DUBLIN - Jazz Pharmaceuticals plc (NASDAQ:JAZZ) today reported financial results for the fourth quarter of 2023, revealing an earnings miss and projecting weaker-than-expected earnings for 2024.
The company posted fourth quarter adjusted EPS of $5.02, falling short of the analyst consensus estimate of $5.18. Revenue for the quarter was aligned with expectations at $1.01 billion.
For fiscal year 2024, Jazz Pharmaceuticals anticipates adjusted EPS to be between $18.15 and $19.35, which is below the consensus estimate of $19.62. The company's revenue guidance for the same period is projected at $4-4.2 billion, with the midpoint slightly below the analyst consensus of $4.081 billion.
In response to the earnings release and future earnings guidance, shares of Jazz Pharmaceuticals dropped by 1.94%, indicating a negative market reaction to the news.
Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals, commented on the results, "2023 was a year of continued strong execution that delivered top- and bottom-line growth and over $3.8 billion in total revenue." He highlighted the success of key growth drivers such as Xywav®, Epidiolex®, and Rylaze®, which contributed to a 27% year-over-year revenue increase. Oncology revenue also reached a milestone, surpassing $1 billion in 2023.
Despite the earnings miss and cautious guidance for 2024, the company remains focused on its strategic growth drivers and pipeline advancements, expecting double-digit percentage revenue growth across combined key growth drivers.
Jazz Pharmaceuticals completed enrollment for the Phase 3 Zepzelca® trial in first-line small cell lung cancer and anticipates multiple late-stage pipeline catalysts in 2024.
Investors will be closely monitoring the company's progress, particularly as it works towards completing the rolling BLA submission for zanidatamab in second-line biliary tract cancer in the first half of 2024.
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