EX-99.1 2 d392897dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

JAZZ PHARMACEUTICALS ANNOUNCES SECOND QUARTER 2012 RESULTS

Company Reports Total Revenues of $130 Million

Adjusted EPS of $1.09

GAAP EPS of $0.45 Reflects Acquisition-Related Costs

Quarter Includes Partial-Period Operating Results of EUSA Pharma Business

Company Increases 2012 Financial Guidance

DUBLIN, August 7, 2012 — Jazz Pharmaceuticals plc (Nasdaq: JAZZ) today announced financial results for the second quarter ended June 30, 2012. These results include the first complete quarter of financial results following the Azur Pharma plc merger, as well as a partial month of results following completion of the acquisition of EUSA Pharma Inc. on June 12, 2012. Results for 2011 reflect only the financial results reported by Jazz Pharmaceuticals, Inc.

“The first six months of 2012 have been a time of tremendous progress for Jazz Pharmaceuticals as we’ve delivered strong organic sales growth led by Xyrem® and completed two important transactions. The Azur and EUSA acquisitions added attractive new products to our portfolio, brought increased depth to our team and expanded our geographic footprint,” said Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals. “We are particularly pleased by our year-over-year and sequential growth in adjusted net income, and we remain committed to our strategy of increasing sales of our current products, growing our product portfolio through corporate development and investing in focused development programs.”

Adjusted net income for the second quarter of 2012 was $66.2 million, or $1.09 per diluted share, reflecting both strong organic growth and the positive impact of the Azur Pharma and EUSA Pharma acquisitions. GAAP net income for the second quarter of 2012 was impacted by various non-recurring acquisition-related expenses and non-cash amortization expenses. For the quarter, GAAP net income was $27.1 million, or $0.45 per diluted share. A reconciliation of GAAP net income to adjusted net income and the related per diluted share amounts is included with this press release.

Revenues and Product Sales

Total revenues for the quarter ended June 30, 2012 were $129.5 million, including net sales, royalties and contract revenues.

Total net sales for the second quarter of 2012 increased to $128.3 million, driven by significant growth in Xyrem (sodium oxybate) oral solution net sales, as well as the addition of net sales from the expanded product portfolio resulting from the merger with Azur Pharma and a partial month of sales of Erwinaze® (asparaginase Erwinia chrysanthemi) and other products from the EUSA Pharma acquisition.


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Net sales for the second quarter of 2012 included:

 

   

Xyrem: Net sales of Xyrem increased by 59% to $89.1 million for the second quarter of 2012, compared to net sales of $56.2 million in the second quarter of 2011. During the second quarter of 2012, approximately 9,850 patients were on active therapy with Xyrem.

 

   

Erwinaze/Erwinase: Worldwide net sales of Erwinaze/Erwinase were $6.0 million, reflecting results for the partial month following the completion of the EUSA Pharma acquisition. For the full quarter, pro forma net sales were $32.9 million.

 

   

Psychiatry Products: Net sales of the company’s psychiatry products, including once-daily Luvox CR® (fluvoxamine maleate), FazaClo® (clozapine, USP) HD and FazaClo LD, were $19.8 million for the second quarter of 2012. Net sales of Luvox CR increased 44% compared to the second quarter of 2011. On a pro forma basis, total net sales of the FazaClo products were down 1% while the proportion of FazaClo HD sales increased from 20% to 36% compared to the prior year quarter.

 

   

Prialt: Second quarter 2012 net sales of Prialt® (ziconotide) intrathecal infusion were $5.6 million, an increase of 12% from the prior year quarter on a pro forma basis.

 

   

Other: Net sales of other products for the second quarter of 2012 were $7.9 million.

Other Financial Highlights

Additional financial information for the second quarter of 2012 includes:

 

   

Cost of product sales increased by $12.0 million compared to the second quarter of 2011 due to higher sales and $4.0 million of purchase accounting inventory fair value step-up.

 

   

Selling, general and administrative expenses increased by $38.5 million compared to the prior year quarter, primarily due to the inclusion of Azur Pharma and EUSA Pharma operations, and transaction and integration expenses of $10.6 million related to these acquisitions. Jazz Pharmaceuticals currently has approximately 650 employees worldwide.

 

   

Intangible asset amortization for the second quarter of 2012 was $15.8 million, related primarily to the company’s expanded product portfolio.

 

   

Jazz Pharmaceuticals financed the majority of the EUSA Pharma acquisition with a $475 million term loan. The company’s cash and cash equivalents totaled $154.5 million at June 30, 2012.

