Jazz Pharmaceuticals Reports Full Year And Fourth Quarter 2012 Financial Results
Jazz Pharmaceuticals Reports Full Year And Fourth Quarter 2012 Financial
Results
PR Newswire
DUBLIN, Feb. 26, 2013
- Record Total Revenues of $586 Million in 2012 -
- Company Provides Guidance for Full Year 2013 Total Revenues of $805 to $835
Million -
DUBLIN, Feb. 26, 2013 /PRNewswire/ -- Jazz Pharmaceuticals plc (Nasdaq: JAZZ)
today announced financial results for the full year and fourth quarter ended
December 31, 2012.
"2012 was a transformational year, with the acquisitions of Azur Pharma and
EUSA Pharma expanding our business and allowing us to improve more patients'
lives," said Bruce Cozadd, chairman and chief executive officer of Jazz
Pharmaceuticals plc. "In 2013, we anticipate continued strong growth in
revenues and earnings driven by our core products. In addition, we plan to
pursue business development opportunities for additional specialty products
that leverage our unique expertise and infrastructure."
Adjusted net income for 2012 was $290.4 million, or $4.82 per diluted share,
compared to 2011 adjusted net income of $164.9 million, or $3.52 per diluted
share. Adjusted net income for the fourth quarter of 2012 was $93.9 million,
or $1.53 per diluted share, compared to $55.4 million, or $1.17 per diluted
share, for the fourth quarter of 2011.
GAAP income from continuing operations for 2012 was $261.1 million, or $4.34
per diluted share, compared to $125.0 million, or $2.67 per diluted share for
2011. GAAP income from continuing operations for the fourth quarter of 2012
was $166.2 million, or $2.71 per diluted share, compared to $37.5 million, or
$0.79 per diluted share, for the fourth quarter of 2011.
GAAP net income for 2012 was $288.6 million, or $4.79 per diluted share,
compared to $125.0 million, or $2.67 per diluted share for 2011. GAAP net
income for the fourth quarter of 2012 was $200.6 million, or $3.28 per diluted
share, compared to $37.5 million, or $0.79 per diluted share, for the same
period of 2011. GAAP net income for the full year and fourth quarter of 2012
included the results of the discontinued women's health business and the
reversal of the valuation allowance against substantially all of the company's
U.S. deferred tax assets as discussed below. Also, GAAP net income in the 2012
periods reflected various acquisition-related expenses, including transaction,
integration and restructuring expenses, as well as certain non-cash expenses.
A reconciliation of applicable GAAP to non-GAAP adjusted information is
included with this press release.
2012 Revenues and Product Sales
Total revenues for the full year ended December 31, 2012 were $586.0 million,
an increase of 115% over total revenues of $272.3 million for the year ended
December 31, 2011. Total revenues for the fourth quarter of 2012 were $183.7
million, compared to $83.5 million for the fourth quarter of 2011. Increases
in total revenues for both the year and the quarter ended December 31, 2012
were driven primarily by inclusion of revenues from the acquired Azur Pharma
and EUSA Pharma businesses and increased net sales of Xyrem® (sodium oxybate)
oral solution.
Total revenues for the full year and quarter ended December 31, 2012 included
net sales, royalties and contract revenues. A table showing pro forma net
sales for the full year and fourth quarter 2012 compared to 2011 is included
in this press release.
Net sales for the full year and fourth quarter of 2012 were as follows:
* Xyrem: 2012 Xyrem sales increased by 62% to $378.7 million, compared to
$233.3 million during the prior year. Net sales of Xyrem were $113.5
million for the fourth quarter of 2012, compared to net sales of $71.8
million for the fourth quarter of 2011. During the fourth quarter of
2012, the average number of active Xyrem patients was approximately
10,450.
* Erwinaze®/Erwinase® (asparaginase Erwinia chrysanthemi ): 2012
worldwide net sales of Erwinaze/Erwinase from the EUSA Pharma acquisition
closing date of June 12, 2012 were $72.1 million. Full year pro forma net
sales of Erwinaze/Erwinase were $131.9 million. 2012 fourth quarter
worldwide net sales of Erwinaze/Erwinase were $34.4 million.
* Prialt® (ziconotide) intrathecal infusion: 2012 net sales of Prialt were
$26.4 million, including $4.6 million related to a supply agreement to
provide Prialt to Eisai Co. for distribution and sale in Europe recorded
in the first quarter of 2012. 2012 fourth quarter net sales of Prialt
were $5.9 million.
