Jazz Pharmaceuticals plc (NASDAQ:JAZZ) announced its financial results late Wednesday for the third quarter of 2022 and raised the mid-point of 2022 total revenue guidance.
"Our execution across our business continues to chart a clear path to delivering on Vision 2025. We have further strengthened our operations, and our business is performing well as we've diversified our revenue streams and rapidly deleveraged while delivering meaningful top-and bottom-line growth," said Bruce Cozadd, chairman and CEO of Jazz Pharmaceuticals in a press release.
"We're pleased with the performance across our key products (...) Epidiolex® delivered significant year-over-year growth driven by underlying demand (...) Based on this performance, we are raising the mid-point for our 2022 full-year revenue guidance and continue to focus on long-term sustainable growth," Cozadd continued.
Rob Iannone, M.D., M.S.C.E., executive vice president, global head of research and development of Jazz Pharmaceuticals explained further.
"We have prioritized and invested in key programs leading to significant progress across our pipeline. I'm pleased to announce we have enrolled the first patients in both our Phase 1 clinical trial of JZP815, a pan-RAF inhibitor, and our Phase 3 trial of Epidyolex® in Japan," Iannone said.
"Upon the close of the transaction, we are excited to further expand our pipeline with zanidatamab, a novel HER2-targeted bispecific antibody in late-stage trials with the potential to transform the current standard of care in multiple HER2-expressing cancers, and also through the initiation of a Phase 2 clinical trial evaluating suvecaltamide (JZP385) in Parkinson's disease tremor," he added.
Key Highlights
- Raising the mid-point of 2022 total revenue guidance to $3.65 billion driven by increases in the guidance mid-point for both our Neuroscience and Oncology therapeutic areas.
- Growing and durable commercial franchises drove 3Q22 total revenues of $940.7 million; 12% increase compared to the same period in 2021.
- Continued progress in demonstrating operational excellence and ability to leverage our selling, general, and administrative (SG&A) expenses, with SG&A expense as a percentage of sales decreasing in 3Q22 and year-to-date, relative to the same periods in 2021.
- Strong operating cash flow year-to-date of $930.0 million, with a cash balance of $899.4 million as of September 30, 2022, and a net leverage ratio of 2.9x2.
Epidiolex/Epidyolex (CBD)
- Epidiolex/Epidyolex net product sales increased 22% to $196.2 million in 3Q22 compared to the same period in 2021.
- The company successfully completed the pricing and reimbursement process for Epidyolex in France and expects commercial launch by the end of 2022, which would make Epidyolex commercially available and reimbursed in all five key European markets: the UK, Germany, Italy, Spain and France.
- The company enrolled the first patient in a pivotal Phase 3 trial of Epidyolex for DS, LGS and TSC in Japan.
- Jazz Pharmaceuticals plc initiated a Phase 3 pivotal trial of Epidiolex for EMAS, the fourth target indication for Epidiolex.
Price Action
Jazz stocks were trading 1.47% lower at $140, at the time of market close on Wednesday.
Photo by JOSHUA COLEMAN on Unsplash.
