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Horizon (HZNP) Provides Preliminary 2020 Financial Results

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Horizon Therapeutics plc (HZNP - Free Report) provided 2020 preliminary financial results, and updates on the supply of its biologic, Tepezza, approved for the treatment of Thyroid Eye Disease (TED),and the new studies on its biologic, Krystexxa, for the treatment of uncontrolled gout (chronic gout refractory to conventional therapy).

Shares of Horizon have increased 105.7% in the past year compared with the industry’s growth of 9.7%.

The net sales for 2020 exceeded the high end of the company’s guidance range of $2.12 billion to $2.14 billion. This represents year-over-year growth of more than 65%. Full-year 2020 adjusted earnings before interest, tax, depreciation and amortization (EBITDA) exceeded the high end of the company’s guidance range of $920-$940 million.

The strong net sales in 2020 were due to robust growth of the two drugs —Tepezza and Krystexxa— along with continued growth of its Rare Disease Business Unit. The net sales of Tepezza exceeded $800 million, with double-digit sequential growth in the fourth quarter of 2020. Krystexxa net sales in 2020 exceeded $400 million, with double-digit sequential growth in the fourth quarter of 2020.

The company, however, continues to expect a short-term disruption in the supply of Tepezza, as it had already stated in December 2020. The supply restriction is due to the government-mandated COVID-19 vaccine production orders related to Operation Warp Speed that dramatically restricted capacity available for Tepezza at its drug product contract manufacturer, Catalent. The company expects this drug supply shortage tolast through the first quarter of 2021. 

However, the company made significant progress with Tepezza’s supply over the last several weeks.

The company also expects to begin two new Krystexxa development programs in 2021.

The company expects to begin an open-label study to evaluate a monthly dosing regimen of Krystexxa with methotrexate, to treat people with uncontrolled gout. The main purpose of the study is to explore whether a monthly dosing regimen can provide similar outcomes likethe current dosing schedule.

The company also expects to begin an open-label study, which will evaluate Krystexxa with methotrexate, in patients who have previously failed Krystexxa alone. The goal of the study is to evaluate whether patients can benefit from Krystexxa with methotrexate, after developing an immune response to Krystexxa when taken alone. 

Zacks Rank & Stocks to Consider

Horizon currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the healthcare sector include Alkermes Plc. (ALKS - Free Report) , Halozyme Therapeutics Inc. ((HALO - Free Report) ) and Aerpio Pharmaceuticals Ltd. (ARPO - Free Report) . While Halozyme carries a Zacks Rank #1 (Strong Buy), Alkermes and Aerpio carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Alkermes’ earnings per share estimates have increased from 48 cents to 52 cents for 2021 over the past 60 days. Shares of the company have increased 12.9% in the past year.

Halozyme’s earnings per share estimates have increased from 85 cents to 92 cents for 2021 and from $1.66 to $1.72 for 2021 over the past 60 days.

Aerpio’s loss per share estimates have narrowed from 15 cents to 14 cents for 2020 and from 63 cents to 57 cents for 2021 over the past 60 days.

Horizon Therapeutics Public Limited Company Price

Horizon Therapeutics Public Limited Company Price

Horizon Therapeutics Public Limited Company price | Horizon Therapeutics Public Limited Company Quote

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