Jazz Pharma Spikes In Pre-Market On Q2 Beat; Boosts Rev Outlook

Jazz Pharmaceuticals PLC JAZZ shares spiked as much as 3 percent before retreating in pre-market trading Tuesday after the company beat second-quarter estimates and raised its 2014 revenue outlook. Strong growth prospects for its Xyrem narcolepsy treatment lead to the improved revenue outlook. Jazz now expects 2014 revenue of $1.13 billion to $1.165 billion, up from $1.1 billion to $1.16 million. It continues to forecast earnings for the period of $8 to $8.25 a share. Second-quarter revenue growth of 40 percent was driven by strong underlying demand as well as the ongoing European roll-out of its Defitelio treatment for complications resulting from chemotherapy. Also Tuesday, Jazz completed its acquisition of North American rights to Defitelio from Sigma-Tau. With an expanding development pipeline targeted at treatments for sleeping distorders as well as hematology and cancer, the company is "poised to provide significant financial growth in 2014 and beyond," Chief Executive Bruce C. Cozadd told investors. After the bell Tuesday, Jazz posted second-quarter adjusted earnings of $2.05 a share on revenue of $291.2 million. Wall Street expected $1.92 a share on revenue of $273 million. Jazz was changing hands recently at $134.24, down 1.6 percent.