 

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2012 Financial Guidance

Jazz Pharmaceuticals is also providing the following updated financial guidance for 2012, which reflects the EUSA Pharma acquisition and expected results from and after June 12, 2012:

 

Total Revenues

   $605-$615 million

Total Net Product Sales

   $600-$610 million

-Xyrem Net Sales

   $375-$380 million

-Erwinaze/Erwinase Net Sales

   $65-$69 million

Total Gross Margin %1

   85%-88%

Combined SG&A and R&D expenses2

   $260-$270 million

GAAP Net Income

   $139-$154 million

GAAP Net Income Per Diluted Share

   $2.34-$2.57

Adjusted Net Income3

   $282-$291 million

Adjusted Net Income Per Diluted Share3

   $4.70-$4.85

 

1. Includes $19 million of purchase accounting inventory fair value step-up.

 

2. Includes share-based compensation, transaction and integration costs and change in fair value of contingent consideration related to the Azur Pharma and EUSA Pharma transactions of $49-$52 million.

 

3. A reconciliation of GAAP net income to adjusted net income and the related per diluted share amounts is included with this press release.

Conference Call Details

Jazz Pharmaceuticals will host an investor conference call and live audio webcast today at 4:30 p.m. EDT (9:30 p.m. IST) to provide a business and financial update and discuss 2012 second quarter results and 2012 guidance. The live webcast may be accessed from the Investors & Media section of the company’s website at www.jazzpharmaceuticals.com. Please connect to the website prior to the start of the conference call to ensure adequate time for any software downloads that may be necessary. Investors may participate in the conference call by dialing +1 866-804-6921 in the U.S., or +1 857-350-1667 outside the U.S., and entering passcode 13817577.

An archived version of the webcast will be available for at least one week in the Investors & Media section of the Jazz Pharmaceuticals website at www.jazzpharmaceuticals.com.

About Jazz Pharmaceuticals

Jazz Pharmaceuticals plc is a specialty biopharmaceutical company focused on improving patients’ lives by identifying, developing and commercializing products that address unmet medical needs. The company has a diverse portfolio of products in the

 

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areas of narcolepsy, oncology, pain, psychiatry and women’s health. The company’s U.S. marketed products in these areas include: Xyrem® (sodium oxybate), Erwinaze® (asparaginase Erwinia chrysanthemi), Prialt® (ziconotide) intrathecal infusion, FazaClo® (clozapine, USP) HD and FazaClo LD, Luvox CR® (fluvoxamine maleate) and Elestrin® (estradiol gel). Outside of the U.S., Jazz Pharmaceuticals also has a number of products marketed by its international division, EUSA Pharma.

Non-GAAP Financial Measures

To supplement Jazz Pharmaceuticals’ financial results presented on a GAAP basis, the company uses the non-GAAP measures adjusted net income and adjusted net income per diluted share as shown in the tables below. The company believes that these non-GAAP financial measures are helpful in understanding its past financial performance and potential future results. They are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read in conjunction with the consolidated financial statements prepared in accordance with GAAP. Jazz Pharmaceuticals’ management regularly uses these supplemental non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions. Compensation of executives is based in part on the performance of the company’s business based on these non-GAAP measures. In addition, Jazz Pharmaceuticals believes that the use of these non-GAAP measures enhances the ability of investors to compare its results from period to period. Adjusted net income and adjusted net income per diluted share, as used by Jazz Pharmaceuticals, may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by the company’s competitors and other companies. The non-GAAP historical financial measures and 2012 financial guidance exclude amortization of intangible assets, share-based compensation, purchase accounting inventory fair value step-up adjustments, transaction and integration costs, change in fair value of contingent consideration, other non-cash items and income tax adjustments.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements, including, but not limited to, statements related to Jazz Pharmaceuticals’ future financial results, strategy and growth potential, including 2012 financial guidance, and other statements that are not historical facts. These forward-looking statements are based on Jazz Pharmaceuticals’ current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with maintaining and increasing sales of and revenue from Xyrem, such as the potential introduction of generic competition and changed or increased regulatory restrictions on Xyrem, as well as similar risks related to effectively commercializing the company’s other marketed products, including Erwinaze and Prialt; successfully integrating and growing Jazz Pharmaceuticals’ combined business operations after the Azur Pharma merger and EUSA Pharma acquisition, which may be more difficult, time-consuming or costly than expected, particularly in light of the company’s expanded international footprint; obtaining appropriate pricing and reimbursement for the company’s products in an increasingly challenging environment; ongoing regulation and oversight by U.S. and foreign regulatory agencies; dependence

