Jazz Pharmaceuticals plc (JAZZ)

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Jazz Pharmaceuticals Public Limited (JAZZ)

Q1 2013 Earnings Call

May 07, 2013 4:30 pm ET


Kathy Littrell

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

Ami Fadia - UBS Investment Bank, Research Division

William Tanner - Lazard Capital Markets LLC, Research Division

David Amsellem - Piper Jaffray Companies, Research Division

Ken Cacciatore - Cowen and Company, LLC, Research Division

Irina Rivkind - Cantor Fitzgerald & Co., Research Division

Douglas D. Tsao - Barclays Capital, Research Division

Jonathan Eckard - Citigroup Inc, Research Division

John L. Newman - JMP Securities LLC, Research Division

Difei Yang - WallachBeth Capital, LLC, Research Division



Welcome to the Jazz Pharmaceuticals First Quarter 2013 Earnings Conference Call. Following an introduction from the company, we will open the call to questions. I will now turn the call over to Kathy Littrell, Vice President of Investor Relations at Jazz Pharmaceuticals.

Kathy Littrell

Thank you very much, Cheverly. Thank you for joining us today on the Jazz Pharmaceuticals plc investor conference call. Today, we reported our first quarter 2013 financial results, and we've provided an updated 2013 financial guidance in our 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, our Chief Commercial Officer; and Jeff Tobias, our Head of R&D and Chief Medical Officer.

Following some introductory remarks, we'll open the call for your questions.

Please note that the statements we make on this call related to the future events constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include our comments related to the growth potential of the company and certain of our products, corporate development initiatives, repurchases under and the effect of our share repurchase program, future financial results, future litigation, intellectual property and regulatory-related matters, future supply of Erwinaze, clinical trial and enrollments and results 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: maintaining an increasing sales of Xyrem and other products; the potential introduction of generic competition to Xyrem; potential unchanged or increased regulatory restrictions on Xyrem; developing and protecting our intellectual property; ongoing regulation and oversight by regulatory agencies; our dependence on key customers and sole source suppliers, including our ability to resolve in a timely manner potential product supply shortages and meet product demand; pharmaceutical product development; clinical trials and regulatory approval; and our ability to identify and acquire and license or develop additional products or product candidates.

These and other risks related to our business are detailed in our SEC filings, including under the caption, Risk Factors, in our annual report on the Form 10-K for the year ended December 31, 2012, and our quarterly report on Form 10-Q for the quarter ended March 31, 2013, which will be filed this afternoon. 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, adjusted earnings per share and adjusted effective tax rate. 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. Reconciliations of GAAP to adjusted financial measures are included in our press release issued earlier today, which is available on our website.

I'll now turn the call over to Bruce.

Bruce C. Cozadd

Thank you, Kathy. Good afternoon, everyone, and thank you for joining us. 2013 is off to a strong start. In the first quarter, we saw record sales for Xyrem and Erwinaze. Our total revenues increased 91% to $196 million compared with the first quarter of 2012. We realized adjusted net income of $84 million in the first quarter of 2013, reflecting the significant top line growth and attractive margins of our business. GAAP net income for the quarter was $43 million.

We are focused on unlocking the growth potential of our key products through solid execution in all of our business units and by making selective investments in new initiatives. We'll also continue our focus on corporate development with a goal of adding specialty products to our portfolio.

Today, we announced that our board has authorized a share repurchase program of up to $200 million. The timing and amount of repurchases will depend on a variety of factors, including stock price. We believe this presents an opportunity to increase shareholder value while maintaining significant financial flexibility to finance future corporate development opportunities.

I'll now comment on the 3 products in our portfolio that we believe have the highest growth potential: Xyrem, Erwinaze and Prialt. Kate will then review our results for the first quarter and provide updates to our financial guidance.

Xyrem remains a key driver of our growth. In the first quarter of 2013, we were pleased to achieve 15% volume growth compared with the same period of 2012. The average number of active Xyrem patients grew to approximately 10,550 compared to 9,500 in the same period of 2012.

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