 Plan. ESPP In 2007, Jazz Pharmaceuticals, Inc.’s employees became eligible to participate in the ESPP. The ESPP was amended and restated by Jazz Pharmaceuticals, Inc.’s board of directors in October 2011 and approved by its stockholders in December 2011. The amended and restated ESPP became effective immediately prior to the effective time of the Azur Merger and was assumed by us upon the consummation of the Azur Merger. The amended and restated ESPP allows our eligible employee participants (including employees of any parent or subsidiary company if our board of directors designates such company as eligible to participate) to purchase our ordinary shares at a discount of 15 % through payroll deductions. The ESPP consists of a fixed offering period of 24 months with four purchase periods within each offering period. The number of shares available for issuance under our ESPP during any six-month purchase period is 175,000 shares. As of December 31, 2025, a total of 7,029,250 of our ordinary shares had been authorized for issuance under the ESPP. 2007 Directors Award Plan The 2007 Directors Award Plan, which was initially adopted by the Jazz Pharmaceuticals, Inc. board of directors and approved by the Jazz Pharmaceuticals, Inc. stockholders in connection with its initial public offering, was continued and assumed by us upon the consummation of the Azur Merger. Until October 2011, the 2007 Directors Award Plan provided for the automatic grant of stock options to purchase shares of Jazz Pharmaceuticals, Inc.’s common stock to its non-employee directors initially at the time any individual first became a non-employee director, which vest over three years , and then annually over their period of service on its board of directors, which vest over one year . On October 24, 2011, Jazz Pharmaceuticals, Inc.’s board of directors amended the 2007 Directors Award Plan to eliminate all future initial and annual automatic grants so that future automatic grants would not be made that would be subject to the excise tax imposed by the Internal Revenue Code in connection with the Azur Merger. Accordingly, all future stock option grants under the 2007 Directors Award Plan will be at the discretion of our board of directors. Since the Azur Merger, all of the new grants under the 2007 Directors Award Plan were granted to non-employee directors and vest ratably over service periods of one to three years and expire no more than 10 years after the date of grant. In August 2016, our shareholders approved our proposal to expand the types of stock awards that may be granted to our non-employee directors under the 2007 Directors Award Plan and eliminate the final automatic share reserve increase under the 2007 Directors Award Plan that was scheduled to occur on January 1, 2017. In July 2020, our shareholders approved our proposal to increase the number of ordinary shares authorized for issuance under the 2007 Directors Award Plan by 500,000 shares. As of December 31, 2025, a total of 1,403,938 of our ordinary shares had been authorized for issuance under the 2007 Directors Award Plan. F-39 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Share-Based Compensation Share-based compensation expense related to RSUs, PRSUs, share options and grants under our ESPP was as follows (in thousands): Year Ended December 31, 2025 2024 2023 Selling, general and administrative $ 186,622 $ 158,570 $ 146,942 Research and development 86,480 74,673 64,847 Cost of product sales 18,031 14,802 15,052 Total share-based compensation expense, pre-tax 291,133 248,045 226,841 Income tax benefit from share-based compensation expense ( 51,810 ) ( 40,552 ) ( 40,015 ) Total share-based compensation expense, net of tax $ 239,323 $ 207,493 $ 186,826 We recognized income tax benefits related to share option exercises of $ 5.0 million, $ 0.3 million and $ 1.9 million in 2025, 2024 and 2023, respectively. RSUs In 2025, 2024 and 2023, we granted RSUs covering an equal number of our ordinary shares to employees with a weighted-average grant date fair value of $ 139.80 , $ 118.41 and $ 144.65 , respectively. The fair value of RSUs is determined on the date of grant based on the market price of our ordinary shares as of that date. The fair value of RSUs is recognized as an