Horizon Therapeutics Stock Tanks 20% After FY22 Revenue Outlook Cut

Shares of Horizon Therapeutics Public Limited Company (HZNP) are tanking over 20% on Wednesday morning after the company lowered its full year revenue outlook.

HZNP is currently trading at $64.34, down $17.79 or 21.66%, on the Nasdaq.

Net sales for the quarter rose 5% to $876.4 million from $832.5 million last year.

Net income for the quarter second quarter dropped to $61.0 million or $0.26 per share, from $158.1 million or $0.67 per share last year.

Adjusted profit rose to $253.8 million or $1.07 per share, down from $340.7 million or $1.45 per share last year.

Analysts polled by Thomson Reuters expected earnings of $1.35 per share on revenues of $938.77 million for the quarter.

Looking forward to the full-year 2022, the company expects sales between $3.53 billion and $3.60 billion, updated from the previous guidance range of $3.9 billion to $4.0 billion. Analysts currently estimate earnings of $3.96 billion.

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