Jazz Pharmaceuticals Q2 2022 Earnings Report
Key Takeaways
Jazz Pharmaceuticals announced strong second quarter financial results with total revenues of $932.9 million, a 24% increase compared to the same period in 2021, and affirmed its 2022 financial guidance.
Total revenues for 2Q22 were $932.9 million, a 24% increase compared to the same period in 2021.
Net product sales for the combined oxybate business increased 10% to $504.4 million in 2Q22 compared to the same period in 2021.
Epidiolex/Epidyolex net product sales increased 12% to $175.3 million in 2Q22 compared to the same period in 2021, on a proforma basis.
Rylaze net product sales were $73.0 million in 2Q22.
Jazz Pharmaceuticals
Jazz Pharmaceuticals
Forward Guidance
The Company has updated its GAAP guidance primarily to reflect the impact of foreign currency exchange movements on non-USD denominated amortization and inventory step up expense. The Company is affirming its non-GAAP adjusted guidance.
Positive Outlook
- Revenues: $3,500 - $3,700 million
- Neuroscience (includes potential Xyrem authorized generic royalties): $2,600 - $2,800 million
- Oncology: $840 - $920 million
- Gross margin %: 85%
- Effective tax rate: (22)% - 1,104%
Challenges Ahead
- SG&A expenses: $1,299 - $1,389 million
- SG&A expenses as % of total revenues: 35% - 40%
- R&D expenses: $621 - $669 million
- R&D expenses as % of total revenues: 17% - 19%
- Acquired in-process research and development expenses: $69 million