Horizon Therapeutics (HZNP) topped Wall Street’s second-quarter forecasts and raised its full-year sales guidance on Wednesday, helping HZNP stock extend a pre-earnings breakout.
Importantly, sales of thyroid eye disease treatment Tepezza returned to growth after the global ramp of Covid vaccines disrupted manufacturing in the first quarter. Tepezza brought in $453.3 million in sales, rocketing 173% year over year.
“Driving our record second-quarter performance was our highly successful Tepezza relaunch, which allowed thyroid eye disease patients to rapidly access therapy and resulted in an increase in our full-year expectations,” Chief Executive Tim Walbert said in a written statement.
In morning trading on today’s stock market, HZNP stock surged 9.3% near 109. That put shares at a record high.
HZNP Stock Extends Breakout
During the second quarter, adjusted Horizon earnings were $1.62 per share. Earnings grew 305% year over year and beat the FactSet forecast for 87 cents. Total sales grew 80% to $832.5 million and also topped HZNP stock analysts’ expectations for $703.8 million.
In addition to strong Tepezza growth, sales of Horizon’s gout treatment Krystexxa increased 73% to $130.3 million. Both drugs belong to the company’s orphan medicines segment. Overall, sales of orphan medicines — which treat rare diseases — popped 97% to $746.5 million.
Horizon also sells treatments for inflammatory diseases. Those sales edged up 3% to $86 million.
The biotech company also raised its guidance for 2021, also prodding HZNP stock. Horizon expects roughly $3.03 billion to $3.13 billion in sales, up $27.5 million at the midpoint. Sales would grow 40% at the midpoint. Horizon expects Tepezza to generate at least $1.55 billion in sales and for Krystexxa to bring in more than $1.28 billion.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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