* Psychiatry Products : 2012 net sales of the company's psychiatry
products, including once-daily Luvox CR® (fluvoxamine maleate), FazaClo®
(clozapine, USP) HD and FazaClo LD, were $76.5 million. 2012 fourth
quarter net sales of the psychiatry products were $18.0 million.
* Other: Net sales of other products for the full year and fourth quarter
of 2012 were $26.9 million and $10.2 million, respectively. "Other"
includes products acquired in the EUSA Pharma and Azur Pharma transactions
that are not mentioned above.
Operating Expenses and Other
Operating expenses for 2012 increased to $388.1 million compared to $144.4
million for 2011. Operating expenses for the fourth quarter of 2012 increased
to $116.3 million compared to $45.9 million for the same period of 2011.
Operating expenses increased over the prior year for the following reasons:
* Cost of product sales for 2012 was $78.4 million compared to $13.9 million
for 2011. Cost of product sales for the fourth quarter of 2012 was $25.8
million compared to $3.9 million for the same period of 2011. The
increases in both periods were due primarily to higher net sales, with the
full year 2012 cost of product sales also reflecting $16.8 million of
acquisition accounting inventory fair value step-up adjustments.
* Gross margin for 2012, as a percentage of product sales, was 86.5%
compared to 94.8% for 2011. Gross margin for the fourth quarter of 2012,
as a percentage of product sales, was 85.8% compared to 95.2% for 2011.
Our gross margin percentage in 2012 as compared to 2011 was lower
primarily due to the effect of the acquisition accounting inventory fair
value step-up adjustments recorded as cost of product sales and also due
to the impact of changes in our product mix in 2012.
* Selling, general and administrative and research and development expenses
for 2012 totaled $244.4 million compared to $123.1 million for 2011.
Selling, general and administrative and research and development expenses
for the fourth quarter of 2012 totaled $68.7 million compared to $40.1
million for the same period of 2011. The increases in both periods
reflected higher headcount and related expenses, sales and promotional
expenses, professional fees and transaction, integration and restructuring
costs due primarily to the expansion of our business as a result of the
Azur Pharma and EUSA Pharma transactions.
* Intangible asset amortization for the full year and fourth quarter of 2012
was $65.4 million and $21.9 million, respectively, primarily related to
the company's expanded product portfolio.
Full year and fourth quarter of 2012 net interest expense was $16.9 million
and $7.7 million, respectively. As of December 31, 2012, the balance of cash
and cash equivalents was $387.2 million and the remaining balance on the term
loan was $456.8 million.
During the fourth quarter of 2012, the company reversed the valuation
allowance against substantially all of its U.S. deferred tax assets, since the
realization of those assets was deemed to be more likely than not, and
recorded a non-recurring income tax benefit of $104.2 million. This tax
benefit was reflected in the company's GAAP results for the fourth quarter and
full year of 2012.
In addition, during the fourth quarter of 2012, the company sold its women's
health business for $97.6 million and recorded a non-recurring gain of $35.2
million. Financial results from the women's health business are reported as
discontinued operations for all periods presented.
2013 Financial Guidance
Jazz Pharmaceuticals is providing the following 2013 guidance:
Revenues $805-$835 million
Total Net Product Sales $798-$827 million
-Xyrem Net Sales-Erwinaze/Erwinase
Net Sales $530-$540 million$155-$165 million
Adjusted Gross Margin %(1, 3) 87-89%
Adjusted Combined SG&A and R&D
Expenses(2,3) $260-$275 million
GAAP Net Income Per Diluted Share $3.17-$3.47
Adjusted Net Income Per Diluted
Share(3) $5.70-$5.90
1. Excludes $4 million of acquisition
accounting inventory fair value step-up
and $2 million in share-based compensation
expense from estimated GAAP gross margin
of 86-88%.
2. Excludes $46-$48 million of share-based
compensation expense, $15 million related
to a change in fair value of contingent
consideration, $4 million of depreciation
expense and $1-2 million of transaction,
integration and restructuring costs from
estimated GAAP combined SG&A and R&D
expenses of $325-$340 million.
3. See "Non-GAAP Financial Measures" below.
A reconciliation of non-GAAP adjusted
guidance measures shown above is included
with this press release.
