Jazz Pharmaceuticals Sinks On Outlook, Halt In Drug Trial
Jazz Pharmaceuticals plc (NASDAQ: JAZZ) fell in the extended session Tuesday after the drug maker posted an outlook below expectations.
The company also said it voluntarily suspended patient enrollment in a Phase 2 trial of its leukemia drug, JZP-416, based on negative reactions in some patients.
The company is evaluating whether to resume the study, which began in the fourth quarter.
Shares changed hands recently at $171.51, down more than 2 percent.
The company forecast 2015 adjusted earnings of between $9.45 and $9.75 a share, on revenue of $1.31 billion to $1.37 billion.
Analysts expect 2015 adjusted earnings of $10.11 a share, on revenue of $1.4 billion.
For the recent fourth quarter, net income grew to $81.6 million, or $1.30 a share, from $55.3 million, or $0.90 a share a year earlier.
Adjusted profit for the recent period equaled $2.44 a share, while revenue increased 39 percent to $328.1 million, from $235.8 million last year.
Wall Street expected fourth-quarter earnings of $2.30 a share, on revenue of $319.1 million.
The company said it voluntarily suspended patient enrollment in the pivotal Phase 2 clinical trial of one of its leukemia drug, JZP-416, based on occurrence of hypersensitivity-like reactions in some patients.
The company is evaluating data to decide whether to resume the study.
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