Jazz Pharmaceuticals Announces Full Year and Fourth Quarter 2024 Financial Results and Provides 2025 Financial Guidance
Jazz Pharmaceuticals (NASDAQ: JAZZ) reported strong financial results for 2024, achieving record total revenues of $4.1 billion, a 6% year-over-year growth. The company's Q4 2024 revenues reached $1.1 billion.
Key performance highlights include:
- Xywav revenues grew 16% to $1.47 billion in 2024
- Epidiolex revenues increased 15% to $972.4 million
- Oncology revenues surpassed $1.1 billion, growing 9%
- GAAP net income was $560.1 million ($8.65 per diluted share)
- Non-GAAP adjusted net income reached $1.37 billion ($20.90 per diluted share)
The company generated $1.4 billion in cash from operations and ended 2024 with $3.0 billion in cash and investments. For 2025, Jazz provided revenue guidance of $4.15-$4.40 billion, representing 5% growth at the midpoint.
Jazz Pharmaceuticals (NASDAQ: JAZZ) ha riportato risultati finanziari solidi per il 2024, raggiungendo ricavi totali record di 4,1 miliardi di dollari, con una crescita del 6% rispetto all'anno precedente. I ricavi del Q4 2024 dell'azienda hanno raggiunto 1,1 miliardi di dollari.
I principali punti salienti delle performance includono:
- I ricavi di Xywav sono aumentati del 16% a 1,47 miliardi di dollari nel 2024
- I ricavi di Epidiolex sono cresciuti del 15% a 972,4 milioni di dollari
- I ricavi oncologici hanno superato 1,1 miliardi di dollari, con una crescita del 9%
- Il reddito netto GAAP è stato di 560,1 milioni di dollari (8,65 dollari per azione diluita)
- Il reddito netto rettificato non GAAP ha raggiunto 1,37 miliardi di dollari (20,90 dollari per azione diluita)
L'azienda ha generato 1,4 miliardi di dollari in contante dalle operazioni e ha concluso il 2024 con 3,0 miliardi di dollari in contante e investimenti. Per il 2025, Jazz ha fornito una guida sui ricavi di 4,15-4,40 miliardi di dollari, rappresentando una crescita del 5% al punto medio.
Jazz Pharmaceuticals (NASDAQ: JAZZ) reportó resultados financieros sólidos para 2024, logrando ingresos totales récord de 4.1 mil millones de dólares, un crecimiento del 6% en comparación con el año anterior. Los ingresos del cuarto trimestre de 2024 de la compañía alcanzaron 1.1 mil millones de dólares.
Los puntos destacados del rendimiento incluyen:
- Los ingresos de Xywav crecieron un 16% a 1.47 mil millones de dólares en 2024
- Los ingresos de Epidiolex aumentaron un 15% a 972.4 millones de dólares
- Los ingresos oncológicos superaron 1.1 mil millones de dólares, creciendo un 9%
- El ingreso neto GAAP fue de 560.1 millones de dólares (8.65 dólares por acción diluida)
- El ingreso neto ajustado no GAAP alcanzó 1.37 mil millones de dólares (20.90 dólares por acción diluida)
La compañía generó 1.4 mil millones de dólares en efectivo de operaciones y terminó 2024 con 3.0 mil millones de dólares en efectivo e inversiones. Para 2025, Jazz proporcionó una guía de ingresos de 4.15-4.40 mil millones de dólares, representando un crecimiento del 5% en el punto medio.
재즈 제약 (NASDAQ: JAZZ)은 2024년 강력한 재무 결과를 보고하며, 총 수익이 41억 달러에 달해 전년 대비 6% 성장했습니다. 회사의 2024년 4분기 수익은 11억 달러에 도달했습니다.
주요 성과 하이라이트는 다음과 같습니다:
- Xywav 수익은 2024년에 16% 증가하여 14.7억 달러에 달했습니다
- Epidiolex 수익은 15% 증가하여 9.72억 달러에 도달했습니다
- 종양학 수익은 11억 달러를 초과하며 9% 성장했습니다
- GAAP 순이익은 5억 6천만 달러 (희석 주당 8.65 달러)였습니다
- 비 GAAP 조정 순이익은 13.7억 달러 (희석 주당 20.90 달러)에 도달했습니다
회사는 운영에서 14억 달러의 현금을 생성했으며 2024년을 30억 달러의 현금 및 투자로 마감했습니다. 2025년을 위해 Jazz는 41.5억-44억 달러의 수익 가이드를 제공했으며, 이는 중간값 기준으로 5% 성장에 해당합니다.
Jazz Pharmaceuticals (NASDAQ: JAZZ) a annoncé de solides résultats financiers pour 2024, atteignant des revenus totaux record de 4,1 milliards de dollars, soit une croissance de 6 % par rapport à l'année précédente. Les revenus du quatrième trimestre 2024 de l'entreprise ont atteint 1,1 milliard de dollars.