Conference Call Details
Jazz Pharmaceuticals will host an investor conference call and live audio
webcast today at 4:30 p.m. EST (9:30 p.m. GMT) to provide a business and
financial update and discuss 2012 full year and fourth quarter results and
2013 financial guidance. The live webcast may be accessed from the Investors &
Media section of the company's website at www.jazzpharmaceuticals.com . Please
connect to the website prior to the start of the conference call to ensure
adequate time for any software downloads that may be necessary. Investors may
participate in the conference call by dialing +1-800-920-8624 in the U.S., or
+1-617-597-5430 outside the U.S., and entering passcode 75109778.
An archived version of the webcast will be available for at least one week in
the Investors & Media section of the Jazz Pharmaceuticals website at
www.jazzpharmaceuticals.com .
About Jazz Pharmaceuticals
Jazz Pharmaceuticals plc is a specialty biopharmaceutical company focused on
improving patients' lives by identifying, developing and commercializing
innovative products that address unmet medical needs. The company has a
diverse portfolio of products in the areas of narcolepsy, oncology, pain and
psychiatry. The company's U.S. marketed products in these areas include:
Xyrem® (sodium oxybate) oral solution, Erwinaze® (asparaginase Erwinia
chrysanthemi ), Prialt® (ziconotide) intrathecal infusion, FazaClo®
(clozapine, USP) HD, FazaClo LD, and Luvox CR® (fluvoxamine maleate). Outside
of the U.S., Jazz Pharmaceuticals also has a number of products marketed by
its EUSA Pharma division. For further information, see
www.jazzpharmaceuticals.com .
Non-GAAP Financial Measures
To supplement Jazz Pharmaceuticals' financial results and guidance presented
on a GAAP basis, the company uses certain non-GAAP adjusted financial
measures. The company believes that these non-GAAP financial measures are
helpful in understanding its past financial performance and potential future
results, particularly in light of the effect of various acquisition and
divestiture transactions effected by the company during 2012. They are not
meant to be considered in isolation or as a substitute for comparable GAAP
measures, and should be read in conjunction with the consolidated financial
statements prepared in accordance with GAAP. Jazz Pharmaceuticals' management
regularly uses these supplemental non-GAAP financial measures internally to
understand, manage and evaluate its business and make operating decisions.
Compensation of executives is based in part on the performance of the
company's business based on certain of these non-GAAP measures. In addition,
Jazz Pharmaceuticals believes that the use of these non-GAAP measures enhances
the ability of investors to compare its results from period to period. The
non-GAAP adjusted financial measures as used by Jazz Pharmaceuticals in this
press release may be calculated differently from, and therefore may not be
directly comparable to, similarly titled measures used by the company's
competitors and other companies.
As used in this press release, (i) the historical adjusted net income measures
exclude from GAAP income from continuing operations, as applicable, revenue
related to upfront and milestone payments, amortization of intangible assets,
share-based compensation expense, acquisition accounting inventory fair value
step-up adjustments, transaction and integration costs, restructuring charges,
change in fair value of contingent consideration, loss on extinguishment of
debt, other non-cash expense/income, tax related to acquisition restructuring
and the release of the valuation allowance against substantially all of the
company's U.S. deferred tax assets, and adjust the income tax provision to the
estimated amount of taxes that are payable in cash; (ii) the adjusted net
income guidance measures exclude from estimated GAAP net income amortization
of intangible assets and depreciation, share-based compensation expense,
acquisition accounting inventory fair value step-up adjustments, transaction,
integration and restructuring costs, change in fair value of contingent
consideration, and other non-cash expense and adjust the income tax provision
to the estimated amount of taxes that are payable in cash; (iii) the adjusted
gross margin percentage guidance excludes from estimated GAAP gross margin
percentage share-based compensation expense and acquisition accounting
inventory fair value step-up adjustments; and (iv) the adjusted combined
selling, general and administrative and research and development expenses
guidance excludes from estimated GAAP combined selling, general and
administrative and research and development expenses share-based compensation
expense, transaction, integration and restructuring costs, depreciation, and
change in fair value of contingent consideration.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995
This press release contains forward-looking statements, including, but not
limited to, statements related to Jazz Pharmaceuticals' future financial
results and growth potential, including 2013 financial guidance, plans to
pursue business development opportunities and other statements that are not
historical facts. These forward-looking statements are based on Jazz
Pharmaceuticals' current expectations and inherently involve significant risks
and uncertainties. Actual results and the timing of events could differ
materially from those anticipated in such forward looking statements as a
result of these risks and uncertainties, which include, without limitation,
risks and uncertainties associated with maintaining and increasing sales of
and revenue from Xyrem, such as the potential introduction of generic
competition and changed or increased regulatory restrictions on Xyrem, as well
as similar risks related to effectively commercializing the company's other
marketed products, including Erwinaze and Prialt; protecting the company's
intellectual property rights; obtaining appropriate pricing and reimbursement
for the company's products in an increasingly challenging environment; ongoing
regulation and oversight by U.S. and non-U.S. regulatory agencies; dependence
on key customers and sole source suppliers; the difficulty and uncertainty of
pharmaceutical product development and the uncertainty of clinical success and
regulatory approval; the company's ability to identify and acquire, in-license
or develop additional products or product candidates to grow its business; and
potential restrictions on the company's ability and flexibility to pursue
future opportunities as a result of its substantial outstanding debt
obligations; as well as risks related to future opportunities and plans,
including the uncertainty of expected future financial performance and
results; and those risks detailed from time-to-time under the caption "Risk
Factors" and elsewhere in Jazz Pharmaceuticals plc's Securities and Exchange
Commission filings and reports (Commission File No. 001-33500), including in
the Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and
future filings and reports by the company, including the Annual Report on Form
10-K for the year ended December 31, 2012 . Jazz Pharmaceuticals undertakes no
duty or obligation to update any forward-looking statements contained in this
release as a result of new information, future events or changes in its
expectations.
