Jazz's 3Q Hit by Slow Vyxeos Uptake, but Xyrem Sales Stay Strong; Maintaining $153 FVE
Jazz Pharmaceuticals' total third-quarter revenue of $469 million represents a 14% increase from last year, driven by Xyrem sales and the launch of Vyxeos. However, Vyxeos uptake has been slower than we anticipated, and the firm reported continued supply shortages with Erwinaze. After adjusting our near-term expectations for lower revenue and lower research and development spending, we don’t anticipate a material change to our fair value estimate of $153 per share. However, while strong Xyrem sa...Jazz Pharmaceuticals is a biopharmaceutical company focused on identifying, developing and commercializing products that address unmet medical needs. Co.'s products and product candidates focus on sleep and hematology/oncology. Co.'s products are: Xyrem® oral solution, which treats both cataplexy and excessive daytime sleepiness, in patients with narcoleps; Erwinaze®, which treats patients with acute lymphoblastic leukemia, who have developed hypersensitivity to E. coli-derived asparaginase; and Defitelio®, which treats adult and pediatric patients with hepatic veno-occlusive disease, with renal or pulmonary dysfunction following hematopoietic stem cell transplantation.
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