Horizon Pharma plc Announces Fourth Quarter and Full Year 2014 Financial Results and Raises Guidance for 2015
Fourth Quarter Net Sales of $103.8 Million, Up 245 Percent Year over Year; Full Year Net Sales of $297.0 Million, Up 301 Percent Year over Year; Raises Net Sales and Adjusted EBITDA Guidance for 2015; Conference Call and Webcast Today, February 27th, at 8:00 a.m. ET
(firmenpresse) - DUBLIN, IRELAND -- (Marketwired) -- 02/27/15 -- Horizon Pharma plc (NASDAQ: HZNP), a specialty biopharmaceutical company focused on improving patients'' lives by identifying, developing, acquiring and commercializing differentiated products that address unmet medical needs, announced its fourth quarter and full year 2014 financial results today.
"We continued our strong momentum in the fourth quarter of 2014 and ended up exceeding our latest net sales and adjusted EBITDA guidance for the year," said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma plc. "We are also encouraged by the results we are seeing so far in 2015 and, as a result, we are raising 2015 full year guidance to $450 million to $475 million in net sales and $170 million to $190 million in adjusted EBITDA. Our projected strong operating cash flows and financial leverage support our ability to execute our strategy of continued product and company acquisitions to expand our commercial critical mass and further enhance shareholder value."
Total net sales in the fourth quarter of 2014 were $103.8 million, compared with $30.1 million in the fourth quarter of 2013, representing 245 percent year over year growth. Total net sales for the full year 2014 were $297.0 million, compared with $74.0 million for the full year 2013, representing 301 percent year over year growth.
Gross profit margins were 69 percent of net sales in the fourth quarter of 2014 compared with 83 percent of net sales in the fourth quarter of 2013, and on a non-GAAP basis, were 94 percent of net sales in the fourth quarter of 2014 compared with 93 percent of net sales in the fourth quarter of 2013, after excluding depreciation, intangible amortization, amortization of inventory step-up and royalty re-measurement and accretion. Gross profit margins were 73 percent of net sales for the full year 2014 compared with 80 percent of net sales for full year 2013, and on a non-GAAP basis, were 95 percent for full year 2014 compared with 92 percent for full year 2013.
Total operating expenses were $62.2 million in the fourth quarter of 2014, compared to $30.6 million in the fourth quarter of 2013. Fourth quarter 2014 operating expenses included $3.2 million of transaction related expenses related to the acquisitions of Vidara Therapeutics International plc, or Vidara, and PENNSAID (diclofenac sodium topical solution) 2% w/w. Total operating expenses for full year 2014 were $226.7 million compared to $102.2 million for full year 2013. Full year 2014 operating expenses included $40.6 million of transaction related expenses related to Vidara and PENNSAID 2%.
Adjusted EBITDA was $41.0 million in the fourth quarter of 2014 after excluding the impact of $29.4 million in costs associated with induced conversions of a portion of the 5.00% Convertible Senior Notes due 2018, or Convertible Notes, $3.2 million of transaction expenses related to Vidara and PENNSAID 2%, $3.1 million in share based compensation and other non-GAAP adjustments, compared with an adjusted EBITDA loss of $0.1 million in the fourth quarter of 2013. For the full year 2014, adjusted EBITDA was $105.4 million after excluding the impact of $215.0 million of derivative securities revaluation, $48.8 million in acquisition related expenses, $29.4 million in costs associated with the induced conversion of convertible debt, $13.2 million in share based compensation and other non-GAAP adjustments, compared with an adjusted EBITDA loss of $28.3 million for the full year 2013.
On a GAAP basis, net loss in the fourth quarter of 2014 was $31.6 million, or $0.27 net loss on a basic and diluted per share basis. For full year 2014, on a GAAP basis, net loss was $263.6 million or $3.15 net loss on a basic and diluted per share basis.
Adjusted non-GAAP net income for the fourth quarter of 2014 was $35.5 million, or $0.30 basic earnings per share and $0.27 diluted earnings per share. For full year 2014, adjusted non-GAAP net income was $92.5 million, or $1.10 basic earnings per share and $0.95 diluted earnings per share.
The Company had cash and cash equivalents of $218.8 million as of December 31, 2014, an increase of $138.3 million from December 31, 2013.
Total principal amount of outstanding debt was $361 million at December 31, 2014, compared to total principal amount of outstanding debt of $150 million at December 31, 2013.
Acquired the U.S. rights to PENNSAID 2% on October 17, 2014 for a $45 million one-time cash payment along with an eight-year exclusive manufacturing agreement and began selling the product in early January 2015.
Presented encouraging data from a Phase 2 clinical study of ACTIMMUNE (interferon gamma-1b) treatment in children with Friedreich''s Ataxia, or FA, and submitted the IND for a Phase 3 study for ACTIMMUNE in children with FA in the first quarter of 2015.
Announced favorable Markman Ruling in RAYOS (prednisone) delayed-release tablets patent infringement litigation.
Received two additional patents from the U.S. Patent and Trademark Office with claims covering VIMOVO with patent terms through 2031.
