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Stock Alert: Horizon Therapeutics Jumps 15% On Quarterly Results

Shares of Horizon Therapeutics Public Ltd. Co. (HZNP) are gaining over 15% on Wednesday morning after the company's second-quarter results trumped Wall Street view, driven by "tremendous" response for its drug Tepezza, a treatment for Thyroid Eye Disease. The company also lifted its full-year revenue outlook.

HZNP is currently trading at $71.12, up $9.33 or 15.10%, on the Nasdaq.

Second-quarter net loss was $80.0 million or $0.42 per share, wider than last year's loss of $5.1 million or $0.03 per share. Adjusted earnings were $0.40 per share, lower than last year's earnings of $0.49 per share. Analysts' had a consensus earnings estimate of $0.36 per share.

Revenues for the quarter rose 44% to $462.8 million from $320.6 million last year. Analysts expected revenues of $332.45 million.

"Driving our record second-quarter performance was the continued tremendous patient and physician response to Tepezza, along with our outstanding commercial execution, making the Tepezza launch one of the most successful rare disease medicine launches ever, despite a challenging COVID-19 environment," said CEO Tim Walbert.

Looking forward, the company now expects full-year 2020 net sales between $1.85 billion to $1.90 billion, an increase from the previous guidance range of $1.40 billion to $1.45 billion. Horizon now expects Tepezza full-year 2020 net sales of greater than $650 million, compared to the previous guidance of greater than $200 million. Analysts currently estimate sales of $1.54 billion.

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