Horizon Pharma (HZNP): Mizuho Conference Quick Takes
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Mizuho Securities analyst, Irina Koffler, reiterated her Buy rating on shares of Horizon Pharma (NASDAQ: HZNP) after the company presented at the Mizuho conference. Key Points follow:
Management expects its primary care revenues to grow double-digits in 2017, with a low-to-mid-single digit increase in average net realized price (reported as $528 in 3Q:16). This is in line with the analyst's current expectations and he is modeling 16.8% growth in this portfolio next year.
Management expects Krystexxa to be Horizon's fastest growing product. The company has seen a 50% increase in vials and large uptick in benefits investigations since it started promoting the drug in May. If results from the TRIPLE trial are positive, Management hopes to be able to extend dosing to 6-9 months and potentially drive higher dose utilization.
In late December, Horizon expects to report data from its first 6-month trial that evaluates the difference between drug-treated and placebo patients on the FARS mNeuro score, and the FARS at weeks 0, 13, and 26. Patients from this study are then being rolled into a second extension trial where both groups are randomized to study drug (from the starting dose, irrespective of prior titration) and followed for another 6 months to measure outcomes at a second 6 month time point that can then be compared to the baseline measurement in the first trial to generate 12-month efficacy data (data expected June 2017).
Shares of Horizon Pharma closed at $20.46 yesterday.
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