expense ratably over the vesting period of four years . In 2025, 2024 and 2023, 1,464,000 , 1,341,000 and 1,094,000 RSUs were released, respectively, with 964,000 , 892,000 and 735,000 ordinary shares issued, respectively, and 500,000 , 449,000 and 359,000 ordinary shares withheld for tax purposes, respectively. The total fair value of shares vested was $ 199.0 million, $ 156.0 million and $ 155.5 million during 2025, 2024 and 2023, respectively. As of December 31, 2025, total compensation cost not yet recognized related to unvested RSUs was $ 328.1 million, which is expected to be recognized over a weighted-average period of 2.3 years. The following table summarizes information as of December 31, 2025 and activity during 2025 related to our RSUs: Number of RSUs (In thousands) Weighted- Average Grant-Date Fair Value Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2025 4,033 $ 133.60 RSUs granted 2,261 139.80 RSUs released ( 1,464 ) 140.28 RSUs forfeited ( 424 ) 132.38 Outstanding at December 31, 2025 4,406 $ 134.68 1.3 $ 749,044 PRSUs The Compensation & Management Development Committee of our board of directors and, in the case of our President and Chief Executive Officer, the independent members of our board of directors, approved awards of PRSUs to certain of our employees, subject to vesting on the achievement of certain commercial and pipeline performance criteria to be assessed over a performance period from the date of the grant to December 31, 2025, December 31, 2026 and December 31, 2027, respectively. The number of shares that vest is determined based on the Company’s achievement with respect to the performance criteria. For PRSUs granted prior to 2024, the amount of shares that vest will be subject to adjustment based on the application of a relative TSR modifier. For PRSUs granted in 2025 and 2024, relative TSR represents one of the performance metrics. In both cases, the number of shares that may be earned ranges between 0 % and 200 % of the target number of PRSUs granted. F-40 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The following table summarizes information as of December 31, 2025 and activity during 2025 related to our PRSUs: Number of PRSUs (In thousands) Weighted- Average Grant-Date Fair Value Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2025 781 $ 150.82 PRSUs granted 334 168.75 PRSUs released ( 154 ) 171.37 PRSUs forfeited ( 172 ) 161.31 Outstanding at December 31, 2025 789 $ 152.16 1.5 $ 134,181 As of December 31, 2025, total compensation cost not yet recognized related to unvested PRSUs was $ 42.1 million, which is expected to be recognized over a weighted-average period of 1.5 years. As the PRSUs granted in each year are subject to a market condition, the grant date fair value for such PRSUs was based on a Monte Carlo simulation model. In 2025, 2024 and 2023, we granted PRSUs to employees with a weighted-average grant date fair value of $ 168.75 , $ 131.04 and $ 156.91 , respectively. The Company evaluated the performance targets in the context of its current long-range financial plan and its product candidate development pipeline and recognized compensation expense based on the probable number of awards that will ultimately vest. In 2025 and 2024, 154,000 and 124,000 PRSUs were released, respectively, with 99,000 and 80,000 ordinary shares issued, respectively, and 55,000 and 44,000 ordinary shares withheld for tax purposes, respectively. The total fair value of shares vested was $ 18.8 million and $ 14.8 million during 2025 and 2024, respectively. Share Options There were no share options granted in 2025, 2024 and 2023. The following table summarizes information as of December 31, 2025 and activity during 2025 related to our share option plans: Shares Subject to Outstanding Options (In thousands) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2025 2,158 $ 139.79 Options exercised ( 658 ) 134.51 Options expired ( 340 ) 167.80 Outstanding at December 31, 2025 1,160 $ 134.57 3.0 $ 41,403 Vested and exercisable at December 31, 2025 1,160 $ 134.57 3.0 $ 41,403 Aggregate intrinsic value shown in the table above is equal to the difference between the exercise price of the underlying share options and the fair value of our ordinary shares for share options that were in