Horizon Pharma Announces Preliminary Fourth Quarter and Full Year 2013 Revenue
and Provides VIMOVO(R) Update
DEERFIELD, IL -- (Marketwired) -- 01/29/14 -- Horizon Pharma, Inc.
(NASDAQ: HZNP) today announced preliminary (unaudited) revenues for
the fourth quarter and fiscal year ended December 31, 2013.
-- For the fourth quarter of 2013, Horizon expects total net revenues of
$31.9 million to $32.4 million.
-- The Company expects 2013 total annual net revenues of $79.5 million to
-- According to Source Healthcare Analytics (SHA), total prescriptions
for DUEXIS(R) increased 13% in the fourth quarter of 2013 to 63,947
versus 56,673 in the third quarter of 2013.
-- Approximately 95% of commercially insured patients taking DUEXIS have
a co-pay of twenty dollars or less.
-- According to SHA, total prescriptions for RAYOS(R) increased 18% in
the fourth quarter of 2013 to 2,973 versus 2,530 in the third quarter
-- Approximately 95% of commercially insured patients taking RAYOS have a
co-pay of less than twenty dollars.
-- Preliminary unaudited cash and cash equivalents at December 31, 2013
were approximately $80.5 million.
-- All required FDA transfers with respect to VIMOVO, including the NDA
and IND are complete.
-- Horizon NDC (National Drug Code) number has been assigned to VIMOVO.
-- Horizon labeled inventory has been manufactured, shipped and sold into
the wholesale and pharmacy channel.
-- Horizon has completed the expansion of its field sales force related
to the VIMOVO acquisition and all representatives have been trained.
-- All co-pay programs and the Company's Prescriptions Made Easy(TM)
specialty pharmacy program have been implemented for VIMOVO to ensure
patients have access to VIMOVO at a reasonable out-of-pocket cost.
-- Approximately 96% of commercially insured patients taking VIMOVO have
had their co-pay bought down to a zero co-pay in the first month
Horizon has managed the product.
-- The Company's rheumatology sales force began promoting VIMOVO on
November 26, 2013 and, according to SHA, VIMOVO total prescriptions
for the month of December 2013 increased 4% versus November 2013.
-- The Company's entire sales organization will begin promotion of VIMOVO
on February 3, 2014.
Horizon expects to report its full, fourth quarter and audited fiscal
year 2013 results on March 13, 2014, which will include results of
its base DUEXIS and RAYOS/LODOTRA business, the impact of the
acquisition of U.S. rights to VIMOVO in November 2013, and initial
VIMOVO related activities. The results will also reflect the issuance
of $150 million in convertible senior notes in November 2013,
associated derivative liability accounting and the repayment of the
Company's existing senior secured loan.
"2013 was a transformational year for Horizon as we accelerated our
base business with DUEXIS and RAYOS and completed the acquisition of
the U.S. rights to VIMOVO", said Timothy P. Walbert, chairman,
president and chief executive officer, Horizon Pharma. "In 2014, we
will focus on driving prescriptions of our promoted products and
pursuing our strategy to acquire rights to additional products and
About Horizon Pharma
Horizon Pharma, Inc. is a commercial stage,
specialty pharmaceutical company that markets DUEXIS(R),
RAYOS(R)/LODOTRA(R) and VIMOVO(R), which target unmet therapeutic
needs in arthritis, pain and inflammatory diseases. The Company's
strategy is to develop, acquire or in-license additional innovative
medicines or companies where it can execute a targeted commercial
approach among specific target physicians such as primary care
physicians, orthopedic surgeons and rheumatologists, while taking
advantage of its commercial strengths and the infrastructure the
Company has put in place. For more information, please visit
VIMOVO(R) (naproxen / esomeprazole magnesium) is a
proprietary fixed-dose combination of delayed-release enteric-coated
naproxen, a non-steroidal anti-inflammatory drug (NSAID) and
immediate-release esomeprazole, a stomach acid-reducing proton pump
inhibitor (PPI), approved for the relief of signs and symptoms of
osteoarthritis, rheumatoid arthritis and ankylosing spondylitis and
to decrease the risk of developing gastric ulcers in patients at risk
of developing NSAID-associated gastric ulcers. VIMOVO is not
recommended for use in children younger than 18 years of age. VIMOVO
is not recommended for initial treatment of acute pain because the
absorption of naproxen is delayed compared to absorption from other
naproxen-containing products. Controlled studies do not extend beyond
6 months. VIMOVO should be used at the lowest dose and for the
shortest amount of time as directed by a health care provider.
For Full Prescribing Information see www.VIMOVO.com.
Forward Looking Statements
This press release contains
forward-looking statements, including statements regarding expected
total net revenues for the fourth quarter of 2013 and total annual
net revenues for 2013, Horizon's on-going commercial launches of
DUEXIS, RAYOS and VIMOVO, commercialization plans for DUEXIS, RAYOS
and VIMOVO and the timing for implementing those plans and plans for
driving prescriptions of promoted products and acquiring rights to
additional products and businesses in 2014. 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, including, but not limited to, completion of
Horizon's fourth quarter and year-end review and audit process, risks
regarding the Company's ability to commercialize products
successfully, potential delays or changes in strategy for the
commercialization of DUEXIS, RAYOS and VIMOVO, whether physicians
will prescribe and patients will use DUEXIS, RAYOS and VIMOVO and
competition in the market for the Company's products, and risks
relating to the ability to identify and complete additional product
and business acquisitions and successfully integrate such products
and businesses. For a further description of these and other risks
facing Horizon, please see the risk factors described in Horizon'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. Horizon undertakes no obligation to update or
revise these statements, except as may be required by law.
The financial information set forth in this press release reflect
Horizon's preliminary estimates, which are subject to completion of
Horizon's fourth quarter and year-end review and audit process.
Horizon's actual fourth quarter and full year 2013 financial and
operating results could differ materially from the preliminary
estimates set forth in this press release.
Robert J. De Vaere
Executive Vice President and Chief Financial Officer
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