Jazz Closes On GW Pharma, Reports Results - Grow Life 420

Jazz Closes On GW Pharma, Reports Results

May 05, 2021

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Jazz Pharmaceuticals plc (Nasdaq: JAZZ) closed on its acquisition of GW Pharmaceuticals and announced financial results for the first quarter of 2021 and affirmed financial guidance for 2021. On February 3, 2021, the company said it planned to buy GW Pharmaceuticals for $220.00 per American Depositary Share for a total value of approximately $7.2 billion, or $6.7 billion net of GW cash.

“The addition of GW further diversifies our commercial portfolio and innovative pipeline with therapies that are complementary to our existing business, including Epidiolex, a high-growth commercial product with near-term blockbuster potential,” said Bruce Cozadd, chairman, and chief executive officer of Jazz Pharmaceuticals. “We are fortunate to be combining two companies that share a passion for, and track record of, developing differentiated therapies that advance science and the care of patients with often-overlooked diseases.”

The acquisition is expected to provide accelerated double-digit top-line revenue growth and to be accretive in the first full calendar year of combined operations, and substantially accretive thereafter. Jazz’s strong cash flow profile provides the capability to rapidly deleverage to a target net leverage of less than 3.5x by the end of 2022. Chris Tovey, chief operating officer (COO) of GW since 2012, will join Jazz’s executive management as executive vice president, chief operating officer, and managing director Europe & International, reporting to Dan Swisher, president.


Total revenues increased 14% in the first quarter of 2021 to $607 million compared to the same period in 2020 which was $534 million. This was on target the average analyst estimates according to Yahoo Finance but missed the Zacks Consensus Estimate of $613.0 million. GAAP net income for the first quarter of 2021 was $121.8 million, or $2.09 per diluted share, compared to a GAAP net loss of $157.8 million, or $2.82 per diluted share, for the first quarter of 2020. Non-GAAP adjusted net income for the first quarter of 2021 was $228.8 million, or $3.92 per diluted share, compared to $25.8 million, or $0.45 per diluted share, for the first quarter of 2020.

“Demand for Xywav is strong, as both patients and physicians embrace the health benefits associated with reducing daily sodium intake. We also continue to see robust uptake of Zepzelca among both platinum-resistant and platinum-sensitive small cell lung cancer patients, consistent with the positive feedback we’ve received on its profile,” said Cozadd. “We are on track to deliver significant revenue growth and diversification in 2022, are poised for two additional product launches this year.”

Robert Iannone, M.D., M.S.C.E., executive vice president, research and development, and chief medical officer, added, “Across our R&D organization, we’ve continued our track record of strong execution. We presented positive Xywav data in idiopathic hypersomnia (IH) at the American Academy of Neurology Annual Meeting. We are also pleased to have announced that FDA granted priority review of Xywav in IH with a PDUFA goal date set for August 12, 2021, bringing us another step closer to delivering this important treatment to patients with IH, for whom there is currently no FDA-approved therapy. Further, our JZP458 program remains on track with a potential approval in mid-2021. I’m proud that our continued execution enables us to bring life-changing medicines to often overlooked patient groups with significant unmet need.”

The average price target for Jazz is $203 and the stock is currently selling at $166.


The post Jazz Closes On GW Pharma, Reports Results appeared first on Green Market Report.


via www.KahliBuds.com

Staff, KahliBuds, 420GrowLife

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