the money. The aggregate intrinsic value changes based on the fair market value of our ordinary shares. The aggregate intrinsic value of share options exercised was $ 21.7 million, $ 0.2 million and $ 6.3 million during 2025, 2024 and 2023, respectively. We issued new ordinary shares upon exercise of share options. As of December 31, 2025, total compensation cost not yet recognized related to grants under the ESPP was $ 3.8 million, which is expected to be recognized over a weighted-average period of 0.9 years. F-41 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Nominal Strike Price Options During the second quarter of 2021, we issued nominal strike price options to replace certain unvested GW awards, in connection with the GW Acquisition, with a weighted-average grant date fair value of $ 170.82 . The fair value of nominal strike price options was determined on the date of the grant based on the market price of our ordinary shares as of that date. The following table summarizes information as of December 31, 2025 and activity during 2025 related to our nominal strike price options: Shares Subject to Outstanding Options (In thousands) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2025 19 $ 0.02 Options exercised ( 10 ) 0.02 Outstanding at December 31, 2025 9 $ 0.02 4.8 $ 1,496 Vested and exercisable at December 31, 2025 9 $ 0.02 4.8 $ 1,496 The aggregate intrinsic value of nominal strike price options exercised was $ 1.5 million, $ 0.9 million and $ 3.9 million during 2025, 2024 and 2023, respectively. We issued new ordinary shares upon exercise of nominal strike price options. 20. Employee Benefit Plans We maintain a qualified 401(k) savings plan, in which all U.S. based employees are eligible to participate, provided they meet the requirements of the plan. We match certain employee contributions under the 401(k) savings plan and for the years ended December 31, 2025, 2024 and 2023 we recorded expense of $ 17.9 million, $ 16.4 million and $ 13.4 million, respectively, related to this plan. We also operate a number of defined contribution retirement plans for certain non-U.S. based employees. Expenses related to contributions to such plans for the years ended December 31, 2025, 2024 and 2023 were $ 17.1 million, $ 15.2 million and $ 14.0 million, respectively. 21. Income Taxes The components of income (loss) before income tax benefit and equity in loss of investees were as follows (in thousands): Year Ended December 31, 2025 2024 2023 Ireland $ 164,697 $ 497,860 $ 449,214 United States ( 872,206 ) 29,594 ( 6,056 ) United Kingdom ( 251,890 ) ( 411,356 ) ( 643,096 ) Other 331,540 354,253 497,867 Total $ ( 627,859 ) $ 470,351 $ 297,929 F-42 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The following table sets forth the details of income tax expense (benefit) (in thousands): Year Ended December 31, 2025 2024 2023 Current Ireland $ 71,627 $ 97,680 $ 77,343 United States 44,093 22,065 20,803 United Kingdom 9,108 207 7,726 Other 47,700 ( 3,054 ) 34,433 Total current tax expense 172,528 116,898 140,305 Deferred, exclusive of other components below Ireland ( 9,820 ) ( 20,022 ) ( 10,919 ) United States ( 296,555 ) ( 63,162 ) ( 89,246 ) United Kingdom ( 122,939 ) ( 114,600 ) ( 150,506 ) Other ( 13,582 ) ( 11,481 ) ( 8,990 ) Total deferred, exclusive of other components ( 442,896 ) ( 209,265 ) ( 259,661 ) Deferred, change in tax rates United States ( 2,075 ) 955 ( 824 ) United Kingdom — — 268 Other — ( 17 ) — Total deferred, change in tax rates ( 2,075 ) 938 ( 556 ) Total deferred tax benefit ( 444,971 ) ( 208,327 ) ( 260,217 ) Total income tax expense (benefit) Ireland 61,807 77,658 66,424 United States ( 254,537 ) ( 40,142 ) ( 69,267 ) United Kingdom ( 113,831 ) ( 114,393 ) ( 142,512 ) Other 34,118 ( 14,552 ) 25,443 Total income tax expense (benefit) $ ( 272,443 ) $ ( 91,429 ) $ ( 119,912 ) Our income tax benefit was $ 272.4 million, $ 91.4 million and $ 119.9 million in 2025, 2024 and 2023, respectively. Our income tax benefit in 2025 arose primarily due to the reversal of a valuation allowance against certain U.S. federal and state deferred tax assets acquired through the Chimerix Acquisition. Apart from the reversal of the valuation allowance, the income tax benefits relate to tax arising on income