Shares in Jazz Pharmaceuticals, the speciality drug business that has just opened a new facility in Athlone, fell after it cut its full-year guidance.
Announcing its second quarter figures, the company said-full year earnings per share would now be in the region of $9.90-$10.30. That compared to a range of $11.10-$11.50 it had previously indicated.
The company said the change was down to additional costs incurred with the acquisition last month of Celator Pharma and also following guidance form the SEC on how it presented its figures.
Shares dipped from about $150 after the results were announced on Tuesday night and continued to slip on Wednesday.
Despite the adjusted guidance, Jazz delivered strong growth in sales on the back of its three main drugs. Net product sales increased 14 per cent to just shy of $380 million in the second quarter of 2016 compared to the same period in 2015
While sales were ahead of analyst projections, earnings per share undershot at $2.63, compared to a consensus estimate of $2.80.
The company said it continued to experience inventory and supply challenges, with its leukaemia drug Erwinase. It said this might result in “temporary disruptions in the company’s ability to supply certain markets, including the US, from time to time”.
