Horizon Pharma Reports 2012 Financial Results and Provides Business Update

Horizon Pharma Reports 2012 Financial Results and Provides Business Update 
Conference Call and Webcast Today, March 18th, at 8:00 a.m. ET 
DEERFIELD, IL -- (Marketwire) -- 03/18/13 --  Horizon Pharma, Inc.
(NASDAQ: HZNP) today provided an update on the Company's business and
announced financial results for the fourth quarter and year ended
December 31, 2012. 
Financial Highlights 


 
--  Full year 2012 gross and net sales were $23.0 million and $19.6
    million, respectively; increases of 231% and 183%, respectively, over
    full year 2011 gross and net sales.
--  Fourth quarter 2012 gross and net sales were $8.2 million and $6.7
    million, respectively; increases of 130% and 91%, respectively, over
    fourth quarter 2011 gross and net sales.
--  Net loss for 2012 was $87.8 million, or $2.26 per share, compared to a
    net loss of $113.3 million, or $12.56 per share, in 2011.
--  Cash and cash equivalents balance at the end of 2012 was $104.1
    million, which the Company believes will be sufficient to fund its
    operations through 2013.

  
DUEXIS(R) Highlights 


 
--  New prescriptions for DUEXIS increased 57% in the fourth quarter of
    2012 to 31,130 versus 19,874 in the third quarter of 2012.
--  Total prescriptions for DUEXIS increased 56% in the fourth quarter of
    2012 to 39,060 versus 25,054 in the third quarter of 2012.
--  DUEXIS gross and net sales were $13.2 million and $11.0 million,
    respectively, in 2012, which was the first full year of sales
    following the launch of DUEXIS in December 2011.
--  DUEXIS fourth quarter 2012 gross and net sales were $7.1 million and
    $6.0 million, respectively; increases of 138% and 132%, respectively,
    over third quarter 2012 DUEXIS gross and net sales. Excluding a
    one-time increase in fourth quarter 2012 DUEXIS sales related to
    timing of revenue recognition, sequential growth from the third
    quarter of 2012 to the fourth quarter of 2012 in both gross and net
    sales was 76%.

  
RAYOS(R) Highlights 


 
--  Initiated full commercial launch of RAYOS to rheumatologists and key
    primary care physicians through 150-person sales force in February
    2013.
--  There have been 275 cumulative RAYOS prescribers since the launch.