or losses in Ireland, the U.K., the U.S. and certain other foreign jurisdictions, offset by deductions on subsidiary equity, patent box benefits, foreign derived intangible income benefits and originating tax credits. Our income tax benefit in 2024 decreased compared to 2023 primarily due to the change in income mix across jurisdictions, partially offset by patent box benefits. F-43 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Beginning with the 2025 annual reporting, we adopted ASU 2023-09 prospectively. See Note 2 - Summary of Significant Accounting Policies - Adoption of New Accounting Standards for additional details on the adoption of ASU 2023-09. The reconciliation between the income tax benefit at the Irish statutory trading income tax rate of 12.5 percent, the jurisdiction of tax domicile of Jazz Pharmaceuticals, applied to the loss before income tax benefit and equity in loss of investees and our reported income tax benefit pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 was as follows (in thousands, except percentages): Year Ended December 31, 2025 Income tax at the statutory tax rate $ ( 78,482 ) 12.5 % Domestic tax effects Effects of cross-border tax laws (1) 29,812 ( 4.7 ) Non-taxable/non-deductible items Non-deductible financing costs 7,070 ( 1.1 ) Other 963 ( 0.2 ) Foreign tax effects United States Statutory income tax rate differential ( 74,137 ) 11.8 Non-deductible acquired in-process research and development expense 187,346 ( 29.8 ) Change in valuation allowance ( 199,907 ) 31.8 Research and orphan drug tax credits ( 35,329 ) 5.6 Foreign Derived Intangible Income benefit ( 28,623 ) 4.6 Non-deductible compensation 8,856 ( 1.4 ) Non-deductible contingent consideration payments 7,641 ( 1.2 ) State and local income tax, net of federal benefit ( 5,477 ) 0.9 Tax deficiencies/(excess tax benefits) from share-based compensation 5,050 ( 0.8 ) Other 525 ( 0.1 ) United Kingdom Statutory income tax rate differential ( 30,766 ) 4.9 Patent box incentive benefit ( 60,993 ) 9.7 Non-deductible financing costs 7,222 ( 1.2 ) Other 2,107 ( 0.3 ) Italy Statutory income tax rate differential 7,603 ( 1.2 ) Other 2,006 ( 0.3 ) Malta Statutory income tax rate differential 64,010 ( 10.2 ) Deduction on subsidiary equity ( 90,788 ) 14.5 Other 827 ( 0.1 ) Other foreign jurisdictions 7,460 ( 1.2 ) Worldwide changes in unrecognized tax benefits ( 6,439 ) 0.9 Total income tax benefit $ ( 272,443 ) 43.4 % ________________________ (1) Related to Pillar two top-up taxes imposed by Ireland in respect of income in Malta F-44 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The reconciliation between income tax benefit at the Irish statutory trading income tax rate of 12.5 percent, the jurisdiction of tax domicile of Jazz Pharmaceuticals, applied to the income before income tax benefit and equity in loss of investees and our reported income tax benefit for the years ended December 31, 2024 and 2023 was as follows (in thousands): Year Ended December 31, 2024 2023 Income tax expense at the statutory income tax rate $ 58,794 $ 37,241 Change in valuation allowance 201,996 75,081 Deduction on subsidiary equity ( 180,460 ) ( 153,655 ) Change in estimates (1) ( 106,007 ) ( 5,472 ) Patent box incentive benefit (2) ( 65,413 ) ( 13,862 ) Research and other tax credits ( 65,255 ) ( 49,900 ) Foreign derived intangible income benefit ( 39,470 ) ( 42,400 ) Foreign income tax rate differential 38,346 ( 7,763 ) Non-deductible financing costs 22,437 15,705 Tax deficiencies/(excess tax benefits) from share-based compensation 18,074 3,959 Non-deductible compensation 10,889 14,092 Change in unrecognized tax benefits 9,767 ( 12,612 ) Change in tax rate 938 ( 605 ) Non-deductible facility expense 22 16,618 Other 3,913 3,661 Reported income tax benefit $ ( 91,429 ) $ ( 119,912 ) ________________________ (1) The 2024 change in estimates includes a benefit of $ 103.3 million that is fully offset by a related change in valuation allowance, resulting in a net nil impact to our income tax benefit. (2) The 2024 patent box incentive benefit includes a non-recurring benefit of $ 40.9 million related to a claim for benefits in Italy in respect of tax years 2020 to 2023. F-45 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The following