PALO ALTO,
Calif. (AP) — Jazz Pharmaceuticals
Inc. said Monday that its fourth-quarter profit surged on a boost in sales of
its narcolepsy drug Xyrem.
The company earned $24.5 million, or 56 cents per share, up
from $5.7 million, or 17 cents per share, during the same period a year prior.
Revenue rose 40 percent to $53.4 million from $38.3 million.
Excluding charges, the company earned 63 cents per share.
Analysts surveyed by FactSet expected profit of 50 cents per share on $51.1
million in revenue.
Jazz markets Xyrem for daytime sleepiness in patients who
have narcolepsy, and also for cataplexy, a condition associated with narcolepsy
that causes sudden and brief losses of muscle control. Its other approved drug,
Luvox CR, is a treatment for obsessive compulsive disorder and social anxiety
disorder. The company said Xyrem revenue grew 36 percent to $42.9 million while
Luvox sales rose to 65 percent to $9.4 million. Jazz also reported about $1
million in revenue from royalties and contracts.
For the full year, the company earned $32.8 million, or 83
cents per share, compared with a loss of $6.8 million, or 23 cents per share,
in 2009. Revenue rose to $173.8 million from $128.4 million.
Looking ahead, the company expects adjusted profit in 2011
between $2.70 and $2.90 per share. Analysts expect $2.50 per share in profit.
Jazz shares jumped $1.01, or 3.7 percent, to $28.31 in
afterhours trading after rising 19 cents to close at $27.30 during the regular
trading session.
