Jazz Pharmaceuticals · Q4 2021 earnings

Briefing

Jazz Pharmaceuticals announced financial results for the full year and fourth quarter of 2021.

Jazz Pharmaceuticals' total revenues reached $3.1 billion in 2021, a 31% increase compared to 2020, driven by growing commercial franchises and the acquisition of GW Pharmaceuticals. The company is focused on growing and diversifying revenue, investing in novel therapies, and delivering innovative therapies for patients. They expect meaningful top- and bottom-line growth with 2022 total revenue guidance of $3.46 to $3.66 billion.

• Net product sales for the combined oxybate business increased 4% to $471.4 million in 4Q21 compared to the same periods in 2020.
• Epidiolex/Epidyolex net product sales were $193.8 million in 4Q21, representing growth of 35% compared to 4Q20 on a proforma basis.
• Zepzelca net product sales increased 21% to $64.8 million in 4Q21 compared to 4Q20.
• Rylaze net product sales were $65.0 million in 4Q21, following commercial launch on July 15, 2021.

Headline financials

Revenue & EPS history

Jazz Pharmaceuticals' full year 2022 financial guidance includes revenues between $3.46 to $3.66 billion, GAAP Gross margin % of 83%, Non-GAAP Gross margin % of 92%, GAAP SG&A expenses between $1.298 to $1.397 billion, Non-GAAP SG&A expenses between $1.120 to $1.190 billion, GAAP R&D expenses between $621 to $670 million, Non-GAAP R&D expenses between $560 to $600 million, Effective tax rate between (116)% to (32)%, Non-GAAP Effective tax rate between 10% - 12%, Net income between $10 to $185 million, Non-GAAP adjusted net income between $1.130 to $1.200 billion, GAAP net income per diluted share between $0.50 to $3.00, and Non-GAAP adjusted net income per diluted share between $16.00 to $17.00.