Jazz Pharma (JAZZ) Surpasses Q4 Earnings & Sales Estimates

(JAZZ-Free Report) delivered adjusted earnings of $4.42 per share for the fourth quarter of 2019, which surpassed the Zacks Consensus Estimate of $4.16. Earnings rose 21% from the year-ago figure driven by higher sales, which made up for higher operating expense.

Total revenues in the reported quarter rose 22% year over year to $581.7 million and also beat the Zacks Consensus Estimate of $564.0 million. This can be attributed to higher product sales.

Despite the better-than-expected results, shares were down 1.7% in after-hours trading on Tuesday due to the broader market impact. In the past year, Jazz’s shares have declined 0.4% compared with the industry’s decrease of 7%.

Quarter in Detail

Net product sales increased 23.4% from the year-ago quarter to $576.5 million. Royalties and contract revenues declined 42.8% to $5.21 million in the quarter.

Sales of Xyrem, approved to treat cataplexy and excessive daytime sleepiness [“EDS”] in children and adults with narcolepsy, rose 16% year over year to $435.4 million. Sales were driven by 5% rise in bottle volume growth. The average number of active Xyrem patients increased 4.5%.

Erwinaze/Erwinase (for acute lymphoblastic leukemia [“ALL”]) revenues were $54.9 million, rising 126.3% year over year due to favorable timing of supply availability. In 2019 and 2018, Jazz faced supply constraints for Erwinaze due to supply and manufacturing issues at the sole manufacturer, PDL. The company expects the supply disruptions to continue in 2020.

Defitelio sales rose 27% year over year to $47.8 million in the quarter. Please note that Defitelio product sales vary from quarter to quarter in both the United States and EU markets because Defitelio treats an ultra-rare acute condition — hepatic veno-occlusive disease.

Acute myeloid leukemia drug, Vyxeos generated sales of $31.5 million, up 23% from the year-ago period, primarily due to the ongoing launch in EU.

Jazz’s newest drug Sunosi (solriamfetol) recorded sales of $2.7 million in the quarter compared with $1 million in the third quarter. Sunosi was approved for excessive sleepiness in narcolepsy & obstructive sleep apnea in the United States in March 2019 and launched in July. Meanwhile, Sunosi was approved in Europe in January this year. Jazz expects to begin a rolling launch in Germany in mid-2020 followed by launches in France and the UK in early 2021

Other product sales declined 14% to $4.2 million.

Adjusted selling, general and administrative (SG&A) expenses rose 38.5% to $196.9 million driven by higher expenses for business expansion and costs to support the launch of Sunosi in the United States.

Adjusted research and development (R&D) expenses increased 75.6% to $90.0 million, primarily due to escalating expenses related to development of the company’s pipeline and partnered programs.

2019 Results

Full-year 2019 sales rose 14% to $2.16 billion, slightly beating the Zacks Consensus Estimate of $2.15 billion. However, sales were within the guided range of 2.10-$2.18 billion.

Adjusted earnings of $16.23 per share beat Zacks Consensus Estimate of $15.95 and came ahead of the guided range of $15.50 - $16.15. Earnings rose 18% year over year.

2020 Guidance

The company issued its financial guidance for 2020.

It expects earnings in the range of $12.50 - $13.40 in 2020. Total revenues are expected to be in the range of $2.32-$2.40 billion.

The 2020 sales range indicates growth of 7-11% over 2019 levels. However, the earnings range indicates a significant decline from 2019 levels due to changes in Jazz’s reporting method for upfront and milestone payments The company said that from 2020, it will not adjust upfront and milestone payments for the calculation of adjusted/non-GAAP earnings per share. It made an upfront payment of $200 million in January to PharmaMar, which hurt its after-tax 2020 adjusted EPS guidance by around $3.13 per share.

Total product sales are predicted in the range of $2.31-$2.38 billion. The oxybate franchise (Xyrem and JZP-258) sales are expected to the range of $1.71-$1.76 billion. Erwinaze/Erwinase sales are forecast in the band of $185-$215 million. Defitelio sales are expected in the range $180-$200 million. Vyxeos sales guidance is in the range of $135-$165 million. Jazz’s guidance for Sunosi net sales is $30 million - $50 million.