Les points forts des performances comprennent :
- Les revenus de Xywav ont augmenté de 16 % pour atteindre 1,47 milliard de dollars en 2024
- Les revenus d'Epidiolex ont augmenté de 15 % pour atteindre 972,4 millions de dollars
- Les revenus en oncologie ont dépassé 1,1 milliard de dollars, avec une croissance de 9 %
- Le revenu net GAAP était de 560,1 millions de dollars (8,65 dollars par action diluée)
- Le revenu net ajusté non GAAP a atteint 1,37 milliard de dollars (20,90 dollars par action diluée)
L'entreprise a généré 1,4 milliard de dollars de liquidités provenant des opérations et a terminé 2024 avec 3,0 milliards de dollars en liquidités et investissements. Pour 2025, Jazz a fourni des prévisions de revenus de 4,15 à 4,40 milliards de dollars, représentant une croissance de 5 % au point médian.
Jazz Pharmaceuticals (NASDAQ: JAZZ) berichtete über starke Finanzergebnisse für 2024 und erzielte Rekordgesamteinnahmen von 4,1 Milliarden Dollar, was einem Wachstum von 6% im Vergleich zum Vorjahr entspricht. Die Einnahmen des Unternehmens im 4. Quartal 2024 beliefen sich auf 1,1 Milliarden Dollar.
Wichtige Leistungskennzahlen umfassen:
- Die Einnahmen von Xywav stiegen um 16% auf 1,47 Milliarden Dollar im Jahr 2024
- Die Einnahmen von Epidiolex erhöhten sich um 15% auf 972,4 Millionen Dollar
- Die Onkologieeinnahmen überstiegen 1,1 Milliarden Dollar und wuchsen um 9%
- Der GAAP-Nettoeinkommen betrug 560,1 Millionen Dollar (8,65 Dollar pro verwässerter Aktie)
- Der bereinigte Nettogewinn nach Non-GAAP erreichte 1,37 Milliarden Dollar (20,90 Dollar pro verwässerter Aktie)
Das Unternehmen generierte 1,4 Milliarden Dollar an Bargeld aus dem operativen Geschäft und beendete 2024 mit 3,0 Milliarden Dollar an Bargeld und Investitionen. Für 2025 gab Jazz eine Umsatzprognose von 4,15-4,40 Milliarden Dollar heraus, was einem Wachstum von 5% auf dem Mittelwert entspricht.
- Record total revenues of $4.1B, up 6% YoY
- Strong Xywav growth of 16% to $1.47B
- Epidiolex sales up 15% to $972.4M
- Oncology revenue exceeded $1.1B, up 9%
- Generated $1.4B in operating cash flow
- Solid cash position of $3.0B
- Xyrem sales declined 59% to $233.8M
- Long-term debt balance of $6.2B
– Record total revenues of
– Xywav® and Epidiolex® revenues grew
– Oncology revenues grew
– Ziihera® approved in 2L HER2+ (IHC3+) BTC; first sales achieved in December 2024 –
– 2025 guidance reflects continued top- and bottom-line growth –
"2024 was another strong year as our proven team delivered significant top- and bottom-line growth along with record total revenues of over
Mr. Cozadd continued, "The strength of our 2024 results reinforces our confidence that Jazz is well-positioned to deliver top- and bottom-line growth in 2025 and drive long-term shareholder value. Our focus remains on disciplined capital allocation, which we expect to drive growth of our diversified commercial portfolio, continue advancement of our pipeline and provide flexibility to remain active in corporate development."
Key Highlights
- Total revenues in 2024 grew
6% year-over-year; generated over$1.4 billion - Zanidatamab:
- Received
U.S. FDA approval of and launched Ziihera in 2L HER2+ (IHC3+) BTC. - Top-line PFS data from zanidatamab in Phase 3 1L GEA expected in 2H25.
- Received
- On track to submit an sNDA in 1H25 for Zepzelca in combination with Tecentriq® (atezolizumab) as maintenance therapy in 1L ES-SCLC based on the potentially practice-changing results from the Phase 3 IMforte trial.
- Top- and bottom-line growth expected in 2025; 2025 total revenue guidance of
$4.15 $4.40 billion 5% growth at the midpoint.- Total revenue guidance is underpinned by expected continued growth in diversified commercial portfolio spanning sleep1, epilepsy and oncology.
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1 Total sleep revenue includes: Xywav, branded Xyrem and high-sodium oxybate authorized generic royalty revenues. |
Business Updates
Commercial Updates
Xywav (calcium, magnesium, potassium, and sodium oxybates) oral solution:
- Xywav net product sales increased
16% to$1,473.2 million 19% to$401.0 million - Meaningful Xywav net patient adds in 4Q24 (approximately 525 patients) with approximately 14,150 active Xywav patients exiting 4Q24, comprised of:
- Approximately 10,250 narcolepsy patients.
- Approximately 3,900 idiopathic hypersomnia (IH) patients, with 350 net patient adds.
- Xywav is the only low-sodium oxybate, the #1 branded treatment for narcolepsy2 and the only FDA-approved therapy to treat IH.
