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Jazz Pharma 3Q loss narrows on Xyrem sales

Jazz Pharmaceuticals' 3rd-quarter loss narrows on sales of sleep disorder drug Xyrem

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JAZZ8.440.00
Chart for Jazz Pharmaceuticals, Inc.
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On Friday November 6, 2009, 9:52 am EST

PALO ALTO, Calif. (AP) -- Jazz Pharmaceuticals Inc. said late Thursday its third-quarter loss narrowed as sales of the sleep disorder treatment Xyrem climbed sharply.

The company lost $1.7 million, or 5 cents per share, compared with a loss of $28.8 million, or $1.07 per share, during the year-ago period. Revenue rose 74 percent to $30.8 million from $17.7 million.

Analysts polled by Thomson Reuters expected a loss of 14 cents per share on revenue of $28.7 million.

Xyrem sales rose 76 percent to $25 million. Sales of extended-release Luvox CR for social anxiety disorder and obsessive compulsive disorder more than doubled to $5 million.

Looking ahead, the company said it expects revenue between $122 million and $127 million in 2009, up from prior guidance of $112 million to $122 million.

Shares of Jazz Pharmaceuticals slid 58 cents, or 7.7 percent, to $6.98 in morning trading Friday. The stock has traded in a 52-week range of 51 cents to $11.88.

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