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Jazz Pharmaceuticals plc (JAZZ-0.11%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in product sales to $989,707,000 from $938,398,000 in the same quarter the previous year. The increase is attributed to higher sales volumes of Xywav and Epidiolex/Epidyolex.
Cost of product sales for the quarter was $111,611,000, representing 11% of sales, compared to 11% in the same quarter of the previous year. This consistency in cost ratio is due to stable production costs.
The company reported a gross profit of $878,096,000 for the quarter, compared to $836,245,000 in the previous year, with the increase attributed to higher product sales.
Research and development expenses decreased to $199,919,000 from $234,402,000, primarily due to lower clinical studies and outside services costs.
Selling, general, and administrative expenses increased to $325,772,000 from $308,310,000, primarily due to increased compensation-related expenses.
Net income for the quarter was $215,055,000, up from $146,820,000 in the previous year. After interest and tax adjustments, net income attributable to common stockholders was $216,083,000, compared to $152,732,000 in the previous year.
Cash provided by operating activities was $997,328,000, while cash used in investing and financing activities was $314,908,000 and $28,791,000, respectively.
Jazz had a working capital of $4,390,423,000 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including a repricing amendment to the Credit Agreement and a new issuance of $1 billion in 3.125% exchangeable senior notes due 2030.
Jazz does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Jazz continues to focus on expanding its product portfolio, including the development of zanidatamab for HER2-expressing cancers and the commercialization of its neuroscience and oncology products.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Jazz Pharmaceuticals plc quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.