table sets forth the details of income taxes paid, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 (in thousands): Year Ended December 31, 2025 Ireland $ 82,363 Foreign United States - federal 11,763 Other 27,682 Total foreign 39,445 Total cash paid for income taxes, net of refunds $ 121,808 Significant components of our net deferred tax assets (liabilities) were as follows (in thousands): December 31, 2025 2024 Deferred tax assets: Capitalized research and development $ 398,547 $ 295,779 Deduction on subsidiary equity carryforwards 395,115 393,960 Operating loss carryforwards 394,614 307,413 Intangible assets 264,002 243,391 Tax credit carryforwards 190,819 127,483 Accrued liabilities 130,948 115,290 Share-based compensation 47,878 47,486 Indirect effects of unrecognized tax benefits 31,625 35,000 Other 16,175 15,714 Total deferred tax assets 1,869,723 1,581,516 Valuation allowance ( 529,674 ) ( 509,190 ) Deferred tax assets, net of valuation allowance 1,340,049 1,072,326 Deferred tax liabilities: Intangible assets ( 1,041,150 ) ( 1,130,485 ) Inventories ( 13,532 ) ( 47,802 ) Other ( 10,707 ) ( 10,530 ) Total deferred tax liabilities ( 1,065,389 ) ( 1,188,817 ) Net deferred tax assets (liabilities) $ 274,660 $ ( 116,491 ) The net change in valuation allowance was an increase of $ 20.5 million, $ 196.9 million, and $ 77.6 million in 2025, 2024 and 2023, respectively. The following table summarizes the presentation of deferred tax assets and liabilities (in thousands): December 31, 2025 2024 Deferred tax assets $ 869,130 $ 560,245 Deferred tax liabilities ( 594,470 ) ( 676,736 ) Net deferred tax assets (liabilities) $ 274,660 $ ( 116,491 ) As of December 31, 2025, we had net operating loss (“NOL”) and tax credit carryforwards for U.S. federal income tax purposes of $ 432.3 million and $ 75.6 million, respectively, available to reduce future income subject to income taxes. The U.S. federal NOL carryforwards will expire, if not utilized, in the tax years 2026 to 2036 and the U.S. federal tax credits will expire, if not utilized, in the tax years 2027 to 2045. In addition, we had $ 30.3 million of NOL carryforwards and $ 0.7 million of tax credit carryforwards as of December 31, 2025 available to reduce future taxable income for U.S. state income tax purposes. The U.S. state NOL carryforwards will expire, if not utilized, in the tax years 2026 to 2044. As of December 31, 2025, there F-46 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) were NOL and other carryforwards for income tax purposes of $ 1,128.9 million, $ 980.2 million and $ 448.4 million available to reduce future income subject to income taxes in Malta, the U.K. and Ireland respectively. The NOLs and other carryforwards generated in Malta, the U.K. and Ireland have no expiration date. We also had foreign tax credit carryforwards in Ireland, as of December 31, 2025, of $ 113.4 million, which may only be utilized against certain sources of income. The foreign tax credit carryforwards have no expiration date. Utilization of certain of our NOL and tax credit carryforwards in the U.S. is subject to an annual limitation due to the ownership change limitations provided by Sections 382 and 383 of the Internal Revenue Code and similar state provisions. Such an annual limitation may result in the expiration of certain NOLs and tax credits before future utilization. Valuation allowances require an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. Such assessment is required by tax-paying component. Our valuation allowance was $ 529.7 million and $ 509.2 million as of December 31, 2025 and 2024, respectively, for certain Irish, U.S. (federal and state) and foreign deferred tax assets which we maintain until sufficient positive evidence exists to support reversal. As part of the overall change in valuation allowance, we recognized a net income tax benefit of $ 204.9 million in 2025 and a net income tax expense of $ 202.0 million and $ 76.2 million in 2024 and 2023, respectively. The FDA approval of Modeyso and its commercial launch in August 2025 provided sufficient positive evidence to support a change in judgment regarding the realizability of the deferred tax assets acquired through the Chimerix Acquisition. We concluded it is more-likely-than-not that