0001232524-26-000013 | 10-K | XBRL Viewer

Schedule of Components of 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)

Net Income (Loss) per Ordinary Share - Schedule of Weighted-Average Ordinary Shares Excluded from Computation of Diluted Net Income (Loss) per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee equity incentive and purchase plans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Ordinary shares (in shares)	4,369	4,074	2,973
2030 Notes \| 2030 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Ordinary shares (in shares)	3	0	0

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Ordinary Shares	Ordinary Shares Performance-Based Restricted Stock Units (PRSUs)	Non-voting Euro Deferred	Capital Redemption Reserve	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		63,214		4,000
Beginning balance at Dec. 31, 2022	$ 3,085,734	$ 6		$ 55	$ 472	$ 3,477,124	$ (1,125,509)	$ 733,586
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Issuance of ordinary shares in conjunction with exercise of share options (in shares)		280
Issuance of ordinary shares in conjunction with exercise of share options	30,189					30,189
Issuance of ordinary shares under employee stock purchase plan (in shares)		156
Issuance of ordinary shares under employee stock purchase plan	16,270					16,270
Issuance of ordinary shares in conjunction with vesting of restricted stock units and performance-based restricted stock units (in shares)		735
Shares withheld for payment of employee's withholding tax liability	(50,952)					(50,952)
Share-based compensation	227,323					227,323
Shares repurchased (in shares)		(2,130)
Shares repurchased	(269,761)				1			(269,762)
Other comprehensive income (loss)	283,362						283,362
Net income (loss)	414,832							414,832
Ending balance (in shares) at Dec. 31, 2023		62,255		4,000
Ending balance at Dec. 31, 2023	3,736,997	$ 6		$ 55	473	3,699,954	(842,147)	878,656
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Issuance of ordinary shares in conjunction with exercise of share options (in shares)		22
Issuance of ordinary shares in conjunction with exercise of share options	1,629					1,629
Issuance of ordinary shares under employee stock purchase plan (in shares)		212
Issuance of ordinary shares under employee stock purchase plan	19,018					19,018
Issuance of ordinary shares in conjunction with vesting of restricted stock units and performance-based restricted stock units (in shares)		892	80
Shares withheld for payment of employee's withholding tax liability	(57,753)					(57,753)
Share-based compensation	250,694					250,694
Shares repurchased (in shares)		(2,830)
Shares repurchased	(311,429)							(311,429)
Other comprehensive income (loss)	(105,520)						(105,520)
Net income (loss)	$ 560,120							560,120
Ending balance (in shares) at Dec. 31, 2024	60,631	60,631		4,000
Ending balance at Dec. 31, 2024	$ 4,093,756	$ 6		$ 55	473	3,913,542	(947,667)	1,127,347
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Issuance of ordinary shares in conjunction with exercise of share options (in shares)	658	668
Issuance of ordinary shares in conjunction with exercise of share options	$ 88,470					88,470
Issuance of ordinary shares under employee stock purchase plan (in shares)		215
Issuance of ordinary shares under employee stock purchase plan	19,393					19,393
Issuance of ordinary shares in conjunction with vesting of restricted stock units and performance-based restricted stock units (in shares)		964	99
Shares withheld for payment of employee's withholding tax liability	(75,220)					(75,220)
Share-based compensation	294,287					294,287
Shares repurchased (in shares)		(1,142)
Shares repurchased	(125,023)							(125,023)
Other comprehensive income (loss)	379,069						379,069
Net income (loss)	$ (356,148)							(356,148)
Ending balance (in shares) at Dec. 31, 2025	61,435	61,435		4,000
Ending balance at Dec. 31, 2025	$ 4,318,584	$ 6		$ 55	$ 473	$ 4,240,472	$ (568,598)	$ 646,176

Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
GW Pharmaceuticals plc
Inventory [Line Items]
Inventory, step-up value	$ 54.1	$ 191.2

Goodwill and Intangible Assets - Schedule of Gross Carrying Amounts and Net Book Values of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 8,210,138	$ 7,713,412
Accumulated Amortization	(3,780,628)	(2,957,717)
Total	$ 4,429,510	4,755,695
Acquired developed technologies
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted- Average Useful Life (In years)	6 years 9 months 18 days
Gross Carrying Amount	$ 8,194,656	7,699,423
Accumulated Amortization	(3,765,146)	(2,943,728)
Total	$ 4,429,510	4,755,695
Manufacturing contracts
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted- Average Useful Life (In years)	0 years
Gross Carrying Amount	$ 12,578	11,121
Accumulated Amortization	(12,578)	(11,121)
Total	$ 0	0
Trademarks
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted- Average Useful Life (In years)	0 years
Gross Carrying Amount	$ 2,904	2,868
Accumulated Amortization	(2,904)	(2,868)
Total	$ 0	$ 0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Cash and Cash Equivalents [Abstract]

Cash and Available-for-Sale Securities

12 Months Ended

Dec. 31, 2025

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.

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Loss recognized in AOCI to be reclassified over the next 12 months	$ 0.4
Maximum
Derivative [Line Items]
Derivatives, maximum contract term	12 months
Term Loan
Derivative [Line Items]
Interest rate (as a percentage)	3.9086%
Foreign exchange forward contracts \| Derivatives not designated as hedging instruments
Derivative [Line Items]
Notional amount	$ 575.9	$ 461.2
Interest Rate Swap \| Derivatives designated as hedging instruments
Derivative [Line Items]
Notional amount	$ 500.0	$ 500.0

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. 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 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. 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. 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. 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 plaintiff 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.

Income Taxes - Schedule of Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 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
Net deferred tax assets (liabilities)		$ (116,491)

Net Income (Loss) per Ordinary Share - Schedule of Basic and Diluted Net Income (Loss) per Ordinary Share Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 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	0	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 (in shares)	60,981	61,838	63,291
Dilutive effect of the 2026 Notes and the 2024 Notes (in shares)	0	3,540	8,016
Dilutive effect of employee equity incentive and purchase plans (in shares)	0	629	759
Weighted-average ordinary shares used in per share calculations - diluted (in shares)	60,981	66,007	72,066
Net income (loss) per ordinary share:
Basic (in dollars per share)	$ (5.84)	$ 9.06	$ 6.55
Diluted (in dollars per share)	$ (5.84)	$ 8.65	$ 6.10

Derivative Instruments and Hedging Activities - Schedule of Offsetting Assets and Liabilities (Details) - Pro Forma - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative assets
Gross Amounts of Recognized Assets/ Liabilities	$ 6,259	$ 3,241
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet	6,259	3,241
Gross Amounts Not Offset in the Consolidated Balance Sheet
Derivative Financial Instruments	(3,972)	(2,910)
Cash Collateral Received (Pledged)	0	0
Net Amount	$ 2,287	$ 331
Derivative asset, statement of financial position [Extensible Enumeration]	Other non-current assets	Other non-current assets
Derivative liabilities
Gross Amounts of Recognized Assets/ Liabilities	$ (4,225)	$ (10,198)
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet	(4,225)	(10,198)
Gross Amounts Not Offset in the Consolidated Balance Sheet
Derivative Financial Instruments	3,972	2,910
Cash Collateral Received (Pledged)	0	0
Net Amount	$ (253)	$ (7,288)
Derivative liability, statement of financial position [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities
Derivative asset, statement of financial position [Extensible Enumeration]	Other non-current assets	Other non-current assets

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

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

Share-Based Compensation - PRSUs Narrative (Details) - Performance-Based Restricted Stock Units (PRSUs) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to grants under the PRSUs	$ 42.1
Unrecognized compensation cost, weighted-average period of recognition (in years)	1 year 6 months
Weighted-average grant-date fair value, RSUs and PRSUs granted (in dollars per share)	$ 168.75	$ 131.04	$ 156.91
Number of RSUs and PRSUs released (in shares)	154	124
Shares issued (in shares)	99	80
Shares withheld for tax purposes (in shares)	55	44
Total fair value of shares vested	$ 18.8	$ 14.8
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Achievement target, percentage of awards granted	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Achievement target, percentage of awards granted	200.00%

