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

million for the first quarter of 2010, reflecting lower product development spending.Interest expense for the first quarter of 2011 was $0.8 million, compared to $5.8 million for the prior year period.  As of March 31, 2011, cash and cash equivalents were $65.1 million, an increase of 45 percent from $44.8 million at December 31, 2010.

Pipeline DevelopmentsJazz Pharmaceuticals is also providing an update on its JZP-6 and JZP-8 development programs:

  • The company has decided that it will not proceed with the additional clinical studies to support the development of JZP-6 (sodium oxybate) in fibromyalgia requested by the Food and Drug Administration (FDA) in its October 2010 complete response letter.  This decision follows an internal analysis of the cost, development time and likelihood of regulatory success associated with further clinical development.
  • Given the estimated costs, development timeline and competitive environment for JZP-8 (intranasal clonazepam), the company is reevaluating whether or how to proceed with additional development.  

  • 2011 Financial Guidance Jazz Pharmaceuticals is providing updated full year 2011 financial guidance as follows:- Total product sales

    $ 237 - 250 million - Xyrem

    $ 205 – 215 million- Luvox CR

    $ 32 – 35 million- Gross margin

    greater than 90%- R&D and SG&A combined expenses

    $ 105 – 110 million- GAAP net income per diluted share

    $ 2.50 – 2.66- Adjusted net income per diluted share*

    $ 2.95 – 3.10 *  A reconciliation of GAAP net income to adjusted net income and the related per diluted share amounts is included with this press release.Conference Call DetailsJazz Pharmaceuticals will host an investor conference call and live audio webcast today at 1:30 p.m. PT/4:30 p.m. ET to provide a business update and discuss 2011 first quarter results and updated 2011 financial guidance.  The liv
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    SOURCE Jazz Pharmaceuticals, Inc.
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