Jazz Pharmaceuticals posts $215 million in net income for third quarter
Ireland-based Jazz Pharmaceuticals (Nasdaq: JAZZ), the makers of Epidiolex, reported net income in the third quarter this year of $215 million, with revenue up 9% year-over-year.
That brings the company’s total net income for the year so far to $369 million on revenue of $2.9 billion.
The company’s high-profile cannabis-based drug, Epidiolex, accounted for $251.5 million in revenue for the quarter, up from $213.7 million the same quarter a year ago. Epidiolex, which is now available in 35 countries, was second in sales only to Xywav, Jazz’s sleep aid drug, which sold $388.4 million in the quarter. Jazz’s portfolio includes eight drugs for which it reported specific revenue streams.
Jazz’s third-quarter revenue increased to $1.05 billion, up from $972.1 million a year prior. The company’s neuroscience division – of which both Epidiolex and Xywav are a part – brought in a total of $760.9 million for the quarter, a year-over-year increase of 8%, which the company said was mainly due to increased sales of those two drugs. The company’s oncology drug division contributed $284.7 million in revenue, a year-over-year uptick of 9%.
Jazz also released updated guidance for 2024, saying it expects to close the year with between $4 billion and $4.1 billion in total revenue, including $2.8 billion-$2.9 billion from neuroscience and $1 billion-$1.1 billion from oncology.
The company reported ongoing expansion of its existing drug portfolio for patients, as well as progress in developing additional drugs it plans to bring to market. The U.S. Food and Drug Administration is currently reviewing Jazz’s drug zanidatamab, designed to treat biliary tract cancer, which could be approved as early as Nov. 29.
CEO Bruce Cozadd also said in a press release that Jazz is working to bring other drugs still in development to market, including Zepzelca, which is designed to treat lung cancer.
As of Sept. 30, Jazz had $12.2 billion in total assets, including $2.2 billion in cash, against $6.2 billion in total liabilities.
