Jazz Pharmaceuticals Q2 2023 Earnings Report
Key Takeaways
Jazz Pharmaceuticals announced strong second-quarter 2023 financial results, with total revenues of $957 million. The company saw significant demand for Xywav, Epidiolex, and Rylaze, and raised its full-year 2023 financial guidance. They are resuming share repurchases under their existing program.
Total revenues for Q2 2023 were $957 million.
Xywav net product sales increased by 39% year-over-year.
Epidiolex net product sales increased by 15% year-over-year.
Rylaze net product sales increased by 39% year-over-year.
Jazz Pharmaceuticals
Jazz Pharmaceuticals
Jazz Pharmaceuticals Revenue by Segment
Forward Guidance
The Company is updating its full year 2023 financial guidance. Revenues are expected to be between $3,725 - $3,875 million. GAAP Net income per diluted share is expected to be $6.60-$8.15 and Non-GAAP adjusted net income per diluted share is expected to be $18.15-$19.00.
Positive Outlook
- Total revenues are projected to be $3,725 - $3,875 million.
- Neuroscience revenue (includes royalties from high-sodium oxybate AG) is projected to be $2,715 - $2,825 million.
- Oncology revenue is projected to be $950 - $1,050 million.
- GAAP Gross margin % is expected to be 89%.
- Non-GAAP Gross margin % is expected to be 93%.
Challenges Ahead
- GAAP SG&A expenses are projected to be $1,220 - $1,295 million.
- GAAP R&D expenses are projected to be $739 - $793 million.
- GAAP Effective tax rate is expected to be (35)% - (15)%.
- Non-GAAP SG&A expenses are projected to be $1,045 - $1,105 million.
- Non-GAAP R&D expenses are projected to be $675 - $725 million.