Xyrem® (sodium oxybate) oral solution and high-sodium oxybate authorized generic (AG) royalties:
- Xyrem net product sales decreased
59% to$233.8 million 54% to$49 - Royalties from high-sodium oxybate AGs increased by
$141 $217 $15 $55
Epidiolex/Epidyolex® (cannabidiol):
- Epidiolex/Epidyolex net product sales increased
15% to$972.4 million 14% to$275.0 million - Outside of the
U.S. , Epidyolex is approved in more than 35 countries. - Presented data at the American Epilepsy Society 2024 Annual meeting, including novel findings from the BECOME-LTC, BECOME-TSC and EpiCom studies, demonstrating the meaningful impact of Epidiolex in the treatment of patients with rare epilepsies including benefits of Epidiolex's benefits beyond seizure control.
- Remain confident in achieving blockbuster status for Epidiolex/Epidyolex in 2025.
Rylaze®/Enrylaze® (asparaginase erwinia chrysanthemi (recombinant)-rywn):
- Rylaze/Enrylaze net product sales increased
4% to$410.8 million - The temporary impact to Rylaze net product sales due to previously announced COG pediatric acute lymphoblastic leukemia (ALL) protocol updates is still expected to normalize by early 2025.
Zepzelca (lurbinectedin):
- Zepzelca net product sales increased
11% to$320.3 million 6% to$78.3 million - Based on potentially practice-changing positive results from the Phase 3 IMforte trial, the Company plans to submit a supplemental New Drug Application (sNDA) for Zepzelca's use in combination with Tecentriq as maintenance therapy in first-line (1L) extensive-stage (ES) small cell lung cancer (SCLC) in 1H25.
Ziihera (zanidatamab-hrii):
- Ziihera net product sales were
$1.1 million - Initial positive reception by prescribers with the first patient treated in December.
- Ziihera added to National Comprehensive Cancer Network® (NCCN®) Clinical Practice Guidelines in Oncology.
- Ziihera added to European Society for Medical Oncology® (ESMO®) Clinical Practice Guidelines for Biliary Tract Cancers.
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2 Based on 4Q24 Xywav net product sales. |
Key Pipeline Highlights
Zanidatamab:
- In 4Q24, announced
U.S. FDA granted accelerated approval of Ziihera (zanidatamab-hrii) for the treatment of adults with previously treated, unresectable or metastatic HER2-positive (IHC 3+) biliary tract cancer (BTC). - The pivotal HERIZON-GEA-01 trial, evaluating zanidatamab in 1L gastroesophageal adenocarcinoma (GEA), is expected to read out in 2H25 based on an updated assessment of progression events. Recruitment for the trial remains on track.
- Data presented at the San Antonio Breast Cancer Symposium 2024 continued to underscore zanidatamab's potential for patients previously treated with trastuzumab deruxtecan (T-DXd) and showcased the advancement of our clinical program in breast cancer.
- The Phase 3 EmpowHER-BC-303 trial to evaluate zanidatamab plus chemotherapy or trastuzumab plus chemotherapy in patients with HER2-positive breast cancer whose disease has progressed on previous T-DXd treatment continues to enroll patients.
- First patient enrolled in the Phase 2 pan-tumor trial to evaluate HER2-positive solid tumors.
Financial Highlights
Three Months Ended December 31, | Year Ended December 31, | ||||||
(In thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |||
Total revenues | $ 1,088,173 | $ 1,011,935 | $ 4,068,950 | $ 3,834,204 | |||
GAAP net income | $ 191,115 | $ 94,154 | $ 560,120 | $ 414,832 | |||
Non-GAAP adjusted net income | $ 405,863 | $ 345,286 | $ 1,369,729 | $ 1,295,824 | |||
GAAP earnings per share | $ 3.11 | $ 1.42 | $ 8.65 | $ 6.10 | |||
Non-GAAP adjusted EPS | $ 6.60 | $ 5.02 | $ 20.90 | $ 18.29 | |||
GAAP net income for 2024 was
Non-GAAP adjusted net income for 2024 was
Reconciliations of applicable GAAP reported to non-GAAP adjusted information are included at the end of this press release.
