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Transaction Details

Company: Jazz Pharmaceuticals
Yahoo Beta:0.92

Company Description:  Jazz Pharmaceuticals Plc is a specialty pharmaceutical company that capitalizes on in-licensing contracts of experimental drugs previously shelved by larger pharmaceutical companies due to budget constraints in R&D or due to the weak margins of a previously marketed drug. In-licensing programs enable Jazz to sell experimental pharmaceutical drugs such as Xyrem that have either already hit the market or were never actually commercialized due to the specialty nature of the product and lackluster profit potential.

Purchase Date:09 Feb 2012 Sale Date:11 Nov 2014
Purchase Price:$49.52 Sale Price:$171.70
  --Split Adjusted:$49.52  --Split Adjusted:$171.70
Shares Purchased:100 Shares Sold:50
  --Split Adjusted:100  --Split Adjusted:50
Transaction Fee:$9.99 Transaction Fee:$10.18
Price Range (6 Months Prior):    Price Range (6 Months After):    
High$50.54 High$0.00
Date07 Feb 2012 Date01 Jan 1996
Low$34.05 Low$0.00
Date22 Aug 2011 Date01 Jan 1996
S&P (Purchase Date):$1,352.82 S&P (Sale Date):$2,039.68

Timing:  We bought near the six month high.
Reason:  Continual sales growth of Xyrem. The Xyrem patent does not expire until 2020 and it is the only drug that treats both narcolepsy and cataplexy. Currently, 18% of those diagnosed with narcolepsy are using the drug. January 2012 merger with Azur Pharmaceuticals provides increased revenues, product diversification, and new sales channels. All merger costs should be recouped within 5 years based upon revenue projections for the ten Azur products. Management’s expertise in pharmaceutical industry with a record of successful mergers and acquisitions give investors confidence in management’s effective use of capital. Management team has been stable since the company’s inception in 2003. Financial metrics that beat competitors in gross margin, EBITDA, EBIT, and profit margin without any long-term debt.

Timing:  0
Reason:  While the stock performed well, we believe that most of the upside has been realized.

S&P Gain: 50.77 % Annualized Gain: 16.63%
Stock Gain: 246.73 % Annualized Gain: 59.35%

Net Holding Return ($): $6,088.83
Net Holding Return (%): 244.93 %