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Mar 31, 2023
Jazz Pharmaceuticals Q1 2023 Earnings Report
Jazz Pharmaceuticals delivered strong commercial results, advanced pipeline efforts, and maintained operational excellence.
Key Takeaways
Jazz Pharmaceuticals announced strong Q1 2023 results with a 10% increase in total revenues to $892.8 million, driven by key products such as Xywav, Epidiolex, and Rylaze. The company is confident in the blockbuster potential of Epidiolex and is on track to achieve full-year revenue expectations.
Total revenues for 1Q23 increased 10% to $892.8 million compared to 1Q22.
Xywav net product sales increased 49% compared to 1Q22.
Epidiolex net product sales increased 20% compared to 1Q22.
Rylaze net product sales increased 58% compared to 1Q22.
Revenue by Segment
Forward Guidance
The Company is affirming its full year 2023 financial guidance.
Positive Outlook
- Revenues $3,675 - $3,875 million
- Neuroscience (includes royalties from high-sodium oxybate AG) $2,675 - $2,825 million
- Oncology $950 - $1,050 million
- GAAP Gross margin % 89%
- Non-GAAP Gross margin % 93%
Challenges Ahead
- GAAP SG&A expenses $1,197 - $1,277 million
- GAAP SG&A expenses as % of total revenues 31% - 35%
- GAAP R&D expenses $739 - $797 million
- GAAP R&D expenses as % of total revenues 19% - 22%
- GAAP Effective tax rate (32)% - (8)%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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