Jazz Pharmaceuticals plc (JAZZ)

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Jazz Pharmaceuticals Public Limited (JAZZ)

Q2 2013 Earnings Call

August 06, 2013 4:30 pm ET


Katherine A. Littrell - Vice President of Investor Relations

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, Executive Vice President of Research & Development and Head of Research & Development


Louise Alesandra Chen - Guggenheim Securities, LLC, Research Division

Michael W. Schmidt - Leerink Swann LLC, Research Division

Douglas D. Tsao - Barclays Capital, Research Division

William Tanner - Lazard Capital Markets LLC, Research Division

David Amsellem - Piper Jaffray Companies, Research Division

Ami Fadia - UBS Investment Bank, Research Division

Annabel Samimy - Stifel, Nicolaus & Co., Inc., Research Division

Gene Mack - Brean Capital LLC, Research Division

Ken Cacciatore - Cowen and Company, LLC, Research Division

Gregory B. Gilbert - BofA Merrill Lynch, Research Division



Welcome to the Jazz Pharmaceuticals Second 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.

Katherine A. Littrell

Thank you, Catherine. Thank you for joining the Jazz Pharmaceuticals PLC Investor Conference Call. Today, we reported our second quarter 2013 financial results, and provided an updated in 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.

Following some introductory remarks, we'll open the call for your questions. Before we begin, I'd like to remind you that some of the statements we will make on this call relate to future events and our future performance and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

References to what to expect, believe, intend to or will do, plan, estimate or other statements referring to future events or results are intended to identify these statements as forward-looking. These statements include expectations and projections relating to financial, commercial, development, regulatory and intellectual property matters, including our 2013 financial guidance, growth prospects for our products and the availability of sufficient supply of our products to meet demand. Statements that are not historical facts are forward-looking. These forward-looking statements involve numerous risks and uncertainties that could cause actual results or our results to differ materially. These results -- these risks and uncertainties are identified and described in our press release, the investor presentation accompanying this call, and under risk factors in the form 10-Q, for the quarter ended March 31, 2013. We expect to file our 10-Q for the second quarter shortly. We undertake no duty or obligation to update any forward-looking statements we make today. On this call, we will 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. Please -- let me go on, 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'm now going to turn the call over to Bruce.

Bruce C. Cozadd

Thanks, Kathy, and thank you, all, for joining us today. We're pleased with the significant growth of the top and bottom line during the first half of 2013. In the second quarter, we saw continued record sales for Xyrem and Erwinaze. Our total revenues increased 68% to $208 million compared to the second quarter of 2012. We realized adjusted net income of $88 million in the second quarter of 2013, reflecting the significant top line growth and attractive margins in our business. GAAP net income for the quarter was $42 million.

We remain committed to creating shareholder value. We're focused on continued solid commercial execution, and we're making targeted investments to continue to drive growth of our core products. We're making R&D investments in Lifecycle Management for our current growth products, as well as development of new molecules in our pipeline. And as part of our ongoing growth strategy, we are actively engaged in evaluating corporate development opportunities that could add to our commercial products or pipeline.

To further these objectives, we are adding key people to our worldwide organization to further strengthen our capabilities and ensure that we have a scalable infrastructure to support our plans for future growth. I'll update you now on 3 products in our current portfolio that we believe have the highest growth potential, the Xyrem, Erwinaze and Prialt, and provide an update on key commercial and clinical development progress during the quarter. Kate will then review our results for the second quarter and provide updates to our financial guidance.

Xyrem. Xyrem remains a key driver of our growth. In the second quarter of 2013, we were pleased to achieve 12% volume growth compared to the same period of 2012. The average number of active Xyrem patients grew to approximately 10,700 this quarter compared to 9,850 in the same period of 2012. Our efforts last year to expand our prescriber universe have contributed to continued growth during 2013. During the quarter, we continued to see prescription growth from the mid-and low-decile physicians and we added approximately 2,500 physicians to our call universe. We believe this expansion of our call universe is important to our objective to sustain the strong growth of Xyrem. During the second quarter, we supported ongoing education efforts to raise awareness of the diagnosis and treatment of narcolepsy patients through a comprehensive disease-state education such as Narcolepsy Link and our continuing medical education event at the June SLEEP Meeting, which had more than 500 attendees. We've invested in select research and development initiatives, including supporting 8 abstracts presented during the recent SLEEP meeting, many of which highlighted the increased burden of illness in patients with narcolepsy, including co-morbidities, and significantly higher cost of health care and drug utilization.

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