Total Revenues
Three Months Ended December 31, | Year Ended December 31, | ||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | |||
Xywav | $ 400,964 | $ 337,019 | $ 1,473,202 | $ 1,272,977 | |||
Xyrem | 49,290 | 106,721 | 233,816 | 569,730 | |||
Epidiolex/Epidyolex | 275,047 | 240,622 | 972,423 | 845,468 | |||
Sativex | 5,173 | 5,137 | 18,877 | 19,668 | |||
Total Neuroscience | 730,474 | 689,499 | 2,698,318 | 2,707,843 | |||
Rylaze/Enrylaze | 101,487 | 101,747 | 410,846 | 394,226 | |||
Zepzelca | 78,328 | 74,010 | 320,318 | 289,533 | |||
Defitelio/defibrotide | 57,650 | 51,083 | 216,565 | 184,000 | |||
Vyxeos | 53,247 | 46,912 | 162,595 | 147,495 | |||
Ziihera | 1,051 | — | 1,051 | — | |||
Total Oncology | 291,763 | 273,752 | 1,111,375 | 1,015,254 | |||
Other | 2,974 | 4,088 | 11,471 | 13,846 | |||
Product sales, net | 1,025,211 | 967,339 | 3,821,164 | 3,736,943 | |||
High-sodium oxybate AG royalty revenue | 55,307 | 39,387 | 217,575 | 75,918 | |||
Other royalty and contract revenues | 7,655 | 5,209 | 30,211 | 21,343 | |||
Total revenues | $ 1,088,173 | $ 1,011,935 | $ 4,068,950 | $ 3,834,204 | |||
Total revenues increased
Total neuroscience revenue, including high-sodium oxybate AG royalty revenue, was
Oncology net product sales were
Operating Expenses and Effective Tax Rate
Three Months Ended December 31, | Year Ended December 31, | ||||||
(In thousands, except percentages) | 2024 | 2023 | 2024 | 2023 | |||
GAAP: | |||||||
Cost of product sales | $ 128,713 | $ 107,243 | $ 445,713 | $ 435,577 | |||
Gross margin | 87.4 % | 88.9 % | 88.3 % | 88.3 % | |||
Selling, general and administrative | $ 369,287 | $ 396,034 | $ 1,385,294 | $ 1,343,105 | |||
% of total revenues | 33.9 % | 39.1 % | 34.0 % | 35.0 % | |||
Research and development | $ 240,500 | $ 216,608 | $ 884,000 | $ 849,658 | |||
% of total revenues | 22.1 % | 21.4 % | 21.7 % | 22.2 % | |||
Acquired in-process research and development | $ — | $ 18,000 | $ 10,000 | $ 19,000 | |||
Income tax benefit1 | $ (57,912) | $ (33,089) | $ (91,429) | $ (119,912) | |||
Effective tax rate 1 | (43.5) % | (53.8) % | (19.4) % | (40.2) % | |||
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1. | The GAAP income tax benefit increased in the three months ended December 31, 2024, compared to the same period in 2023, primarily due to patent box benefits recognized in the period and decreased in the year ended December 31, 2024, compared to the same period in 2023, primarily due to the change in income mix across our jurisdictions, partially offset by patent box benefits. |
Three Months Ended | Year Ended | ||||||
(In thousands, except percentages) | 2024 | 2023 | 2024 | 2023 | |||
Non-GAAP adjusted: | |||||||
Cost of product sales | $ 86,492 | $ 71,238 | $ 295,897 | $ 269,079 | |||
Gross margin | 91.6 % | 92.6 % | 92.3 % | 92.8 % | |||
Selling, general and administrative | $ 323,167 | $ 300,520 | $ 1,226,724 | $ 1,110,948 | |||
% of total revenues | 29.7 % | 29.7 % | 30.1 % | 29.0 % | |||
Research and development | $ 220,857 | $ 201,107 | $ 809,327 | $ 784,811 | |||
% of total revenues | 20.3 % | 19.9 % | 19.9 % | 20.5 % | |||
Acquired in-process research and development | $ — | $ 18,000 | $ 10,000 | $ 19,000 | |||
Income tax expense1 | $ 308 | $ 20,475 | $ 131,307 | $ 93,260 | |||
Effective tax rate1 | 0.1 % | 5.6 % | 8.7 % | 6.7 % | |||
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1. | The non-GAAP income tax expense decreased in the three months ended December 31, 2024, compared to the same period in 2023, primarily due to patent box benefits recognized in the period and increased in the year ended December 31, 2024, compared to the same period in 2023, due to the change in income mix across our jurisdictions, partially offset by patent box benefits. |
Changes in operating expenses in 2024 and 4Q24 over the prior year periods are primarily due to the following:
- Cost of product sales, on a GAAP and non-GAAP adjusted basis, increased in 2024 and 4Q24, compared to the same periods in 2023, primarily due to higher inventory provisions and changes in product mix. Cost of product sales, on a GAAP basis, included lower acquisition accounting inventory fair value step up expense in 2024 as compared to the previous period.
- Selling, general and administrative (SG&A) expenses, on a GAAP and non-GAAP adjusted basis, increased in 2024 compared to the same period in 2023, primarily due to higher compensation-related expenses, increased investment in sales and marketing and increased litigation costs, partially offset, on a GAAP basis, by costs related to impairment of facility assets and program terminations in 2023. SG&A expenses, on a GAAP basis, decreased in 4Q24 compared to the same period in 2023, primarily due to the impairment of facility assets in 4Q23, partially offset by higher compensation related expenses. SG&A expenses, on a non-GAAP adjusted basis, increased in 4Q24 primarily due to higher compensation-related expenses.
- Research and development (R&D) expenses, on a GAAP and non-GAAP adjusted basis, increased in 2024 and 4Q24, compared to the same period in 2023, primarily due to increased compensation related expenses and clinical study costs primarily related to zanidatamab, partially offset by reduced costs related to JZP150 and JZP385.
- Acquired in-process research and development (IPR&D) expense in 2024, on a GAAP and non-GAAP adjusted basis, related to an upfront payment made in connection with our asset purchase and collaboration agreement with Redx Pharma plc. Acquired IPR&D expense in 2023, on a GAAP and non-GAAP adjusted basis, primarily related to an upfront payment made in connection with our licensing and collaboration agreement with Autifony Therapeutics Limited.