 

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on key customers and sole source suppliers; the company’s ability to protect intellectual property rights with respect to its products; the difficulty and uncertainty of pharmaceutical product development and the uncertainty of clinical success and regulatory approval; and potential restrictions on the company’s ability and flexibility to pursue future opportunities as a result of its substantial outstanding debt obligations; as well as risks related to future opportunities and plans, including the uncertainty of expected future financial performance and results; and those risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in Jazz Pharmaceuticals plc’s Securities and Exchange Commission filings and reports (Commission File No. 001-33500), including in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, as updated by the Current Reports on Form 8-K filed on June 4, 2012 and July 9, 2012, respectively, and future filings and reports by the company, including the Quarterly Report on Form 10-Q for the quarter ended June 30, 2012. Jazz Pharmaceuticals undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Contacts

Investors and Media:

Ami Knoefler

Executive Director, Investor Relations &

Corporate Communications

Ireland

   + 353 1 638 1032         

U.S.

   + 1 650-496-2947         

Investors:

William Craumer

Director, Investor Relations

U.S.

   +1 650-496-2750         

 

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JAZZ PHARMACEUTICALS PLC

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2012     2011     2012     2011  

Revenues:

        

Product sales, net

   $ 128,310      $ 63,464      $ 235,646      $ 113,367   

Royalties and contract revenues

     1,229        1,103        2,307        2,081   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     129,539        64,567        237,953        115,448   

Operating expenses:

        

Cost of product sales

     15,370        3,370        26,128        6,179   

Selling, general and administrative

     60,638        22,094        107,637        42,005   

Research and development

     2,321        3,382        6,280        7,077   

Intangible asset amortization

     15,751        1,862        29,264        3,724   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     94,080        30,708        169,309        58,985   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     35,459        33,859        68,644        56,463   

Interest expense, net

     (1,481     (657     (1,450     (1,434

Other expense

     (240     —          (258     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income tax expense

     33,738        33,202        66,936        55,029   

Provision for income tax expense

     6,593        —          12,110        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 27,145      $ 33,202      $ 54,826      $ 55,029   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share:

        

Basic

   $ 0.48      $ 0.81      $ 0.99      $ 1.35   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.45      $ 0.71      $ 0.92      $ 1.19   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average ordinary shares used in computing net income per share:

        

Basic

     56,952        41,209        55,437        40,788   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     60,554        46,601        59,319        46,238   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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JAZZ PHARMACEUTICALS PLC

SUMMARY OF PRODUCT SALES, NET

(In thousands)

(Unaudited)

 

     Three Months Ended June 30,      Six Months Ended June 30,  
     2012      2011      2012      2011  

Xyrem

   $ 89,097       $ 56,178       $ 162,534       $ 98,956   

Erwinaze/Erwinase (1)

     6,007         —           6,007         —     

Prialt (1)

     5,555         —           15,077         —     

Psychiatry:

           

Luvox CR

     10,471         7,286         20,029         14,411   

FazaClo LD (1)

     5,956         —           11,535         —     

FazaClo HD (1)

     3,362         —           5,922         —     

Other (1)

     7,862         —           14,542         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 128,310       $ 63,464       $ 235,646       $ 113,367   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) Net sales for the three and six months ended June 30, 2012 reported by Jazz Pharmaceuticals plc include net sales from the historic Azur Pharma business for the period from April 1, 2012 through June 30, 2012 and from January 18, 2012 through June 30, 2012 and net product sales from the historic EUSA Pharma business for the period from June 12, 2012 through June 30, 2012.

The following unaudited pro forma information represents the combined net product sales for the three and six months ended June 30, 2012 and 2011, respectively, as if the merger with Azur Pharma and the acquisition of EUSA Pharma had each been completed on January 1, 2011:

SUMMARY OF PRODUCT SALES, NET (PRO FORMA)

(In thousands)

(Unaudited)

 

     Three Months Ended June 30,      Six Months Ended June 30,  
     2012      2011      2012      2011  

Xyrem

   $ 89,097       $ 56,178       $ 162,534       $ 98,956   

Erwinaze/Erwinase

     32,888         8,882         65,795         16,048   

Prialt

     5,555         4,969         15,417         9,843   

Psychiatry:

           

Luvox CR

     10,471         7,286         20,029         14,411   

FazaClo LD

     5,956         7,557         11,768         14,302   

FazaClo HD

     3,362         1,901         6,052         3,216   

Other

     17,447         21,311         36,346         43,085   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total pro forma net sales

