Jazz Pharmaceuticals Announces Second Quarter 2011 Financial Results
3 days 4 hours 9 minutes ago - PR Newswire via Comtex
Jazz Pharmaceuticals, Inc. (Nasdaq: JAZZ) today announced financial results for the second quarter of 2011.
Total revenues for the quarter ended June 30, 2011 were $64.6 million, compared to $40.5 million for the second quarter of 2010. Total revenues included net product sales, royalties and contract revenues.
GAAP net income for the second quarter of 2011 was $33.2 million, or $0.71 per diluted share, compared to a GAAP net loss of $6.4 million, or $0.18 per diluted share, for the second quarter of 2010. The company's GAAP net loss in the second quarter of 2010 included a loss on extinguishment of debt of $12.3 million.
Adjusted net income for the second quarter of 2011 was $38.4 million, or $0.82 per diluted share, compared to $10.5 million, or $0.28 per diluted share, for the second quarter of 2010. A reconciliation of GAAP net income (loss) to adjusted net income and the related per diluted share amounts is included with this press release.
Net sales of Xyrem® (sodium oxybate) oral solution increased 67 percent to $56.2 million for the second quarter of 2011, compared to net sales of $33.7 million for the second quarter of 2010. Net sales of once-daily Luvox CR® (fluvoxamine maleate) were $7.3 million for the second quarter of 2011, compared to $5.8 million for the prior year period, an increase of 26 percent.
"Our strong quarterly performance demonstrates our ongoing commitment to growing Xyrem as the core of our company's strategy," said Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals. "We were also pleased to prepay the remaining $33 million of our long-term debt on July 1, further strengthening our balance sheet as our cash position continues to grow."
Selling, general and administrative expenses and research and development expenses combined for the second quarter of 2011 were $25.5 million, compared to $25.1 million for the second quarter of 2010, reflecting higher headcount related expenses, including stock-based compensation, increased legal expenses, and lower product development spending.
Balance Sheet Update
As of June 30, 2011, cash and cash equivalents were $102.4 million. On July 1, 2011, the company paid in full the $33.3 million principal amount of its term loan and a prepayment penalty of $0.3 million.