Induced conversion of an aggregate principal amount of $89.0 million of the Convertible Notes, issuing an aggregate of 16.6 million ordinary shares and making aggregate cash payments of $16.7 million plus accrued interest. Following the induced conversions, $61.0 million of principal amount of Convertible Notes remain outstanding.
Appointed Paul Hoelscher as executive vice president and chief financial officer.
Hired John Kody as executive vice president and chief commercial officer.
Opened new corporate headquarters in Dublin, Ireland and expanded U.S. headquarters with opening of a downtown Chicago office.
The Company today announced it is raising 2015 full year guidance as follows:
Horizon provides certain financial measures such as adjusted non-GAAP net income (loss), adjusted non-GAAP net income (loss) per share, non-GAAP gross profit margins and non-GAAP cash from operations that include adjustments to GAAP figures. These adjustments to GAAP exclude the bargain purchase gain related to the acquisition of Vidara, acquisition transaction related expenses, loss on induced debt conversion, loss on debt extinguishment, secondary offering expenses as well as non-cash items such as stock compensation, depreciation and amortization, royalty accretion, non-cash interest expense, and other non-cash adjustments such as the increase or decrease in the fair value of the embedded derivative associated with the Company''s convertible senior notes. Certain other special items or substantive events may also be included in the non-GAAP adjustments periodically when their magnitude is significant within the periods incurred. EBITDA, or earnings before interest, taxes, depreciation and amortization, and adjusted EBITDA are also used and provided by Horizon as non-GAAP financial measures. Horizon believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of Horizon''s financial performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of the Company''s operational results and trends. In addition, these non-GAAP financial measures are among the indicators Horizon''s management uses for planning and forecasting purposes and measuring the Company''s performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies. Please refer to the financial statements portion of this press release where the Company has provided a reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures. However, the Company has not provided a reconciliation of 2015 adjusted EBITDA outlook to a net income (loss) outlook because certain items that are a component of net income (loss) but not part of adjusted EBITDA, such as stock compensation and acquisition related expenses, cannot be reasonably projected, either due to the significant impact of changes in Horizon''s stock price on stock compensation, or the variability associated with acquisition related expenses due to timing and other factors.
At 8:00 a.m. EST / 11 a.m. GMT today, the Company will host a live conference call and webcast to review its financial and operating results and provide a general business update.
U.S. Dial-In Number: +1 888.338.8373
International Dial-In Number: +1 973.872.3000
Passcode: 71462620
The live webcast and a replay may be accessed by visiting Horizon''s website at . Please connect to the Company''s website at least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast.
A replay of the conference call will be available approximately two hours after the call and accessible through one of the following telephone numbers, using the passcode below:
Replay U.S. Dial-In Number: +1 855.859.2056
Replay International Dial-In Number: +1 404.537.3406
Passcode: 71462620
Horizon Pharma plc is a specialty biopharmaceutical company focused on improving patients'' lives by identifying, developing, acquiring and commercializing differentiated products that address unmet medical needs. The Company markets a portfolio of products in arthritis, inflammation and orphan diseases. Horizon''s U.S. marketed products are ACTIMMUNE® (interferon gamma-1b), DUEXIS® (ibuprofen/famotidine), PENNSAID® (diclofenac sodium topical solution) 2% w/w, RAYOS® (prednisone) delayed-release tablets and VIMOVO® (naproxen/esomeprazole magnesium). Horizon''s global headquarters are in Dublin, Ireland. For more information, please visit
This press release contains forward-looking statements, including statements regarding expected 2015 net revenue and adjusted EBITDA, Horizon''s growth strategy, the on-going commercialization of ACTIMMUNE, DUEXIS, RAYOS and VIMOVO and the planned Phase 3 study of ACTIMMUNE in FA. These forward-looking statements are based on management''s expectations and assumptions as of the date of this press release, and actual results may differ materially from those in these forward-looking statements as a result of various factors. These factors include, but are not limited to, risks regarding Horizon''s ability to commercialize products successfully, including risks relating to availability of coverage and adequate reimbursement and pricing from government and third party payers and risks relating to the success of Horizon''s Prescriptions-Made-Easy or PME specialty pharmacy program, whether commercial data regarding ACTIMMUNE, DUEXIS, PENNSAID 2%, RAYOS and VIMOVO in the United States for any historical periods are indicative of future results, Horizon''s ability to comply with post-approval regulatory requirements, Horizon''s ability to enforce its intellectual property rights to its products, Horizon''s ability to execute on its plan to grow through acquiring or in licensing additional products or companies, and risks regarding Horizon''s ability to conduct the Phase 3 study of ACTIMMUNE in FA as planned. For a further description of these and other risks facing the Company, please see the risk factors described in the Company''s filings with the United States Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in those filings. Forward-looking statements speak only as of the date of this press release and the Company undertakes no obligation to update or revise these statements, except as may be required by law.
Robert F. Carey
Executive Vice President, Chief Business Officer
Geoff Curtis
+1 312 233-1253Ray Gordon
Gordon MRM
+353 (87) 2417373
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Datum: 27.02.2015 - 06:00 Uhr
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