Horizon Therapeutics (HZNP) Tops Q4 EPS by 22c, Revenues Beat; Offers FY21 Revenue Guidance Above Consensus

Horizon Therapeutics (NASDAQ: HZNP) reported Q4 EPS of $1.28, $0.22 better than the analyst estimate of $1.06. Revenue for the quarter came in at $745.3 million versus the consensus estimate of $693.54 million.

“Our outperformance in 2020 capped off a breakthrough year for Horizon,” said Tim Walbert, chairman, president and chief executive officer, Horizon. “The launch of TEPEZZA, one of the most successful rare disease medicine launches ever, strengthened our position as one of the fastest growing biotech companies. Our recently announced agreement to acquire Viela further strengthens this position by adding a deep mid-stage biologics pipeline and an on-market rare disease biologic, UPLIZNA. This significant progress allows us to build on the value we provide to patients and our shareholders.”

GUIDANCE:

Horizon Therapeutics sees FY2021 revenue of $2.7-2.8 billion, versus the consensus of $2.68 billion.

The Company expects full‐year 2021 net sales to range between $2.70 billion and $2.80 billion, representing 25 percent growth at the midpoint. The Company expects TEPEZZA full-year 2021 net sales of greater than $1.275 billion and KRYSTEXXA full-year 2021 net sales of greater than $500 million. Full-year 2021 adjusted EBITDA is expected to range between $1.14 billion and $1.18 billion, representing 16 percent growth at the midpoint. The Company’s guidance assumes FDA approval of the increased scale drug product manufacturing process of TEPEZZA and the successful completion of future committed manufacturing slots for TEPEZZA and does not reflect the potential impact of the operations of Viela following the close of the acquisition, which is expected to occur by the end of first quarter of 2021, and which would result in an expected reduction of full-year 2021 adjusted EBITDA of approximately $140 million.

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

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