Jazz reports 1Q13 results, slides on Xyrem generic competition concerns

Jazz Pharmaceuticals plc (NASDAQ:JAZZ) disclosed in a 10-Q late Tuesday that a modified REMS for narcolepsy drug Xyrem sodium oxybate could include new requirements that could "make it easier for future generic competitors to enter the market and/or negatively affect sales of Xyrem." The news sent shares of Jazz down $4.26 to $55.25 on Wednesday. Jazz is working with FDA to update the REMS for Xyrem. The last patents covering the drug expire in 2024. ...