Jazz Pharmaceuticals plc (JAZZ)

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Jazz Pharmaceuticals Public Limited (JAZZ)

Q4 2012 Earnings Call

February 26, 2013 4:30 pm ET


Ami Knoefler - Executive Director of Investor Relations & Corporate Communications

Bruce C. Cozadd - Co-Founder, Executive Chairman and Chief Executive Officer

Kathryn E. Falberg - Chief Financial Officer and Executive Vice President

Russell J. Cox - Chief Commercial Officer and Executive Vice President

Jeffrey K. Tobias - Chief Medical Officer and Executive Vice President of Research & Development


Louise Alesandra Chen - Guggenheim Securities, LLC, Research Division

Gregory B. Gilbert - BofA Merrill Lynch, Research Division

David Amsellem - Piper Jaffray Companies, Research Division

Douglas D. Tsao - Barclays Capital, Research Division

Ken Cacciatore - Cowen and Company, LLC, Research Division

Jonathan Eckard - Citigroup Inc, Research Division

Gene Mack - Brean Capital LLC, Research Division

Ami Fadia - UBS Investment Bank, Research Division

Michael W. Schmidt - Leerink Swann LLC, Research Division

William Tanner - Lazard Capital Markets LLC, Research Division



Welcome to the Jazz Pharmaceuticals' Year End 2012 Earnings Conference Call. Following an introduction from the company, we will open the call to questions. I will now turn your call over to Ami Knoefler, Executive Director of Investor Relations and Corporate Communications at Jazz Pharmaceuticals. Please proceed, ma'am.

Ami Knoefler

Thank you for joining the Jazz Pharmaceuticals PLC Investor Conference Call.

Earlier today, we reported our fourth quarter and year end 2012 financial results and provided 2013 financial guidance in the press release. The release is available in the News and Events section of the company's website.

With me for today's call are Bruce Cozadd, Chairman and CEO; Kate Falberg, CFO; Russ Cox, Chief Commercial Officer; and Jeff Tobias, Head of R&D and Chief Medical Officer.

I'm also pleased to welcome our new Vice President of Investor Relations, Cathy Latrell, [ph] who will be hosting future investor calls as I transition to a new role in Corporate Communications and Advocacy.

Following some introductory remarks, we will the open your call for your questions. Please note that certain comments we make on this call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to future events, future financial results, growth potential, financial guidance, pipeline opportunities, future regulatory and intellectual property matters and other statements relating to our plans, expectations and intentions.

These forward-looking statements involve numerous risks and uncertainties that could cause our actual results to differ significantly from those projected, including risks and uncertainties associated with our ability to maintain and increase sales of Xyrem, the potential introduction of generic competition to Xyrem, potential change or increased regulatory restrictions on Xyrem, the challenges we face in developing and protecting our intellectual property, our need to obtain appropriate pricing and reimbursement for our products in an increasingly challenging environment, ongoing regulation and oversight by U.S. and non-U.S. regulatory authorities, our dependence on key customers and sole source provider -- suppliers, excuse me, the difficulty and uncertainty of pharmaceutical product development, clinical success and regulatory approval and our ability to identify and acquire in license or develop additional products or product candidates to grow our business.

These and other risks related to our business are detailed in our SEC filings, including under the heading Risk Factors in our quarterly report on Form 10-Q for the quarter ended September 30, 2012, and in our annual report on Form 10-K for the year ended December 31, 2012.

Our SEC filings and reports are available on our website.

We undertake no duty or obligation to update any forward-looking statements contained on this call as a result of new information, future events or changes in our expectations.

On this call, we discuss several non-GAAP financial measures, including adjusted net income, adjusted combined SG&A and R&D expenses and adjusted earnings per share.

We believe that these non-GAAP financial measures are helpful in understanding our past financial performance and potential future results.

They are not meant to be considered in isolation or as a substitute for comparable GAAP measures. A reconciliation of GAAP to adjusted financial measures is included in our press release issued earlier today, which is available on our website.

We expect to file our Form 10-K for 2012 shortly. I'll now turn the call over to Bruce.

Bruce C. Cozadd

Thank you, Amy, and good afternoon, everyone. Thank you for joining us.

2012 was truly a transformational year for Jazz Pharmaceuticals. We completed 2 major transactions that broadened our product portfolio and enhanced the scale and capabilities of our company. We aligned our commercial operations with the portfolio and divested our non-core women's health business.

We expanded our revenue base from continuing operations to $586 million, more than double our 2011 revenues, and importantly, we delivered a record adjusted net income of nearly $300 million, reflecting the significant top line growth and attractive margins of our business.

2013 is off to a strong start. We plan to continue the momentum in our business by growing our key products through continued solid execution in all of our business units and by making selective investments in new initiatives, which I'll talk about in a minute.

We'll also continue our focus on corporate development with a goal of adding additional specialty products to our portfolio. Let me update you now on some of the initiatives related to the 3 products in our current portfolio that we believe have the highest growth potential, Xyrem, Erwinaze and Prialt, as well as our planned investment in R&D and corporate development to support our growth strategy.

Kate will then review our results for 2012 and provide our financial guidance for 2013.

Read the rest of this transcript for free on seekingalpha.com