   $ 164,776       $ 108,084       $ 317,941       $ 199,861   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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JAZZ PHARMACEUTICALS PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

     June 30,
2012
     December 31,
2011
 

ASSETS

     

Current assets:

     

Cash and cash equivalents

   $ 154,543       $ 82,076   

Marketable securities

     —           75,822   

Accounts receivable, net

     78,130         34,374   

Inventories

     48,355         3,909   

Prepaid expenses

     5,906         1,690   

Other current assets

     13,508         1,260   
  

 

 

    

 

 

 

Total current assets

     300,442         199,131   

Property and equipment, net

     4,631         1,557   

Intangible assets, net

     927,409         14,585   

Goodwill

     446,236         38,213   

Other long-term assets

     19,226         87   
  

 

 

    

 

 

 

Total assets

   $ 1,697,944       $ 253,573   
  

 

 

    

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

     

Current liabilities:

     

Accounts payable

   $ 34,505       $ 5,129   

Accrued liabilities

     125,080         34,783   

Current portion of long-term debt

     23,750         —     

Purchased product rights liability

     6,972         4,500   

Liability under government settlement

     —           7,320   

Deferred revenue

     2,011         1,138   
  

 

 

    

 

 

 

Total current liabilities

     192,318         52,870   

Deferred revenue, non-current

     7,356         7,915   

Long-term debt, less current portion

     444,190         —     

Contingent consideration

     35,300         —     

Deferred tax liability

     185,706         —     

Other non-current liabilities

     1,615         —     

Total shareholders’ equity

     831,459         192,788   
  

 

 

    

 

 

 

Total liabilities and shareholders’ equity

   $ 1,697,944       $ 253,573   
  

 

 

    

 

 

 

 

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JAZZ PHARMACEUTICALS PLC

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND RECONCILIATION OF NON-GAAP ADJUSTMENTS

(In thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended  
     June 30, 2012     June 30, 2011  
     GAAP     Adjustments     Non-GAAP     GAAP     Adjustments     Non-GAAP  

Revenues:

            

Product sales, net

   $ 128,310      $ —        $ 128,310      $ 63,464      $ —        $ 63,464   

Royalties and contract revenues

     1,229        —          1,229        1,103        (284 )(e)      819   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     129,539        —          129,539        64,567        (284     64,283   

Operating expenses:

            

Cost of product sales

     15,370        (4,305 )(a)(b)      11,065        3,370        (149 )(b)      3,221   

Selling, general and administrative

     60,638        (15,283 )(b)(c)      45,355        22,094        (2,418 )(b)      19,676   

Research and development

     2,321        (522 )(b)      1,799        3,382        (848 )(b)      2,534   

Intangible asset amortization

     15,751        (15,751     —          1,862        (1,862     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     94,080        (35,861     58,219        30,708        (5,277     25,431   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     35,459        35,861        71,320        33,859        4,993        38,852   

Interest expense, net

     (1,481     267 (d)      (1,214     (657     188 (d)      (469

Other expense

     (240     —          (240     —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income tax expense

     33,738        36,128        69,866        33,202        5,181        38,383   

Provision for income tax expense

     6,593        (2,897     3,696        —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 27,145      $ 39,025      $ 66,170      $ 33,202      $ 5,181      $ 38,383   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share:

            

Basic

   $ 0.48        $ 1.16      $ 0.81        $ 0.93   
  

 

 

     

 

 

   

 

 

     

 

 

 

Diluted

   $ 0.45        $ 1.09      $ 0.71        $ 0.82   
  

 

 

     

 

 

   

 

 

     

 

 

 

Weighted-average ordinary shares used in computing net income per share:

            

Basic

     56,952          56,952        41,209          41,209   
  

 

 

     

 

 

   

 

 

     

 

 

 

Diluted

     60,554          60,554        46,601          46,601   
  

 

 

     

 

 

   

 

 

     

 

 

 

 

(a)

Purchase accounting inventory fair value step-up of $4,011.

(b)

Share-based compensation expense.

(c)

Transaction and integration costs of $10,641 plus change in fair value of contingent consideration of $200.

(d)

Interest associated with debt discount and debt issuance costs and, to a small extent, liability under a 2007 government litigation settlement.

(e)

Revenue related to upfront and milestone payments.