JAZZ PHARMACEUTICALS PLC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
Revenues:
Product sales, net $ 181,942 $ 80,935 $ 580,527 $ 266,518
Royalties and contract revenues 1,761 2,601 5,452 5,759
Total revenues 183,703 83,536 585,979 272,277
Operating expenses:
Cost of product sales 25,763 3,862 78,425 13,942
Selling, general and
administrative 61,377 36,384 223,882 108,936
Research and development 7,277 3,764 20,477 14,120
Intangible asset amortization 21,907 1,862 65,351 7,448
Total operating expenses 116,324 45,872 388,135 144,446
Income from operations 67,379 37,664 197,844 127,831
Interest expense, net (7,670) (41) (16,869) (1,600)
Foreign currency loss (2,263) - (3,620) -
Loss on extinguishment of debt - (150) - (1,247)
Income from continuing operations
before
income tax benefit 57,446 37,473 177,355 124,984
Income tax benefit (108,760) - (83,794) -
Income from continuing operations 166,206 37,473 261,149 124,984
Income from discontinued
operations, net of tax 34,345 - 27,437 -
Net income $ 200,551 $ 37,473 $ 288,586 $ 124,984
Basic income per ordinary share:
Income from continuing
operations $ 2.87 $ 0.88 $ 4.61 $ 3.01
Income from discontinued
operations 0.59 - 0.48 -
Net income $ 3.46 $ 0.88 $ 5.09 $ 3.01
Diluted income per ordinary share:
Income from continuing
operations $ 2.71 $ 0.79 $ 4.34 $ 2.67
Income from discontinued
operations 0.57 - 0.45 -
Net income $ 3.28 $ 0.79 $ 4.79 $ 2.67
Weighted-average ordinary shares
used in
per share computations:
Basic 57,968 42,367 56,643 41,499
Diluted 61,234 47,451 60,195 46,798
JAZZ PHARMACEUTICALS PLC
SUMMARY OF PRODUCT SALES, NET
(In thousands)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
Xyrem $ 113,514 $ 71,845 $ 378,663 $ 233,348
Erwinaze/Erwinase (1) 34,423 - 72,083 -
Prialt (1) 5,869 - 26,360 -
Psychiatry:
Luvox CR 10,785 9,090 42,419 33,170
FazaClo LD (1) 4,118 - 22,023 -
FazaClo HD (1) 3,068 - 12,047 -
Other (1) 10,165 - 26,932 -
Total $ 181,942 $ 80,935 $ 580,527 $ 266,518
(1) Net sales for the year ended December 31, 2012 reported by Jazz
Pharmaceuticals plc include net sales from the historic Azur Pharma business
for the period beginning January 18, 2012 and net sales from the historic
EUSA Pharma business beginning June 12, 2012.
