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Jazz Pharmaceuticals' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Please note that we expect to file shortly the Form 10-Q for the second quarter on behalf of Jazz Pharmaceuticals plc. Following some brief introductory remarks, we will open our call to questions.

Now I will hand the call over to Bruce.

Bruce C. Cozadd

Thank you, Ami. Good afternoon, everyone, and thanks for joining us. We are a little over halfway through the year, and I am pleased to report that we’ve made very real progress executing on our strategy and growing our business. Not only have we closed two significant transactions and expanded our operations and management capabilities, we’ve also broadened our portfolio and made important investments in key products, extended our geographical footprint into Europe, and structured our commercial organization for efficiency and scalability all while continuing to drive top and bottom line growth.

Our second quarter financial performance was extremely strong with record revenues of $130 million in the second quarter, more than double last year's second quarter revenues. GAAP net income of $27 million and adjusted net income of $66 million, a 72% increase over the second quarter of last year.

While this growth was partially driven by the expanded portfolio from our recent acquisitions, Xyrem was the major driver, posting 11% year-over-year second quarter volume growth. The average number of active patients during the quarter increased significantly to 9,850 from 8,700 from the prior year’s second quarter. We think this strong performance is the result of our ongoing programs to improve compliance and persistency and the focused efforts of our Xyrem-dedicated sales force, which has now been in place for a full quarter.

We think there is further room to improve on compliance and persistency measures and we’ve recently been obtain that data at a physician level, which will allow our reps to share with physicians how their patients are doing relative to the overall treated population. Looking ahead, we are now projecting the Xyrem volume growth for the year will be in the low double digits, and we are raising our guidance for Xyrem sales.

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