Merger-Bound Horizon Therapeutics' Q1 Earnings Miss Estimates

Horizon Therapeutics HZNP reported first-quarter FY23 sales of $832.06 million, down 6% year over year, missing the consensus of $902.28 million.
The biotechnology company reported an adjusted EPS of $0.83, down 38% Y/Y, missing the consensus of $1.12.
Lower sales of TEPEZZA and KRYSTEXXA from the fourth quarter weighed on Q1 performance, impacted by seasonality, which the company typically sees with its infused medicines in the first quarter of each year.
Gross profit declined almost 7% to $623.50 million, while margins fell 80 basis points to 74.9%.
TEPEZZA sales fell 19% Y/Y to $405.3 million. KRYSTEXXA sales increased 33% Y/Y to $187 million.
"I am extremely proud of what we have accomplished in a few short months and believe we are well positioned as we prepare to become part of Amgen," said Chief Executive Officer Tim Walbert.
Price Action: HZNP shares are trading lower by 0.66% at $111.02 on the last check Wednesday.