PALO ALTO, Calif., Feb. 13 /PRNewswire-FirstCall/ -- Jazz Pharmaceuticals, Inc. today announced financial results for the fourth quarter and full year ended December 31, 2007.
Total revenues for the quarter ended December 31, 2007 were $15.5 million, compared to $12.4 million for the quarter ended December 31, 2006. Total revenues for the year ended December 31, 2007 increased 46 percent to $65.3 million, compared to $44.9 million for the year ended December 31, 2006. Xyrem(R) (sodium oxybate oral solution) net sales for the quarter ended December 31, 2007 increased 38 percent to $11.1 million, compared with $8.1 million for the last quarter of 2006. Xyrem net sales for the year ended December 31, 2007 increased 34 percent to $39.0 million, compared with $29.0 million for the year ended December 31, 2006.
“We are very pleased with the momentum we achieved in 2007. Our focus in 2008 will be on execution, including the planned commercial launch of LUVOX(R) CR in the first quarter of 2008 after anticipated FDA approval,” said Samuel R. Saks, M.D., Chief Executive Officer. “Our portfolio of development-stage product candidates is making steady progress, and we believe that our development efforts will lead to important new products for patients and caregivers.”
Jazz Pharmaceuticals’ net loss for the fourth quarter of 2007 was $60.0 million, compared to a net loss of $20.5 million for the fourth quarter of 2006. For the year ended December 31, 2007, the company’s net loss was $138.8 million, compared to a net loss of $59.4 million for the year ended December 31, 2006. Net loss for the year ended December 31, 2007 included:
Net loss for the year ended December 31, 2006 included a $31.6 million non-cash gain on extinguishment of a development financing obligation in connection with a terminated development program.
Research and development expenses for the quarter ended December 31, 2007 were $20.5 million, compared to $13.0 million for the quarter ended December 31, 2006. For the year ended December 31, 2007, research and development expenses were $69.8 million, compared to $55.0 million for the year ended December 31, 2006. The increase in research and development expenses in 2007 reflects expanded Phase III clinical trial activities for JZP-6, LUVOX CR scale-up and manufacturing costs and increased headcount.
Selling, general and administrative expenses for the quarter ended December 31, 2007 were $28.0 million, compared to $12.5 million for the quarter ended December 31, 2006. For the year ended December 31, 2007, selling, general and administrative expenses were $78.5 million, compared to $51.4 million for the year ended December 31, 2006. The increase in both periods was primarily due to spending in preparation for the anticipated launch of Once-A-Day LUVOX CR (fluvoxamine maleate) Extended-Release Capsules, increased headcount and higher expenses to support the company’s sales force, offset in part by lower legal fees.
Jazz Pharmaceuticals’ unrestricted cash, cash equivalents and marketable securities balance as of December 31, 2007 was $102.9 million. Net operating cash used during the year ended December 31, 2007 was $81.1 million.
Jazz Pharmaceuticals will be hosting an Investor Day on March 13, 2008 beginning at 10:00 a.m. Eastern Time/7:00 a.m. Pacific Time. The event will include presentations by Jazz Pharmaceuticals executives and by Dr. Mark H. Pollack, a noted psychiatrist at Massachusetts General Hospital and Professor at Harvard Medical School, who will speak about obsessive compulsive disorder and social anxiety disorder. The event will be available by live audio webcast, and the accompanying presentation materials will also be available on the investor relations section of Jazz Pharmaceuticals’ web site at http://www.JazzPharmaceuticals.com.
Jazz Pharmaceuticals will host an investor conference call and live audio webcast to discuss its financial results and provide a business update on its commercial and development activities on February 13, 2008 commencing at 5:00 p.m. Eastern Time/2:00 p.m. Pacific Time. The live webcast may be accessed on Jazz Pharmaceuticals’ website at http://www.JazzPharmaceuticals.com. Please connect to the website prior to the start of the conference call to ensure adequate time for any software downloads that may be necessary. An archived version of the webcast will be available through February 27, 2008. Investors may participate in the conference call by dialing 1-800-299-0148 in the U.S., or 1-617-801-9711 outside the U.S., and entering passcode 72272011. A replay of this call will be available until February 27, 2008 by phone at 1-888-286-8010 (U.S.), or 1-617-801-6888 (international), using the passcode 23908777.
About Jazz Pharmaceuticals, Inc.
Jazz Pharmaceuticals is a specialty pharmaceutical company focused on identifying, developing and commercializing innovative products to meet unmet medical needs in neurology and psychiatry. For further information see http://www.JazzPharmaceuticals.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements, including, but not limited to, statements related to the anticipated regulatory approval and planned commercial launch of LUVOX CR and the continued development of Jazz Pharmaceuticals’ product candidates. These forward-looking statements are based on the company’s current expectations and inherently involve significant risks and uncertainties. Jazz Pharmaceuticals’ actual results and the timing of events could differ materially from those anticipated in such forward looking statements as a result of these risks and uncertainties, which include, without limitation, the risk that the FDA may not approve LUVOX CR for marketing in the United States; risks related to the launch of LUVOX CR; risks related to the development of Jazz Pharmaceuticals’ product candidates, including the risk that study or clinical trial results may require Jazz Pharmaceuticals to discontinue the development of one or more product candidates; and risks related to the uncertain and time-consuming regulatory approval process. These and other risk factors are discussed under “Risk Factors” in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 filed by Jazz Pharmaceuticals with the Securities and Exchange Commission on November 9, 2007. Jazz Pharmaceuticals undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
CONTACT: Karen L. Bergman, +1-650-575-1509, or Michelle Corral,
+1-415-794-8662, both of BCC Partners, for Jazz Pharmaceuticals, Inc.; or
Jim Karrels, Executive Director, Finance, of Jazz Pharmaceuticals, Inc.,
+1-650-496-2800, investorinfo@jazzpharmaceuticals.com
Web site: http://www.JazzPharmaceuticals.com/
