Horizon Pharma (HZNP) Raises Q2, FY15 Revenue Outlook

Horizon Pharma plc (NASDAQ: HZNP) announced expected record net sales results for the second quarter ended June 30, 2015.

The company estimates net sales in the range of $170 to $172 million for the second quarter of 2015, which represents an increase of approximately 160 percent as compared to the second quarter of 2014 and an increase of approximately 50 percent as compared to the first quarter of 2015. While second quarter adjusted EBITDA and additional results will be provided as part of the second quarter 2015 earnings release, adjusted EBITDA margin for the second quarter of 2015 is expected to be significantly improved versus the first quarter of 2015. Cash and cash equivalents as of June 30, 2015, is expected to be approximately $668 million, an increase of $124 million from the March 31, 2015, cash and cash equivalents balance of $544 million.

*** The Street sees Q2 revenue of $138.3 million.

Full Year 2015 Updated Guidance

                           New Guidance           Prior Guidance

    Net Sales          $660 to $680 million    $590 to $610 million

    Adjusted EBITDA    $265 to $280 million    $235 to $250 million

*** The FY consensus is $611.6 million.

"Our expected second quarter sales results significantly exceed expectations, driven by rapidly accelerating prescription growth in our primary care and specialty business units and the continued addition of new patients to ACTIMMUNE and RAVICTI," said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma plc. "This outperformance is a testament to Horizon's commercial execution and also demonstrates our ability to enhance the growth of medicines we add to our highly successful commercial model.

"Our anticipated results and the increase in our sales and adjusted earnings guidance should provide additional confidence to both Horizon and Depomed shareholders that a combination of the companies would create substantial immediate and long-term value," added Mr. Walbert.

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