  
"We saw strong momentum with DUEXIS in the fourth quarter of 2012 and
early 2013, which along with the full commercial launch of RAYOS last
month, positions us well moving forward," said Timothy P. Walbert,
chairman, president and chief executive officer, Horizon Pharma.
"With two products commercialized in the U.S. market and $104.1
million in cash on the balance sheet, we are encouraged by our
progress as we continue to build towards our objective of a
profitable, sustainable business." 
Fourth Quarter 2012 Financial Results 
For the fourth quarter ended December 31, 2012, gross and net sales
were $8.2 million and $6.7 million, respectively, compared to $3.5
million in both gross and net sales for the fourth quarter of 2011.
DUEXIS gross sales were $7.1 million and net sales were $6.0 million
after deducting trade discounts and allowances of $0.5 million and
co-pay assistance costs of $0.6 million, and represented 87% of gross
sales and 90% of net sales during the quarter ended December 31,
2012. During the fourth quarter, the Company changed from recognizing
revenue upon product being dispensed through patient prescriptions to
recognizing revenue when product is sold into the wholesale and
pharmacy channel, resulting in a one-time increase to DUEXIS revenue
of $1.8 million gross and $1.4 million net. 
RAYOS gross sales in the fourth quarter, following its December U.S.
launch, were $0.8 million and net sales were $0.4 million after
deductions for discounts and allowances of $0.3 million and for
co-pay assistance costs of $0.1 million. LODOTRA gross and net sales
in the fourth quarter of 2012 were $0.3 million, compared to gross
and net sales of $3.4 million in the fourth quarter of 2011. The
Company recognizes a significant portion of its LODOTRA sales at the
time of delivery to its distribution partner, Mundipharma, and those
deliveries are not linear or related to end market sales in terms of
timing. The $3.1 million decrease in LODOTRA gross and net sales
during the fourth quarter of 2012 was primarily attributable to these
timing differences of product deliveries to Mundipharma and to a
reduction in deferred revenues recognized.  
Research and development expenses increased $0.9 million, from $3.8
million during the three months ended December 31, 2011, to $4.7
million during the three months ended December 31, 2012. The increase
in research and development expenses during the fourth quarter of
2012 was primarily associated with a $0.4 million increase in
salaries and benefits expense primarily related to additional
staffing of the Company's medical affairs group, along with increases
in consulting fees and contract manufacturing expense. 
Sales and marketing expenses increased $2.2 million, from $12.9
million during the three months ended December 31, 2011, to $15.1
million during the three months ended December 31, 2012. The increase
in expense was primarily attributable to expanded sales and
promotional efforts one year post DUEXIS' launch and initial launch
activities for RAYOS, which contributed to a $2.6 million increase in
salaries and benefits expense associated with additional staffing of
the Company's sales and marketing functions, partially offset by a
$1.0 million reduction in consulting expenses and outside service
costs. 
General and administrative expenses increased $0.6 million, from $4.4
million during the three months ended December 31, 2011, to $5.0
million during the three months ended December 31, 2012. The increase
in general and administrative expenses was primarily due to a $0.3
million increase in salaries and benefits expense associated with
additional finance and administrative personnel as the Company built
out its corporate infrastructure and a $0.3 million increase in legal
costs primarily associated with intellectual property related
matters. 
Interest expense net increased $2.6 million, from $0.8 million during
the three months ended December 31, 2011, to $3.4 million during the
three months ended December 31, 2012, primarily as a result of
incremental interest expense associated with higher borrowing
balances under the Company's $60.0 million senior secured loan,
compared to an outstanding notes payable balance of $19.4 million in
the prior year period.  
During the three months ended December 31, 2011, the Company recorded
an intangible impairment charge of $69.6 million to write down the
value of its indefinite lived in process research and development, or
IPR&D, asset to its fair value, with no corresponding IPR&D
impairment charge in the three months ended December 31, 2012. 
Income tax benefit decreased $13.8 million, from $14.1 million during
the three months ended December 31, 2011, to $0.3 million during the
three months ended December 31, 2012. The decrease in income tax
benefit was primarily attributable to the Company's IPR&D asset
impairment charge of $69.6 million recorded during the fourth quarter
of 2011, which reduced the Company's deferred income tax liability
and increased its income tax benefit.  
Net loss for the quarter ended December 31, 2012, was $24.3 million,
or $0.40 per share based on 61,574,187 weighted average shares
outstanding, compared to a net loss of $76.7 million, or $3.92 per
share based on 19,568,131 weighted average sha
res outstanding, in the
quarter ended December 31, 2011. 
Non-GAAP net loss for the quarter ended December 31, 2012, was $20.9
million, or $0.34 per share, compared to a non-GAAP net loss of $19.0
million, or $0.97 per share, in the fourth quarter of 2011. Horizon
provides non-GAAP financial measures, which it believes can enhance
an overall understanding of Horizon's financial performance when
considered together with GAAP figures. Refer to the section of this
press release below titled, "Note Regarding Use of Non-GAAP Financial
Measures," for a full discussion on this subject.  
Full Year 2012 Financial Results
 For the year ended December 31,
2012, gross and net sales were $23.0 million and $19.6 million,
respectively, compared to $6.9 million in gross and net sales in the
prior year. DUEXIS gross sales were $13.2 million and net sales were
$11.0 million after deducting trade discounts and allowances of $0.9
million and co-pay assistance costs of $1.3 million, and represented
58% of gross sales and 57% of net sales during the year ended
December 31, 2012. DUEXIS was launched in December 2011. 
LODOTRA gross sales were $9.0 million and net sales were $8.2 million
after deducting trade discounts and allowances of $0.8 million during
the year ended December 31, 2012, compared to gross and net sales of
$6.8 million during the year ended December 31, 2011. The increase in
LODOTRA sales was attributable to higher product shipments during
2012 in addition to the recognition of deferred revenues from the
Company's distribution partner, Mundipharma. RAYOS gross sales
following its U.S. launch in December 2012 were $0.8 million and net
sales were $0.4 million after deductions for discounts and
allowances, and for co-pay assistance costs.  
Research and development expenses increased $1.5 million, from $15.3
million during the year ended December 31, 2011, to $16.8 million
during the year ended December 31, 2012. The increase in research and
development expenses was primarily associated with a $3.4 million
increase in salaries and benefits expense as a result of additional
staffing of the Company's regulatory and medical affairs group, which
was partially offset by reductions in regulatory submission fees and
clinical trial expenses of $1.8 million and legal expenses of $0.2
million. 
Sales and marketing expenses increased $29.2 million, from $20.3
million during the year ended December 31, 2011, to $49.5 million
during the year ended December 31, 2012. The increase in sales and
marketing expenses was primarily attributable to salaries and related
