Why Horizon Therapeutics (HZNP) Shares Are Plunging Today

Horizon Therapeutics plc's HZNP reported Q2 sales of $876.4 million, +5% Y/Y, missing the consensus of $936.10 million.
The adjusted gross profit ratio declined slightly from 87.7% to 86.3%, with an adjusted EBITDA of $306.6 million, down 4%.
The company reported an adjusted EPS of $1.07, down 26%, missing the consensus of $1.35.
Tepezza sales increased 6% to $479.8 million. Krystexxa sales increased 29% to $167.8 million.
Inflammation segment sales declined 59% to $35.1 million.
Guidance: Horizon Therapeutics expects FY22 sales of $3.53 billion - $3.60 billion, down from $3.9 billion - $4.0 billion expected earlier and the consensus of $3.96 billion.
The company now expects FY22 Tepezza net sales percentage growth in the high-teens, compared to the previous guidance of mid-30s percentage growth.
It continues to forecast FY22 Krystexxa net sales growth of more than 20%.
HZNP expects FY22 adjusted EBITDA of $1.30 - $1.35 billion, down from previous guidance of $1.63 - $1.70 billion.
The inflammation segment's 2H 2022 net sales are expected to be less than $30 million due to an at-risk launch of a generic PENNSAID 2%.
Price Action: HZNP shares are down 21.39% at $64.56 during the market session on the last check Wednesday.

Horizon Therapeutics' Shares Tumble On Q2 Miss, Trimmed FY22 Outlook