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Jazz reports 4Q profit on Xyrem sales boost

Wed, 03/03/2010 - 2:17pm
The Associated Press

Jazz Pharmaceuticals Inc. reported a fourth-quarter profit on Wednesday on lower costs and a boost in sales from the sleep disorder treatment Xyrem.

The company earned $5.7 million, or 17 cents per share, compared with a loss of $56.9 million, or $2.04 per share, during the same period a year prior. Revenue rose to $38.3 million from $19.6 million.

Excluding stock-based compensation costs and other items, adjusted quarterly profit rose to 33 cents per share, reversing a year-earlier loss of 76 cents per share.

Analysts polled by Thomson Reuters expected profit of 7 cents per share on revenue of $34.5 million.

Xyrem sales doubled to $31.6 million while sales of extended-release Luvox CR for social anxiety disorder and obsessive compulsive disorder rose 86 percent to $5.7 million. The company also had $10 million in milestone payments during the quarter.

Meanwhile, operating expenses fell to $26.9 million from $71.3 million, mainly on the exclusion of an asset impairment from a year prior.

For the full year, the company lost $6.8 million, or 23 cents per share, compared with a loss of $184.3 million, or $7.19 per share, in 2008. Revenue rose to $128.4 million from $67.5 million.

Looking ahead to 2010, the company said it expects total product sales for the year of $148 million to $158 million and adjusted earnings per share of 80 cents to 95 cents per share.

Analysts expect revenue of $154.7 million and profit of 41 cents per share, on average.

Shares of Jazz rose 45 cents, or 4.3 percent, to $11.05 in after-hours trading after rising 28 cents, or 2.7 percent, to close at $10.60 during the regular trading session.

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