expenses for a full year for the Company's initial 80 field sales
representatives hired during the second half of 2011, incremental
salaries and related expenses associated with growing the Company's
field sales organization to approximately 150 sales representatives
during the course of 2012, salaries and related expenses associated
with increased staffing for the related sales support function, and
an increase in marketing expenses to launch and commercialize DUEXIS
and RAYOS in the U.S. As a result of these factors, during the year
ended December 31, 2012, sales and marketing personnel related costs
increased $17.5 million and marketing costs for DUEXIS and RAYOS
increased approximately $9.0 million compared with the year ended
December 31, 2011. 
General and administrative expenses increased $4.4 million, from
$15.0 million during the year ended December 31, 2011, to $19.4
million during the year ended December 31, 2012. The increase in
general and administrative expenses was primarily due to $2.2 million
in additional salaries and related benefits expense associated with
incremental finance and administrative staff added during the second
half of 2011 and during 2012 as the Company built out its corporate
infrastructure, $1.0 million in higher legal fees associated with
intellectual property and regulatory related matters and $1.1 million
in higher facilities and information technology infrastructure
expenses.  
Interest expense, net increased $8.2 million, from $6.3 million
during the year ended December 31, 2011, to $14.5 million during the
year ended December 31, 2012. The increase in interest expense was
primarily attributable to higher borrowing balances, higher debt
extinguishment costs and amortization to interest expense of deferred
financing and debt discount expenses under the Company's Senior
Secured Loan compared to the prior year. During the year ended
December 31, 2012, the Company recorded a $2.5 million charge related
to the extinguishment of its prior debt facilities, compared to a
$1.9 million charge during the year ended December 31, 2011, related
to the loss on extinguishment of the Company's prior debt facilities. 
Income tax benefit decreased $9.5 million, from $14.7 million during
the year ended December 31, 2011, to $5.2 million during the year
ended December 31, 2012. The income tax benefit during the year ended
December 31, 2012, was primarily associated with the reclassification
of our IPR&D asset to developed technology following the July 26,
2012, FDA approval of RAYOS, resulting in a one-time income tax
benefit of $4.3 million. The income tax benefit during the year ended
December 31, 2011, was primarily attributable to our IPR&D intangible
asset impairment charge of $69.6 million, which reduced our deferred
income tax positions and increased our income tax benefit.  
Net loss for the year ended December 31, 2012, was $87.8 million, or
$2.26 per share based on 38,871,422 weighted average shares
outstanding, compared to a net loss of $113.3 million, or $12.56 per
share based on 9,014,968 weighted average shares outstanding, during
the year ended December 31, 2011.  
Non-GAAP net loss for the year ended December 31, 2012 was $76.0
million, or $1.96 per share, compared to non-GAAP net loss of $48.5
million, or $5.38 per share, during the year ended December 31, 2011.
Refer to the section of this press release below titled, "Note
Regarding Use of Non-GAAP Financial Measures." 
Note Regarding Use of Non-GAAP Financial Measures 
Horizon provides non-GAAP net income (loss) and net income (loss) per
share financial measures that include adjustments to GAAP figures.
These adjustments to GAAP exclude non-cash items such as stock
compensation and depreciation and amortization, non-cash interest
expense, and other non-cash charges. Horizon believes that these
non-GAAP financial measures, when considered together with the GAAP
figures, can enhance an overall understanding of Horizon's financial
performance. The non-GAAP financial measures are included with the
intent of providing investors with a more complete understanding of
operational results and trends. In addition, these non-GAAP financial
measures are among the indicators Horizon's management uses for
planning and forecasting purposes and measuring the Company's
performance. These non-GAAP financial measures should be considered
in addition to, and not as a substitute for, or superior to,
financial measures calculated in accordance with GAAP. The non-GAAP
financial measures used by the Company may be calculated differently
from, and therefore may not be comparable to, non-GAAP financial
measures used by other companies. Please refer to the financial
statements portion of this press release for a reconciliation of
these non-GAAP financial measures to the comparable GAAP financial
measures. 
Conference Call 
At 8:00am Eastern Time today, Horizon's management will host a live
conference call and webcast to review the Company's financial and
operating results and provide a general business update.  
The live webcast and a replay may be accessed by visiting Horizon's
website at http://ir.horizon-pharma.com. Please connect to the
Company's website at least 15 minutes prior to the live webcast to
ensure adequate time for any software download that may be needed to
access the webcast. Alternatively, please call 1-888-338-8373 (U.S.)
or 973-872-3000 (international) to listen to the conference call. The
conference ID number for the live call is 11959520. Telephone replay
will be available approximately two hours after the call. To access
the replay, please call 1-855-859-2056 (U.S.) or 404-537-3406
(international). The conference ID number for the replay is 11959520. 
About Horizon Pharma 
Horizon Pharma, Inc. is a specialty pharmaceutical company that has
developed and is commercializing DUEXIS and RAYOS/LODOTRA, both of
which target unmet therapeutic needs in arthritis, pain and
inflammatory diseases. The Company's strategy is to develop, acquire,
in-license and/or co-promote additional innovative medicines where it
can execute a targeted commercial approach in specific therapeutic
areas while taking advantage of its commercial strengths and the
infrastructure the Company has put in place. 
Forward-Looking Statements 
This press release contains forward-looking statements, including
statements regarding the period during which cash and cash
equivalents is expected to fund the Company's operations, the
on-going commercial launches of DUEXIS and RAYOS and the Company's
progress in creating a profitable, sustainable business. These
forward-looking statements are based on management's expectations and
assumptions as of the date of this press release, and actual results
may differ materially from those in these forward-looking statements
as a result of various factors. These factors include, but are not
limited to, risks regarding Horizon's ability to commercialize
products successfully, whether commercial data regarding DUEXIS and
RAYOS in the United States for any historic periods are indicative of
future results, Horizon's ability to successfully manage contract
sales and marketing personnel, Horizon's ability to comply with
post-approval regulatory requirements, and the need to potentially
obtain additional financing to successfully commercialize or further
develop DUEXIS and RAYOS/LODOTRA. For a further description of these
and other risks facing the Company, please see the risk factors
described in the Company's filings with the United States Securities
and Exchange Commission, including those factors discussed under the
caption "Risk Factors" in those filings. Forward-looking statements
speak only as of the date of this press release and the Company
undertakes no obligation to update or revise these statements, except
as may be required by law. 