 

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JAZZ PHARMACEUTICALS PLC

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND RECONCILIATION OF NON-GAAP ADJUSTMENTS

(In thousands, except per share amounts)

(Unaudited)

 

     Six Months Ended  
     June 30, 2012     June 30, 2011  
     GAAP     Adjustments     Non-GAAP     GAAP     Adjustments     Non-GAAP  

Revenues:

            

Product sales, net

   $ 235,646      $ —        $ 235,646      $ 113,367      $ —        $ 113,367   

Royalties and contract revenues

     2,307        —          2,307        2,081        (569 )(e)      1,512   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     237,953        —          237,953        115,448        (569     114,879   

Operating expenses:

            

Cost of product sales

     26,128        (7,035 )(a)(b)      19,093        6,179        (229 )(b)      5,950   

Selling, general and administrative

     107,637        (23,783 )(b)(c)      83,854        42,005        (4,830 )(b)      37,175   

Research and development

     6,280        (1,037 )(b)      5,243        7,077        (1,504 )(b)      5,573   

Intangible asset amortization

     29,264        (29,264     —          3,724        (3,724     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     169,309        (61,119     108,190        58,985        (10,287     48,698   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     68,644        61,119        129,763        56,463        9,718        66,181   

Interest expense, net

     (1,450     309 (d)      (1,141     (1,434     394 (d)      (1,040

Other expense

     (258     —          (258     —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income tax expense

     66,936        61,428        128,364        55,029        10,112        65,141   

Provision for income tax expense

     12,110        (2,897     9,213        —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 54,826      $ 64,325      $ 119,151      $ 55,029      $ 10,112      $ 65,141   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share:

            

Basic

   $ 0.99        $ 2.15      $ 1.35        $ 1.60   
  

 

 

     

 

 

   

 

 

     

 

 

 

Diluted

   $ 0.92        $ 2.01      $ 1.19        $ 1.41   
  

 

 

     

 

 

   

 

 

     

 

 

 

Weighted-average ordinary shares used in computing net income per share:

            

Basic

     55,437          55,437        40,788          40,788   
  

 

 

     

 

 

   

 

 

     

 

 

 

Diluted

     59,319          59,319        46,238          46,238   
  

 

 

     

 

 

   

 

 

     

 

 

 

 

(a)

Purchase accounting inventory fair value step-up of $6,380.

(b)

Share-based compensation expense.

(c)

Transaction and integration costs of $16,736 plus change in fair value of contingent consideration of $200.

(d)

Interest associated with debt discount and debt issuance costs and, to a small extent, liability under a 2007 government litigation settlement.

(e)

Revenue related to upfront and milestone payments.

 

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JAZZ PHARMACEUTICALS PLC

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2012      2011     2012      2011  

GAAP net income

   $ 27,145       $ 33,202      $ 54,826       $ 55,029   

Intangible asset amortization

     15,751         1,862        29,264         3,724   

Share-based compensation expense

     5,258         3,415        8,539         6,563   

Purchase accounting inventory fair value step-up

     4,011         —          6,380         —     

Transaction and integration costs

     10,641         —          16,736         —     

Change in fair value of contingent consideration

     200         —          200         —     

Other non-cash expense (income)

     267         (96     309         (175

Income tax adjustments

     2,897         —          2,897         —     
  

 

 

    

 

 

   

 

 

    

 

 

 

Adjusted net income

   $ 66,170       $ 38,383      $ 119,151       $ 65,141   
  

 

 

    

 

 

   

 

 

    

 

 

 

GAAP net income per diluted share

   $ 0.45       $ 0.71      $ 0.92       $ 1.19   
  

 

 

    

 

 

   

 

 

    

 

 

 

Adjusted net income per diluted share

   $ 1.09       $ 0.82      $ 2.01       $ 1.41   
  

 

 

    

 

 

   

 

 

    

 

 

 

Shares used in computing GAAP and adjusted net income per diluted share amounts

     60,554         46,601        59,319         46,238   
  

 

 

    

 

 

   

 

 

    

 

 

 

JAZZ PHARMACEUTICALS PLC

RECONCILIATION OF GAAP TO NON-GAAP 2012 FINANCIAL GUIDANCE

(In millions, except per share amounts)

 

GAAP net income

   $139 - $154

Intangible asset amortization

   70

Share-based compensation expense

   25 - 26

Purchase accounting inventory fair value step-up

   18 - 20

Transaction and integration costs

   22 - 24

Change in fair value of contingent consideration

   2

Other non-cash expense

   3

Income tax adjustments

   (2 - 3)
  

 

Adjusted net income

   $282 - $291
  

 

GAAP net income per diluted share

   $2.34 - $2.57
  

 

Adjusted net income per diluted share

   $4.70 - $4.85
  

 

Shares used in computing GAAP and adjusted net income per diluted share amounts

   60
  

 

 

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