Jazz Pharmaceuticals plc Sinks On Outlook, Halt in Drug Trial

Jazz Pharmaceuticals plc

fell in the extended session Tuesday after the drug maker posted an outlook below expectations. The Ireland-based company also said it voluntarily suspended patient enrollment in a Phase 2 trial of its leukemia drug, JZP-416, based on negative reactions in some patients. The company is evaluating whether to resume the study, which began in the fourth quarter. Shares of the Dublin, Ireland-based company changed hands recently at $171.51, down more than 2 percent. The company forecast 2015 adjusted earnings of between $9.45 and $9.75 a share, on revenue of $1.31 billion to $1.37 billion. Analysts expect 2015 adjusted earnings of $10.11 a share, on revenue of $1.4 billion. For the recent fourth quarter, net income grew to $81.6 million, or $1.30 a share, from $55.3 million, or $0.90 cents a share a year earlier. Adjusted profit for the recent period equaled $2.44 a share, while revenue increased 39 percent to $328.1 million, from $235.8 million last year. Wall Street expected fourth-quarter earnings of $2.30 a share, on revenue of $319.1 million. The company said it voluntarily suspended patient enrollment in the pivotal Phase 2 clinical trial of one of its leukimia drug, JZP-416, based on occurrence of hypersensitivity-like reactions in some patients. The company is evaluting data to decide whether to resume the study.