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Sep 30, 2021
Jazz Pharmaceuticals Q3 2021 Earnings Report
Jazz Pharmaceuticals reported third quarter 2021 financial results, which included a 39% increase in total revenues and the launch of Xywav for idiopathic hypersomnia.
Key Takeaways
Jazz Pharmaceuticals announced strong Q3 2021 results, with total revenues increasing by 39% to $838.1 million. The company also highlighted the successful integration of GW Pharmaceuticals and the launch of Xywav for idiopathic hypersomnia.
Total revenues increased 39% to $838.1 million compared to 3Q20, with 52% of net product sales from recently launched or acquired products.
Xywav net product sales were $153.1 million in 3Q21, with approximately 6,000 active patients exiting 3Q21.
Epidiolex/Epidyolex net product sales were $160.4 million in 3Q21, an increase of 21% compared to the same period of 2020 on a pro-forma basis.
Zepzelca net product sales increased 94% to $71.7 million in 3Q21 compared to the same period in 2020.
Jazz Pharmaceuticals
Jazz Pharmaceuticals
Forward Guidance
Jazz Pharmaceuticals is updating its full year 2021 financial guidance, raising its full-year earnings guidance and reducing both SG&A and R&D expense guidance. The company is narrowing its net sales guidance range for neuroscience and oncology, with a reduced mid-point for oncology net sales guidance which reflects the ongoing impacts of COVID-19.
Positive Outlook
- The updated non-GAAP ANI range exceeds the upper end of the prior range.
- Reducing both SG&A and R&D expense guidance on a GAAP basis.
- Reducing both SG&A and R&D expense guidance on a non-GAAP adjusted basis.
- Prioritization of new and ongoing value creating development projects.
- Strength of underlying operations.
Challenges Ahead
- Ongoing impacts of COVID-19 on legacy products
- Rylaze competitive landscape at launch in 3Q21
- Reduced mid-point for oncology net sales guidance
- Reducing mid-point for total revenues guidance.
- GW Acquisition to be dilutive to both GAAP and non-GAAP adjusted net income per diluted share in 2021.