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Mar 31, 2024
Jazz Pharmaceuticals Q1 2024 Earnings Report
Jazz Pharmaceuticals announced first quarter 2024 financial results and affirmed its 2024 financial guidance.
Key Takeaways
Jazz Pharmaceuticals reported a 1% increase in total revenues for Q1 2024 compared to the same period in 2023, driven by a 13% increase in Oncology product sales. Key growth drivers, including Xywav, Epidiolex and Rylaze, delivered combined double-digit year-over-year growth.
Xywav net product sales grew 14% year-over-year.
Epidiolex/Epidyolex net product sales grew 5% year-over-year.
Rylaze/Enrylaze net product sales grew 20% year-over-year.
Completed the zanidatamab BLA submission seeking accelerated approval in 2L BTC.
Revenue by Segment
Forward Guidance
The company is affirming its full year 2024 financial guidance.
Positive Outlook
- Revenues between $4.0 and $4.2 billion
- Neuroscience revenues (including royalties from high-sodium oxybate AG) between $2.8 and $2.95 billion
- Oncology revenues between $1.12 and $1.22 billion
- GAAP Gross margin % of 89%
- Non-GAAP Gross margin % of 93%
Challenges Ahead
- GAAP SG&A expenses between $1.346 and $1.426 billion
- Non-GAAP SG&A expenses between $1.170 and $1.230 billion
- GAAP R&D expenses between $877 and $935 million
- Non-GAAP R&D expenses between $800 and $850 million
- Effective tax rate between (22)% and (3)%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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