Jazz Pharmaceuticals (NASDAQ: JAZZ) reported Q1 EPS of $0.45, $0.22 worse than the analyst estimate of $0.67. Revenue for the quarter came in at $534.73 million versus the consensus estimate of $544.55 million.

"During this unprecedented time, I am proud of the commitment of our Jazz employees to supporting the continued delivery of our essential medicines to patients around the world," said Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals. "Based on these efforts, we generated revenues of $535 million in the first quarter and continued to make progress toward our key 2020 objectives. JZP-258 and lurbinectedin received priority review with PDUFA action dates in the third quarter and, if approved, provide us the opportunity to deliver two new important treatment options to patients as early as the second half of this year. Following the EMA approval this January, we are poised to commence the rolling launch of Sunosi in Europe, beginning in Germany this month. In addition, we progressed patient enrollment in our pivotal study of JZP-458 and completed enrollment in our Phase 3 study of JZP-258 in idiopathic hypersomnia."

"Although we experienced limited financial impact of COVID-19 in the first quarter, we have updated our financial guidance to reflect the potential impact on our business for the remainder of 2020. We are proactively managing our operating expenses and prioritizing investments in our most important current and future revenue drivers," continued Mr. Cozadd. "We are excited about the opportunities ahead for Jazz and remain focused on diversifying our portfolio of essential medicines to provide innovative and life-changing options for patients. Our positive cash flow, strong balance sheet and access to significant additional liquidity position us well to manage through the impact of the COVID-19 pandemic on our business while continuing to drive future growth for shareholders."

GUIDANCE:

Jazz Pharmaceuticals sees FY2020 revenue of $2.12-2.26 billion, versus the consensus of $2.3 billion.

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