 
                                                                            
                                                                            
                            Horizon Pharma, Inc.                            
                        Consolidated Balance Sheets                         
              (in thousands, except share and per share data)               
                                                                            
                                                      As of December 31,    
                                                  ------------------------- 
                                                      2012         2011     
                                                  ------------ ------------ 
Assets                                                                      
Current assets                                                              
  Cash and cash equivalents                       $    104,087 $     17,966 
  Restricted cash                                          800          750 
  Accounts receivable, net                               3,463        2,372 
  Inventories, net                                       5,245        1,195 
  Prepaid expenses and other current assets              3,323        2,763 
                                                  ------------ ------------ 
    Total current assets                               116,918       25,046 
  Property and equipment, net                            3,725        3,245 
  Developed technology, net                             68,892       35,602 
  In-process research and development                        -       36,638 
  Other assets                                           4,449          547 
                                                  ------------ ------------ 
    Total assets                                  $    193,984 $    101,078 
                                                  ============ ============ 
                                                                            
Liabilities and Stockholders' Equity                                        
Current liabilities                                                         
  Accounts payable                                $      5,986 $      8,170 
  Accrued expenses                                      16,784        8,926 
  Deferred revenues - current portion                    2,230        3,281 
  Notes payable - current portion                       11,935        3,604 
                                                  ------------ ------------ 
    Total current liabilities                           36,935       23,981 
                                                                            
Long-term liabilities                                                       
  Notes payable, net of current                         36,866       15,834 
  Deferred revenues, net of current                      9,554        5,666 
  Deferred tax liabilities, net                          4,408        9,561 
  Other long term liabilities                              243          124 
                                                  ------------ ------------ 
    Total liabilities                                   88,006       55,166 
                                                  ------------ ------------ 
                                                                            
