Specialty pharmaceutical company Jazz Pharmaceuticals, Inc. reported Thursday a profit for the third quarter compared to a loss last year, boosted by strong sales growth across both its products, Xyrem and Luvox. Both adjusted earnings per share and quarterly revenues came in above analysts' expectations.
The company's stock was up 13% in after-hours trading after it significantly raised earnings and product sales forecast for the full-year 2010, citing higher projected sales of Xyrem and lower expected expenses.
The Palo Alto, California-based company reported net income of $13.24 million or $0.32 per share for the third quarter, compared to a net loss of $1.67 million or $0.05 per share for the prior-year quarter.
Excluding items, adjusted net income for the third quarter climbed to $17.25 million or $0.41 per share from $2.11 million or $0.06 per share in the prior year quarter.
On average, four analysts polled by Thomson Reuters expected the company to earn $0.34 per share for the third quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter increased 45% to $44.75 million from $30.81 million in the same quarter last year, and topped four Wall Street analysts' consensus estimate of $42.63 million.
Net product sales for the third quarter surged 46% to a record $43.84 million from $30.0 million in the prior-year quarter.
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