Horizon Pharma Beats on Q4 Earnings, Lifts 2015 Guidance – Analyst Blog

Horizon Pharma’s HZNP adjusted earnings (including share-based compensation expenses) in the fourth quarter of 2014 came in at 25 cents per share as against a loss of 4 cents in the year-ago quarter. Earnings were above the Zacks Consensus Estimate of 23 cents per share.

Revenues during the quarter increased to $103.8 million from $30.1 million in the year-ago quarter and exceeded the Zacks Consensus Estimate of $99 million.

In 2014, Horizon Pharma’s adjusted earnings of 82 cents per share were in line with the Zacks Consensus Estimate. In 2013, the company had incurred a loss of 66 cents per share. Revenues in 2014 came in at $297 million compared with $74 million in 2013. Revenues were also above the Zacks Consensus Estimate of $291 million.

Quarter in Details

The company’s key marketed products include Vimovo (pain), Duexis (rheumatoid arthritis and osteoarthritis), Actimmune (chronic granulomatous disease and severe, malignant osteopetrosis), Rayos (rheumatoid arthritis, polymyalgia rheumatica, psoriatic arthritis and ankylosing spondylitis) and Lodotra (rheumatoid arthritis).

Vimovo recorded sales of $43.3 million in the fourth quarter of 2014 compared with $1 million in the year-ago quarter. Duexis sales during the quarter came in at $28.8 million, up 24.7% year over year.

Actimmune, which was added to Horizon Pharma’s portfolio following the acquisition of Vidara Therapeutics in Sep 2014, contributed $22.5 million in fourth-quarter 2014. Actimmune is also being developed for the treatment of children suffering from Friedreich’s ataxia (“FA”). The company recently submitted the Investigational New Drug application for a phase III study on the drug in children with FA.

Rayos sales during the reported quarter increased 90.6% to $6.1 million and Lodotra sales increased 10.7% to $3.1 million.

The company’s reported research and development expenses jumped 136.6% to $6.9 million, while sales and marketing increased 65.7% to $33.3 million.

2015 Guidance Raised

The company now expects 2015 net sales to be around $450 million to $475 million (previous range: $425 million to $450 million). The Zacks Consensus Estimate of $472 million is well within the company’s guidance. Horizon Pharma also raised its adjusted EBITDA guidance to the range of $170 million to $190 million from the previous range of $160 million to $180 million.

Our Take

We are encouraged by the company’s fourth-quarter results. The addition of Actimmune has significantly boosted Horizon Pharma’s top line. Further label expansion of the drug will be a positive for the company. The company’s 2015 guidance also looks achievable.

Currently, Horizon Pharma carries a Zacks Rank #2 (Buy). Some other well-ranked stocks in the health care sector include Affymetrix Inc. AFFX, Isis Pharmaceuticals, Inc. ISIS and Cytokinetics, Incorporated CYTK. All stocks sport a Zacks Rank #1 (Strong Buy).

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Horizon Pharma Beats on Q4 Earnings, Lifts 2015 Guidance – Analyst Blog
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