Total revenues for Q1 2024 amounted to $902 million, marking a 1% increase over the same period in 2023.
Combined revenue from key growth drivers (Xywav, Epidiolex, and Rylaze) grew by 12% compared to Q1 2023.
Neuroscience franchise, including Xywav and Xyrem, generated $430 million, with Xywav alone contributing $315 million (14% year-over-year growth).
Epidiolex sales were around $200 million, a 5% increase from Q1 2023.
Oncology revenue stood at approximately $258 million for the quarter.
Non-GAAP adjusted net income was $182 million.
Non-GAAP adjusted EPS (earnings per share) was $2.68.
The company recorded approximately $267.2 million of cash from operations in Q1 2024.
Future Guidance
Full year revenue guidance for 2024 is reiterated at $4.0 billion to $4.2 billion.
Expects combined double-digit growth from key growth drivers Xywav, Epidiolex, and Rylaze, along with double-digit growth in the oncology therapeutic area.
Non-GAAP adjusted net income guidance for 2024 is affirmed at $1.275 billion to $1.35 billion.
Full year 2024 non-GAAP effective tax rate is expected to remain in the range of 10% to 13%.
Trends, Market Conditions, Sentiment
Jazz Pharmaceuticals remains optimistic about the growth and durability of Xywav despite increased competition in the oxybate market.
The company sees a continued increase in active narcolepsy patients benefiting from Xywav and anticipates revenues to align more closely with patient numbers going forward.
Epidiolex is expected to continue growing based on underlying demand, positive data beyond seizure control benefits, and geographic expansion.
Oncology sales, led by Rylaze and Zepzelca, saw strong performance, and investments in R&D for late-stage clinical programs are expected to drive future value.
The company underscores disciplined and strategic capital allocation, with a clear focus on generating sustainable revenues and creating value for shareholders without overpaying for acquisitions.
Notable Quotes
”We’re very excited to have Phil on our executive team and look forward to his contributions to delivering value for patients and shareholders.” - Bruce Cozadd on welcoming CFO Phil Johnson.
”Epidiolex demand remains strong, and we continue to be confident in its blockbuster potential.” - Bruce Cozadd expressing optimism on Epidiolex.
”We are prioritizing investments to further build the market [for IH] and our expanded field force is now fully deployed.” - Renee Gala on IH market strategy for Xywav.
”We remain confident in the blockbuster potential of Epidiolex.” - Renee Gala on the growth prospects of Epidiolex.
”Our financial strength, including healthy operating cash flow, enables us to invest in the continued growth of our commercial portfolio and pipeline while also positioning us to execute on corporate development opportunities.” - Bruce Cozadd on financial strategy.
”We will remain disciplined on price and will not make an acquisition just to meet our Vision 2025 goal.” - CFO Phil Johnson on strategic acquisitions.