the assets will be realized through related future income. Accordingly, the valuation allowance recorded at the acquisition date was released during the third quarter and we recognized a deferred tax asset of $ 212.5 million on the balance sheet, with a corresponding U.S federal and state income tax benefit in the income statement. The changes in valuation allowance in 2024 and 2023 related primarily to the creation of a valuation allowance against certain deferred tax assets primarily associated with carryforwards in foreign subsidiaries and foreign tax credit carryforwards in Ireland. We periodically evaluate the likelihood of the realization of deferred tax assets and will adjust such amounts in light of changing facts and circumstances including, but not limited to, future projections of taxable income, tax legislation, rulings by relevant taxing authorities, the progress of tax examinations and the regulatory approval of products currently under development. Realization of the deferred tax assets is dependent on future taxable income. The Company believes that it is more likely than not to generate sufficient taxable income to realize the deferred tax assets carried as of December 31, 2025 for which no valuation allowance has been recognized. No provision has been made for income tax on undistributed earnings of the Company’s foreign subsidiaries where such earnings are considered indefinitely reinvested in the foreign operations. In the event of the distribution of those earnings in the form of dividends, a sale of the subsidiaries, or certain other transactions, we may be liable for income taxes, subject to an adjustment, if any, for foreign tax credits. The Company estimates that it would incur additional income taxes of up to $ 56 million on repatriation of these unremitted earnings to Ireland. We only recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. As a result, we have recorded an unrecognized tax benefit for certain tax positions which we judge may not be sustained upon examination. A reconciliation of our unrecognized tax benefits follows (in thousands): December 31, 2025 2024 2023 Balance at the beginning of the year $ 125,978 $ 122,694 $ 143,976 Increases related to current year tax positions 24,536 32,559 15,004 Increases related to prior year tax positions 1,199 — 224 Decreases related to prior year tax positions ( 648 ) ( 150 ) ( 12,702 ) Acquisition-related increases 18,663 — — Decreases related to settlements with taxing authorities — ( 2,605 ) — Lapse of the applicable statute of limitations ( 26,706 ) ( 26,520 ) ( 23,808 ) Balance at the end of the year $ 143,022 $ 125,978 $ 122,694 The unrecognized tax benefits were included in income taxes payable, other non-current liabilities and deferred tax assets, net, in our consolidated balance sheets. Interest related to income taxes is recorded in income tax benefit in our consolidated statements of income (loss). As of December 31, 2025 and 2024, our accrued interest related to income taxes was $ 5.8 million and $ 8.6 million, respectively. Interest related to income taxes recognized in the consolidated statements of income (loss) were not significant. Included in the balance of unrecognized tax benefits were potential benefits of $ 101.2 million and $ 86.8 million at December 31, 2025 and 2024, respectively, that, if recognized, would affect the effective tax rate on income. F-47 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) We file income tax returns in multiple tax jurisdictions, the most significant of which are Ireland, the U.K. and the U.S. (both at the federal level and in various state jurisdictions). For Ireland we are no longer subject to income tax examinations by taxing authorities for the years prior to 2021. For the U.K. we are no longer subject to income tax examinations by taxing authorities for the years prior to 2016. The U.S. jurisdictions generally have statute of limitations three to four years from the later of the return due date or the date when the return was filed. However, in the U.S. (at the federal level and in most states), carryforwards that were generated in 2020 and earlier may still be adjusted upon examination by the taxing authorities. Certain of our Italian subsidiaries are currently under