Jazz Pharmaceuticals Announces Phase 3 Results for Ziihera
Jazz Pharmaceuticals (JAZZ) announced efficacy and safety results from the Phase 3 HERIZON-GEA-01 trial evaluating Ziihera in combination with chemotherapy, with or without the PD-1 inhibitor Tevimbra, as first-line treatment for adults with HER2-positive locally advanced or metastatic gastroesophageal adenocarcinoma, including cancers of the stomach, gastroesophageal junction and esophagus. The data will be presented as a late-breaking oral presentation at the 2026 ASCO Gastrointestinal Cancers Symposium in San Francisco on January 8, 2026 from 8:57- 9:07 a.m. PST. The study found: Both investigational arms, Ziihera plus tislelizumab and chemotherapy, and Ziihera plus chemotherapy, led to a statistically significant and clinically meaningful prolongation of progression-free survival with approximately 35% reduction in the risk of disease progression or death versus trastuzumab plus chemotherapy. This resulted in a median PFS of more than one year, representing a greater than four-month improvement compared to the control arm. Ziihera plus tislelizumab and chemotherapy demonstrated a statistically significant and clinically meaningful overall survival benefit with a median OS of more than two years, the longest reported in a Phase 3 trial in GEA, representing a greater than seven-month improvement in median OS and a 28% reduction in the risk of death versus trastuzumab plus chemotherapy. At this first interim analysis, Ziihera plus chemotherapy showed a median OS of more than two years, with a strong trend toward statistical significance, favoring Ziihera plus chemotherapy versus trastuzumab plus chemotherapy. An additional planned OS interim analysis for Ziihera plus chemotherapy is currently expected in mid-2026. The OS and PFS benefits were generally consistent across major prespecified subgroups including geographic region and PD-L1 status for both investigational arms. The safety profile of Ziihera in combination with chemotherapy, with or without tislelizumab, was consistent with the known effects of HER2-directed therapy and immunotherapy, and no new safety signals were identified. Duration of treatment was longest on the Ziihera plus tislelizumab and chemotherapy arm. Rates of Grade greater than or equal to3 treatment-related adverse events were 71.8% with Ziihera plus tislelizumab and chemotherapy, 59.0% with Ziihera plus chemotherapy, and 59.6% with trastuzumab plus chemotherapy. Discontinuations due to Ziihera- or trastuzumab-related and treatment discontinuations due to adverse events were 11.9% with Ziihera plus tislelizumab and chemotherapy, 8.5% with Ziihera plus chemotherapy, and 2.3% in the trastuzumab plus chemotherapy arm. The most common Grade greater than or equal to3 TRAE was diarrhea. Importantly, discontinuation of either Ziihera or trastuzumab due to treatment-related diarrhea was uncommon. Treatment-emergent diarrhea generally occurred early in treatment and resolved within three weeks. The manageable safety profile supports the feasibility of these combinations in the first-line metastatic setting. Zanidatamab is being developed in multiple clinical trials as a targeted treatment option for patients with solid tumors that express HER2. Zanidatamab is being developed byJazzand BeOne (ONC) under license agreements from Zymeworks (ZYME), which first developed the molecule.
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Harmony Biosciences: Financial Success Amidst Challenges
- Significant Sales Growth: Harmony Biosciences' Wakix has shown remarkable success since FDA approval in 2019, generating $160 million in revenue in 2020, with projections nearing $870 million by 2025, reflecting an average annual growth rate of about 40%, which lays a solid foundation for future profitability.
- Profitability Improvement: Harmony became profitable in 2021, achieving a net income of $186 million over the past 12 months, with a market capitalization of $2.1 billion and an earnings multiple of just 12, indicating strong performance in sales growth and margin expansion.
- Patent Protection Risks: Despite Wakix's success, it is expected to lose patent protection in 2030, potentially facing generic competition; however, Harmony is developing pitolisant variants to extend patent protection into the mid-2040s, demonstrating strategic foresight for future market positioning.
- Intensifying Market Competition: Harmony faces fierce competition from Jazz Pharmaceuticals, whose Xywav and Xyrem generated nearly $1.3 billion in revenue in the first nine months of 2025, and potential generic competition could impact Harmony's revenue, necessitating close monitoring of its market share dynamics.

Harmony's Wakix Drug: Financial Success Amid Controversy
- Strong Financial Performance: Since FDA approval in 2019, Harmony's Wakix generated $160 million in revenue by 2020, with projected sales nearing $870 million by 2025, reflecting a 40% compound annual growth rate; however, the stock price has not followed suit, indicating market concerns about future prospects.
- Profitability Improvement: Harmony became profitable in 2021, achieving a net income of $186 million over the past 12 months, with a market cap of $2.1 billion and an earnings multiple of just 12, showcasing strong sales growth and margin expansion, yet market skepticism about sustainable growth remains.
- Patent Risk Concerns: Wakix is set to lose exclusive patent protection in 2030, prompting Harmony to develop new pitolisant variants to extend patent protection into the mid-2040s; however, market sentiment is cautious regarding the company's ability to fend off impending generic competition.
- Increased Competitive Pressure: Jazz Pharmaceuticals' Xywav and Xyrem generated nearly $1.3 billion in revenue in the first nine months of 2025, highlighting the intense competition Harmony faces, which could impact its market share and future revenue despite its strong financial performance.









