Business
Jazz Pharmaceuticals Announces Second Quarter 2023 Financial Results and Raises 2023 Full Year Financial Guidance
– Strong execution delivered second quarter 2023 total revenues of $957 million –– Commercial excellence drove continued adoption of low-sodium Xywav®; net
About this update from Jazz Pharmaceuticals Plc
[{"type":"text","content":"– Strong execution delivered second quarter 2023 total revenues of $957 million –– Commercial excellence drove continued adoption of low-sodium Xywav®; net product sales increased 39% year-over-year –– Continued growth of Epidiolex®; net product sales increased 15% 2Q23 year-over-year –– Strong demand for Rylaze® drove 39% increase in net product sales year-over-year –– Oncology portfolio expected to reach ~$1 billion in net product sales this year –– Zanidatamab leads a diversified pipeline with near-term catalysts positioned to deliver as many as four late-stage data readouts by the end of 2024 –\nDUBLIN, Aug. 9, 2023 /PRNewswire/ -- Jazz Pharmaceuticals plc (Nasdaq: JAZZ) today announced financial results for the second quarter of 2023, raised 2023 full year financial guidance and provided business updates.\n\"Our focused execution delivered strong momentum across all three key growth drivers of our commercial business, with significant demand for Xywav, Epidiolex and Rylaze. We remain confident that our oxybate franchise will reach $2 billion in 2025, underpinned by the durability and growth of low-sodium Xywav. We've achieved another quarter of double-digit, year-over-year growth of Epidiolex, as we unleash its blockbuster potential through in-person engagement, compelling data and ongoing educational efforts. We have achieved impressive diversification with 66% of total revenues stemming from Xywav, Epidiolex and Rylaze, and we expect our Oncology therapeutic area to reach approximately $1 billion in annual revenue this year,\" said Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals. \"Our disciplined capital allocation strategy includes investing in our commercial brands to drive top-line growth, investing in our pipeline to drive long-term growth and corporate development, where we remain actively engaged in assessing opportunities and which we continue to believe is an important pillar of growth. Supported by our strong cash flow, we have resumed share repurchases under our existing program. In the second quarter, we completed approximately $100 million of share repurchases of the total $431 million authorized under the program as of March 31, 2023. Our strong operational and financial foundation enables additional investment in growth drivers, and we are well-positioned to execute corporate deve...