examination by the Italian taxing authorities for the years ended December 31, 2019, 2023, 2024 and 2025. The Government of Ireland, the jurisdiction in which Jazz Pharmaceuticals plc is incorporated, transposed the Global Minimum Tax Pillar Two rules into domestic legislation with effect from January 1, 2024. The legislation closely follows the EU Minimum Tax Directive and certain OECD Guidance released to date. The Company is within the scope of these rules. Under the legislation, we are liable to pay a top-up tax for the difference between the Pillar Two effective tax rate per jurisdiction and the 15% minimum rate. The rules on how to calculate the Pillar Two effective tax rate are detailed and highly complex and specific adjustments envisaged in the Pillar Two legislation can give rise to different effective tax rates compared to those calculated for accounting purposes. We account for Pillar Two top-up taxes as a current tax when they are incurred. Our income tax benefit for 2025 includes a provision for Pillar Two top-up taxes of $ 32.2 million. We were not subject to the top-up tax in 2024. The proportion of our profit before tax which is subject to the top-up tax and our exposure to Pillar Two top-up taxes in future years will depend on factors such as future revenues, costs and foreign currency exchange rates. We will continue to monitor changes in law and guidance in relation to Pillar Two. 22. Subsequent Events On January 26, 2026, we completed the sale of our rare pediatric disease PRV for total cash consideration of $ 200.0 million. We are entitled to 50 % of the post-tax proceeds with the remainder due to the former stockholders of Oncoceutics, Inc., which was acquired by Chimerix in 2021. We received the PRV in connection with the approval of Modeyso by FDA for the treatment of adult and pediatric patients 1 year of age and older with diffuse midline glioma harboring an H3 K27M mutation in August 2025. F-48 Table of Contents Schedule II Valuation and Qualifying Accounts (In thousands) Balance at beginning of period Additions charged to costs and expenses Other Additions Deductions Balance at end of period For the year ended December 31, 2025 Allowance for doubtful accounts (1) $ 6,223 $ 538 $ — $ ( 5,651 ) $ 1,110 Allowance for sales discounts (1) 14,043 5,178 — ( 17,266 ) 1,955 Allowance for chargebacks (1) 12,425 233,316 — ( 231,512 ) 14,229 Deferred tax asset valuation allowance (2)(3) 509,190 26,505 217,708 ( 223,729 ) 529,674 For the year ended December 31, 2024 Allowance for doubtful accounts (1) $ 242 $ 5,981 $ — $ — $ 6,223 Allowance for sales discounts (1) 5,962 24,334 — ( 16,253 ) 14,043 Allowance for chargebacks (1) 14,932 212,389 — ( 214,896 ) 12,425 Deferred tax asset valuation allowance (2)(3) 312,340 205,894 — ( 9,044 ) 509,190 For the year ended December 31, 2023 Allowance for doubtful accounts (1) $ 242 $ — $ — $ — $ 242 Allowance for sales discounts (1) 2,980 22,334 — ( 19,352 ) 5,962 Allowance for chargebacks (1) 14,621 185,886 — ( 185,575 ) 14,932 Deferred tax asset valuation allowance (2)(3) 234,732 76,670 1,368 ( 430 ) 312,340 __________________________ (1) Shown as a reduction of accounts receivable. Charges related to sales discounts and chargebacks are reflected as a reduction of revenue. (2) Additions to the deferred tax asset valuation allowance charged to costs and expenses relate to movements on certain Irish, U.S. (federal and state) and other foreign deferred tax assets where we continue to maintain a valuation allowance until sufficient positive evidence exists to support reversal. Other additions in 2025 include recognition of a valuation allowance against deferred tax assets acquired through the Chimerix Acquisition, and currency translation adjustments. (3) Deductions from the deferred tax asset valuation allowance in 2025 include the release of the valuation allowance recorded against the deferred tax assets acquired through the Chimerix Acquisition. Deductions from the deferred tax asset valuation allowance also include movements relating to utilization of NOLs and tax credit and other carryforwards, other releases of valuation allowances and other movements including adjustments following finalization of tax returns and currency translation adjustments. F-49