PALO ALTO, Calif. (AP) -- Jazz Pharmaceuticals Inc.'s profit more than doubled in the third quarter as sales of its narcolepsy drug Xyrem improved.
Jazz said Tuesday that its net income rose to $32.5 million, or 69 cents per share, from $13.2 million, or 32 cents per share.
Excluding costs related to its pending acquisition of Azur Pharma Ltd. and other items, the company said it earned 94 cents per share. Its revenue increased 64 percent, to $73.3 million from $44.8 million.
Analysts expected Jazz to report a profit of 86 cents per share and $73.4 million in revenue, according to FactSet.
The company said sales of Xyrem rose 68 percent to $62.5 million. The drug is approved as a treatment for narcolepsy and for cataplexy, a condition associated with narcolepsy that causes sudden and brief losses of muscle control.
Sales of Luvox CR, a treatment for obsessive compulsive disorder and social anxiety disorder, grew 46 percent to $9.7 million. Jazz also reported $1.1 million in royalty and contract revenue.
In September, Jazz agreed to acquire Azur Pharma in an all-stock deal. If the deal goes through, the company will be incorporated in Ireland and will change its name to Jazz Pharmaceuticals PLC. Jazz shareholders would own about 80 percent of the company. Jazz said the new company will have around $475 million in revenue in the first year after the sale closes.
Jazz raised its 2011 profit forecast to a range of $3.45 to $3.50 per share excluding one-time items. Previously it called for a profit of $3.15 to $3.25 per share. It now forecasts $261 million to $268 million in product sales, up from $247 million to $260 million.
Analysts had expected the company to report a profit of $3.07 per share and $271.9 million in total revenue on average.
The new outlook calls for $230 million to $235 million in Xyrem sales, up from $215 million to $225 million, and $31 million to $33 million from Luvox CR.
Shares of Jazz Pharmaceuticals fell 3 percent to $37.80 Tuesday. In aftermarket trading, the stock rose 40 cents to $38.20.
- Jazz Pharmaceuticals Inc.
- narcolepsy drug