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Jazz Pharmaceuticals Announces First Quarter 2011 Financial Results
Date:5/3/2011

PALO ALTO, Calif., May 3, 2011 /PRNewswire/ --Jazz Pharmaceuticals, Inc. (Nasdaq: JAZZ) today announced financial results for the first quarter of 2011.

Total revenues for the quarter ended March 31, 2011 were $50.9 million, compared to $35.2 million for the first quarter of 2010.  Total revenues included net product sales, royalties and contract revenues.

GAAP net income for the first quarter of 2011 was $21.8 million, or $0.48 per diluted share, compared to $1.5 million, or $0.04 per diluted share, for the first quarter of 2010.  Adjusted net income for the first quarter of 2011 was $26.8 million, or $0.59 per diluted share, compared to $6.1 million, or $0.18 per diluted share, for the first quarter of 2010.  A reconciliation of GAAP net income to adjusted net income and the related per diluted share amounts is included with this press release.

Net sales of Xyrem® (sodium oxybate) oral solution increased 49 percent to $42.8 million for the first quarter of 2011, compared to net sales of $28.7 million for the first quarter of 2010.  Net sales of once-daily Luvox CR® (fluvoxamine maleate) were $7.1 million for the first quarter of 2011, compared to $5.5 million for the prior year period, an increase of 29 percent.

"Our first quarter results reflect strong sales momentum for Xyrem," said Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals.  "We are committed to helping patients suffering from narcolepsy."

Selling, general and administrative expenses for the first quarter of 2011 were $19.9 million, compared to $16.8 million for the first quarter of 2010, primarily due to higher headcount related expenses, including stock based compensation, and legal and information technology expenses.  Research and development expenses for the first quarter of 2011 were $3.7 million, compared to $6.2
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SOURCE Jazz Pharmaceuticals, Inc.
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