Horizon Pharma (HZNP) Affirms FY 2016 Net Sales Guidance
Horizon Pharma (NASDAQ: HZNP) disclosed in an SEC filing:
On April 12, 2016, Horizon Pharma plc made publicly available an updated investor presentation that contains projections of net sales and adjusted EBITDA for the first quarter ended March 31, 2016, the second quarter 2016, as well as prescription results for certain of Horizon Pharma’s medicines during the first quarter of 2016. The presentation is furnished as Exhibit 99.1 hereto, and will also be available on the investor relations section of Horizon Pharma’s web site at www.horizonpharma.com.
| Item 7.01 | Regulation FD Disclosure |
The contents of the investor presentation furnished as Exhibit 99.1 to this Current Report are hereby incorporated by reference. By furnishing this information, Horizon Pharma makes no admission as to its materiality. The information contained in this Current Report and the exhibit hereto is intended to be considered in the context of Horizon Pharma’s filings with the Securities and Exchange Commission and other public announcements that Horizon Pharma makes, by press release or otherwise, from time to time. Horizon Pharma undertakes no duty or obligation to publicly update or revise the information contained in this Current Report or the exhibit hereto, although it may do so from time to time as its management believes is appropriate. Any such updating may be made through the filing of other reports or documents with the Securities and Exchange Commission, through press releases or through other public disclosure.
Horizon Pharma is confirming its full-year 2016 net sales guidance of $1.025 to $1.050 billion and full-year 2016 adjusted EBITDA guidance of $505 to $520 million, representing 37 percent and 41 percent growth at the midpoints, respectively.
The Company is providing first-half 2016 net sales and adjusted EBITDA guidance in the tables below. They include first-quarter and second-quarter net sales guidance as a percent of full-year 2016 net sales, first-quarter and second-quarter adjusted EBITDA guidance as a percent of full-year 2016 adjusted EBITDA, as well as the quarterly cadence for historical net sales and adjusted EBITDA.
| Percent of Full-Year Net Sales Contribution | ||||||||||||
| Q1 | Q2 | 2H | ||||||||||
2014 | 17.5 | % | 22.2 | % | 60.3 | % | ||||||
2015 | 14.9 | % | 22.8 | % | 62.2 | % | ||||||
2016 estimate* | 19-20 | % | 22-23 | % | 57-59 | % | ||||||
| Percent of Full-Year Adjusted EBITDA Contribution | ||||||||||||
| Q1 | Q2 | 2H | ||||||||||
2014 | 10.0 | % | 24.7 | % | 65.2 | % | ||||||
2015 | 9.0 | % | 21.0 | % | 70.0 | % | ||||||
2016 estimate* | 13-14 | % | 21-22 | % | 64-66 | % | ||||||
| * | 2016 percentages based on midpoint of full-year 2016 guidance range. |
First-quarter 2016 net sales guidance would represent 79 percent year-over-year growth at the midpoint; second-quarter 2016 net sales guidance would represent 35 percent year-over-year growth at the midpoint.
First-quarter 2016 adjusted EBITDA guidance would represent 114 percent year-over-year growth at the midpoint and 34 percent of projected first-quarter 2016 net sales at the midpoint versus 29 percent of net sales in the first quarter of 2015. Second-quarter 2016 adjusted EBITDA guidance would represent 45 percent year-over-year growth at the midpoint and 47 percent of projected second-quarter net sales at the midpoint versus 44 percent of net sales in the second quarter of 2015.
In addition, following is the most recent prescription data for Horizon Pharma medicines for the first quarter 2016:
| * | IMS NPA TRx Data Week Ending 2016-04-01 |
