Jazz Pharmaceuticals plc JAZZ released financial results for the first quarter of 2023, revealing revenue of $892.8 million, an increase of 10% compared to $813.7 million in Q1 2022.
Net income was $69.4 million, or $1.04 per diluted share, compared to $1.6 million, or $0.03 per diluted share, for Q1 2022.
As of March 31, 2023, cash and cash equivalents were $1.2 billion, and the outstanding principal balance of the company's long-term debt was $5.8 billion. In addition, the company had undrawn borrowing capacity under a revolving credit facility of $500 million.
"This quarter, we once again delivered strong commercial results, advanced our efforts to unlock the tremendous potential of our pipeline and built on our record of driving operational excellence. On the commercial front, key products launched over the past several years are demonstrating impressive and durable performance with Xywav annualizing at more than $1 billion and our oncology therapeutic area approaching $1 billion in annual revenue, driven by Rylaze and Zepzelca. “
“Adoption of low-sodium Xywav continues to grow across both narcolepsy and idiopathic hypersomnia, and we expect Xywav to remain the oxybate of choice in 2023. We remain confident in the blockbuster potential of Epidiolex/Epidyolex and its significant additional growth opportunities, and we look forward to continued strong in-person engagement with customers globally," stated Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals. "Our strong execution and robust pipeline position us well to achieve Vision 2025 and create meaningful value for our shareholders."
2023 Financial Guidance
The company reaffirmed its full year 2023 financial guidance as follows:
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Revenues $3.675 - $3.875 billion
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Gross margin 89%
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Net income $410 - $560 million
Photo by Giorgio Trovato on Unsplash
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