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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.
Jazz Pharmaceuticals
Jazz Pharmaceuticals
Jazz Pharmaceuticals 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