Share-Based Compensation - Schedule of RSUs and PRSUs Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Units (RSUs)
Number of RSUs and PRSUs [Roll Forward]
Number of RSUs and PRSUs, outstanding, beginning balance (in shares)	4,033
Number of RSUs and PRSUs granted (in shares)	2,261
Number of RSUs and PRSUs released (in shares)	(1,464)	(1,341)	(1,094)
Number of RSUs and PRSUs forfeited (in shares)	(424)
Number of RSUs and PRSUs, outstanding, ending balance (in shares)	4,406	4,033
Weighted- Average Grant-Date Fair Value
Weighted-average grant-date fair value, outstanding, beginning balance (in dollars per share)	$ 133.60
Weighted-average grant-date fair value, RSUs and PRSUs granted (in dollars per share)	139.80	$ 118.41	$ 144.65
Weighted-average grant-date fair value, RSUs and PRSUs released (in dollars per share)	140.28
Weighted-average grant-date fair value, RSUs and PRSUs forfeited (in dollars per share)	132.38
Weighted-average grant-date fair value, outstanding, ending balance (in dollars per share)	$ 134.68	$ 133.60
Weighted-average remaining contractual term, outstanding	1 year 3 months 18 days
Aggregate intrinsic value, outstanding	$ 749,044
Performance-Based Restricted Stock Units (PRSUs)
Number of RSUs and PRSUs [Roll Forward]
Number of RSUs and PRSUs, outstanding, beginning balance (in shares)	781
Number of RSUs and PRSUs granted (in shares)	334
Number of RSUs and PRSUs released (in shares)	(154)	(124)
Number of RSUs and PRSUs forfeited (in shares)	(172)
Number of RSUs and PRSUs, outstanding, ending balance (in shares)	789	781
Weighted- Average Grant-Date Fair Value
Weighted-average grant-date fair value, outstanding, beginning balance (in dollars per share)	$ 150.82
Weighted-average grant-date fair value, RSUs and PRSUs granted (in dollars per share)	168.75	$ 131.04	$ 156.91
Weighted-average grant-date fair value, RSUs and PRSUs released (in dollars per share)	171.37
Weighted-average grant-date fair value, RSUs and PRSUs forfeited (in dollars per share)	161.31
Weighted-average grant-date fair value, outstanding, ending balance (in dollars per share)	$ 152.16	$ 150.82
Weighted-average remaining contractual term, outstanding	1 year 6 months
Aggregate intrinsic value, outstanding	$ 134,181

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Carrying Amount of Indebtedness

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.

Schedule of Maturities of Long-term Debt

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

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Schedule of Components of [Income (Loss)] from Continuing Operations Before Income Tax Expense (Benefit)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

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

Schedule of Details of Income Tax Expense (Benefit)

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)

Schedule of Reconciliation of Income Taxes at the Statutory Income Tax Rate to Effective Income Tax Rate

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

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.

Schedule of Income Taxes Paid, Net of Refunds Received

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

Schedule of Net Deferred Tax Assets (Liabilities)

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 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)

Schedule of Reconciliation of Unrecognized Tax Benefits

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

Net Income (Loss) per Ordinary Share - Narrative (Details) - Convertible Debt - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 22, 2024	Aug. 31, 2023
2024 Notes
Debt Instrument [Line Items]
Irrevocable election for settlement method fix, maximum cash per $1,000 principal amount			$ 1
2026 Notes
Debt Instrument [Line Items]
Irrevocable election for settlement method fix, maximum cash per $1,000 principal amount	$ 1	$ 1

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

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

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.

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 earnings.

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.

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.

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

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.

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.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk management and strategy We have implemented and maintain an information security program designed to identify, assess, and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data including intellectual property, clinical trial participant and patient-related data, and confidential information that is proprietary, strategic or competitive in nature, or collectively, Information Systems and Data. Our cybersecurity threat risk management processes include the following, among others: •Our information security department identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment and risk profile using various methods including, for example, manual methods and automated tools, conducting scans of the threat environment, conducting threat assessments, performing vulnerability assessments, use of external intelligence feeds, and through third-party-conducted red/blue team testing and tabletop incident response exercises. •Depending on the environment, we implement and maintain various technical, physical and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: information security policies and standards governing access control, network and device security, encryption standards, incident response plans, disaster recovery plans, risk management, vulnerability detection and management and security awareness training requirements as well as security tools such as firewalls, malware protection tools, secure authentication tools, centralized logging and monitoring tools, threat intelligence tools, and data protection tools. •Our overall risk assessment and management processes address cybersecurity threats that may have a material impact on our business. Our information security department maintains a risk register of individual risks from cybersecurity threats. Our CISO and CDO periodically review the area of cybersecurity risk management within our overall enterprise risk management program and work with our executive director of internal audit and enterprise risk management to incorporate the aggregate risks from the cybersecurity threat risk register into the overall enterprise risk management program risk register. In addition, our CISO and CDO report significant increases to our threat profile to the Information Security Governance Committee (described below). •We use third parties, including professional services, incident response and managed security firms (including some that we have on a pre-paid retainer basis), to assist us from time to time to identify, assess, and manage cybersecurity risks, perform threat assessments relating to our Information Systems and Data by reviewing our business and industry vertical threat profiles and applying those to the overall threat landscape, perform penetration tests, conduct cybersecurity readiness exercises, assess program maturity, and to assist in the event of a cybersecurity incident. •We have third-party vendor management processes designed to help us identify, assess and manage risks from cybersecurity threats to our Information Systems and Data that may arise out of our use of third-party vendors across our business, including, among others, application providers, hosting companies, contract research organizations, contract manufacturing organizations, distributors, and supply chain resources. Depending on the nature of the services and the service provider, our vendor management processes may include assessment of the cybersecurity practices of such vendors and contractually imposing obligations on the provider. For a description of the risks from cybersecurity threats that may materially affect us and how those risks may affect us see “Significant disruptions of information technology systems or data security incidents could adversely affect our business” under Part I, Item 1A. Risk Factors in this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity threat risk management processes include the following, among others: •Our information security department identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment and risk profile using various methods including, for example, manual methods and automated tools, conducting scans of the threat environment, conducting threat assessments, performing vulnerability assessments, use of external intelligence feeds, and through third-party-conducted red/blue team testing and tabletop incident response exercises. •Depending on the environment, we implement and maintain various technical, physical and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: information security policies and standards governing access control, network and device security, encryption standards, incident response plans, disaster recovery plans, risk management, vulnerability detection and management and security awareness training requirements as well as security tools such as firewalls, malware protection tools, secure authentication tools, centralized logging and monitoring tools, threat intelligence tools, and data protection tools. •Our overall risk assessment and management processes address cybersecurity threats that may have a material impact on our business. Our information security department maintains a risk register of individual risks from cybersecurity threats. Our CISO and CDO periodically review the area of cybersecurity risk management within our overall enterprise risk management program and work with our executive director of internal audit and enterprise risk management to incorporate the aggregate risks from the cybersecurity threat risk register into the overall enterprise risk management program risk register. In addition, our CISO and CDO report significant increases to our threat profile to the Information Security Governance Committee (described below). •We use third parties, including professional services, incident response and managed security firms (including some that we have on a pre-paid retainer basis), to assist us from time to time to identify, assess, and manage cybersecurity risks, perform threat assessments relating to our Information Systems and Data by reviewing our business and industry vertical threat profiles and applying those to the overall threat landscape, perform penetration tests, conduct cybersecurity readiness exercises, assess program maturity, and to assist in the event of a cybersecurity incident. •We have third-party vendor management processes designed to help us identify, assess and manage risks from cybersecurity threats to our Information Systems and Data that may arise out of our use of third-party vendors across our business, including, among others, application providers, hosting companies, contract research organizations, contract manufacturing organizations, distributors, and supply chain resources. Depending on the nature of the services and the service provider, our vendor management processes may include assessment of the cybersecurity practices of such vendors and contractually imposing obligations on the provider.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance •Our board of directors addresses our cybersecurity risk management as part of its general oversight function. The Audit Committee helps oversee our cybersecurity risk management processes, including oversight of risks from cybersecurity threats. •The Information Security Governance Committee and the Audit Committee receive various reports from CISO and CDO. The CISO (or their designee) reports to the Audit Committee on cybersecurity risk on at least a quarterly basis. Written reports and presentation materials regarding cybersecurity risk provided to the Audit Committee are made available to the board of directors and they can discuss the materials and cybersecurity risk with the Audit Committee members. The Internal Audit team oversees internal controls implemented by us under our information security program. •Our information security program is implemented and maintained by certain of our management, including the CISO, CDO and other members of our Information Security Governance Committee (Chief Legal Officer, Chief Financial Officer, and Chief Ethics & Compliance Officer). Our CISO has served in various cybersecurity roles for over 25 years across multiple companies and industry verticals including banking, consulting, e-commerce, and pharmaceuticals, and is a Certified Information Systems Security Professional. In addition, our CDO, who has oversight of our cybersecurity program, has served in various information technology roles for over 25 years across multiple companies and industry verticals including publishing and pharmaceuticals. •The Information Security Governance Committee helps assess and manage our cybersecurity risks and monitor the effectiveness of our information security program and risk management. Management, including those serving on our Information Security Governance Committee, is responsible for hiring appropriate cybersecurity personnel, helping to integrate cybersecurity considerations into our overall risk management strategy, providing appropriate resources for cybersecurity risk management, and communicating key priorities to relevant personnel. Our cybersecurity incident response plan includes processes designed to escalate certain cybersecurity incidents that caused a significant impact to us to members of the Information Security Governance Committee, and certain members of executive management depending on the circumstances. In addition, our incident response plan includes reporting to the Audit Committee for certain cybersecurity incidents, including those that have potentially had a material impact to us.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee helps oversee our cybersecurity risk management processes, including oversight of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The CISO (or their designee) reports to the Audit Committee on cybersecurity risk on at least a quarterly basis. Written reports and presentation materials regarding cybersecurity risk provided to the Audit Committee are made available to the board of directors and they can discuss the materials and cybersecurity risk with the Audit Committee members.
Cybersecurity Risk Role of Management [Text Block]	The Information Security Governance Committee and the Audit Committee receive various reports from CISO and CDO. The CISO (or their designee) reports to the Audit Committee on cybersecurity risk on at least a quarterly basis. Written reports and presentation materials regarding cybersecurity risk provided to the Audit Committee are made available to the board of directors and they can discuss the materials and cybersecurity risk with the Audit Committee members. The Internal Audit team oversees internal controls implemented by us under our information security program.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our board of directors addresses our cybersecurity risk management as part of its general oversight function. The Audit Committee helps oversee our cybersecurity risk management processes, including oversight of risks from cybersecurity threats. •The Information Security Governance Committee and the Audit Committee receive various reports from CISO and CDO. The CISO (or their designee) reports to the Audit Committee on cybersecurity risk on at least a quarterly basis. Written reports and presentation materials regarding cybersecurity risk provided to the Audit Committee are made available to the board of directors and they can discuss the materials and cybersecurity risk with the Audit Committee members. The Internal Audit team oversees internal controls implemented by us under our information security program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our information security program is implemented and maintained by certain of our management, including the CISO, CDO and other members of our Information Security Governance Committee (Chief Legal Officer, Chief Financial Officer, and Chief Ethics & Compliance Officer). Our CISO has served in various cybersecurity roles for over 25 years across multiple companies and industry verticals including banking, consulting, e-commerce, and pharmaceuticals, and is a Certified Information Systems Security Professional. In addition, our CDO, who has oversight of our cybersecurity program, has served in various information technology roles for over 25 years across multiple companies and industry verticals including publishing and pharmaceuticals.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Information Security Governance Committee helps assess and manage our cybersecurity risks and monitor the effectiveness of our information security program and risk management. Management, including those serving on our Information Security Governance Committee, is responsible for hiring appropriate cybersecurity personnel, helping to integrate cybersecurity considerations into our overall risk management strategy, providing appropriate resources for cybersecurity risk management, and communicating key priorities to relevant personnel. Our cybersecurity incident response plan includes processes designed to escalate certain cybersecurity incidents that caused a significant impact to us to members of the Information Security Governance Committee, and certain members of executive management depending on the circumstances. In addition, our incident response plan includes reporting to the Audit Committee for certain cybersecurity incidents, including those that have potentially had a material impact to us.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Components of 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

Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 4,267,586	$ 4,068,950	$ 3,834,204
United States
Disaggregation of Revenue [Line Items]
Total revenues	3,831,598	3,660,109	3,489,977
Europe
Disaggregation of Revenue [Line Items]
Total revenues	341,122	312,706	269,243
All other
Disaggregation of Revenue [Line Items]
Total revenues	94,866	96,135	74,984
Product sales, net
Disaggregation of Revenue [Line Items]
Total revenues	4,021,849	3,821,164	3,736,943
Total Neuroscience
Disaggregation of Revenue [Line Items]
Total revenues	2,878,494	2,698,318	2,707,843
Xywav
Disaggregation of Revenue [Line Items]
Total revenues	1,656,986	1,473,202	1,272,977
Xyrem
Disaggregation of Revenue [Line Items]
Total revenues	146,034	233,816	569,730
Epidiolex/Epidyolex
Disaggregation of Revenue [Line Items]
Total revenues	1,059,197	972,423	845,468
Sativex
Disaggregation of Revenue [Line Items]
Total revenues	16,277	18,877	19,668
Total Oncology
Disaggregation of Revenue [Line Items]
Total revenues	1,129,183	1,111,375	1,015,254
Rylaze/Enrylaze
Disaggregation of Revenue [Line Items]
Total revenues	402,920	410,846	394,226
Zepzelca
Disaggregation of Revenue [Line Items]
Total revenues	307,309	320,318	289,533
Defitelio/defibrotide
Disaggregation of Revenue [Line Items]
Total revenues	199,392	216,565	184,000
Vyxeos
Disaggregation of Revenue [Line Items]
Total revenues	146,709	162,595	147,495
Modeyso
Disaggregation of Revenue [Line Items]
Total revenues	48,043	0	0
Ziihera
Disaggregation of Revenue [Line Items]
Total revenues	24,810	1,051	0
Other
Disaggregation of Revenue [Line Items]
Total revenues	14,172	11,471	13,846
High-sodium oxybate AG royalty revenue
Disaggregation of Revenue [Line Items]
Total revenues	211,725	217,575	75,918
Other royalty and contract revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 34,012	$ 30,211	$ 21,343

Shareholders' Equity - Schedule of Authorized but Unissued Ordinary Shares (Details) - shares shares in Thousands	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized but unissued ordinary shares reserved (in shares)	25,896	27,842
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized but unissued ordinary shares reserved (in shares)	20,610	22,056
2007 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized but unissued ordinary shares reserved (in shares)	3,485	3,701
GW Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized but unissued ordinary shares reserved (in shares)	1,170	1,408
Amended and Restated 2007 Non-Employee Directors Stock Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized but unissued ordinary shares reserved (in shares)	631	677

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Adoption of New Accounting Standards and Recent Accounting Pronouncements

Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions			1 Months Ended		12 Months Ended
	May 05, 2021	Oct. 24, 2011	Jul. 31, 2020 shares	Dec. 31, 2011 period shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized tax benefits related to share options exercised \| $					$ 5.0	$ 0.3	$ 1.9
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)					4 years
Weighted-average grant-date fair value, RSUs and PRSUs granted (in dollars per share) \| $ / shares					$ 139.80	$ 118.41	$ 144.65
Number of RSUs released (in shares)					1,464,000	1,341,000	1,094,000
Shares issued (in shares)					964,000	892,000	735,000
Shares withheld for tax purposes (in shares)					500,000	449,000	359,000
Total fair value of shares vested \| $					$ 199.0	$ 156.0	$ 155.5
Unrecognized compensation cost related to unvested RSUs \| $					$ 328.1
Unrecognized compensation cost, weighted-average period of recognition (in years)					2 years 3 months 18 days
GW Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service periods (in years)	2 years
Grants expiration period (in years)	10 years
Shares authorized for issuance (in shares)					1,864,475
GW Incentive Plans, Post Acquisition Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service periods (in years)	4 years
2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service periods (in years)				4 years
Shares authorized for issuance (in shares)					34,836,988
2011 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants expiration period (in years)				10 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)					7,029,250
ESPP discount rate (as a percentage)				15.00%
ESPP offering period (in months)				24 months
Number of purchase periods within each ESPP offering period \| period				4
Number of shares available for issuance (in shares)				175,000
2007 Directors Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in shares authorized for issuance under deferred compensation plan (in shares)			500,000
Shares authorized for issuance under deferred compensation plan (in shares)					1,403,938
2007 Directors Award Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service periods (in years)		3 years
Grants expiration period (in years)		10 years
2007 Directors Award Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service periods (in years)		1 year
Initial Grant \| 2007 Directors Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Annual Automatic Grant \| 2007 Directors Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		1 year

Income Taxes - Schedule of Current and Non-current Deferred Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 869,130	$ 560,245
Deferred tax liabilities	(594,470)	(676,736)
Net deferred tax assets (liabilities)	$ 274,660
Net deferred tax assets (liabilities)		$ (116,491)

