Horizon Pharma (NASDAQ: HZNP) is hosting its analyst day today at 11:30 and will offer short and long term guidance as it grows increasingly focused on its Orphan franchise. The analyst day will be key to drawing distinctions between Horizon's and Valeant's specialty pharma models. PBMs can pressure its participating specialty pharmacies to drop out of the PME network which is why the company defensively plans to expand its number of independent pharmacy partners.

Management claims that its self audit process results in shutting out partners with violations so the supply chain is much cleaner than companies that allow violations to occur.

Irina Koffler from Mizuho belives that the company will highlight its "patient-focused co-pay buy-down initiatives and the medical benefits associated with its products" and this communications strategy gives her additional conviction on the story.

No change to Buy rating or $32

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Shares of Horizon Pharma closed at $21.00 yesterday.