Jazz Pharmaceuticals PLC saw a year-over-year increase in profit for the second quarter of 2018, with a 27% increase in revenue due to strong sales of its products.
Adjusted net income for the quarter was $214.6 million, or $3.49 per share, compared to $157.4 million, or $2.56 per share, in the year-ago quarter, Jazz said in its Aug. 7 earnings release.
The S&P Global Market Intelligence consensus normalized EPS estimate for the second quarter was $3.21.
The Dublin, Ireland-based biopharmaceutical company said its second-quarter GAAP net income was $92.3 million, or $1.50 per share, down from $105.6 million, or $1.72 per share, in the same quarter of 2017. GAAP net income for the second quarter of 2018 included an impairment charge of $42.9 million resulting from the company's decision to sell its rights related to Prialt.
Jazz said its total revenue for the quarter was $500.5 million, up from $394.4 million in the year-ago period.
Revenue generated through Xyrem was $356 million during the quarter, an increase from $298 million in the second quarter of 2017. Xyrem is the only drug approved in the U.S. to treat cataplexy, a loss of muscle strength, and narcolepsy, a sleep disorder characterized by excessive sleepiness.
During the second quarter, research and development expenses rose to $51.4 million from $35.3 million in the year-ago period. The increase was attributed to a rise in expenses related to the company's preclinical and clinical development programs, regulatory activities and support of partner programs.
Outlook for 2018
For the full year 2018, Jazz expects adjusted EPS in the range of $12.75 to $13.25 and GAAP EPS in the range of $5.70 to $6.90.
The S&P Global Market Intelligence consensus normalized EPS estimate is $13.04 for full year 2018.
Revenue for 2018 is expected to be in the range of $1.88 billion to $1.93 billion, with Xyrem sales projected in the range of $1.35 billion to $1.38 billion.
"We head into the second half of 2018 focused on supporting our sales momentum, progressing our pre-clinical and clinical pipeline, deploying our resources to expand the business through R&D and corporate development activities, and preparing for multiple near-term regulatory milestones, including three potential marketing approvals," Chairman and CEO Bruce Cozadd said.