Commitments and Contingencies                                               
                                                                            
Stockholders' equity                                                        
  Common stock, $0.0001 par value per share;                                
   200,000,000 shares authorized; 61,722,247 and                            
   19,627,744 shares issued and outstanding at                              
   December 31, 2012 and 2011, respectively.                 6            2 
  Additional paid-in capital                           417,455      270,015 
  Accumulated other comprehensive loss                  (3,372)      (3,788)
  Accumulated deficit                                 (308,111)    (220,317)
                                                  ------------ ------------ 
    Total stockholders' equity                         105,978       45,912 
                                                  ------------ ------------ 
    Total liabilities and stockholders' equity    $    193,984 $    101,078 
                                                  ============ ============ 
                                                                            
                                                                            
                                                                            
                            Horizon Pharma, Inc.                            
                   Consolidated Statements of Operations                    
              (in thousands, except share and per share data)               
                                                                            
                             Three Months Ended       Twelve Months Ended   
                                December 31,              December 31,      
                          ------------------------  ----------------------- 
                              2012         2011         2012        2011    
                          -----------  -----------  -----------  ---------- 
Revenues                                                                    
Sales of goods            $     8,091  $     3,483  $    22,761  $    6,773 
Contract revenue                   61           55          217         166 
                          -----------  -----------  -----------  ---------- 
    Gross sales                 8,152        3,538       22,978       6,939 
Sales discounts and                                                         
 allowances                    (1,405)         (12)      (3,346)        (12)
                                                                            
                          -----------  -----------  -----------  ---------- 
    Net sales                   6,747        3,526       19,632       6,927 
                          -----------  -----------  -----------  ---------- 
                                                                            
Cost of goods sold              3,931        2,075       12,663       7,267 
                          -----------  -----------  -----------  ---------- 
Gross profit (loss)             2,816        1,451        6,969        (340)
Operating Expenses                                                          
  Research and                                                              
   development                  4,739        3,822       16,837      15,358 
  Sales and marketing          15,095       12,888       49,561      20,314 
  General and                                                               
   administrative               5,008        4,368       19,444      15,008 
  Intangible impairment                                                     
   charge                           -       69,621            -      69,621 
                          -----------  -----------  -----------  ---------- 
    Total operating                                                         
     expenses                  24,842       90,699       85,842     120,301 
                          -----------  -----------  -----------  ---------- 
Operating loss                (22,026)     (89,248)     (78,873)   (120,641)
                                                                            
Interest expense, net          (3,444)        (819)     (14,525)     (6,284)
Foreign exchange gain                                                       
 (loss)                           801         (798)         489      (1,023)
Other expense                       -            -          (56)          - 
                          -----------  -----------  -----------  ---------- 
Loss before benefit for                                                     
 income taxes                 (24,669)     (90,865)     (92,965)   (127,948)
Income tax benefit               (336)     (14,138)      (5,171)    (14,683)
                          -----------  -----------  -----------  ---------- 
Net loss                  $   (24,333) $   (76,727) $   (87,794) $ (113,265)
                          ===========  ===========  ===========  ========== 
                                                                            
Net loss per share- basic                                                   
 and diluted              $     (0.40) $     (3.92) $     (2.26) $   (12.56)
                          -----------  -----------  -----------  ---------- 
                                                                            
Weighted average shares                                                     
 outstanding used in                                                        
 calculating net loss per                                                   
 share - basic and                                                          
 diluted                   61,574,187   19,568,131   38,871,422   9,014,968 
                          -----------  -----------  -----------  ---------- 
                                                                            
                                                                            
                                                                            
                            Horizon Pharma, Inc.                            
            Reconciliation of GAAP Net Loss to Non-GAAP Net Loss            
             (in thousands, except share and per share amounts)             
                                (Unaudited)                                 
                                                                            
                             Three Months Ended       Twelve Months Ended   
                                December 31,              December 31,      
                          ------------------------  ----------------------- 
                              2012         2011         2012        2011    
                          -----------  -----------  -----------  ---------- 
                                                                            
