Seeking Alpha • Aug 19

Horizon Therapeutics: This Core Biotech Company Is On Sale

Shares have lost 40% of their value year to date. Tepezza sales should reaccelerate into the back half of 2022 and 2023 as the drug makes inroads into chronic TED market. Krystexxa continues to experience respectable growth in the uncontrolled gout market and Horizon has multiple shots on goal to address 9M estimated sufferers. Rare disease focused pipeline has $10 billion in potential peak sales and management is likely to acquire additional drugs on the cheap. HZNP is a Buy and I suggest accumulating dips in the back half of the year. Key risks include competition, failure to reinvigorate Tepezza sales and disappointing readouts. Shares of Ireland-based Horizon Therapeutics (HZNP) have risen by 237% since my 2016 recommendation identified the company as an attractive Core Biotech-type selection. However, so far in 2022 shares have lost 40% of their value. I've had this rare disease player on my radar for quite a while as a possible addition to our current Core Biotech portfolio. One would think fair value is considerably higher than the current $14 billion market capitalization, considering growing Tepezza sales in the lucrative TED market ($3B+ peak potential), Krystexxa sales hitting an inflection point to help patients suffering from gout and pipeline contains drug candidates with $10B+ in peak sales potential across a range of diseases and settings. As share price and valuation have hit relative lows, I think it's time I revisit this one to see if it's ready for us to add to the Core Biotech portfolio. Chart FinViz Figure 1: HZNP weekly chart (Source: Finviz) When looking at charts, clarity often comes from taking a look at distinct time frames in order to determine important technical levels and get a feel for what's going on. In the weekly chart above, we can see share price top out at the $120 level twice in late 2021 and again in 2022. From there, they've steadily drifted south after multiple disappointing quarters as pessimism takes over. Current range in the low $60s appears to be establishing a near-term low, but I would not overestimate the ability of short sellers to take this one lower still. My initial opinion is that long term investors would do well to accumulate a pilot position in the near term, adding further exposure spread out across Q3 and Q4 reports in order to encourage patience and possibly attain a better average cost. Overview Management presentation at Goldman Sachs Healthcare Conference is a worthwhile listen to gain better understanding of the present picture: Long term growth is being driven by 3 lead approved rare-disease drugs with combined $5.5 billion in peak sales potential (Tepezza in TED, Krystexxa in gout and Uplizna in MG). Behind these, the company has 20+ clinical programs ongoing with combined peak sales potential of over $10 billion. Corporate Slides Figure 2: Deep pipeline (Source: corporate presentation) Management has a strong track record in savvy business development and knows how to get deals done. They always start with the question of whether the opportunity being examined is strategically aligned with their objectives as a rare disease company. They are currently looking at individual assets to expand the pipeline, looking at growth into late 2020's and beyond. They are scaling geographically as well, with Tepezza being the anchor of these efforts. They do evaluate larger bolt-on deals from time to time as well, IF they meet the derisking criteria such as coming with a commercially approved product plus a pipeline for diversification. Management asks themselves whether they can add value to what they receive, such as Uplizna and the 2021 deal to acquire Viela Bio for $3.05 billion with opportunity inherited to expand to additional indications. They are VERY disciplined from a valuation standpoint. Management notes that the overall XBI may be 60%+ off from its peak, with some smaller cap stocks down 70% to 80% which could be cheap but NOT attractive. Other companies sport more attractive valuations that have not fully reset yet. They are confident in their commercial capabilities in the rare disease business model, providing support and specialty marketing efforts which they do very well. They are thoughtful and intentional in thinking about how to develop products, get a good regulatory outcome and position them for successful launch. Focusing on core asset Tepezza in TED (Thyroid Eye Disease) market, management expects sales to reaccelerate in the back half of 2022. They have expanded the field force to call on a broader range of targets. Simply put, more resources will drive greater conversion and they will provide more support to help patients come onto the funnel and get care. Success in chronic TED could be a catalyst to grow sales as well, demonstrating benefit in patients with low activity scores. 2 years into launch management found out there are not discrete phases of disease such as acute and chronic, as they come across patients with range of symptoms since diagnosis. On the con side, management will not commit to revisiting their long-term guidance so perhaps there's insufficient clarity there. Corporate Slides Figure 3: Key growth drivers for Tepezza and projected peak sales ramp (Source: corporate presentation) As for Krystexxa launch in combination with immunomodulators to expand the market opportunity in uncontrolled out, management notes that this overall gout market consists of over 9 million patients growing at single digits annually. Krystexxa is appropriate for over 100,000 patients and tapping a low % of that currently, so there's lots of upside from here. 4% infusion reaction (patients more comfortable when considering whether to go on treatment) and 71% complete response are encouraging. They are also expanding efforts to address gout via collaboration with Arrowhead Pharmaceuticals (siRNA) and other drug candidates, with the goal being to address the hundreds of thousands of patients for whom current therapies do not work, are contraindicated or have safety concerns with existing products. The goal over time is to bring a portfolio of products