Cash Flow and Balance Sheet
As of December 31, 2024, cash, cash equivalents and investments were
2025 Financial Guidance
Jazz Pharmaceutical's full year 2025 financial guidance is as follows:
(In millions) | Guidance | ||
Total Revenues | |||
(In millions, except per share amounts and percentages) | GAAP | Non-GAAP | |
Gross margin % | 88 % | ||
SG&A expenses | |||
R&D expenses | |||
Effective tax rate | (5)% - | ||
Net income | |||
Net income per diluted share | |||
Weighted-average ordinary shares used in per share calculations | 62 - 63 | 62 - 63 | |
___________________________ | |
1. | Excludes |
2. | Excludes |
3. | Excludes |
4. | Excludes |
5. | Beginning with the 2025 financial guidance presented in this press release, the company will no longer include an adjustment for non-cash interest expense in its non-GAAP adjusted financial measures. Accordingly, any historical non-GAAP adjusted financial measures presented by the company in the future, beginning with the company's earnings press release for the first quarter of 2025, will not include an adjustment for non-cash interest expense. Any comparative historical periods presented will also be updated to reflect this change beginning with the company's earnings press release for the first quarter of 2025. However, for purposes of comparability with the company's prior presentations of non-GAAP financial measures, the historical non-GAAP financial measures presented in this press release include an adjustment for non-cash interest expense. |
6. | See "Non-GAAP Financial Measures" below. Reconciliations of non-GAAP adjusted guidance measures are included above and in the table titled "Reconciliation of GAAP to non-GAAP Adjusted 2025 Net Income Guidance" at the end of this press release. |
Conference Call Details
Jazz Pharmaceuticals will host an investor conference call and live audio webcast today at 4:30 p.m. ET (9:30 p.m. GMT) to provide a business and financial update and discuss its 2024 full year and 4Q24 results and 2025 guidance.
Audio webcast/conference call:
Ireland Dial-In Number: +353 1800 943 926
Additional global dial-in numbers are available here.
Passcode: 5080203
Interested parties may access the live audio webcast via the Investors section of the Jazz Pharmaceuticals website at www.jazzpharmaceuticals.com. To ensure a timely connection, it is recommended that participants register at least 15 minutes prior to the scheduled webcast.
A replay of the webcast will be available via the Investors section of the Jazz Pharmaceuticals website at www.jazzpharmaceuticals.com.
About Jazz Pharmaceuticals
Jazz Pharmaceuticals plc (NASDAQ: JAZZ) is a global biopharmaceutical company whose purpose is to innovate to transform the lives of patients and their families. We are dedicated to developing life-changing medicines for people with serious diseases — often with limited or no therapeutic options. We have a diverse portfolio of marketed medicines, including leading therapies for sleep disorders and epilepsy, and a growing portfolio of cancer treatments. Our patient-focused and science-driven approach powers pioneering research and development advancements across our robust pipeline of innovative therapeutics in oncology and neuroscience. Jazz is headquartered in
Non-GAAP Financial Measures
To supplement Jazz Pharmaceuticals' financial results and guidance presented in accordance with
The Company believes that each of these non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors and analysts and that each of these non-GAAP financial measures, when considered together with the Company's financial information prepared in accordance with GAAP, can enhance investors' and analysts' ability to meaningfully compare the Company's results from period to period, to its forward-looking guidance, and to identify operating trends in the Company's business. In addition, these non-GAAP financial measures are regularly used by investors and analysts to model and track the Company's financial performance. Jazz Pharmaceuticals' management also regularly uses these non-GAAP financial measures internally to understand, manage and evaluate the Company's business and to make operating decisions, and compensation of executives is based in part on certain of these non-GAAP financial measures. Because these non-GAAP financial measures are important internal measurements for Jazz Pharmaceuticals' management, the Company also believes that these non-GAAP financial measures are useful to investors and analysts since these measures allow for greater transparency with respect to key financial metrics the Company uses in assessing its own operating performance and making operating decisions. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures; should be read in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are not prepared under any comprehensive set of accounting rules or principles in the reconciliation tables that follow. In addition, from time to time in the future there may be other items that the Company may exclude for purposes of its non-GAAP financial measures; and the Company has ceased, and may in the future cease, to exclude items that it has historically excluded for purposes of its non-GAAP financial measures. In this regard, the company has determined that, beginning with the 2025 financial guidance presented in this press release, it will no longer include an adjustment for non-cash interest expense in its non-GAAP adjusted financial measures. Accordingly, any historical non-GAAP adjusted financial measures presented by the company in the future, beginning with the company's earnings press release for the first quarter of 2025, will not include an adjustment for non-cash interest expense. Any comparative historical periods presented will also be updated to reflect this change beginning with the company's earnings press release for the first quarter of 2025. However, for purposes of comparability with the company's prior presentations of non-GAAP financial measures, the historical non-GAAP financial measures presented in this press release include an adjustment for non-cash interest expense. Likewise, the Company may determine to modify the nature of its adjustments to arrive at its non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measures as used by Jazz Pharmaceuticals in this press release and the accompanying tables have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, statements related to: the Company's growth prospects and future financial and operating results, including the Company's 2025 financial guidance and the Company's expectations related thereto and anticipated catalysts; expectations that Xywav will remain the #1 branded treatment for narcolepsy and Epidiolex achieving blockbuster status in 2025; the ability to generate growth and long-term shareholder value; the Company's advancement of pipeline programs and the timing of development activities, regulatory activities and submissions related thereto, including plans to submit a sNDA for Zepzelca in 1L ES-SCLC in the first half of 2025; planned or anticipated clinical trial events, including with respect to initiations, enrollment and data read-outs, and the anticipated timing thereof, including: top-line PFS data from a Phase 3 trial of zanidatamab in 1L GEA; and the Company's development, regulatory and commercialization strategy; the Company's expectations with respect to its products and product candidates and the potential of the Company's products and product candidates and the potential regulatory path related thereto, including Zepzelca's potential to change current practice in 1L ES-SCLC; the Company's capital allocation and corporate development strategy; the potential successful future development, manufacturing, regulatory and commercialization activities; the Company's ability to realize the commercial potential of its products; the Company's net product sales and goals for net product sales from new and acquired products; the Company's views and expectations relating to its patent portfolio, including with respect to expected patent protection, as well as expectations with respect to exclusivity; the Company's clinical trials confirming clinical benefit or enabling regulatory submissions; planned or anticipated regulatory submissions and filings, and the anticipated timing thereof; potential regulatory approvals; and other statements that are not historical facts. These forward-looking statements are based on the Company's current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties.
Actual results and the timing of events could differ materially from those anticipated in such forward- looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with: maintaining or increasing sales of, and revenue from, Xywav, Rylaze and Epidiolex/Epidyolex and other marketed products; the introduction of new products into the U.S. market that compete with, or otherwise disrupt the market for the Company's products and product candidates; effectively launching and commercializing the Company's other products and product candidates; the successful completion of development and regulatory activities with respect to the Company's product candidates, obtaining and maintaining adequate coverage and reimbursement for the Company's products; the time-consuming and uncertain regulatory approval process, including the risk that the Company's current and/or planned regulatory submissions may not be submitted, accepted or approved by applicable regulatory authorities in a timely manner or at all; the costly and time-consuming pharmaceutical product development and the uncertainty of clinical success, including risks related to failure or delays in successfully initiating or completing clinical trials and assessing patients; global economic, financial, and healthcare system disruptions and the current and potential future negative impacts to the Company's business operations and financial results; geopolitical events, including international tariffs and the conflict between
