Horizon therapeutics5/17/2023 ![]() ![]() Thank you, Tina, and good morning, everyone. Tim Walbert - Chairman, President & Chief Executive Officer These non-GAAP financial measures are reconciled with the comparable GAAP financial measures in our earnings press release and other filings from today that are available on our investor website at I will now turn the call over to Tim. In addition, on todays conference call, non-GAAP financial measures will be used. Youre cautioned not to place undue reliance on these forward-looking statements, and Horizon disclaims any obligation to update such statements. Our actual results could differ materially due to a number of factors, including the risk factors and other information outlined in our latest Forms 10-K, 10-Q and any 8-Ks filed with the Securities and Exchange Commission and our earnings press release, which we issued this morning. ![]() As a reminder, during todays call, well be making certain forward-looking statements, including statements about financial projections, development activities, our business strategy and the expected timing and impact of future events. ![]() ![]() After closing remarks from Tim, well take your questions. Liz will then provide a review of our R&D programs, followed by Paul, who will discuss our financial performance and guidance in more detail. Tim will provide a review of the business, including our second quarter performance. On the call with me today are Tim Walbert, Chairman, President and Chief Executive Officer Paul Hoelscher, Executive Vice President, Chief Financial Officer Liz Thompson, Executive Vice President, Research and Development and Andy Pasternak, Executive Vice President, Chief Strategy Officer. Good morning, everyone, and thank you for joining us. Ventura - Senior Vice President of Investor Relations *Stock Advisor returns as of June 7, 2021 and Horizon Therapeutics wasn't one of them! That's right - they think these 10 stocks are even better buys. They just revealed what they believe are the ten best stocks for investors to buy right now. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* When o ur award-winning analyst team has a stock tip, it can pay to listen. “This allows shareholders of Amgen an opportunity to participate in the long-term growth of these products.”īecause Amgen already produces drugs for autoimmune and inflammatory conditions, the CEO said the company can use its existing manufacturing and distribution networks to enable Horizon’s treatments to grow faster than they would if the company were to remain independent.10 stocks we like better than Horizon Therapeutics “Each has been delivering strong volume-driven growth, and each is still early in its life cycle,” Bradway said. Horizon’s other drugs include Krystexxa, a treatment for chronic refractory gout, and Uplinza, a treatment for a rare and serious autoimmune condition called neuromyelitis optica spectrum disorder.īradway said Horizon’s drugs are “complementary to Amgen's portfolio” and “squarely within our wheelhouse.” in January 2020, and in the most recent fiscal quarter, its sales were up 37% over the previous year. Tepezza is the first approved treatment for thyroid eye disease, an inflammatory eye disorder than can cause vision loss. The biggest of those drugs, Tepezza, accounted for about $1.5 billion in sales in the first nine months of this year. Amgen is likely to keep making smaller acquisitions, he said, because it needs to make up for the revenue it is likely to lose as its current blockbuster drugs get older and lose their patent protections.Īmgen’s revenue in 2021 was just under $26 billion, and Syed said about 40% of that is “exposed,” which means it comes from products that are scheduled to lose patent protections by 2030. Syed said this deal likely represents the peak of Amgen’s current acquisition spree, since any company is unlikely to take on two deals of such size in quick succession. Though the price is nearly 50% more than Horizon’s recent stock value, it is still a little below where the company was trading in April, he pointed out, and the value is in line with other recent mergers in the industry. Salim Syed, an analyst at the investment bank Mizuho Americas who covers Amgen and other biotechnology companies, said he thinks the deal makes sense for Amgen. “We've admired Horizon's success for some time and we've studied their business closely through time as well, and when presented with this opportunity we were prepared to move quickly,” Bradway said. ![]()
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