Horizon Pharma Public Limited Company, a biopharmaceutical company, engages in identifying, developing, acquiring, and commercializing medicines for the treatment of orphan diseases, arthritis, pain, and inflammation and inflammatory diseases in the United States and internationally. The company’s marketed medicine portfolio consists of ACTIMMUNE for the treatment of chronic granulomatous disease and malignant osteopetrosis; RAVICTI and BUPHENYL/AMMONAPS to treat urea cycle disorders; PROCYSBI for the treatment of nephropathic cystinosis; QUINSAIR for the treatment of chronic pulmonary infections due to pseudomonas aeruginosa in cystic fibrosis patients; and KRYSTEXXA to treat chronic refrac...
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Founded in 2005
Horizon Pharma plc Provides Earnings Guidance for the Year 2017
May 23 17
Horizon Pharma plc announced that it has reached an agreement to sell a European subsidiary that owns the marketing rights to PROCYSBI® (cysteamine bitartrate) delayed-release capsules and QUINSAIR™ (levofloxacin inhalation solution) in Europe, the Middle East and Africa (EMEA) regions to Chiesi Farmaceutici S.p.A. (Chiesi) for an upfront payment of $70 million, with additional potential milestone payments based on sales targets. The transaction is subject to receipt of antitrust approvals and other customary closing conditions and is expected to close by the end of the second quarter. Assuming a second-quarter 2017 transaction close, Horizon anticipates a reduction of approximately $15 million in full-year 2017 net sales related to PROCYSBI and QUINSAIR in the EMEA regions and a neutral impact on its full-year 2017 adjusted EBITDA. This would result in a full-year 2017 net sales guidance range of $985 million to $1.020 billion and no change to Horizon’s full-year 2017 adjusted EBITDA guidance range of $315 million to $350 million.
Horizon Pharma plc Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Revises Earnings Guidance for 2017; Provides Earnings Guidance for the Second Quarter of 2017
May 8 17
Horizon Pharma plc reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported net sales of $220,859,000 compared to $204,690,000 a year ago. Operating loss was $105,383,000 compared to $27,204,000 a year ago. Loss before benefit for income taxes was $138,123,000 compared to $46,849,000 a year ago. Net loss was $90,570,000 compared to $45,406,000 a year ago. Basic and diluted net loss per share was $0.56 compared to $0.28 a year ago. Net cash provided by operating activities was $20,721,000 compared to $54,181,000 a year ago. Purchases of property and equipment were $1,421,000 compared to $7,525,000 a year ago. Non-GAAP net income was $35,009,000 compared to $41,320,000 a year ago. Diluted Non-GAAP earnings per share were $0.21 compared to $0.25 a year ago. EBITDA was $18,693,000 compared to $39,850,000 a year ago. Adjusted EBITDA was $51,915,000 compared to $71,978,000 a year ago. Non-GAAP operating cash flow was $65,242,000 compared to $67,875,000 a year ago. Net debt as of March 31, 2017 was $1.422 billion.
For the full-year 2017, the Company revised its full-year 2017 net sales guidance range to $1.000 billion to $1.035 billion from $1.240 billion to $1.290 billion. The company revised its full-year 2017 adjusted EBITDA guidance to $315 million to $350 million from $525 million to $575 million, which assumes the lower net sales range and accounts for cost reductions, primarily in its primary care business, and a reinvestment of a portion of these reductions in KRYSTEXXA to maximize its long-term potential. For interest expense, The company expects a range of between $105 million and $110 million for full year 2017 based on current LIBOR rates. Based on the revised guidance, the company now expect a non-GAAP tax rate in the low 30's for the full year 2017. This is higher than its previous guidance principally due to a change in the forecasted mix of earnings by tax jurisdiction as a result of the lower net sales expected for primary care in 2017.
For the second quarter, The company expects net sales to be 23% to 24% of its full year 2017 net sales guidance. The non-GAAP tax rate in the second quarter to be approximately 55% to 60%, which given the first quarter's favorable tax rate of negative 37% will result in a first half non-GAAP tax rate consistent with full year guidance of the low 30's.
Horizon Pharma, Inc. Approves Amendment to the Articles of Association
May 4 17
Horizon Pharma Inc. announced that at the AGM held on May 3, 2017 approved amendment to the articles of association to provide that, in the event of a contested election, directors will be elected by a plurality voting standard.