Jazz Pharmaceuticals (JAZZ)

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Jazz Pharmaceuticals Provides Financial Outlook for 2012

-- Business Combination with Azur Pharma Targeted to Close Week of January 16, 2012 --
PALO ALTO, Calif., Jan. 5, 2012 /PRNewswire/ -- Jazz Pharmaceuticals (Nasdaq: JAZZ) today provided full year financial guidance for 2012 reflecting the planned business combination with Azur Pharma Public Limited Company, which the companies are targeting to close during the week of January 16, 2012. The company also announced that the Hart-Scott-Rodino waiting period has expired.
"We were pleased with the strong performance of Xyrem in 2011, including nine percent year-over-year volume growth in the fourth quarter and 11 percent volume growth for the full year, as we continue to invest in this important product," said Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals. "In 2012, we look forward to continued growth of our existing products and expansion of our product portfolio by combining with Azur Pharma."
Following the planned completion of the Azur Pharma transaction, Jazz Pharmaceuticals plc will be a specialty biopharmaceutical company based in Dublin, Ireland with a diverse portfolio of products. The company's portfolio of marketed products in the CNS and women's health areas will include: Xyrem® (sodium oxybate) oral solution, Prialt® (ziconotide intrathecal infusion), FazaClo® (clozapine USP) HD and LD, Luvox CR® (fluvoxamine maleate) and Elestrin® (estradiol gel 0.06%).
2012 Financial Guidance
In anticipation of the closing of the company's business combination with Azur Pharma, Jazz Pharmaceuticals is providing financial guidance for 2012 as follows:

Total revenues
$465 – 490 million
Total product sales
$460 – 485 million
Xyrem product sales
$330 – 340 million

Total gross margin %
90-92 percent
Combined SG&A and R&D expenses*
$190 – 195 million
Tax provision
$30 – 35 million
GAAP net income
$157 – 173 million
GAAP net income per diluted share
$2.62 – 2.88
Adjusted net income
$240 – 249 million
Adjusted net income per diluted share**
$4.00 – 4.15
* Includes stock-based compensation and transaction related expenses
** A reconciliation of GAAP net income to adjusted net income and the related per share amounts is included with this press release below.

http://www.prnewswire.com/news-releases/jazz-pharmaceuticals-provides-financial-outlook-for-2012-136763288.html