Jazz Pharmaceuticals Announces Third Quarter 2022 Financial Results, Raises Total Revenue Guidance
Jazz Pharmaceuticals plc (NASDAQ: JAZZ) announced its financial results for the third quarter of 2022 on Wednesday evening and raised the midpoint of the total revenue forecast for 2022.
“Our execution across our business continues to set a clear path towards achieving Vision 2025. We have further strengthened our operations, and our business is performing well as we have diversified our revenue streams and rapidly deleveraged while delivering significant results both up and down the line growth,” said Bruce Cozadchairman and CEO of Jazz Pharmaceuticals in a press release.
“We are pleased with the performance of our core products (…) Epidiolex® delivered significant year-over-year growth, driven by underlying demand (…) Based on this performance , we are raising the midpoint of our Full-Year 2022 Revenue Guidance and continuing to focus on long-term sustainable growth,” Cozadd continued.
Rob Iannone, MD, MSCEexecutive vice president, global head of research and development of Jazz Pharmaceuticals, explained in more detail.
“We have prioritized and invested in key programs leading to significant progress in our pipeline. I am pleased to announce that we have enrolled the first patients in both our Phase 1 clinical trial of JZP815, a pan-RAF inhibitor , and in our Phase 3 trial of Epidyolex® in Japan,” said Iannone.
“Upon closing of the transaction, we are excited to further expand our pipeline with zanidatamab, a novel bispecific antibody targeting HER2 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 tremor in Parkinson’s disease,” he added.
Raise the 2022 total revenue guidance midpoint to $3.65 billion through increases in the guidance midpoint for our neuroscience and oncology therapeutic areas.
Growing and sustainable business franchises generated total revenue of $940.7 million in 3Q22; 12% increase compared to the same period in 2021.
Continued progress in demonstrating operational excellence and the ability to leverage our selling, general and administrative (SG&A) expenses, with SG&A expenses as a percentage of sales declining in 3Q22 and year-to-date, per compared to the same periods in 2021.
Strong year-to-date operating cash flow of $930.0 million, with a cash balance of $899.4 million as of September 30, 2022 and a net leverage ratio of 2.9×2.
Net sales of Epidiolex/Epidyolex products increased 22% to $196.2 million in 3Q22 compared to the same period in 2021.
The company has successfully completed the pricing and reimbursement process for Epidyolex in France and expects a commercial launch by the end of 2022, which would make Epidyolex commercially available and reimbursed in the five key European markets: UK , Germany, Italy, Spain and France.
The company has enrolled the first patient in a pivotal Phase 3 trial of Epidyolex for DS, LGS and TSC in Japan.
Jazz Pharmaceuticals plc has initiated a pivotal Phase 3 trial of Epidiolex for EMAS, Epidiolex’s fourth target indication.
Jazz shares were trading down 1.47% at $140, as of Wednesday’s market close.
Photo by JOSHUA COLEMAN on Unsplash.
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