Tags: jazz | drug | stock

Drugmaker Jazz Gains Ahead of Business Update

Wednesday, 04 Jan 2012 04:36 PM

 

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Jazz Pharmaceuticals Inc., maker of the narcolepsy drug Xyrem, rose the most in five weeks after saying the company would update investors Thursday on its 2012 financial outlook.

Jazz gained 5.7 percent to $40.79 at the close of trading in New York, the biggest single-day increase since Nov. 30. Shares of the Palo Alto, California-based company have more than doubled in the past year.

Jazz will discuss Xyrem sales, as well as its integration of Azur Pharma Ltd., the Dublin-based pain drugmaker acquired in September, on a conference call scheduled at 4:30 p.m. New York time Thursday, the company said Wednesday in a statement. The combined company was expected to have sales of more than $475 million in the first 12 months following the closing of the deal, Jazz and Azur said at the time.

“There’s been no ability to quantify the acquisition, in terms of what does it mean for current shareholders,” Steve Brozak, an analyst with WBB Securities in Clark, New Jersey, said in an interview. “Now people want to be able to come in before the news.”

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