Summary: Jazz Pharmaceuticals reported record third-quarter 2024 revenues of over $1.05 billion, with strong performance from its sleep portfolio. The growth was driven by a 17% increase in Xywav sales and a 100% increase in high-sodium oxybate authorized generic (AG) royalties, although this was partially offset by a decline in Xyrem sales. Xywav, Jazz’s low-sodium treatment for narcolepsy and idiopathic hypersomnia (IH), added approximately 400 new patients, bringing the total to over 13,600 active patients. This sleep portfolio performance, alongside continued demand for Epidiolex and Rylaze, reinforces the company’s revenue guidance of $4 to $4.1 billion for the year.
Key Takeaways:
- Record Revenue Achieved: Jazz Pharmaceuticals reached over $1.05 billion in Q3 revenue, supported by contributions from sleep therapies and key products across its portfolio.
- Sleep Portfolio Growth: Xywav sales grew by 17%, with high-sodium oxybate AG royalties increasing by 100%.
- Confidence in 2024 Revenue Guidance: The continued strong demand for Jazz’s sleep, epilepsy, and oncology treatments supports the company’s full-year revenue target of $4 to $4.1 billion.
Jazz Pharmaceuticals plc announced record revenues of more than $1.05 billion for the third quarter of 2024, driven in part by strong sleep performance.
The company saw a 14% year-over-year increase in revenue from its three key growth drivers combined: Xywav for narcolepsy and idiopathic hypersomnia (IH) treatment; Epidiolex for epilepsy; and Rylaze, part of a multiagent chemotherapy regimen.
“We continue to see robust patient demand for Xywav with approximately 400 net patient additions in the third quarter, supported by physician and patient appreciation of a low-sodium treatment option. Strong sleep performance coupled with continued Epidiolex performance gives us confidence in maintaining our total revenue guidance of $4 to $4.1 billion for 2024,” says Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals, in a release.
Commercial Updates in Sleep Portfolio
Xywav (calcium, magnesium, potassium, and sodium oxybates) oral solution:
- Xywav net product sales were $388.5 million in 3Q24, an increase of 17% compared to the same period in 2023.
- There were approximately 400 net patient adds for a total of approximately 13,625 active Xywav patients exiting 3Q24 comprised of:
- Approximately 10,075 narcolepsy patients.
- Approximately 3,550 idiopathic hypersomnia (IH) patients, with 250 net patient adds.
- The only low-sodium oxybate and the only therapy approved to treat IH.
- Presented top-line results from the phase 4 DUET (Develop hypersomnia Understanding by Evaluating low-sodium oxybate Treatment) trial at the Psych Congress 2024, which demonstrated efficacy and safety consistent with narcolepsy and IH phase 3 data. The prospective trial assesses the effect of Xywav treatment on excessive daytime sleepiness, polysomnography parameters, and functional outcomes in adults with narcolepsy or IH.
Xyrem (sodium oxybate) oral solution and high-sodium oxybate authorized generic (AG) royalties:
- Xyrem net product sales were $58.1 million in 3Q24, a decrease of 54% compared to the same period in 2023.
- Royalties from high-sodium oxybate AGs were $58.2 million in 3Q24, an increase of $29.2 million compared to the same period in 2023.
Total revenues increased 9% in 3Q24 compared to the same period in 2023. Total neuroscience revenue, including high-sodium oxybate AG royalty revenue, was $760.9 million in 3Q24, an increase of 8% compared to $704.0 million in 3Q23, primarily due to increased Xywav and epidiolex/epidyolex net product sales and increased high-sodium oxybate AG royalty revenue partially offset by decreased Xyrem revenues. The company also noted a 9% increase in its oncology portfolio.
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