Horizon Pharma misses by $0.02, misses on revs; lowers FY17 below consensus:
- Reports Q1 (Mar) earnings of $0.21 per share, $0.02 worse than the Capital IQ Consensus of $0.23; revenues rose 7.9% year/year to $220.9 mln vs the $248.71 mln Capital IQ Consensus.
- Co announces its Board authorized a share repurchase program for ~10% of shares outstanding
- Co issues downside guidance for FY17, lowers FY17 revs to $1.00-1.035 bln from $1.24-1.29 bln vs. $1.26 bln Capital IQ Consensus Estimate.
- 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.
- It also reflects an ~$20 million increase in operating expenses, primarily in R&D, for full-year 2017 related to teprotumumab.
- The Company is raising its estimate of peak annual net sales for KRYSTEXXA to $400 million from $250 million
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