JAZZ PHARMACEUTICALS PLC | |||||||
Three Months Ended | Year Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues: | |||||||
Product sales, net | $ 1,025,211 | $ 967,339 | $ 3,821,164 | $ 3,736,943 | |||
Royalties and contract revenues | 62,962 | 44,596 | 247,786 | 97,261 | |||
Total revenues | 1,088,173 | 1,011,935 | 4,068,950 | 3,834,204 | |||
Operating expenses: | |||||||
Cost of product sales (excluding amortization of | 128,713 | 107,243 | 445,713 | 435,577 | |||
Selling, general and administrative | 369,287 | 396,034 | 1,385,294 | 1,343,105 | |||
Research and development | 240,500 | 216,608 | 884,000 | 849,658 | |||
Intangible asset amortization | 158,903 | 151,553 | 627,313 | 608,284 | |||
Acquired in-process research and development | — | 18,000 | 10,000 | 19,000 | |||
Total operating expenses | 897,403 | 889,438 | 3,352,320 | 3,255,624 | |||
Income from operations | 190,770 | 122,497 | 716,630 | 578,580 | |||
Interest expense, net | (51,256) | (70,324) | (238,097) | (289,438) | |||
Foreign exchange gain (loss) | (6,295) | 9,353 | (8,182) | 8,787 | |||
Income before income tax benefit and equity in loss of | 133,219 | 61,526 | 470,351 | 297,929 | |||
Income tax benefit | (57,912) | (33,089) | (91,429) | (119,912) | |||
Equity in loss of investees | 16 | 461 | 1,660 | 3,009 | |||
Net income | $ 191,115 | $ 94,154 | $ 560,120 | $ 414,832 | |||
Net income per ordinary share: | |||||||
Basic | $ 3.16 | $ 1.50 | $ 9.06 | $ 6.55 | |||
Diluted | $ 3.11 | $ 1.42 | $ 8.65 | $ 6.10 | |||
Weighted-average ordinary shares used in per share | 60,538 | 62,578 | 61,838 | 63,291 | |||
Weighted-average ordinary shares used in per share | 61,503 | 69,673 | 66,007 | 72,066 | |||
JAZZ PHARMACEUTICALS PLC | |||
December 31, | December 31, | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 2,412,864 | $ 1,506,310 | |
Investments | 580,000 | 120,000 | |
Accounts receivable, net of allowances | 716,765 | 705,794 | |
Inventories | 480,445 | 597,039 | |
Prepaid expenses | 177,411 | 185,476 | |
Other current assets | 261,543 | 320,809 | |
Total current assets | 4,629,028 | 3,435,428 | |
Property, plant and equipment, net | 173,413 | 169,646 | |
Operating lease assets | 53,582 | 65,340 | |
Intangible assets, net | 4,755,695 | 5,418,039 | |
Goodwill | 1,716,323 | 1,753,130 | |
Deferred tax assets, net | 560,245 | 477,834 | |
Deferred financing costs | 9,489 | 6,478 | |
Other non-current assets | 114,482 | 67,464 | |
Total assets | $ 12,012,257 | $ 11,393,359 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 77,869 | $ 102,750 | |
Accrued liabilities | 910,947 | 793,914 | |
Current portion of long-term debt | 31,000 | 604,954 | |
Income taxes payable | 18,757 | 35,074 | |
Total current liabilities | 1,038,573 | 1,536,692 | |
Long-term debt, less current portion | 6,077,640 | 5,107,988 | |
Operating lease liabilities, less current portion | 38,938 | 59,225 | |
Deferred tax liabilities, net | 676,736 | 847,706 | |
Other non-current liabilities | 86,614 | 104,751 | |
Total shareholders' equity | 4,093,756 | 3,736,997 | |
Total liabilities and shareholders' equity | $ 12,012,257 | $ 11,393,359 | |
JAZZ PHARMACEUTICALS PLC | |||
Year Ended | |||
2024 | 2023 | ||
Net cash provided by operating activities | $ 1,395,908 | $ 1,092,007 | |
Net cash used in investing activities | (508,195) | (163,062) | |
Net cash provided by (used in) financing activities | 20,516 | (305,254) | |
Effect of exchange rates on cash and cash equivalents | (1,675) | 1,137 | |
Net increase in cash and cash equivalents | $ 906,554 | $ 624,828 | |
JAZZ PHARMACEUTICALS PLC | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net | Diluted | Net | Diluted | Net | Diluted | Net | Diluted | ||||||||
GAAP reported | $ 191,115 | $ 3.11 | $ 94,154 | $ 1.42 | $ 560,120 | $ 8.65 | $ 414,832 | $ 6.10 | |||||||
Intangible asset amortization | 158,903 | 2.58 | 151,553 | 2.18 | 627,313 | 9.50 | 608,284 | 8.44 | |||||||
Share-based compensation | 70,190 | 1.14 | 52,941 | 0.76 | 248,045 | 3.76 | 226,841 | 3.15 | |||||||
Acquisition accounting | 37,794 | 0.61 | 32,352 | 0.46 | 135,014 | 2.05 | 151,446 | 2.10 | |||||||
Other costs2 | — | — | 61,727 | 0.89 | — | — | 85,215 | 1.18 | |||||||
Non-cash interest expense3 | 6,081 | 0.10 | 6,123 | 0.09 | 21,973 | 0.33 | 22,378 | 0.31 | |||||||
Income tax effect of above | (58,220) | (0.94) | (53,564) | (0.77) | (222,736) | (3.37) | (213,172) | (2.95) | |||||||
Effect of assumed conversion | — | — | — | (0.01) | — | (0.02) | — | (0.04) | |||||||
Non-GAAP adjusted | $ 405,863 | $ 6.60 | $ 345,286 | $ 5.02 | $ 20.90 | $ 1,295,824 | $ 18.29 | ||||||||
Weighted-average ordinary | 61,503 | 69,673 | 66,007 | 72,066 | |||||||||||
________________________________________________ | |
Explanation of Adjustments and Certain Line Items: | |
1. | Diluted EPS was calculated using the "if-converted" method in relation to the |
2. | Includes costs related to the impairment of facility assets and program terminations. |
