Jazz Pharmaceuticals Inc. (NASDAQ:JAZZ) reported net income above Wall Street’s expectations for the first quarter. Jazz Pharmaceuticals is a specialty pharmaceutical company, which is focused on developing and commercializing innovative products to meet unmet medical needs in neurology and psychiatry.
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Jazz Pharmaceuticals Earnings Cheat Sheet for the First Quarter
Results: Net income for Jazz Pharmaceuticals Inc. rose to $27.7 million (48 cents per share) vs. $21.8 million (48 cents per share) in the same quarter a year earlier. This marks a rise of 26.8% from the year-earlier quarter.
Revenue: Rose more than twofold to $108.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Jazz Pharmaceuticals Inc. reported adjusted net income of 91 cents per share. By that measure, the company beat the mean estimate of 86 cents per share. It beat the average revenue estimate of $102.5 million.
Quoting Management: “Our first quarter results reflect a significant increase in net sales driven by the continued growth of Xyrem, as well as our recent combination with Azur Pharma and the resulting expanded product portfolio that addresses significant patient needs,” said Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals. “We intend to continue to drive revenue and adjusted earnings growth by seeking to maximize the opportunities for our products, including the new products that we would acquire through the planned acquisition of EUSA Pharma Inc. announced late last month.”
For the past five quarters, the company has seen double-digit year-over-year percentage revenue growth. Over that span, the company has averaged growth of 67.5%, with the biggest boost coming in the most recent quarter when revenue rose more than twofold from the year earlier quarter.
The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of 96 cents versus a mean estimate of net income of $1.01 per share.
Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the second quarter has risen to 89 cents per share from 86 cents. Over the past three months, the average estimate for the fiscal year has climbed from $3.78 per to share to $3.91.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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