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Sep 30, 2023
Jazz Pharmaceuticals Q3 2023 Earnings Report
Jazz Pharmaceuticals reported strong Q3 2023 financial results, driven by diversified revenue streams and key growth drivers.
Key Takeaways
Jazz Pharmaceuticals announced strong financial results for the third quarter of 2023, with total revenues of $972 million and GAAP net income of $146.8 million. The company raised its total revenue and Oncology revenue guidance for the year.
Total revenues for 3Q23 were $972 million.
Combined revenues from Xywav, Epidiolex, and Rylaze increased 24% year-over-year.
Xywav net product sales grew 30% year-over-year.
The company plans to initiate zanidatamab rolling BLA submission this year for accelerated approval in second-line biliary tract cancers.
Jazz Pharmaceuticals
Jazz Pharmaceuticals
Jazz Pharmaceuticals Revenue by Segment
Jazz Pharmaceuticals Revenue by Geographic Location
Forward Guidance
Jazz Pharmaceuticals updated its full year 2023 financial guidance.
Positive Outlook
- Revenues: $3,750 - $3,875 million
- Neuroscience revenue (includes royalties from high-sodium oxybate AG): $2,715 - $2,825 million
- Oncology revenue: $975 - $1,050 million
- GAAP Gross margin %: 89%
- Non-GAAP Gross margin %: 93%
Challenges Ahead
- GAAP SG&A expenses: $1,240 - $1,295 million
- GAAP R&D expenses: $844 - $888 million
- GAAP Effective tax rate: (59)% - (33)%
- Non-GAAP SG&A expenses: $1,065 - $1,105 million
- Non-GAAP R&D expenses: $780 - $820 million