Horizon Pharma Wins Big in Q2
Horizon Pharma PLC (NASDAQ: HZNP) released its most recent quarterly earnings report before the markets opened on Monday. The firm said that it had $0.41 in earnings per share (EPS) and $289.5 million in revenue, compared with consensus estimates that called for $0.10 in EPS and revenue of $237 million. The same period of last year reportedly had EPS of $0.56 and $257.38 million in revenue.
During the second quarter, net sales of Horizon Pharma’s medicines for rare diseases increased 70% compared to last year. Also, net sales for rare disease medicines represented 55% of total net sales, up from 36% from the second quarter of 2016.
At the same time, Horizon Pharma completed its acquisition of River Vision and its biologic, teprotumumab. Teprotumumab is in late-stage development to treat thyroid eye disease, a rare, debilitating and painful condition with no current FDA-approved therapy.
In terms of the outlook for the full year, the company increased its guidance of net sales to the range of $1.01 billion to $1.02 billion and EBITDA to $340 million to $315 million. The previous ranges were net sales of $985 million to $1.02 billion and $315 million to $350 million in EBITDA.
The consensus estimates are $0.82 in EPS and $991.23 million in revenue for the full year.
Cash and cash equivalents totaled $561.5 million at the end of the quarter, compared with $516.1 million at the end of the previous fiscal year.
Timothy P. Walbert, board chair, president and chief executive, commented:
Our rare disease medicines generated another quarter of strong performance, increasing 70 percent versus a year ago. As a result of strong second-quarter performance across our business units, we are raising our full-year sales and adjusted EBITDA guidance.
Shares of Horizon Pharma were last seen up over 6% at $13.47, with a consensus analyst price target of $15.73 and a 52-week range of $9.45 to $23.44.