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Horizon (HZNP) Q1 Earnings and Revenues Miss Estimates

Horizon Therapeutics plc HZNP reported first-quarter 2023 adjusted earnings of 83 cents per share, which missed the Zacks Consensus Estimate of $1.17. The company reported adjusted earnings of $1.34 per share in the year-ago quarter.

Quarterly revenues of $832 million declined 6% year over year, owing mostly to the seasonal impact on Tepezza sales, which the company typically sees with its infused medicines in the first quarter of each year. Revenues fell short of the Zacks Consensus Estimate of $896 million.

Shares of Horizon have rallied 16.8% in the past year against the industry’s 9.1% fall.

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

Quarter in Detail

Horizon reported financial results in the single segment, owing to the wind-down of the inflammation business, beginning in the fourth quarter of 2022.

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In the unified segment, Tepezza sales construed 48.7% of the net sales amounting to $405.3 million, which missed the Zacks Consensus Estimate of $493 million. Per management, the field-force expansion initiated late in 2022 has not yet substantially impacted net sales.

Krystexxa sales rose 33% year over year to $187 million.

Ravicti sales were $90.3 million in the quarter, up 15% year over year.

Procysbi sales were $50.5 million in the quarter, up 2% year over year.

Uplizna sales were $53.8 million in the quarter, up 77% year over year.

Actimmune sales were $29.1 million in the quarter, down 7% year over year.

Research and development expenses were $134.1 million, up 30% from the year-ago quarter. Selling, general and administrative expenses were $453.4 million, up 21.6% from the year-ago quarter.

The company had cash, cash equivalents and investments worth $2.31 billion as of Mar 31, 2023, compared with $2.35 billion as of Dec 31, 2022.

Recent Updates

We would like to remind the investors that Amgen AMGN is set to acquire Horizon for $116.5 per share in cash or $27.8 billion.

The acquisition was announced in December 2022. This acquisition will add Horizon’s portfolio of rare disease drugs like Tepezza, Krystexxa and Uplizna to Amgen’s broad and diversified portfolio.

Horizon Therapeutics Public Limited Company Price and EPS Surprise

Horizon Therapeutics Public Limited Company Price and EPS Surprise
Horizon Therapeutics Public Limited Company Price and EPS Surprise

Horizon Therapeutics Public Limited Company price-eps-surprise | Horizon Therapeutics Public Limited Company Quote

Zacks Rank and Stocks to Consider

Horizon currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are Aptinyx APTX and ADMA Biologics ADMA, both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the past 90 days, the Zacks Consensus Estimate for Aptinyx’s 2023 loss per share has narrowed from 77 cents to 47 cents. In the past year, shares of Aptinyx have fallen by 86.5%.

APTX beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 6.56%.

In the past 90 days, the consensus estimate for ADMA Biologics’ 2023 loss per share has narrowed from 19 cents to 14 cents. In the past year, shares of ADMA Biologics have increased by 66.6%.

ADMA beat estimates in three out of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 2.88%.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Amgen Inc. (AMGN) : Free Stock Analysis Report

Horizon Therapeutics Public Limited Company (HZNP) : Free Stock Analysis Report

ADMA Biologics Inc (ADMA) : Free Stock Analysis Report

Aptinyx Inc. (APTX) : Free Stock Analysis Report

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Zacks Investment Research