JAZZ - Jazz Pharmaceuticals posts Q2 earnings beat reaffirms FY forecast

Jazz Pharmaceuticals (NASDAQ:JAZZ) reported second-quarter results that beat Wall Street estimates, powered by the strength in its Oxybate business. Quarterly revenue increased 34% to $751.8M, beating analysts' average estimate by $14.5M. The company also reiterated its FY forecasts: revenue guidance of $3.02B-$3.18B vs. $3.11B consensus; Non-GAAP EPS of $13.40-$14.70 vs. $14.42 consensus. Net product sales for the combined oxybate business increased 3% to $458.3M in the second quarter of 2021 compared to the same period in 2020. Xyrem net product sales decreased 25% to $334.2M in the second quarter compared to the same period last year. Xywav net product sales were $124.2M in the second quarter of 2021, while Epidiolex/Epidyolex net product sales were $109.5M. As of June 30, 2021, cash and cash equivalents were $891.4M, and the outstanding principal balance of the company's long-term debt was $7.1B. GAAP net income (loss) for the second quarter of 2021 was ($363.3M), or ($6.11) per share, compared to $114.8M,

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Jazz Pharmaceuticals posts Q2 earnings beat, reaffirms FY forecast