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Debt - Credit Agreement Narrative (Details) € in Millions, $ in Millions		1 Months Ended							12 Months Ended
	May 05, 2021 USD ($)	Jan. 31, 2025 USD ($)	Nov. 30, 2024 USD ($)	Jul. 31, 2024 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 EUR (€)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2025 USD ($) Rate	Oct. 31, 2024 USD ($)	Jan. 31, 2024 USD ($)
Term Loan
Debt Instrument [Line Items]
Interest rate (as a percentage) \| Rate											3.9086%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Borrowings under revolving credit facility \| Debt Interest Rate Period Two, Term SOFR Floor
Debt Instrument [Line Items]
Basis spread on variable rate			0.00%
Credit Agreement June 2015 \| Term Loan
Debt Instrument [Line Items]
Repayment of debt	$ 575.9
2021 Credit Agreement, Euro Term Loan \| Line of Credit
Debt Instrument [Line Items]
Repayment of debt						$ 251.0	€ 208.3		$ 502.0	€ 416.7
Interest rate (as a percentage)						4.43%	4.43%
Effective interest rate (as a percentage)						4.93%	4.93%
Tranche B-1 Dollar Term Loan \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount													$ 201.9
Tranche B 2 Dollar Term Loan \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, decrease in basis spread on variable rate				0.75%
Tranche B 2 Dollar Term Loan \| Line of Credit
Debt Instrument [Line Items]
Interest rate (as a percentage)											5.97%
Effective interest rate (as a percentage)											8.32%
Debt instrument, face amount				$ 289.6
Remaining borrowing capacity				$ 2,700.0
Tranche B 2 Dollar Term Loan \| Line of Credit \| Borrowings under revolving credit facility
Debt Instrument [Line Items]
Debt covenant, term loan amount outstanding threshold			$ 500.0
Tranche B 2 Dollar Term Loan \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Tranche B 2 Dollar Term Loan \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
Tranche B 2 Dollar Term Loan \| Line of Credit \| Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
2021 Credit Agreement, Revolving Credit Facility \| Line of Credit \| Borrowings under revolving credit facility
Debt Instrument [Line Items]
Remaining borrowing capacity											$ 885.0
Line of credit, maximum borrowing capacity			$ 885.0									$ 500.0
Debt covenant, maturity date extension option, number of days after Amended Revolving Facility Maturity Date			91 days
Debt covenant, unrestricted cash requirement, percentage of principal outstanding			125.00%
Debt covenant, revolving credit facility, outstanding amount threshold											$ 50.0
2021 Credit Agreement, Revolving Credit Facility \| Line of Credit \| Minimum \| Borrowings under revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage (as a percentage)			0.25%
2021 Credit Agreement, Revolving Credit Facility \| Line of Credit \| Maximum \| Borrowings under revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage (as a percentage)			0.45%
2021 Credit Agreement, Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Borrowings under revolving credit facility \| Debt Interest Rate Period One
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
2021 Credit Agreement, Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum \| Borrowings under revolving credit facility \| Debt Interest Rate Period Two
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
2021 Credit Agreement, Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum \| Borrowings under revolving credit facility \| Debt Interest Rate Period Two
Debt Instrument [Line Items]
Basis spread on variable rate			2.75%
2021 Credit Agreement, Revolving Credit Facility \| Line of Credit \| Prime Rate \| Borrowings under revolving credit facility \| Debt Interest Rate Period One
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
2021 Credit Agreement, Revolving Credit Facility \| Line of Credit \| Prime Rate \| Minimum \| Borrowings under revolving credit facility \| Debt Interest Rate Period Two
Debt Instrument [Line Items]
Basis spread on variable rate			0.75%
2021 Credit Agreement, Revolving Credit Facility \| Line of Credit \| Prime Rate \| Maximum \| Borrowings under revolving credit facility \| Debt Interest Rate Period Two
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
2021 Credit Agreement, Dollar Term Loan \| Line of Credit
Debt Instrument [Line Items]
Repayment of debt		$ 750.0			$ 300.0
Debt instrument, redemption price, percentage of principal amount redeemed (as a percent)								1.00%
Debt repurchased amount								$ 3,100.0
Quarterly amortization rate, percentage (as a percentage)											0.28629%

Asset Acquisition and License Agreements - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Aug. 31, 2025	Apr. 30, 2025	Feb. 29, 2024	Nov. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Acquired in-process research and development					$ 947,862	$ 10,000	$ 19,000
Upfront and milestone payment values					8,210,138	7,713,412
Saniona \| Upfront Payment
Business Combination [Line Items]
Acquired in-process research and development	$ 42,500
Saniona \| Potential Milestone Payment
Business Combination [Line Items]
Upfront and milestone payment values					$ 992,500
Redx Pharma \| Upfront Payment
Business Combination [Line Items]
Acquired in-process research and development			$ 10,000
Redx Pharma \| Potential Milestone Payment
Business Combination [Line Items]
Upfront and milestone payment values						$ 870,000
Autifony Therapeutics \| Upfront Payment
Business Combination [Line Items]
Acquired in-process research and development				$ 18,000
Autifony Therapeutics \| Potential Milestone Payment
Business Combination [Line Items]
Upfront and milestone payment values							$ 752,500
Chimerix
Business Combination [Line Items]
Share price (in dollars per share)		$ 8.55
Total cash consideration paid to Chimerix		$ 944,154

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Income tax expense effect on cash flow hedging activities	$ 65	$ 1,760	$ 1,215
Tax expense effect on cash flow hedging activities reclassified	$ 411	$ 1,593	$ 1,137

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	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.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Adoption of New Accounting Standards

Recent Accounting Pronouncements

Significant Risks and Uncertainties

Concentrations of Risk

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. 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.

Business Acquisitions

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.

Derivative Instruments and Hedging Activities

Derivatives that are not designated and do not qualify as hedges are adjusted to fair value through current earnings.

Inventories

Property, Plant and Equipment


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.

Leases

Goodwill, Acquired In-Process Research and Development, and Intangible Assets

Goodwill

Acquired In-Process Research and Development

Intangible Assets

Revenue Recognition and Cost of Product Sales

Revenue Recognition

Product Sales, Net

Reserves for Variable Consideration

Royalties and Contract Revenues

Cost of Product Sales

Research and Development

Advertising Expenses

We expense the costs of advertising, including promotional expenses, as incurred.

Income Taxes

Foreign Currency

Deferred Financing Costs

Contingencies

Share-Based Compensation and Performance-Based Restricted Stock Unit Awards

Share-Based Compensation

Performance-Based Restricted Stock Unit Awards

Segment and Other Information - Narrative (Details)	12 Months Ended
Segment and Other Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating business segments	1
Number of Reportable Segments	1

Debt - 2026 Notes Narrative (Details)	12 Months Ended
Debt - 2026 Notes Narrative (Details)	Dec. 31, 2025 USD ($)	Dec. 31, 2020 USD ($) day $ / shares	Jul. 31, 2024 USD ($)	Jul. 22, 2024 USD ($)
2026 Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,000,000,000.0
Interest rate (as a percentage)		2.00%
Percentage of conversion price (as a percentage)		130.00%
Number of trading days \| day		20
Number of consecutive days in trading period \| day		30
Conversion rate of shares (in shares per dollar)		0.0064182
Debt conversion price (in dollars per share) \| $ / shares		$ 155.81
Irrevocable election for settlement method fix, maximum cash per $1,000 principal amount			$ 1,000	$ 1,000
Conversion in excess of principal	$ 91,100,000
Debt issuance cost		$ 15,300,000
Debt term (in years)		6 years
Effective interest rate (as a percentage)		2.26%
2021 Notes \| Senior Secured Debt
Debt Instrument [Line Items]
Debt repurchased amount		$ 332,900,000
Interest rate (as a percentage)		1.875%

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
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 (in dollars per share)	$ (5.84)	$ 9.06	$ 6.55
Diluted (in dollars per share)	$ (5.84)	$ 8.65	$ 6.10
Weighted-average ordinary shares used in per share calculations - basic (in shares)	60,981	61,838	63,291
Weighted-average ordinary shares used in per share calculations - diluted (in shares)	60,981	66,007	72,066
Product sales, net
Revenues:
Total revenues	$ 4,021,849	$ 3,821,164	$ 3,736,943
Royalties and contract revenues
Revenues:
Total revenues	$ 245,737	$ 247,786	$ 97,261

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

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

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.

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


	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.


	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

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.

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.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Property, Plant and Equipment [Abstract]

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
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

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

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.

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
United States
Defined Contribution Plan Disclosure [Line Items]
Expenses related to defined contribution plans	$ 17.9	$ 16.4	$ 13.4
Outside United States
Defined Contribution Plan Disclosure [Line Items]
Expenses related to defined contribution plans	$ 17.1	$ 15.2	$ 14.0

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
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

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of 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

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Cost and Supplemental Cash Flow Information

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



	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	%

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		—		—

Schedule of Lease Supplemental Balance Sheet Information

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

Schedule of Operating Lease Liability Maturities

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

Schedule of Finance Lease Liability Maturities

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

Share-Based Compensation -Stock Option And Nominal Strike Price Options Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of share options exercised		$ 21.7	$ 0.2	$ 6.3
2007 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to grants under the PRSUs		$ 3.8
Weighted-average period (in years)		10 months 24 days
Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		0	0	0
Nominal Strike Price Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of share options exercised		$ 1.5	$ 0.9	$ 3.9
Grant date fair value	$ 170.82

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Goodwill and Intangible Assets Disclosure [Abstract]

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
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
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

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

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.

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

Revenues

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

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
Sativex1	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.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Asset Acquisition and License Agreements

Asset Acquisition and License Agreements

12 Months Ended

Dec. 31, 2025

Asset Acquisition [Abstract]

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.

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.

Leases -Schedule of Weighted Average Terms and Discount Rates (Details)	Dec. 31, 2025	Dec. 31, 2024
Weighted-average remaining lease term (years)
Operating leases	4 years	4 years 3 months 18 days
Finance leases	9 years 6 months	10 years 4 months 24 days
Weighted-average discount rate
Operating leases	6.90%	6.60%
Finance leases	8.10%	7.60%

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

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	%

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

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	%

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

Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Details)	Dec. 31, 2025
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	40 years
Manufacturing equipment and machinery \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	4 years
Manufacturing equipment and machinery \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	20 years
Computer software and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Computer software and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	7 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	5 years

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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.

