After the market closed on Tuesday, Jazz Prescription drugs plc (Nasdaq: JAZZ) introduced monetary outcomes for the second quarter of 2021 and affirmed non-GAAP adjusted monetary steering for 2021. Jazz additionally mentioned that it plans to increase the usage of GW Pharmaceutical’s drug Epidiolex to different types of epilepsy.
Complete revenues elevated 34% to $751.8 Million within the second quarter of 2021 versus $562 million in 2020. This beat the Yahoo Finance common analyst estimate for $735 million. The GAAP internet revenue (loss) for the second quarter of 2021 was ($363.3 million), or ($6.11) per diluted share, in comparison with $114.8 million, or $2.06 per diluted share, for the second quarter of 2020. The non-GAAP adjusted internet revenue for the second quarter of 2021 was $240.6 million, or $3.90 per diluted share, in comparison with $207.3 million, or $3.71 per diluted share, for the second quarter of 2020. The common analyst estimate was $3.42. The common value goal is $207 and the inventory was transferring greater in early buying and selling to $171.
“As we enter what we anticipate to be a interval of sustained progress, I’ve by no means been extra excited in regards to the future for Jazz. The current approval and launches of Xywav and Rylaze exemplify Jazz at this time. We’re quickly establishing ourselves as an progressive biopharmaceutical firm with increasing R&D capabilities and substantial industrial prowess, underscored by our constant execution throughout the enterprise. The addition of the GW cannabinoid platform and associated pipeline complement and improve our personal rising R&D capabilities, accelerating our skill to enhance the lives of sufferers,” mentioned Bruce Cozadd, chairman, and chief govt officer of Jazz Prescription drugs. “We’ve now executed 4 of 5 deliberate product launches because the starting of 2020 and look ahead to our anticipated launch of Xywav in idiopathic hypersomnia later this yr, a essential step ahead for these underserved sufferers. With 41% of our second quarter internet product gross sales from lately launched or acquired merchandise, we’re properly on observe to fulfill our income diversification targets whereas driving vital shareholder worth.”
Within the second quarter, Jazz recorded internet product gross sales of $109.5 million for Epidiolex and believes it may grow to be a blockbuster drug. The corporate mentioned that this represented income from the shut of the GW transaction on Might 5 via the tip of the quarter. On an unaudited professional forma foundation full second-quarter internet product gross sales had been $155.9 million, a 32% enhance over the identical quarter of 2020. Jazz believes that as COVID restrictions ease within the US, there can be an upturn in sufferers visiting their physicians, which can drive further progress of Epidiolex with new affected person begins. As well as, Jazz mentioned the European launch is progressing properly with favorable pricing and entry to this point and reimbursement in place in 4 of the 5 largest markets. The corporate additionally expects to provoke a Section 3 pivotal trial of Epidiolex for Epilepsy with Myoclonic-Atonic Seizures (EMAS), also called Doose syndrome, within the first half of 2022. EMAS represents the fourth goal indication for Epidiolex.
Robert Iannone — Government Vice President, Analysis and Improvement and Chief Medical Officer mentioned on the earnings name, “Epidiolex is presently accepted in three refractory seizure problems and we anticipate to provoke a registrational trial in a fourth, epilepsy with myoclonic-atonic seizures or EMAS within the first half of 2022. Sufferers recognized with EMAS, which is also called Doose syndrome skilled generalized myoclonic-atonic seizures. The onset of EMAS happens generally within the first 5 years of life with the imply age of onset being three years.”
He added, “The trial gives the chance to check Epidiolex in a fourth childhood-onset epileptic encephalopathy at a really excessive unmet want. EMAS is characterised by generalized myoclonic-atonic seizures and this trial will present the primary randomized managed scientific knowledge with Epidiolex on this seizure-type, which we imagine will present a extra fulsome view of the potential effectiveness at Epidiolex in treating a broad vary of seizure problems.”
Jazz Prescription drugs is reaffirming its beforehand communicated full yr 2021 non-GAAP monetary steering and updating its 2021 GAAP steering. Income is affirmed at $3.02 Billion to $3.18 Billion The non-GAAP adjusted EPS is within the vary of $13.40 to $14.70 per share. The corporate mentioned the steering contains the addition of GW from the date of near year-end, roughly eight months. “We’ve up to date our GAAP steering primarily to replicate the influence of the UK Tax Act, which was enacted in June following our steering replace.”
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