Jazz Pharmaceuticals (JAZZ) stock dipped late Tuesday after the drugmaker topped second-quarter expectations but issued a 2018 profit outlook that lagged analyst views.
XIn late action on the stock market today, Jazz stock dipped 3.8% after closing up 1.9%, at 179.90. Shares are forming a flat base with a buy point at 184.10. Jazz is listed on both the IBD 50 and Leaderboard. It has a Composite Rating of 96 out of a best-possible 99, making it second out of 42 pharmaceutical stocks tracked by Investor's Business Daily.
For the second quarter, Jazz reported adjusted income of $3.49 per share on sales of $500.5 million, beating analyst expectations for $3.22 and $470 million, respectively. Adjusted income grew 36% while sales advanced 27% year over year.
Sales of narcolepsy drug Xyrem grew 19% to $356 million. Erwinaze, a cancer drug, advanced 20% to $58.7 million. The best growth came from Defitelio, which treats a liver condition. Defitelio sales generated $40.5 million, growing 34%. New cancer drug Vyxeos brought in $28 million.
Jazz projected $1.88 billion to $1.93 billion in total revenue, including $1.35 billion to $1.38 billion from Xyrem sales. The consensus modeled $1.9 billion in total revenue. Jazz's adjusted profit view for $12.75-$13.25 per share lagged analyst estimates by 10 cents at the midpoint.
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The post IBD 50 Stock Jazz Pharma Tops Views, But Profit Outlook Light appeared first on Investor's Business Daily.
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