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)

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 41.6	$ 32.8	$ 30.4

Share-Based Payment Arrangement [Abstract]

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Share-based Compensation Expense Related to Share Options, RSUs, PSRUs and Grants Under ESPP

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

Schedule of RSU and PRSU Activity

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

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

Schedule of Information and Activity Related to Share Option Plans Activity

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

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

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

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

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.

Commitments and Contingencies (Details) $ in Millions									1 Months Ended						12 Months Ended	29 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 01, 2028	Feb. 20, 2026 patent	Oct. 21, 2025 USD ($)	Oct. 01, 2025	Apr. 16, 2025	Apr. 07, 2025 USD ($)	Feb. 15, 2023 litigationCase	Jun. 22, 2022 litigationCase	Aug. 31, 2025 patent	Jul. 31, 2025 patent	Mar. 31, 2023 patent	Feb. 28, 2023 patent	Jul. 31, 2021 patent	Jun. 30, 2021 patent	Dec. 31, 2025 USD ($)	Feb. 29, 2028	Jan. 31, 2026 patent	Nov. 30, 2022 patent
Loss Contingencies [Line Items]
Noncancelable purchase commitments due within one year \| $															$ 69.5
Xyrem Antitrust Litigation
Loss Contingencies [Line Items]
Settlement amount \| $						$ 145.0
Litigation expense \| $															233.5
Avadel Pharmaceuticals plc Lawsuit
Loss Contingencies [Line Items]
Settlement amount \| $			$ 90.0
Estimated litigation liability, current \| $															$ 90.0
Avadel Pharmaceuticals plc Lawsuit \| Lumryz Product For Narcolepsy Indications \| Maximum \| Avadel
Loss Contingencies [Line Items]
Royalty rate for sales to be received				3.85%
Avadel Pharmaceuticals plc Lawsuit \| Lumryz Product For Narcolepsy Indications \| Minimum \| Avadel
Loss Contingencies [Line Items]
Royalty rate for sales to be received				3.75%
Avadel Pharmaceuticals plc Lawsuit \| Lumryz Product For Non-Narcolepsy Indications \| Maximum \| Forecast \| Avadel
Loss Contingencies [Line Items]
Royalty rate for sales to be received	10.00%
Avadel Pharmaceuticals plc Lawsuit \| Lumryz Product For Non-Narcolepsy Indications \| Minimum \| Forecast \| Avadel
Loss Contingencies [Line Items]
Royalty rate for sales to be received	9.50%
Avadel Pharmaceuticals plc Lawsuit \| Lumryz Product For Non-Narcolepsy Indications, Unpermitted Net Sales \| Forecast \| Avadel
Loss Contingencies [Line Items]
Royalty rate for sales to be received																80.00%
Lupin Lawsuit
Loss Contingencies [Line Items]
Number of patents, paragraph IV certification notice filed														10
Infringed patents suit, number of patents													10					2
FDA stay of approval period (in months)													30 months
Number of lawsuits filed \| litigationCase							2	2
Lupin Lawsuit \| Xywav
Loss Contingencies [Line Items]
FDA recognition of orphan drug exclusivity, period (in years)														7 years
Teva Lawsuit
Loss Contingencies [Line Items]
Infringed patents suit, number of patents											13
FDA stay of approval period (in months)									30 months		30 months
Infringed patents suit, number of patents									14	14		13
Defitelio Patent Litigation
Loss Contingencies [Line Items]
FDA stay of approval period (in months)					30 months
Tris Pharma Patent Litigation
Loss Contingencies [Line Items]
FDA stay of approval period (in months)					30 months
Tris Pharma Patent Litigation \| Subsequent Event
Loss Contingencies [Line Items]
Infringed patents suit, number of patents		2
Tris Pharma Patent Litigation \| Xywav \| Subsequent Event
Loss Contingencies [Line Items]
Number of patents, paragraph IV certification notice filed																	15
Tris Pharma Patent Litigation \| Xywav \| Subsequent Event \| General Composition and Method of Use
Loss Contingencies [Line Items]
Number of patents, paragraph IV certification notice filed																	8
Tris Pharma Patent Litigation \| Xyrem \| Subsequent Event
Loss Contingencies [Line Items]
Number of patents, paragraph IV certification notice filed																	7
Tris Pharma Patent Litigation \| Xywav and Xyrem \| Subsequent Event \| Methods of Treatment when Administered with other Medications
Loss Contingencies [Line Items]
Number of patents, paragraph IV certification notice filed																	7

Subsequent Events (Details) - Subsequent Event $ in Millions	Jan. 26, 2026 USD ($)
Subsequent Event [Line Items]
Cash consideration	$ 200.0
Percentage of post-tax proceeds entitled	50.00%

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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

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

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 683,211
2027	673,586
2028	649,535
2029	647,270
2030	586,093
Thereafter	1,189,815
Total	$ 4,429,510	$ 4,755,695

Income Taxes - Schedule of Reconciliation of Income Taxes at the Statutory Income Tax Rate to Effective Income Tax Rate Percent 2025 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Income tax at the statutory tax rate	$ (78,482)	$ 58,794	$ 37,241
Domestic tax effects
Effects of cross-border tax laws	29,812
Non-deductible financing costs
Non-deductible financing costs		22,437	15,705
Other	963
Foreign tax effects
Statutory tax rate difference		38,346	(7,763)
Non-deductible acquired in-process research and development expense	187,346
Change in valuation allowance	(199,907)	201,996	75,081
Research and orphan drug tax credits	(35,329)	(65,255)	(49,900)
Foreign derived intangible income benefit	(28,623)	(39,470)	(42,400)
Non-deductible compensation	8,856	10,889	14,092
Non-deductible contingent consideration payments	7,641
State and local income tax, net of federal benefit	(5,477)
Tax deficiencies/(excess tax benefits) from share-based compensation	5,050	18,074	3,959
Other		3,913	3,661
Patent box incentive benefit	(60,993)	(65,413)	(13,862)
Deduction on subsidiary equity	(90,788)	(180,460)	(153,655)
Worldwide changes in unrecognized tax benefits	(6,439)	9,767	(12,612)
Total income tax expense (benefit)	$ (272,443)	(91,429)	(119,912)
Percent
Income tax at the statutory tax rate	12.50%
Domestic tax effects
Effects of cross-border tax laws	(4.70%)
Non-taxable/non-deductible items
Other	(0.20%)
Foreign tax effects
Non-deductible acquired in-process research and development expense	(29.80%)
Change in valuation allowance	31.80%
Research and orphan drug tax credits	5.60%
Foreign Derived Intangible Income benefit	4.60%
Non-deductible compensation	(1.40%)
Non-deductible contingent consideration payments	(1.20%)
State and local income tax, net of federal benefit	0.90%
Tax deficiencies/(excess tax benefits) from share-based compensation	(0.80%)
Patent box incentive benefit	9.70%
Deduction on subsidiary equity	14.50%
Worldwide changes in unrecognized tax benefits	0.90%
Total income tax benefit	43.40%
Ireland
Non-deductible financing costs
Non-deductible financing costs	$ 7,070
Non-taxable/non-deductible items
Non-deductible financing costs	(1.10%)
United States
Foreign tax effects
Statutory tax rate difference	$ (74,137)
Other	525
Total income tax expense (benefit)	$ (254,537)	(40,142)	(69,267)
Foreign tax effects
Statutory tax rate difference	11.80%
Other	(0.10%)
United Kingdom
Non-deductible financing costs
Non-deductible financing costs	$ 7,222
Foreign tax effects
Statutory tax rate difference	(30,766)
Other	2,107
Total income tax expense (benefit)	$ (113,831)	(114,393)	(142,512)
Non-taxable/non-deductible items
Non-deductible financing costs	(1.20%)
Foreign tax effects
Statutory tax rate difference	4.90%
Other	(0.30%)
Italy
Foreign tax effects
Statutory tax rate difference	$ 7,603
Other	$ 2,006
Patent box incentive benefit		(40,900)
Foreign tax effects
Statutory tax rate difference	(1.20%)
Other	(0.30%)
Malta
Foreign tax effects
Statutory tax rate difference	$ 64,010
Other	$ 827
Foreign tax effects
Statutory tax rate difference	(10.20%)
Other	(0.10%)
Other foreign jurisdictions
Foreign tax effects
Statutory tax rate difference	$ 7,460
Total income tax expense (benefit)	$ 34,118	$ (14,552)	$ 25,443
Foreign tax effects
Statutory tax rate difference	(1.20%)

Accrued Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

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

Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

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.

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.

