Horizon Pharma (HZNP) Tops Q2 EPS by 17c, Revenues Beat; Offers FY18 Revenue Outlook

Horizon Pharma (NASDAQ: HZNP) reported Q2 EPS of $0.48, $0.17 better than the analyst estimate of $0.31. Revenue for the quarter came in at $302.8 million versus the consensus estimate of $275.51 million.

• Record Quarterly Orphan and Rheumatology Segment Net Sales of $201.7 Million Increased 17 Percent; Represented 67 Percent of Total Company Net Sales
• Second-Quarter 2018 KRYSTEXXA® Net Sales Growth of 53 Percent; Continue to Expect Full-Year 2018 Net Sales Growth of More Than 65 Percent
• Target Enrollment Reached in Teprotumumab Phase 3 Clinical Trial, Significantly Ahead of Schedule
• Second-Quarter 2018 Net Sales of $302.8 Million; Second-Quarter 2018 GAAP Net Loss of $32.8 Million; Adjusted EBITDA of $116.8 Million
• Confirming Full-Year 2018 Net Sales Guidance Range of $1.170 Billion to $1.200 Billion; Increasing Full-Year Adjusted EBITDA Guidance Range to $400 Million to $420 Million

“Our orphan and rheumatology segment generated record quarterly net sales, driven by accelerating KRYSTEXXA growth, reflecting the additional investments we are making this year,” said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma plc. “Our clinical programs continue to advance, with target enrollment now complete in the teprotumumab Phase 3 trial, well ahead of schedule. Additionally, we plan on initiating a new study of KRYSTEXXA to continue exploring a broader clinical profile of this medicine, the only FDA-approved treatment for uncontrolled gout. These advancements support our transformation into a rare disease medicine focused company with a robust pipeline enabling sustainable growth.”

GUIDANCE:

Horizon Pharma sees FY2018 revenue of $1.17-1.2 billion, versus the consensus of $1.17 billion.

For earnings history and earnings-related data on Horizon Pharma (HZNP) click here.

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