Horizon Therapeutics (HZNP) Tops Q2 EPS by 4c on Revenue Blowout, Raises Outlook

Horizon Therapeutics (NASDAQ: HZNP) reported Q2 EPS of $0.40, $0.04 better than the analyst estimate of $0.36. Revenue for the quarter came in at $462.8 million versus the consensus estimate of $332.45 million.

“Driving our record second-quarter performance was the continued tremendous patient and physician response to TEPEZZA, along with our outstanding commercial execution, making the TEPEZZA launch one of the most successful rare disease medicine launches ever, despite a challenging COVID-19 environment,” said Tim Walbert, chairman, president and chief executive officer, Horizon. “With TEPEZZA results having once again dramatically exceeded expectations, we increased both our TEPEZZA and Company full-year net sales guidance, as well as increased our TEPEZZA peak U.S. annual net sales estimate. We also continued to advance our clinical programs and improve our capital structure during the quarter. With our strong track record of strategic execution and driving value for patients and shareholders alike, Horizon is well positioned for long-term growth and success.”

GUIDANCE:

Horizon Therapeutics sees FY2020 revenue of $1.85-1.9 billion, versus the consensus of $1.54 billion.

The Company now expects full-year 2020 net sales to range between $1.85 billion to $1.90 billion, an increase from the previous guidance range of $1.40 billion to $1.45 billion. The Company now expects TEPEZZA full-year 2020 net sales of greater than $650 million, compared to the previous guidance of greater than $200 million. Full-year 2020 adjusted EBITDA is now expected to range between $725 million and $775 million, an increase from the previous guidance range of $450 million to $500 million.

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

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