Segment and Other Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

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.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Schedule of Basic and Diluted Net Income (Loss) per Ordinary Share Computation

Net Income (Loss) per Ordinary Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

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

Schedule of Weighted-Average Ordinary Shares Excluded from Computation of Diluted Net Income (Loss) per Share

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	—	—

Derivative Instruments and Hedging Activities - Schedule of Fair Value of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Asset derivatives	$ 6,259	$ 3,241
Liability derivatives	4,225	10,198
Derivatives designated as hedging instruments \| Interest rate contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Asset derivatives	0	959
Derivatives designated as hedging instruments \| Interest rate contracts \| Other non-current assets
Derivatives, Fair Value [Line Items]
Asset derivatives	0	32
Derivatives designated as hedging instruments \| Interest rate contracts \| Accrued liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives	465	0
Derivatives not designated as hedging instruments \| Foreign exchange forward contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Asset derivatives	6,259	2,250
Derivatives not designated as hedging instruments \| Foreign exchange forward contracts \| Accrued liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives	$ 3,760	$ 10,198

Derivative Instruments and Hedging Activities - Schedule of Foreign Exchange Gain (Loss) Associated with Foreign Exchange Contracts Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivatives not designated as hedging instruments \| Foreign exchange forward contracts
Derivative [Line Items]
Gain (loss) recognized in foreign exchange gain (loss)	$ 12,065	$ (14,444)	$ 13,543

Property, Plant and Equipment- Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 378,410	$ 335,370
Less accumulated depreciation and amortization	(178,553)	(161,957)
Property, plant and equipment, net	199,857	173,413
Manufacturing equipment and machinery
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	97,414	87,451
Land and buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	72,230	71,902
Computer software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	63,648	42,635
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	63,569	70,201
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	49,635	34,493
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	21,905	20,137
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 10,009	$ 8,551

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Income tax (benefit) expense		$ (272,443)	$ (91,429)	$ (119,912)
Increase in valuation allowance		20,500	196,900	77,600
Deferred tax assets, valuation allowance		529,674	509,190
Additional expected tax expense if foreign earnings repatriated		56,000
Unrecognized tax benefits, accrued interest		5,800	8,600
Unrecognized tax benefits that would impact the effective tax rate		101,200	86,800
Current income tax expense (benefit)		172,528	116,898	140,305
Valuation Allowance, Operating Loss Carryforwards
Operating Loss Carryforwards [Line Items]
Income tax (benefit) expense		(204,900)	$ 202,000	$ 76,200
Increase in valuation allowance	$ 212,500
U.S. Federal
Operating Loss Carryforwards [Line Items]
NOL carryforwards		432,300
Tax credit carryforwards		75,600
U.S. State
Operating Loss Carryforwards [Line Items]
NOL carryforwards		30,300
Tax credit carryforwards		700
Foreign Tax Authorities
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards		113,400
Foreign Tax Authorities \| Malta
Operating Loss Carryforwards [Line Items]
NOL carryforwards		1,128,900
Foreign Tax Authorities \| United Kingdom
Operating Loss Carryforwards [Line Items]
NOL carryforwards		980,200
Ireland
Operating Loss Carryforwards [Line Items]
Current income tax expense (benefit)		32,200
Ireland \| Ireland
Operating Loss Carryforwards [Line Items]
NOL carryforwards		$ 448,400

Cash and Available-for-Sale Securities - Schedule of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,441,899	$ 2,992,864
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	2,441,899	2,992,864
Cash and Cash Equivalents	1,391,899	2,412,864
Investments	1,050,000	580,000
Cash
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	682,746	948,894
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	682,746	948,894
Cash and Cash Equivalents	682,746	948,894
Investments	0	0
Time deposits
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,130,000	790,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	1,130,000	790,000
Cash and Cash Equivalents	80,000	210,000
Investments	1,050,000	580,000
Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	629,153	1,253,970
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	629,153	1,253,970
Cash and Cash Equivalents	629,153	1,253,970
Investments	$ 0	$ 0

Cash and Available-for-Sale Securities (Tables)

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents and Investments

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

Derivative Instruments and Hedging Activities - Schedule of Impact on Accumulated Other Comprehensive Loss and Earnings (Loss) from Derivative Instruments that Qualified as Cash Flow Hedges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
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)
Interest rate contracts \| Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
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)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Operating lease assets	$ 58,880	$ 53,582
Finance lease assets	2,804	3,917
Total lease assets	$ 61,684	$ 57,499
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Liabilities
Operating lease liabilities	$ 14,278	$ 14,331
Finance lease liabilities	$ 439	$ 448
Operating lease, liability, current, statement of financial position [Extensible List]	Accrued liabilities	Accrued liabilities
Finance lease, liability, current, statement of financial position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Operating lease liabilities	$ 50,892	$ 38,938
Finance lease liabilities	3,440	4,561
Total lease liabilities	$ 69,049	$ 58,278
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Name	KPMG
Auditor Location	Dublin, Ireland
Auditor Firm ID	1116

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plans	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.

The entire disclosure for retirement benefits.

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Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	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.

Debt - Schedule of Carrying Amount of Indebtedness (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2025	Sep. 30, 2022	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long term debt outstanding			$ 5,410,500
Total debt			5,358,257	$ 6,108,640
Less current portion			1,029,903	31,000
Total long-term debt			4,328,354	6,077,640
Convertible Debt \| 2026 Notes
Debt Instrument [Line Items]
Long term debt outstanding			1,000,000	1,000,000
Unamortized - debt issuance costs			(1,097)	(3,747)
Total debt			998,903	996,253
Convertible Debt \| 2030 Notes
Debt Instrument [Line Items]
Long term debt outstanding			1,000,000	1,000,000
Unamortized - debt issuance costs			(16,036)	(19,135)
Total debt			983,964	980,865
Secured Debt \| Secured Notes
Debt Instrument [Line Items]
Total debt			1,487,445	1,483,841
Term Loan
Debt Instrument [Line Items]
Total debt			$ 1,887,945	$ 2,647,681
Line of Credit \| 2021 Credit Agreement, Dollar Term Loan
Debt Instrument [Line Items]
Repayment of debt	$ 750,000	$ 300,000

Segment and Other Information - Schedule of Long-Lived Assets by Location (Details) - Pharmaceuticals Products Segment - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 258,737	$ 226,995
Ireland
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	95,947	85,703
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	81,801	77,741
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	45,611	33,724
Italy
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	26,976	21,931
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 8,402	$ 7,896

Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 6,223	$ 242	$ 242
Additions charged to costs and expenses	538	5,981	0
Other Additions	0	0	0
Deductions	(5,651)	0	0
Balance at end of period	1,110	6,223	242
Allowance for sales discounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	14,043	5,962	2,980
Additions charged to costs and expenses	5,178	24,334	22,334
Other Additions	0	0	0
Deductions	(17,266)	(16,253)	(19,352)
Balance at end of period	1,955	14,043	5,962
Allowance for chargebacks
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	12,425	14,932	14,621
Additions charged to costs and expenses	233,316	212,389	185,886
Other Additions	0	0	0
Deductions	(231,512)	(214,896)	(185,575)
Balance at end of period	14,229	12,425	14,932
Deferred tax asset valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	509,190	312,340	234,732
Additions charged to costs and expenses	26,505	205,894	76,670
Other Additions	217,708	0	1,368
Deductions	(223,729)	(9,044)	(430)
Balance at end of period	$ 529,674	$ 509,190	$ 312,340

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

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

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.”

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

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

(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

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Income Taxes - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Ireland	$ 82,363
Total foreign	39,445
Total cash paid for income taxes, net of refunds	121,808	$ 114,907	$ 177,880
United States - federal
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total foreign	11,763
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total foreign	$ 27,682

Revenues - Schedule of the Percentage of Total Revenues from Customers (Details) - Total Revenues - Customer concentration risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ESSDS
Concentration Risk [Line Items]
Percentage of total revenues (as a percent)	42.00%	42.00%	48.00%
McKesson
Concentration Risk [Line Items]
Percentage of total revenues (as a percent)	10.00%	12.00%	11.00%
ASD
Concentration Risk [Line Items]
Percentage of total revenues (as a percent)	11.00%	9.00%	7.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Schedule of Asset Acquisition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
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
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense, pre-tax	186,622	158,570	146,942
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense, pre-tax	86,480	74,673	64,847
Cost of product sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense, pre-tax	$ 18,031	$ 14,802	$ 15,052

Asset Acquisition and License Agreements (Tables)

12 Months Ended

Dec. 31, 2025

Asset Acquisition [Abstract]

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

Revenues (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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
Sativex1	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

Schedule of Percentage of Total Revenues from Customers

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	%

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Bruce C. Cozaad [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

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

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.