GAAP Net Loss             $   (24,333) $   (76,727) $   (87,794) $ (113,265)
Non-GAAP Adjustments (net                                                   
 of tax effect):                                                            
    Intangible impairment                                                   
     charge                         -       56,199            -      56,199 
    Amortization of                                                         
     developed technology       1,313          730        3,782       3,012 
    Stock-based                                                             
     compensation                 999          703        4,661       2,530 
    Non-cash interest                                                       
     expense                      913           55        2,740       2,738 
    Depreciation expense          247          141          806         446 
    Amortization of                                                         
     deferred revenue             (61)         (55)        (217)       (166)
                          -----------  -----------  -----------  ---------- 
        Total of non-GAAP                                                   
         adjustments            3,411       57,773       11,772      64,759 
                          -----------  -----------  -----------  ---------- 
Non-GAAP Net Loss         $   (20,922) $   (18,954) $   (76,022) $  (48,506)
                          ===========  ===========  ===========  ========== 
                                                                            
Weighted average shares -                                                   
 basic and diluted         61,574,187   19,568,131   38,871,422   9,014,968 
                                                                            
GAAP net loss per common                                                    
 share-basic and diluted  $     (0.40) $     (3.92) $     (2.26) $   (12.56)
    Non-GAAP adjustments                                                    
     detailed above              0.06         2.95         0.30        7.18 
                          -----------  -----------  -----------  ---------- 
Non-GAAP net loss per                                                       
 common share-basic and                                                     
 diluted                  $     (0.34) $     (0.97) $     (1.96) $    (5.38)
                          ===========  ===========  ===========  =========
= 
                                                                            
                                                                            
                                                                            
                            Horizon Pharma, Inc.                            
                   Consolidated Statements of Cash Flows                    
                               (in thousands)                               
                                                                            
                                                     Twelve Months Ended    
                                                        December 31,        
                                                 -------------------------- 
                                                     2012          2011     
                                                 ------------  ------------ 
Cash flows from operating activities                                        
Net loss                                         $    (87,794) $   (113,265)
Adjustments to reconcile net loss to net cash                               
 used in operating activities                                               
  Depreciation and amortization                         5,538         4,199 
  Stock-based compensation                              4,661         2,530 
  Non-cash interest expense                             2,740         2,708 
  Paid in kind interest expense                         2,607             - 
  Intangible impairment charge                              -        69,621 
  Loss on disposal of assets                               76             - 
  Foreign exchange (gain) loss                           (489)        1,023 
  Changes in operating assets and liabilities:                              
    Accounts receivable                                (1,087)       (1,817)
    Inventories                                        (4,022)         (923)
    Prepaid expenses and other current assets            (543)       (1,897)
    Accounts payable                                   (2,209)        5,643 
    Accrued expenses                                    7,052         3,215 
    Deferred revenues                                   2,616         3,237 
    Deferred tax liabilities                           (5,206)      (15,778)
    Other non-current assets and liabilities             (581)          (36)
                                                 ------------  ------------ 
      Net cash used in operating activities           (76,641)      (41,540)
                                                 ------------  ------------ 
Cash flows from investing activities                                        
Purchase of property and equipment                     (1,336)       (1,604)
Increase in restricted cash                               (50)         (550)
                                                 ------------  ------------ 
      Net cash used in investing activities            (1,386)       (2,154)
                                                 ------------  ------------ 
Cash flows from financing activities                                        
Proceeds from issuance of notes payable, net of                             
 issuance costs                                        55,578        16,651 
Proceeds from equity finance offerings, net of                              
 offering costs                                       128,077             - 
Proceeds from the issuance of common stock in                               
 initial public offering, net of underwriting                               
 fees and issuance costs                                    -        44,678 
Repayment of notes payable                            (19,788)      (13,067)
Proceeds from the issuance of common stock                441           124 
Proceeds from issuance of bridge notes payable                              
 to related parties                                         -         6,766 
                                                 ------------  ------------ 
      Net cash provided by financing activities       164,308        55,152 
                                                 ------------  ------------ 
Effect of exchange rate changes on cash and cash                            
 equivalents                                             (160)        1,124 
      Net increase in cash and cash equivalents        86,121        12,582 
Cash and cash equivalents                                                   
Beginning of period                                    17,966         5,384 
                                                 ------------  ------------ 
End of period                                    $    104,087  $     17,966 
                                                 ============  ============ 

  
Contacts
Robert J. De Vaere
Executive Vice President and Chief Financial Officer
investor-relations@horizonpharma.com 
Investors
Kathy Galante
Burns McClellan, Inc.
212-213-0006
kgalante@burnsmc.com