Jazz Raises Full Year Earnings Guidance

 2021 Financial Guidance1

Jazz Pharmaceuticals is updating its full year 2021 financial guidance. This guidance reflects the Company's current and future expected operational performance, including COVID-19 related impacts, the strength of its underlying operations and the prioritization of new and ongoing value creating development projects.

The Company is raising its full-year earnings guidance, resulting in a reduced GAAP net loss and increased non-GAAP adjusted net income (ANI) on an absolute and per share basis. The updated non-GAAP ANI range exceeds the upper end of the prior range. The Company is reducing both SG&A and R&D expense guidance on a GAAP and non-GAAP adjusted basis, reflecting progress within its transformation initiatives, improved financial discipline and strategic capital allocation. The Company is narrowing its net sales guidance range for neuroscience and oncology, with a reduced mid-point for oncology net sales guidance which reflects the ongoing impacts of COVID-19 on our legacy products and the Rylaze competitive landscape at launch in 3Q21, resulting in a reduced mid-point for total revenues guidance.

	Guidance provided as of
(In millions)	August 3, 2021		November 9, 2021
Revenues	$3,020 - $3,180		$3,020 - $3,100
-Neuroscience	$2,260 - $2,360		$2,275 - $2,345
-Oncology	$715 - $835		$715 - $735

GAAP:

	Guidance provided as of
(In millions, except per share amounts and percentages)	August 3, 2021		November 9, 2021
Gross margin %	85%		85%
SG&A expenses	$1,468 - $1,560		$1,400 - $1,451
SG&A expenses as % of total revenues	46% - 52%		45% - 48%
R&D Expenses	$542 - $596		$514 - $548
R&D expenses as % of total revenues	17% - 20%		17% - 18%
Effective tax rate	(58%) - (102%)		(110%) - (183%)
Net loss	($560) - ($400)		($420) - ($320)
Net loss per diluted share	($9.40) - ($6.70)		($7.00) - ($5.40)2
Weighted-average ordinary shares used in per share calculations	60		60

Non-GAAP:

	Guidance provided as of
(In millions, except per share amounts and percentages)	August 3, 2021		November 9, 2021
Gross margin %	93%		93%3,7
SG&A expenses	$1,120 - $1,180		$1,060 - $1,1004,7
SG&A expenses as % of total revenues	35% - 39%		34% - 36%
R&D Expenses	$500 - $540		$465 - $4855,7
R&D expenses as % of total revenues	16% - 18%		15% - 16%
Effective tax rate	13% - 15%		11% - 13%6,7
Adjusted net income	$830 - $910		$925 - $965
Net income per diluted share	$13.40 - $14.70		$15.10 - $15.802,7
Weighted-average ordinary shares used in per share calculations	62		61

https://www.prnewswire.com/news-releases/jazz-pharmaceuticals-announces-third-quarter-2021-financial-results-and-raises-full-year-earnings-guidance-301420245.html