Name

Bruce C. Cozadd

Title

Chairman

Rule 10b5-1 Arrangement Adopted

true

11/26/2025

2/26/2027

457 days

72,000

Income Taxes - Schedule of Income (Loss) Before Income Tax Benefit and Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Ireland	$ 164,697	$ 497,860	$ 449,214
Income (loss) before income tax benefit and equity in loss of investees	(627,859)	470,351	297,929
United States
Operating Loss Carryforwards [Line Items]
United States, United Kingdom and Other	(872,206)	29,594	(6,056)
United Kingdom
Operating Loss Carryforwards [Line Items]
United States, United Kingdom and Other	(251,890)	(411,356)	(643,096)
Other
Operating Loss Carryforwards [Line Items]
United States, United Kingdom and Other	$ 331,540	$ 354,253	$ 497,867

Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.

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Fair Value Measurement

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement


	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).

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Schedule of Accrued Liabilities

Cash and Available-for-Sale Securities - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Interest income from available-for-sale securities	$ 85.8	$ 106.3	$ 65.1

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

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

Goodwill and Intangible Assets - Schedule of Gross Carrying Amount of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,716,323
Foreign exchange	113,017
Goodwill, end of period	$ 1,829,340

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Income Taxes - Schedule of Reconciliation of Income Taxes at the Statutory Income Tax Rate to Effective Income Tax Rate 2024/2023 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Income tax expense at the statutory income tax rate	$ (78,482)	$ 58,794	$ 37,241
Change in valuation allowance	(199,907)	201,996	75,081
Deduction on subsidiary equity	(90,788)	(180,460)	(153,655)
Change in estimates		(106,007)	(5,472)
Patent box incentive benefit	(60,993)	(65,413)	(13,862)
Research and other tax credits	(35,329)	(65,255)	(49,900)
Foreign derived intangible income benefit	(28,623)	(39,470)	(42,400)
Statutory 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	5,050	18,074	3,959
Non-deductible compensation	8,856	10,889	14,092
Change in unrecognized tax benefits	(6,439)	9,767	(12,612)
Change in tax rate		938	(605)
Non-deductible facility expense		22	16,618
Other		3,913	3,661
Total income tax expense (benefit)	(272,443)	(91,429)	(119,912)
Change in estimate, amount		(106,007)	(5,472)
Patent box incentive benefit, amount	60,993	65,413	$ 13,862
Italy
Amount
Change in estimates		(103,300)
Patent box incentive benefit		(40,900)
Statutory income tax rate differential	7,603
Other	$ 2,006
Change in estimate, amount		(103,300)
Patent box incentive benefit, amount		$ 40,900

CONSOLIDATED BALANCE SHEETS (Parenthetical) shares in Thousands, $ in Thousands	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 € / shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2024 € / shares
Current assets:
Accounts receivable, allowances \| $	$ 17,294		$ 32,691
Shareholders’ equity:
Ordinary shares, nominal value (in dollars per share) \| $ / shares	$ 0.0001		$ 0.0001
Ordinary shares, authorized (in shares)	300,000		300,000
Ordinary shares, issued (in shares)	61,435		60,631
Ordinary shares, outstanding (in shares)	61,435		60,631
Non-voting euro deferred shares, par value (in euros per share) \| € / shares		€ 0.01		€ 0.01
Non-voting euro deferred shares, authorized (in shares)	4,000		4,000
Non-voting euro deferred shares, issued (in shares)	4,000		4,000
Non-voting euro deferred shares, outstanding (in shares)	4,000		4,000

Comprehensive Income (Loss) - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 4,093,756	$ 3,736,997	$ 3,085,734
Other comprehensive income before reclassifications	380,380
Amounts reclassified from accumulated other comprehensive loss	(1,311)
Other comprehensive income (loss)	379,069	(105,520)	283,362
Ending balance	4,318,584	4,093,756	3,736,997
Total Accumulated Other Comprehensive Loss
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(947,667)	(842,147)	(1,125,509)
Other comprehensive income (loss)	379,069	(105,520)	283,362
Ending balance	(568,598)	(947,667)	$ (842,147)
Net Unrealized Gain (Loss) From Hedging Activities
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	740
Other comprehensive income before reclassifications	208
Amounts reclassified from accumulated other comprehensive loss	(1,311)
Other comprehensive income (loss)	(1,103)
Ending balance	(363)	740
Foreign Currency Translation Adjustments
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(948,407)
Other comprehensive income before reclassifications	380,172
Amounts reclassified from accumulated other comprehensive loss	0
Other comprehensive income (loss)	380,172
Ending balance	$ (568,235)	$ (948,407)

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

Goodwill and Intangible Assets Disclosure [Abstract]

Debt - 2024 Notes Narrative (Details)		12 Months Ended
Debt - 2024 Notes Narrative (Details)	Aug. 15, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2017 USD ($) $ / shares
Debt Instrument [Line Items]
Repayments of convertible debt		$ 0	$ 575,000,000	$ 0
Jazz Investments I Limited
Debt Instrument [Line Items]
Ownership percentage (as a percentage)		100.00%
Borrowings under revolving credit facility
Debt Instrument [Line Items]
Repayments under revolving credit facility					$ 500,000,000.0
2024 Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount					$ 575,000,000.0
Interest rate (as a percentage)					1.50%
Conversion rate of shares (in shares per dollar)					0.0045659
Debt conversion price (in dollars per share) \| $ / shares					$ 219.02
Repayments of convertible debt	$ 575,000,000.0
Interest expense, net		$ 57,000,000.0	40,000,000.0	32,800,000
Contractual coupon rate interest expense		51,300,000	35,300,000	28,600,000
Amortization of debt issuance costs		$ 5,700,000	$ 4,700,000	$ 4,200,000

Fair Value Measurement - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Available-for-sale securities:
Available-for-sale securities	$ 2,441,899	$ 2,992,864
Totals	1,765,412	2,047,211
Liabilities:
Totals	4,225	10,198
Foreign exchange forward contracts
Available-for-sale securities:
Derivative assets	6,259	2,250
Liabilities:
Derivative Liability	3,760	10,198
Interest rate contracts
Available-for-sale securities:
Derivative assets	0	991
Liabilities:
Derivative Liability	465	0
Money market funds
Available-for-sale securities:
Available-for-sale securities	629,153	1,253,970
Time deposits
Available-for-sale securities:
Available-for-sale securities	1,130,000	790,000
Quoted Prices in Active Markets for Identical Assets (Level 1)
Available-for-sale securities:
Totals	629,153	1,253,970
Liabilities:
Totals	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Foreign exchange forward contracts
Available-for-sale securities:
Derivative assets	0	0
Liabilities:
Derivative Liability	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Interest rate contracts
Available-for-sale securities:
Derivative assets	0	0
Liabilities:
Derivative Liability	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market funds
Available-for-sale securities:
Available-for-sale securities	629,153	1,253,970
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Time deposits
Available-for-sale securities:
Available-for-sale securities	0	0
Significant Other Observable Inputs (Level 2)
Available-for-sale securities:
Totals	1,136,259	793,241
Liabilities:
Totals	4,225	10,198
Significant Other Observable Inputs (Level 2) \| Foreign exchange forward contracts
Available-for-sale securities:
Derivative assets	6,259	2,250
Liabilities:
Derivative Liability	3,760	10,198
Significant Other Observable Inputs (Level 2) \| Interest rate contracts
Available-for-sale securities:
Derivative assets	0	991
Liabilities:
Derivative Liability	465	0
Significant Other Observable Inputs (Level 2) \| Money market funds
Available-for-sale securities:
Available-for-sale securities	0	0
Significant Other Observable Inputs (Level 2) \| Time deposits
Available-for-sale securities:
Available-for-sale securities	$ 1,130,000	$ 790,000

Debt - 2029 Secured Notes Narrative (Details) - 2029 Secured Notes - Secured Debt - Jazz Securities Designated Activity Company	Apr. 29, 2021	Dec. 31, 2025
Debt Instrument [Line Items]
Interest rate (as a percentage)	4.375%	4.375%
Effective interest rate (as a percentage)		4.64%
Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage (as a percentage)	100.00%
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage (as a percentage)	101.00%
Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price, percentage (as a percentage)	100.00%

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Gross Carrying Amount of Goodwill

