Jazz Pharmaceuticals Q2 Revenue Jumps 34% To $751.8M With $109.5M Epidiolex Net Sales, Reaffirms Its 2021 Guidance Of $3.02B

Biopharmaceutical company Jazz Pharmaceuticals plc JAZZ reported its financial results on Tuesday for the second quarter of 2021 with total revenue of $751.81 million, up by 34% from $562.43 million in the comparative period of 2020.

Financial Highlights 

• GAAP net loss was $363.32 million, which compares to a GAAP net income of $114.8 million in the same quarter of the prior year;
• Adjusted net income amounted to $240.98 million, versus net income of $207.32 million in the comparative period of 2020;
• On a GAAP basis, the second quarter brought loss per share of $6.11, compared to earnings per share of $2.06 in the corresponding quarter of last year;
• Adjusted earnings per share were $3.90, versus $3.71 in the same period of 2020;
• At end of the reporting period, on June 30, Jazz held $891.4 million in cash and cash equivalents, while its long-term debt balance stood at $7.1 billion; Furthermore, the company had undrawn borrowing capacity under a revolving credit facility of $500 million.

2021 Outlook 

The Dublin, Ireland-based company reaffirmed its previously announced non-GAAP guidance for the full year 2021, projecting revenues in the range of $3.02 billion to $3.18 billion.  

"As we enter what we expect to be a period of sustained growth, I have never been more excited about the future for Jazz. The recent approval and launches of Xywav and Rylaze exemplify Jazz today. The addition of the GW cannabinoid platform and related pipeline complement and enhance our own growing R&D capabilities, accelerating our ability to improve the lives of patients," stated Bruce Cozadd, chairman and CEO of Jazz Pharmaceuticals.

“With 41% of our second-quarter net product sales from recently launched or acquired products, we are well on track to meet our revenue diversification targets while driving significant shareholder value," Cozadd added.

Business Milestones 

In May, the company finalized the acquisition of the cannabinoid drug company GW Pharmaceuticals plc. ((previously , NASDAQ:GWPH) for around $7.2 billion or $6.8 billion net of GW Pharma cash. Through this acquisition, Jazz enriched its portfolio of products with the addition of Epidiolex - the first FDA-authorized CBD medicine for treating children with severe forms of epilepsy. The medicine was first approved for the treatment of seizures connected to Lennox-Gastaut syndrome and Dravet syndrome, and last July for treating seizures related to tuberous sclerosis complex. Last year, Epidiolex sales generated more than $500 million.