Horizon Therapeutics' Q4 Earnings Beat Expectation As Tepezza, Krystexxa Boost Sales

Horizon Therapeutics plc's HZNP Q4 sales increased 36% Y/Y to $1.014 billion, beating the consensus of $995.87 million.
The adjusted gross profit declined slightly from 87.1% to 86.5%, with an adjusted EBITDA of $416.0 million, including $36.2 million of upfront and milestone payments primarily related to the collaboration agreement with Alpine.
The Company reported an adjusted EPS of $1.41, up 21%, beating the consensus of $1.34.
Q4 FY21 orphan segment sales reached $940.5 million, +50%, driven by the strong performance of Tepezza, Krystexxa, and Ravicti. Tepezza sales increased 72% to $589.6 million.
Krystexxa Q4 sales increased 32% to $170.3 million, driven by increased adoption of Krystexxa plus immunomodulation, which is now approaching 50%.
Related: Horizon Therapeutics' Uplinza Reduces Severity of Attacks Associated Spinal Cord Inflammation.
Guidance: Horizon Therapeutics expects FY22 sales of $3.9 billion - $4.0 billion, representing 22% growth at the midpoint, versus the consensus of $3.91 billion.
The Company expects Tepezza FY22 sales growth in the mid-30s and Krystexxa sales growth of more than 20%.
HZNP expects FY22 adjusted EBITDA of $1.63 billion - $1.70 billion, representing 30% growth and 230 basis points of margin expansion at the midpoint.
Price Action: HZNP shares traded 4.20% higher at $95 premarket on the last check Monday.