The following unaudited pro forma information represents the combined net
product sales for the three months and years ended December 31, 2012 and
2011, respectively, as if the merger with Azur Pharma, the acquisition of
EUSA Pharma and the disposition of the women's health business had each been
completed on January 1, 2011:
SUMMARY OF PRODUCT SALES, NET (PRO FORMA)
(In thousands)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
Xyrem $ 113,514 $ 71,845 $ 378,663 $ 233,348
Erwinaze/Erwinase 34,423 18,534 131,870 44,220
Prialt 5,869 5,773 26,699 20,600
Psychiatry:
Luvox CR 10,785 9,090 42,419 33,170
FazaClo LD 4,118 8,090 22,256 30,105
FazaClo HD 3,068 3,143 12,177 8,681
Other 10,165 12,688 48,873 52,622
Total pro forma net sales $ 181,942 $ 129,163 $ 662,957 $ 422,746
JAZZ PHARMACEUTICALS PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31, December 31,
2012 2011
ASSETS
Current assets:
Cash and cash equivalents $ 387,196 $ 82,076
Marketable securities - 75,822
Accounts receivable 75,480 34,374
Inventories 26,525 3,909
Prepaid expenses 7,445 1,690
Deferred tax assets, net 35,813 -
Other current assets 19,113 1,260
Total current assets 551,572 199,131
Property and equipment, net 7,281 1,557
Intangible assets, net 869,952 14,585
Goodwill 442,600 38,213
Deferred tax assets, net, non-current 74,850 -
Deferred financing costs 16,576 -
Other long-term assets 3,662 87
Total assets $ 1,966,493 $ 253,573
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 15,887 $ 5,129
Accrued liabilities 104,666 34,783
Current portion of long-term debt 29,688 -
Income taxes payable 39,884 -
Deferred tax liability, net 275 -
Purchased product rights liability - 4,500
Liability under government settlement - 7,320
Deferred revenue 1,138 1,138
Total current liabilities 191,538 52,870
Deferred revenue, non-current 6,776 7,915
Long-term debt, less current portion 427,073 -
Contingent consideration 34,800 -
Deferred tax liability, net, non-current 178,393 -
Other non-current liabilities 6,621 -
Total shareholders' equity 1,121,292 192,788
Total liabilities and shareholders' equity $ 1,966,493 $ 253,573
JAZZ PHARMACEUTICALS PLC
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
GAAP income from
continuing operations $ 166,206 $ 37,473 $ 261,149 $ 124,984
Intangible asset
amortization 21,907 1,862 65,351 7,448
Share-based
compensation expense 8,322 10,946 23,006 20,704
Acquisition accounting
inventory fair value
step-up 2,118 - 16,794 -
Transaction and
integration costs 1,129 5,271 18,821 11,245
Restructuring charges 609 - 2,789 -
Change in fair value of
contingent
consideration (1,400) - (300) -
Loss on extinguishment
of debt - 150 - 1,247
Other non-cash expense
(income) 1,291 (284) 2,860 (744)
Valuation allowance
release (104,247) - (104,247) -
Income tax adjustments (1,989) - 4,171 -
Adjusted net income $ 93,946 $ 55,418 $ 290,394 $ 164,884
GAAP income from
continuing operations $
per diluted share $ 2.71 $ 0.79 $ 4.34 2.67
Adjusted net income per $
diluted share $ 1.53 $ 1.17 $ 4.82 3.52
Shares used in
computing GAAP income
from continuing
operations and adjusted
net income per diluted
share amounts 61,234 47,451 60,195 46,798
JAZZ PHARMACEUTICALS PLC
RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED INFORMATION
CERTAIN LINE ITEMS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
December 31, 2012 December 31, 2011
GAAP Adjustment Non-GAAP GAAP Adjustment Non-GAAP
$ $ $ $ $
Total revenues 183,703 $ - 183,703 83,536 (284) (f) 83,252
Cost of
product sales 25,763 (2,614) (a) 23,149 3,862 (194) (c) 3,668
Selling,
general and
administrative 61,377 (7,242) (b) 54,135 36,384 (13,877) (g) 22,507
Research and
development 7,277 (922) (c) 6,355 3,764 (2,146) (c) 1,618
Intangible
asset
amortization 21,907 (21,907) - 1,862 (1,862) -
Interest
expense, net 7,670 (1,291) (d) 6,379 41 - 41
Foreign
currency loss 2,263 - 2,263 - - -
Loss on
extinguishment
of debt - - - 150 (150) -
Income tax (e)
provision
(benefit) (108,760) 106,236 (2,524) - - -
Income from
continuing
operations 166,206 (72,260) 93,946 37,473 17,945 55,418
Income from
continuing
operations per $ $ $ $
diluted share 2.71 1.53 0.79 1.17
(a) Acquisition accounting inventory fair value step-up of $2,118,
share-based compensation expense of $417 and restructuring expense of
$79.
