Horizon Therapeutics ( NASDAQ: HZNP ) gained ~8% pre-market Wednesday after announcing better-than-expected financials for Q3 2022 and raising the full-year outlook on the back of solid demand for Krystexxa, a treatment indicated for arthritic condition, gout.
However, the company’s net sales for the period dropped ~11% YoY to $925.4M as sales for Tepezza, a treatment approved for thyroid eye disease, declined ~20% YoY to $490.9M.
Krystexxa sales grew ~21% YoY to $191.6M, driven by higher uptake with immunomodulation which currently accounts for more than 60% of new patient starts. The company reaffirmed expectations to see strong demand for Krystexxa from rheumatologists and nephrologists.
Meanwhile, Horizon ( HZNP ) reported that the non-GAAP gross profit ratio rose to ~87% from ~85% in the prior year quarter while net income on a non-GAAP basis fell ~29% YoY to $293.3M as operating expenses rose ~17% YoY to $530.6M.
“Our successful launch of the KRYSTEXXA expanded label has driven increased use of KRYSTEXXA with immunomodulation,” Chief Executive Tim Walbert said.
“Encouraged by the momentum we are seeing, we increased our KRYSTEXXA U.S. peak annual net sales expectations to greater than $1.5 billion,” Walbert added.
While reiterating the full-year net sales outlook for Tepezza, the company has increased the overall net sales guidance to $3.59B – $3.61B from $3.53B – $3.60 compared to $3.56B in the consensus. Horizon ( HZNP ) has also lifted the full-year net sales growth for Krystexxa to ~25% from the previous guidance of more than 20%.
For further details see:
Horizon Therapeutics gains as strong sales for arthritis therapy prompt guidance raise