Jazz Pharma Earnings Increase due to Growth of Narcolepsy Drug Xyrem
Dublin, Ireland – Jazz Pharmaceuticals plc (Nasdaq: JAZZ) today announced financial results for the third quarter ended September 30, 2012. These results reflect the first full quarter of operations following completion of the EUSA Pharma acquisition in June. The company also reported the results of its women’s health business, which was sold in October, as discontinued operations.
“During the third quarter, we completed the integration of EUSA Pharma’s U.S. commercial business, and our R&D group is working to coordinate worldwide Erwinaze® and Asparec® development activities,” said Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals. “I am very pleased that we have been able to complete two important acquisitions and a divestiture of our non-core women’s health business this year, while continuing to deliver solid results fueled by growing sales of key products.”
Third quarter 2012 adjusted income from continuing operations, which excluded contributions from the discontinued women’s health business, was $78.6 million, or $1.29 per diluted share. Adjusted income for the discontinued women’s health business was $3.0 million, or $0.05 per diluted share, for a total of $1.34 per share on a combined basis.
GAAP income from continuing operations for the third quarter of 2012 was $33.6 million, or $0.56 per diluted share, and GAAP loss from the discontinued women’s health business was $0.4 million, or$0.01 per diluted share. GAAP net income for the third quarter of 2012 was $33.2 million, or $0.55 per diluted share.
GAAP net income was impacted by various acquisition-related expenses, which included transaction, integration and restructuring expenses, as well as certain non-cash expenses. A reconciliation of certain GAAP to non-GAAP adjusted information is included with this press release.
Source: Jazz Pharmaceuticals
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