Therapeutic Horizon (HZNP 11.32%), a biopharmaceutical company specializing in rare, autoimmune and inflammatory diseases, saw its shares jump 11.32% on Wednesday after the company reported its third quarter results. The stock closed at $63.18 on Tuesday, then opened at $68 on Wednesday. It spiked as high as $72.64 by mid-afternoon before closing at $70.33 on Wednesday. The stock is down more than 34% so far this year and is still closer to its 52-week low at $57.84 than its 52-week high at $118.30.
It was not so much the company’s earnings that boosted the stock, but its increased full-year guidance. Horizon’s third quarter numbers were mostly down year over year. It reported revenue of $925.4 million, down 11% from the third quarter of 2021. Net income was $135.8 million, down 58% year-on-year. another, and earnings per share of $0.58 were down 58% from the same period in 2021.
However, the company, buoyed by sales so far of thyroid eye disease treatment Tepezza and gout treatment Krystexxa, raised its full-year guidance. The company raised its annual revenue forecast from $3.59 billion to $3.61 billion and its annual adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) forecast of $1.32 billion to $1.34 billion. He also said that with the label’s expansion, he expects Tepezza’s full-year sales growth to be in the mid-teens and Krystexxa’s sales in the whole year increase by up to 25% year on year. Nine-month Tepezza revenue was $1.472 billion, up 37% from the same period in 2021, and Krystexxa revenue was $500.1 million, up 37% from the same period in 2021. 27% increase compared to the first nine months of 2021.
Horizon also updated clinical trial details for Uplizna, which is in Phase 3 trials to treat lgG4-related disease, a genetic autoimmune disease, and myasthenia gravis, an autoimmune disease that commonly affects facial muscles. The drug is being tested to see if it can deplete certain CD19+ B cells that play a role in autoimmune diseases.
Investors will wait to see if the biotechnologies the advice of the company is correct and if the company can increase its income. They will also be eagerly awaiting the next step for Dazodalibep. The company has reported strong Phase 2 data for the therapy to treat patients with Sjögren’s syndrome, an autoimmune disease that can leave patients with dry eyes and dry mouth. The therapy, like Uplizna, emerged following the company’s $3 billion acquisition of Viela Bio, a spin-off company from Astra Zenecain 2021.