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

Schedule of Gross Carrying Amounts and Net Book Values of Intangible Assets

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

Schedule of Estimated Future Amortization Costs


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

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Share-Based Compensation - Schedule of Share Option Plans Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Shares Subject to Outstanding Options
Outstanding, beginning balance (in shares) \| shares	2,158
Options exercised (in shares) \| shares	(658)
Options expired (in shares) \| shares	(340)
Outstanding, ending balance (in shares) \| shares	1,160
Vested and exercisable (in shares) \| shares	1,160
Weighted- Average Exercise Price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 139.79
Options exercised (in dollars per share) \| $ / shares	134.51
Options expired (in dollars per share) \| $ / shares	167.80
Outstanding, ending balance (in dollars per share) \| $ / shares	134.57
Vested and exercisable to vest (in dollars per share) \| $ / shares	$ 134.57
Weighted- Average Remaining Contractual Term (Years)
Weighted-average remaining contractual term, outstanding (in years)	3 years
Weighted-average remaining contractual term, vested and exercisable to vest, exercisable (in years)	3 years
Aggregate Intrinsic Value
Aggregate intrinsic value, outstanding \| $	$ 41,403
Aggregate intrinsic value, vested and exercisable \| $	$ 41,403
Nominal Strike Price Options
Shares Subject to Outstanding Options
Outstanding, beginning balance (in shares) \| shares	19
Options exercised (in shares) \| shares	(10)
Outstanding, ending balance (in shares) \| shares	9
Vested and exercisable (in shares) \| shares	9
Weighted- Average Exercise Price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 0.02
Options exercised (in dollars per share) \| $ / shares	0.02
Outstanding, ending balance (in dollars per share) \| $ / shares	0.02
Vested and exercisable to vest (in dollars per share) \| $ / shares	$ 0.02
Weighted- Average Remaining Contractual Term (Years)
Weighted-average remaining contractual term, outstanding (in years)	4 years 9 months 18 days
Weighted-average remaining contractual term, vested and exercisable to vest, exercisable (in years)	4 years 9 months 18 days
Aggregate Intrinsic Value
Aggregate intrinsic value, outstanding \| $	$ 1,496
Aggregate intrinsic value, vested and exercisable \| $	$ 1,496

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Foreign Exchange Gain (Loss) Associated with Foreign Exchange Contracts Not Designated as Hedging Instruments


	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

Schedule of Impact on Accumulated Other Comprehensive Loss and Earnings (Loss) from Derivative Instruments that Qualified as Cash Flow Hedges

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)

Schedule of the Fair Value of Outstanding Derivatives

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

Schedule of Offsetting Assets

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)

Schedule of Offsetting Liabilities


	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)

Segment and Other Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Total Long-lived Assets by Location

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.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment Estimated Useful Life

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

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

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 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	0	0
De-recognition of finance lease liability on lease assignment / termination	$ 1,023	$ 0	$ 0

Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

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,

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.

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.

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.

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.

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Rebates and other sales deductions	$ 459,837	$ 342,717
Employee compensation and benefits	215,351	153,133
Clinical trial accruals	41,967	49,962
Accrued interest	40,667	41,626
Accrued royalties	47,075	36,802
Accrued milestones	0	27,500
Selling and marketing accruals	15,405	26,981
Sales return reserve	26,412	26,428
Consulting and professional services	22,977	26,221
Inventory-related accruals	34,046	25,509
Accrued development expenses	24,371	23,099
Accrued collaboration expenses	1,117	18,005
Current portion of lease liabilities	14,717	14,779
Derivative instrument liabilities	4,225	10,198
Accrued construction-in-progress	14,308	10,061
Other	71,695	77,926
Accrued liabilities	$ 1,034,170	$ 910,947

Debt - 2030 Notes Narrative (Details) - 2030 Notes - Convertible Debt	1 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) day $ / shares	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000,000,000.0
Interest rate (as a percentage)	3.125%
Redemption price, percentage (as a percentage)	100.00%
Percentage of conversion price (as a percentage)	130.00%
Number of trading days \| day	20
Number of consecutive days in trading period \| day	30
Conversion rate of shares (in shares per dollar)	0.0065339
Debt conversion price (in dollars per share) \| $ / shares	$ 153.05
Conversion in excess of principal		$ 110,700,000
Debt issuance cost	$ 19,200,000
Debt term (in years)	6 years
Effective interest rate (as a percentage)	3.47%

Fair Value Measurement - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities without readily determinable value, fair value	$ 4.3	$ 4.3
Significant Other Observable Inputs (Level 2) \| 2026 Notes \| Convertible Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of exchangeable senior notes	1,200.0	1,000.0
Significant Other Observable Inputs (Level 2) \| 2030 Notes \| Convertible Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of exchangeable senior notes	1,300.0	1,100.0
Significant Other Observable Inputs (Level 2) \| 2029 Secured Notes \| Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of secured debt	1,500.0	1,400.0
Significant Other Observable Inputs (Level 2) \| Tranche B 2 Dollar Term Loan \| Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of lines of credit	$ 1,900.0	$ 2,700.0

Net Income (Loss) per Ordinary Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

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.

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.


	Year Ended December 31,
	2025	2024	2023
Employee equity incentive and purchase plans	4,369	4,074	2,973
2030 Notes	3	—	—

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
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

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2024
Stockholders' Equity Note [Line Items]
Stock repurchased and retired during period, value	$ 125,023,000	$ 311,429,000	$ 269,761,000
Cash dividends declared or paid	0	0
Maximum allowable dividend and restricted payments	$ 350,000,000
Maximum allowable dividend and restricted percentage	3.50%
Maximum secured leverage ratio, for restricted payments to be allowed	5
Minimum secured leverage ratio, for restricted payments to be allowed	4
Ordinary Shares \| July 2024 Share Repurchase Program
Stockholders' Equity Note [Line Items]
Total amount authorized for repurchase of shares under share repurchase program				$ 500,000,000.0
Stock repurchased and retired during period, value	$ 125,000,000.0	$ 150,000,000.0
Shares repurchased (in shares)	1.1	1.4
Average price of shares repurchased (in dollars per share)	$ 109.52	$ 109.32
Remaining amount authorized for repurchase of shares	$ 225,000,000.0
Ordinary Shares \| November 2016 Share Repurchase Program
Stockholders' Equity Note [Line Items]
Total amount authorized for repurchase of shares under share repurchase program				$ 1,500,000,000
Stock repurchased and retired during period, value		$ 161,400,000
Shares repurchased (in shares)		1.5
Average price of shares repurchased (in dollars per share)		$ 110.75

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits
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	0	224
Decreases related to prior year tax positions	(648)	(150)	(12,702)
Acquisition-related increases	18,663	0	0
Decreases related to settlements with taxing authorities	0	(2,605)	0
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

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Intangible asset amortization	$ 654,661	$ 627,313	$ 608,284
Advertising expenses	105,600	107,400	92,200
Acquired Developed Technologies
Summary Of Significant Accounting Policies [Line Items]
Intangible asset amortization	$ 654,700	$ 627,300	$ 608,300
Minimum
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible asset, useful life	4 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible asset, useful life	16 years
Customer concentration risk \| Accounts Receivable \| Five Customers
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	81.00%	80.00%
Customer concentration risk \| Accounts Receivable \| ESSDS
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	41.00%	39.00%
Customer concentration risk \| Accounts Receivable \| ASD
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	16.00%	15.00%
Customer concentration risk \| Accounts Receivable \| McKesson
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	11.00%	13.00%
Foreign exchange forward contracts \| Derivatives not designated as hedging instruments
Summary Of Significant Accounting Policies [Line Items]
Notional amount	$ 575,900	$ 461,200
Net asset (liability) fair value	2,500	(7,900)
Interest Rate Swap \| Derivatives designated as hedging instruments
Summary Of Significant Accounting Policies [Line Items]
Notional amount	500,000	500,000
Net asset (liability) fair value	$ (500)	$ 1,000

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2025

Schedule II Valuation and Qualifying Accounts

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.

Asset Acquisition and License Agreements - Schedule of Asset Acquisition (Details) - Chimerix $ in Thousands	1 Months Ended
	Apr. 30, 2025 USD ($)
Consideration
Total cash consideration paid to Chimerix	$ 944,154
Transaction costs	13,237
Total consideration	957,391
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
Outstanding Common Stock
Consideration
Total cash consideration paid to Chimerix	802,023
Outstanding Equity Awards
Consideration
Total cash consideration paid to Chimerix	$ 142,131

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Feb. 17, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-33500
Entity Registrant Name	Jazz Pharmaceuticals plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1032470
Entity Address, Address Line One	Fifth Floor, Waterloo Exchange
Entity Address, Address Line Two	Waterloo Road
Entity Address, City or Town	Dublin 4
Entity Address, Country	IE
Entity Address, Postal Zip Code	D04 E5W7
Country Region	353
City Area Code	1
Local Phone Number	634-7800
Title of 12(b) Security	Ordinary shares, nominal value $0.0001 per share
Trading Symbol	JAZZ
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 6,250,820,994
Entity Common Stock, Shares Outstanding		61,560,350
Documents Incorporated by Reference	Certain information required by Part III, Items 10-14 of this Annual Report on Form 10‑K is incorporated by reference to the registrant’s definitive Proxy Statement for the 2026 Annual General Meeting of Shareholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A. If such Proxy Statement is not filed within 120 days after the end of the registrant’s fiscal year covered by this Annual Report on Form 10‑K, such information will be included in an amendment to this Annual Report on Form 10‑K to be filed within such 120-day period.
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001232524

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 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	0	0	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)	0	0
Acquisition of intangible assets	(108,500)	0	0
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	0	0
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	0	(575,000)	0
Payment of debt modification costs	0	(5,716)	0
Net proceeds from issuance of 2030 Notes	0	980,767	0
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

Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Shareholders' Equity

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

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.

The entire disclosure for equity.