3. | Non-cash interest expense associated with debt issuance costs. |
JAZZ PHARMACEUTICALS PLC | |||||||||||||||||
Three months ended December 31, 2024 | |||||||||||||||||
Cost of | Gross | Selling, | Research | Intangible | Interest | Income tax | Effective | ||||||||||
GAAP Reported | 87.4 % | $ 369,287 | $ 240,500 | $ 51,256 | $ (57,912) | (43.5) % | |||||||||||
Non-GAAP Adjustments: | |||||||||||||||||
Intangible asset amortization | — | — | — | — | (158,903) | — | — | — | |||||||||
Share-based compensation | (4,427) | 0.5 | (46,120) | (19,643) | — | — | — | — | |||||||||
Acquisition accounting | (37,794) | 3.7 | — | — | — | — | — | — | |||||||||
Non-cash interest expense | — | — | — | — | — | (6,081) | — | — | |||||||||
Income tax effect of above | — | — | — | — | — | — | 58,220 | 43.6 | |||||||||
Total of non-GAAP adjustments | (42,221) | 4.2 | (46,120) | (19,643) | (158,903) | (6,081) | 58,220 | 43.6 | |||||||||
Non-GAAP Adjusted | $ 86,492 | 91.6 % | $ 323,167 | $ 220,857 | $ — | $ 45,175 | $ 308 | 0.1 % | |||||||||
Three months ended December 31, 2023 | |||||||||||||||||
Cost of | Gross | Selling, | Research | Intangible | Acquired | Interest | Income tax | Effective | |||||||||
GAAP Reported | $ 107,243 | 88.9 % | $ 396,034 | $ 216,608 | $ 18,000 | (53.8) % | |||||||||||
Non-GAAP Adjustments: | |||||||||||||||||
Intangible asset amortization | — | — | — | — | (151,553) | — | — | — | — | ||||||||
Share-based compensation | (3,653) | 0.4 | (33,787) | (15,501) | — | — | — | — | — | ||||||||
Restructuring and other | — | — | (61,727) | — | — | — | — | — | — | ||||||||
Non-cash interest expense | — | — | — | — | — | — | (6,123) | — | — | ||||||||
Acquisition accounting | (32,352) | 3.3 | — | — | — | — | — | — | — | ||||||||
Income tax effect of above | — | — | — | — | — | — | — | 53,564 | 59.4 | ||||||||
Total of non-GAAP | (36,005) | 3.7 | (95,514) | (15,501) | (151,553) | — | (6,123) | 53,564 | 59.4 | ||||||||
Non-GAAP Adjusted | 92.6 % | $ 300,520 | $ 201,107 | $ — | $ 18,000 | $ 20,475 | 5.6 % | ||||||||||
JAZZ PHARMACEUTICALS PLC | |||||||||||||||||
Year ended December 31, 2024 | |||||||||||||||||
Cost of | Gross | Selling, | Research | Intangible | Acquired | Interest | Income tax | Effective | |||||||||
GAAP Reported | 88.3 % | $ 884,000 | $ 10,000 | $ 238,097 | $ (91,429) | (19.4) % | |||||||||||
Non-GAAP Adjustments: | |||||||||||||||||
Intangible asset amortization | — | — | — | — | (627,313) | — | — | — | — | ||||||||
Share-based compensation expense | (14,802) | 0.5 | (158,570) | (74,673) | — | — | — | — | — | ||||||||
Non-cash interest expense | — | — | — | — | — | — | (21,973) | — | — | ||||||||
Acquisition accounting inventory fair | (135,014) | 3.5 | — | — | — | — | — | — | — | ||||||||
Income tax effect of above | — | — | — | — | — | — | — | 222,736 | 28.1 | ||||||||
Total of non-GAAP adjustments | (149,816) | 4.0 | (158,570) | (74,673) | (627,313) | — | (21,973) | 222,736 | 28.1 | ||||||||
Non-GAAP Adjusted | 92.3 % | $ 809,327 | $ — | $ 10,000 | $ 216,124 | 8.7 % | |||||||||||
Year ended December 31, 2023 | |||||||||||||||||
Cost of | Gross | Selling, | Research | Intangible | Acquired | Interest | Income tax | Effective | |||||||||
GAAP Reported | 88.3 % | $ 1,343,105 | $ 849,658 | $ 608,284 | $ 289,438 | (40.2) % | |||||||||||
Non-GAAP Adjustments: | |||||||||||||||||
Intangible asset amortization | — | — | — | — | (608,284) | — | — | — | — | ||||||||
Share-based compensation expense | (15,052) | 0.4 | (146,942) | (64,847) | — | — | — | — | — | ||||||||
Other costs | — | — | (85,215) | — | — | — | — | — | — | ||||||||
Non-cash interest expense | — | — | — | — | — | — | (22,378) | — | — | ||||||||
Acquisition accounting inventory fair | (151,446) | 4.1 | — | — | — | — | — | — | — | ||||||||
Income tax effect of above adjustments | — | — | — | — | — | — | — | 213,172 | 46.9 | ||||||||
Total of non-GAAP adjustments | (166,498) | 4.5 | (232,157) | (64,847) | (608,284) | — | (22,378) | 213,172 | 46.9 | ||||||||
Non-GAAP Adjusted | 92.8 % | $ 1,110,948 | $ 784,811 | $ — | $ 267,060 | $ 93,260 | 6.7 % | ||||||||||
JAZZ PHARMACEUTICALS PLC | |||
Net Income | Diluted EPS | ||
GAAP guidance | |||
Intangible asset amortization | 610 - 660 | 9.70 - 10.60 | |
Acquisition accounting inventory fair value step-up | 135 - 155 | 2.15 - 2.50 | |
Share-based compensation expense | 240 - 270 | 3.80 - 4.35 | |
Income tax effect of above adjustments | (215) - (235) | (3.40) - (3.75) | |
Non-GAAP guidance | |||
Weighted-average ordinary shares used in per share calculations - GAAP and | 62 - 63 | ||
Contacts:
Investors:
Jeff Macdonald
Executive Director, Investor Relations
Jazz Pharmaceuticals plc
InvestorInfo@jazzpharma.com
Media:
Kristin Bhavnani
Head of Global Corporate Communications
Jazz Pharmaceuticals plc
CorporateAffairsMediaInfo@jazzpharma.com
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SOURCE Jazz Pharmaceuticals plc
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