Horizon Therapeutics (HZNP) Stock Hits New 52-Week High on Solid Q4 Results

Horizon Therapeutics PLC (NASDAQ:HZNP) was founded in 2008 with a handful of employees and extremely limited resources. The biopharmaceutical company went public in 2011 by pricing 5.5 million shares of its common stock at $9 each share. Since then, its share price has climbed more than 900 percent. Today, Horizon’s product lineup includes some critical drugs such as Tepezza for treating thyroid eye disease (TED) and Ravicti for disorders related to the urea cycle.

The company caught investors’ attention on Wednesday after its stock made a new 52-week high of $96.54 following strong Q4 results. Horizon Therapeutics reported earnings of $0.82 per share for the three months ended December 31, as compared to $2.84 per share in the same period last year. On an adjusted basis, the company reported a profit of 1.28 per share, easily beating the consensus forecast of $1.06 per share.

Revenue came in at $745.3 million, translating to a hefty surge of 105 percent from the comparable period of 2019. Analysts on average were looking for revenue of $693.54 million. Tepezza made significant contributions to the total revenue, generating sales of $343.7 million during the quarter.

Speaking on the results, CEO Tim Walbert said, “The launch of TEPEZZA, one of the most successful rare disease medicine launches ever, strengthened our position as one of the fastest-growing biotech companies. Our recently announced agreement to acquire Viela further strengthens this position by adding a deep mid-stage biologics pipeline and an on-market rare disease biologic, UPLIZNA.”

Looking forward, Horizon Therapeutics projected revenue in the range of $2.70 billion and $2.80 billion for 2021, representing year-over-year growth of 25 percent at the mid-point.

Horizon Therapeutics shares jumped 13.29 percent to $95.48 on Wednesday following better-than-expected quarterly results.