(b) Share-based compensation expense of $6,983, transaction and integration
costs of $1,129 and restructuring charges of $530, partially offset by
change in fair value of contingent consideration of $1,400.
(c) Share-based compensation expense.
(d) Non-cash interest expense primarily associated with debt discount and
debt issuance costs.
(e) Release of the valuation allowance against substantially all U.S.
deferred tax assets of $104,247 and adjustments to convert the income tax
provision to the estimated amount of taxes payable in cash of $11,721,
partially offset by tax related to acquisition restructuring of $9,732.
(f) Revenue related to upfront and milestone payments.
(g) Share-based compensation expense of $8,606 and transaction and
integration costs of $5,271.
JAZZ PHARMACEUTICALS PLC
RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED INFORMATION
CERTAIN LINE ITEMS
(In thousands, except per share amounts)
(Unaudited)
Year Ended
December 31, 2012 December 31, 2011
GAAP Adjustment Non-GAAP GAAP Adjustment Non-GAAP
$ $ $ $ $
Total revenues 585,979 $ - 585,979 272,277 (1,138) (f) 271,139
Cost of
product sales 78,425 (18,380) (a) 60,045 13,942 (624) (c) 13,318
Selling,
general and
administrative 223,882 (40,090) (b) 183,792 108,936 (26,837) (g) 82,099
Research and
development 20,477 (2,640) (c) 17,837 14,120 (4,488) (c) 9,632
Intangible
asset
amortization 65,351 (65,351) - 7,448 (7,448) -
Interest
expense, net 16,869 (2,860) (d) 14,009 1,600 (394) (d) 1,206
Foreign
currency loss 3,620 - 3,620 - - -
Loss on
extinguishment
of debt - - - 1,247 (1,247) -
Income tax
provision
(benefit) (83,794) 100,076 (e) 16,282 - - -
Income from
continuing
operations 261,149 29,245 290,394 124,984 39,900 164,884
Income from
continuing
operations per $ $
diluted share 4.34 4.82 $ 2.67 $ 3.52
(a) Acquisition accounting inventory fair value step-up of $16,794,
share-based compensation expense of $1,416 and restructuring expense
of $170.
(b) Share-based compensation expense of $18,950, transaction and
integration costs of $18,821 and restructuring charges of $2,619,
partially offset by change in fair value of contingent consideration
of $300.
(c) Share-based compensation expense.
(d) Non-cash interest expense primarily associated with debt discount
and debt issuance costs.
(e) Release of the valuation allowance against substantially all U.S.
deferred tax assets of $104,247 and adjustments to convert the
income tax provision to the estimated amount of taxes payable in
cash of $20,940, partially offset by tax related to acquisition
restructuring of $25,111.
(f) Revenue related to upfront and milestone payments.
(g) Share-based compensation expense of $15,592 and transaction and
integration costs of $11,245.
JAZZ PHARMACEUTICALS PLC
CONDENSED CONSOLIDATED STATEMENTS OF DISCONTINUED OPERATIONS
(In thousands)
(Unaudited)
Three Months Year Ended
Ended December December 31,
31, 2012 2012
Product sales, net $ 1,596 $ 20,873
Income from discontinued operations, net of
taxes (1) $ 34,345 $ 27,437
(1) Includes gain on sale of $35,244 in both the three months and year ended
December 31, 2012.
JAZZ PHARMACEUTICALS PLC
RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED 2013 FINANCIAL GUIDANCE
(In millions, except per share amounts)
(unaudited)
GAAP net income $197 - $215
Intangible asset amortization and depreciation 79-80
Share-based compensation expense 48-50
Acquisition accounting inventory fair value step-up 4
Transaction, integration and restructuring costs 1 - 2
Change in fair value of contingent consideration 15
Other non-cash expense 5
Income tax adjustments 0-2
Adjusted net income $355 - $367
GAAP net income per diluted share $3.17 - $3.47
Adjusted net income per diluted share $5.70 - $5.90
Shares used in computing GAAP and adjusted
net income per diluted share amounts 62
Website: http://www.jazzpharmaceuticals.com
Contact: For Investors, Kathee Littrell, Vice President, Investor Relations,
Jazz Pharmaceuticals plc, Ireland, + 353 1 634 7887, U.S., +1-650-496-2717, or
for Media, Ami Knoefler, Executive Director, Investor Relations and Corporate
Communications, Jazz Pharmaceuticals plc, Ireland, + 353 1 638 1032, U.S.,
+1-650-496-2947
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