PALO ALTO, Calif., Jazz Pharmaceuticals, Inc. (Nasdaq: JAZZ) today announced financial results for the quarter ended March 31, 2009. Total revenues for the first quarter of 2009 were $22.1 million, compared to $14.6 million for the first quarter of 2008. Xyrem(R) (sodium oxybate) oral solution net sales for the first quarter of 2009 were $17.7 million, an increase of 56% over net sales of $11.3 million for the first quarter of 2008. This increase reflects the effect of significant price increases over the past twelve months and sales volume growth. Net sales of once-daily Luvox CR(R) (fluvoxamine maleate) Extended Release Capsules were $3.6 million for the first quarter of 2009.
Jazz Pharmaceuticals' cash and cash equivalents as of March 31, 2009 were $17.0 million. On March 31, 2009, Jazz Pharmaceuticals did not pay $5.1 million in interest due to the holders of the $119.5 million principal amount of its senior secured notes due June 2011, and Jazz Pharmaceuticals remains in default on the notes. The total overdue interest due on the notes through March 31, 2009 is $9.6 million.
"Our focus for the remainder of 2009 will be on increasing sales of our commercial products for their approved indications and submitting the NDA (New Drug Application) for JZP-6, our sodium oxybate product currently in Phase III clinical trials for the treatment of fibromyalgia," said Bruce Cozadd, Chairman and Chief Executive Officer. "We are pleased to report that we have completed the second pivotal trial for JZP-6 and expect to announce the results in mid-2009. We remain on track to submit our NDA for JZP-6 by the end of the year," he continued.
Research and development expenses for the first quarter of 2009 were $11.4 million, compared to $21.2 million for the first quarter of 2008. Reduced expenses in the first quarter of 2009 reflect Jazz Pharmaceuticals' decision that its JZP-4, JZP7, and JZP-8 programs will continue to the next phase of development only upon partnering or other funding for the programs.
Selling, general and administrative expenses for the first quarter of 2009 were $14.2 million, compared to $32.8 million for the first quarter of 2008. The decrease in the first quarter of 2009 reflects a decrease in spending on Luvox CR and the 2008 reductions in force.
Jazz Pharmaceuticals' net loss for the first quarter of 2009 was $13.0 million, compared to a net loss of $46.7 million for the first quarter of 2008.
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