HZNP - Horizon Therapeutics plunges 22% on disappointing Q2 result lowers 2022 sales guidance

• Horizon Therapeutics ( NASDAQ: HZNP ) is trading 22% lower before the bell after the company posted lower-than-expected Q2 results and full-year sales guidance that were below estimates, hurt by lower sales from its inflammation segment.
• The company said the launch of generic Pennsaid 2% by Apotex in the United States also hurt the sales of its inflammatory drug, used for treating the pain of osteoarthritis of the knee.
• Sales of Pennsaid were down 52% Y/Y to $23.6M.
• The company said it now expects full-year net sales to be in the range between $3.53B and $3.60B, from the previous guidance range of $3.9B to $4B. Analysts on an average estimate $3.96B in sales.
• The company revised its guidance as it now expects thyroid eye treatment Tepezza full-year net sales percentage growth in the high-teens, compared to the previous guidance of mid-30s percentage growth.
• The Company expects inflammation segment second-half 2022 net sales of less than $30M due to an at-risk launch of a generic PENNSAID 2% initiated in May.
• Q2 Non-GAAP EPS of $1.07 missed analysts estimate by $0.26 and Revenue rose 5.3% Y/Y to $876.4M, but missed estimates by $62.42M.

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