Jazz Pharmaceuticals plc JAZZ reported record third-quarter revenue of $1.05 billion on Wednesday afternoon, up 14% year-over-year, propelled by strong sales of key therapies like Xywav, Epidiolex and Rylaze.

The gross margin held steady at 89%. CEO Bruce Cozadd said Jazz remains “confident in its revenue guidance of $4.0 to $4.1 billion” for the full year.

• Get Benzinga’s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. You can’t afford to miss out if you’re serious about the business.

Net Income Boosted By Adjusted Expenses

The company generated net income in the range of $430 to $550 million, increasing its GAAP EPS guidance to between $6.70 and $8.50. Jazz also adjusted its R&D expense forecast, reflecting strategic prioritization within its pipeline, notably the anticipated fourth-quarter launch of zanidatamab for 2L BTC, a significant step in oncology.

Liquidity And Debt Management

With $2.6 billion in cash and investments, Jazz maintains $500 million in undrawn credit. Jazz repaid $575 million in senior notes due 2024, illustrating its disciplined debt management. The company reported that its financial and product strategies are expected to drive growth in critical therapeutic areas, enhancing long-term shareholder value.

Price Action: Jazz Pharmaceuticals shares remained relatively stable, closing at $111.55 with a slight gain of 0.11%

Read Next: Aurora Cannabis Reports Strong Q2 Growth Driven By International Medical Marijuana Sales