While adjusted SG&A expenses are anticipated in the range of $770 million to $810 million, adjusted R&D expenses are expected to be in the band of $285 million to $315 million.

Pipeline Update

Jazz has developed JZP-258, a low sodium formulation and a Xyrem follow-on product, to treat EDS and cataplexy in narcolepsy patients. Jazz filed a new drug application for JZP-258 in January 2020 with an approval expected in the third quarter. JZP-258 is also being studied for Idiopathic hypersomnia or IH in a phase III study.

Jazz is also developing JZP-458 for the treatment of acute lymphoblastic leukemia and lymphoblastic lymphoma (LBL). In December, Jazz began enrollment in a pivotal phase II/III study in ALL/LBL. Jazz plans to submit a biologics license application to FDA for JZP-458 in the fourth quarter of 2020.

In December 2019, Jazz announced that it has entered into an agreement with Pharma Mar S.A. to in-license rights to lurbinectedin, a late-stage product candidate for relapsed small cell lung cancer. The transaction closed in January this year and in February, the FDA granted priority review to a new drug application for lurbinectedin. The FDA’s decision is expected on Aug 16.

Jazz is targeting launch of four products in the 2020-2021 period including lurbinectedin, JZP-258 and JZP-458 following approval.

Jazz Pharmaceuticals PLC Price, Consensus and EPS Surprise

Jazz Pharmaceuticals PLC price-consensus-eps-surprise-chart | Jazz Pharmaceuticals PLC Quote

Zacks Rank & Stocks to Consider

Jazz currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the biotech/drugs sector are USANA Health Sciences (USNA-Free Report) , United Therapeutics Corporation (UTHR-Free Report) and Capnia (SLNO-Free Report) . While USANA Health Sciences (USNA-Free Report) and United Therapeutics sport a Zacks Rank #1 (Strong Buy), Capnia has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here .

USANA Health Sciences’ earnings estimates have gone up by 7% for 2020 over the past 30 days.Earnings estimates for United Therapeutics have increased by 4% for 2020 over the past 30 days.

Capnia’s loss estimates have narrowed from69 cents to 54 cents for 2020 over the past 30 days. The stock has risen 85.3% in the past year.

Zacks Top 10 Stocks for 2020

In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?

Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.

-

�埔┕�(Jazz-Free Report)公布的2019年第四季度�抗墒找嫖�4.42美元，超过了Zack一致预期的4.16美元。利�ツ晖谠�21%，这是由于销售�佣植沽烁叩脑擞延谩�

该季度的总收入同比�2%，达到5.817亿美元，也超过了Zack一致预计的5.64亿美元。这可归�细叩牟废邸�

尽管业绩好于预期，但由于更广泛的市场影响，周二盘�字械墓杉巯碌�1.7%。在过去的一年里，Jazz的股价下跌了0.4%，而该行业的跌幅为7%。

四分之一详细

净产品销售额同比�3.4%，至5.765亿美元。该季度特许使用费和合同收入下降了42.8%，至521��

销售Xyrem，批准用于治疗昏厥和白天嗜睡过度[“EDS”]在患有嗜睡症的儿童和成年人中，与去年同期相比，��16%，达到4.354亿美元。酒瓶销量�%，推动了销量的�；疃赬yrem患者平均�.5%。

ERWINAZE/Erwinase(用于急性淋巴细胞白血病)[“全部”])收入为5，490�肴ツ晖谙啾仍�126.3%，这是由于供应供应的有利时机。在2019年和2018年，由于唯一的制造商PDL的供应和制造问题，Jazz面临着Erwinaze的供应限制。该公司预计，供应中断将在2020年继续。

该季度Defitelio的销售额同比�7%，至4780�Ｇ胱⒁猓珼efitelio产品在美国和欧盟市场的销售在每�榷加兴煌efitelio治疗的是一种极其罕见的急性肝病--肝静�ⅰ�

急性髓系白血病药物Vyxeos的销售额为3150�热ツ晖谠3%，�怯捎谡谂访松鲜小�

�钚碌囊┪颯unosi(Solriamfetol)在本季度的销售额为270�谌径鹊南鄱钗�100�unosi于2019年3月在美国被批准用于嗜睡和阻塞性睡眠�萃＃⒂�7月推�氪送保琒unosi于�月在欧洲�肌＞ぜ平�2020年中期在德国开始�⑸洌缓021年年�ü陀⒐⑸洹�

其他产品销售额下降14%，至420��

�邸⒁话愫托姓С&A)�8.5%，至1.969亿美元，原�滴胖С樱约爸С諷unosi在美国上市的成本上升。

�蟹�(R&D)支�恿�75.6%，达到9，000�肟⒐竟艿篮秃献坑泄氐姆延貌欢显�

2019年结果

2019年全年销售额�4%，达到21.6亿美元，略高于Zack的21.5亿美元的预期。然而，销售额在指导范围内为21.0-21.8亿美元。

�抗墒找嫖�16.23美元，超过了Zack的15.95美元的普遍预期，并领先于15.50-16.15美元的指导性区间。收入同比�8%。

2020年指南

该公司发布了2020年财��

该公司预计，2020年的收益将在12.50美元至13.40美元之间。预计总收入将在23.2-24.亿美元之间。

2020年的销售范围表�019年��7%至11%。然而，由于Jazz的前期和里程碑付款报告方法发生了变化，该公司表示，从2020年�换岬捌诤屠锍瘫犊睿约扑愕非GAAP每股收益。�月，该公司提前�甓Ц读�2亿美元，这�似�2020年税�擅抗墒找嬖�3.13美元的预期。

产品销售总额预计在23.1-23.8亿美元之间。Ooxbate特许经营(Xyrem和JZP-258)的销售额预计在17.1-17.6亿美元之间。ERWINAZE/Erwinase的销售额预计在1.85亿至2.15亿美元之间。Defitelio的销售额预计在1.8亿至2亿美元之间。Vyxeos的销售指南在135-1.65亿美元之间。�許unosi净销售额的指导是3000�000��

�G&A费用预计在7.7亿至8.1亿美元之间，经�难蟹⒎延迷ぜ圃�2.85亿至3.15亿美元之间。

管道更新

Jazz开发了JZP-258，一种低钠制剂和Xyrem�罚糜谥瘟剖人⒒颊叩腅DS和昏厥。Jazz于2020年1月提交了JZP-258的新药申请，预计将在第三季度�肌ZP-258在第三期研究中也在研究特发性失眠症��

Jazz还在开发JZP-458，用于治疗急性淋巴细胞白血病和淋巴母细胞淋巴�L)。12月，Jazz开始在All/LBL中进行一�锥蔚腎I/III研究。Jazz计划在2020年第四季度�提交JZP-458生物制剂许可证申请。

在2019年12月，Jazz宣布，它已与制药公司MAR S.A.签订了一项协议，同意对复发的小细胞肺癌的晚期产品��--“骇人”进行授权。这项交易于�月和2月结束，FDA批准了对一种新药物应用的优先�DA的�ぜ平�8月16日��

Jazz的目标是在2020至2021年期间推�植罚ň己狈汀ZP-258型和JZP-458型。

Jazz制药公司价�彩逗兔抗墒找婢�

Jazz制药公司价�识-EPS-�饬�-Jazz制药公司报价

ZackRank&股票值得考虑

�帜壳坝幸桓kRank#4(销售)。一些排名较好的生物技�物部门股票是USANA健康科学(USNA-免费报告)，联合治疗公司(UTHR-无报告)和Capnia(SLNO-无报告)。而USANA健康科学(USNA-免费报告)和联合治疗运动的ZackRank#1(强力购�卡普尼亚有ZackRank#2(购�你可以在这里看到�腪acks1Rank股票的完整列表。

在过去的30天里，USANA健康科学公司的收入估计在2020年��7%，而联合治疗学的收益估计在过去的30天里��4%。

在过去的30天里，卡普尼亚公司的�兰埔丫�69美分�搅�2020年的54美分。在过去的一年里，该股上涨了85.3%。

扎克斯2020年十��

除了上面讨论的股票之外，你想知道我们在整�0年的10�玫穆统钟泄善甭/p>

去年，ZacksTop 10只股票组合的回报率高达+102.7%。现在，一�碌耐蹲首楹弦丫覼ackRank覆盖的4，000多家公司中精心�２灰砉斡胝庑┏て诠郝帷�

-

免�形姆胗商谘斗刖峁┲С郑煌径苑胄畔⒌淖既沸曰啃运斐傻娜魏嗡怀械Ｈ魏卧