Jazz Pharmaceuticals plc reported significant financial performance for the third quarter and the nine months ended September 30, 2024, reflecting a robust growth trajectory. Total revenues for Q3 2024 reached $1,054.97 million, a 9% increase from $972.14 million in Q3 2023. Year-to-date revenues also rose to $2,980.78 million, up 6% from $2,822.27 million in the same period last year. This growth was primarily driven by a 5% increase in net product sales, which totaled $989.71 million in Q3 2024 compared to $938.40 million in Q3 2023.
Key product lines contributed to this revenue growth. Sales of Xywav, a treatment for narcolepsy, increased by 17% in Q3 2024, reaching $388.47 million, while sales of Epidiolex/Epidyolex rose by 18% to $251.56 million. However, Xyrem sales saw a significant decline of 54%, attributed to competition from authorized generic versions. For the nine months ended September 30, 2024, Xyrem sales volumes decreased by 59% compared to the same period in 2023.
Profitability metrics also improved, with net income for Q3 2024 at $215.06 million, up from $146.82 million in Q3 2023. Year-to-date net income increased to $369.01 million from $320.68 million in the prior year. The diluted net income per share for Q3 2024 was $3.42, compared to $2.14 in Q3 2023.
The company’s balance sheet showed a strong liquidity position, with cash and cash equivalents increasing to $2,218.14 million as of September 30, 2024, up from $1,506.31 million at the end of 2023. Total current assets also rose to $4,390.42 million, while total current liabilities decreased to $1,029.98 million. Long-term debt increased to $6,080.80 million from $5,107.99 million at the end of 2023.
Strategically, Jazz Pharmaceuticals has been active in share repurchases, spending $311.4 million to repurchase 2.8 million ordinary shares in the nine months ended September 30, 2024. The company has also been focusing on expanding its product pipeline, particularly in neuroscience and oncology, with ongoing clinical trials for several candidates, including zanidatamab and JZP815.
Overall, Jazz Pharmaceuticals is navigating a competitive landscape while maintaining a focus on growth through product innovation and strategic financial management.
About Jazz Pharmaceuticals plc
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