forward to address the broader need and create a really powerful gout franchise. Corporate Slides Figure 4: Impressive improvement in CR rate leads to increased use of immunomodulation (Source: corporate presentation) Moving on to Uplizna and the NMO opportunity, they are in the process of relaunch (Q4) and positioning with expanded sales team and reinforced infrastructure around the brand. Goal is to help folks get on treatment faster and help physicians get through reimbursement more efficiently while continuing to generate data through the field support team. They are seeing that the majority of patients are switchers, but they do have a decent amount of treatment naive patients as well. This reinforces management's belief that Uplizna is a next generation B cell depleter and physicians are buying into that as they switch from rituximab. Also, they are able to provide a more constant regiment with 2x/year dosing and more certainty to have disease under control. This is especially important considering that a single attack can cause irreversible blindness or paralysis (no partial recovery such as with multiple sclerosis). The myasthenia gravis landscape also allows them to differentiate from novel FcRns like Argenx (ARGX) where patients are getting weekly infusions four times then waiting 80 days to see if they need further infusions. Data also positions Uplizna to be studied in MuSK patients and they will have the largest data set to show efficacy in this population. Another unique feature they offer is steroid taper, to show many patients weaned off of steroids and thus avoid their long term health consequences. Other Information For the second quarter of 2022, the company reported cash and equivalents of $1.89 billion as compared to $2.6 billion in debt outstanding and positive operating cash flow of $249 million. Shares took a hit when Q2 earnings were released considering that full year guidance was below estimates, with company expecting full year net sales of $3.53B - $3.60B versus prior guidance of $3.9B -$4B. Also, they now expect Tepezza full year net sales percentage growth in the high teens versus prior guidance of mid-30s percentage growth. Key development programs moving forward included: Anti-ITL7 monoclonal antibody daxdilimab in phase 2 study for systemic lupus erythematosus ((SLE)), disease in which the body's immune system attacks its own tissues and organs. Phase 2 trial in alopecia areata, phase 2 study in discoid lupus erythematosus ((DLE)), phase 2 study in lupus nephritis and phase 2 study in dermatomyositis (rare autoimmune disorder characterized by rashes, debilitating muscle weakness and interstitial lung disease). CD40 ligand antagonist dazodalibep in multiple studies in autoimmune diseases, including phase 2 study in Sjögren's syndrome, phase 2 study in rheumatoid arthritis, phase 2 study in kidney transplant rejection and phase 2 study in focal segmental glomerulosclerosis. Oral lysophosphatidic acid receptor 1 antagonist HZN-825 in pivotal phase 2b study in diffuse cutaneous sytsemic sclerosis and phase 2b pivotal study in idiopathic pulmonary fibrosis. Anti-CD19 humanized monoclonal antibody Uplizna in phase 3 study for myasthenia gravis and phase 3 study for IgG4-related disease. Tepezza phase 4 study in chronic/low-CAS TED, phase 3 Japan study in moderate-to-severe active TED, subcutaneous administration phase 1b study and phase 1 study in diffuse cutaneous systemic sclerosis. Krystexxa phase 4 trial evaluating methotrexate combo over shorter infusion duration in uncontrolled gout, monthly dosing phase 4 study and retreatment phase 4 study (patients who were not complete responders to monotherapy). HZN-1116, fully human monoclonal antibody that neutralizes function of FLT3-ligand in phase 1 study in patients with autoimmune diseases. Moving on to the conference call, management highlights 13% growth in orphan disease segment of the business and 30% growth for Krystexxa. For TEPEZZA in TED, market research confirmed estimates of over 100,000 patients in the US appropriate for treatment in the US (segmented based on disease severity and clinical activity score or CAS). They estimate more than 20,000 patients with high CAS and key severity symptoms such as high proptosis and diplopia. This is the market where they have highest penetration rate at 20%. They also estimate more than 80,000 patients in the next segment of TED with low clinical activity score with high proptosis or diplopia (seen low single digit penetration of this segment today). The challenge here will be to address low awareness of the disease with ophthalmologists and endocrinologists. The company expects more meaningful uptake based on data sets generated beginning in 2024. Moving onto Krystexxa, again they saw 30% year-over-year growth driven by growing adoption in both rheumatology and nephrology market segments as well as uptake with immunomodulation (running at 50% of new patients). Expanded label is allowing them to promote the benefits of methotrexate for the first time and management remains confident in attaining peak annual sales of more than $1 billion. Uplizna delivered another strong quarter as well with net sales of $39M, with commercial launch underway in Germany. Management remains confident in global peak annual net sales expectation of over $1 billion across all indications. As for prior financings, March 2019 secondary offering took place at $24.50 (less than half the current share price and a reminder that management has successfully created shareholder value over the past few years). Accumulated deficit (retained earnings) now stands at positive $318 million, which I think is quite impressive considering the company was founded way back in 2005. As for insider holdings, President and CEO Timothy Walbert owns ~435,000 shares or over $26 million worth.

Seeking Alpha • Jul 31

Horizon Therapeutics: Buy The Dip For Slightly Risky, Catalyst Driven Growth

Horizon Therapeutics roared past the $100 per share mark in mid-2021 as I predicted it would do in a 2020 note for SA. The company's share price has dipped in 2022, however, and with Q2 '22 earnings days away, there is a chance for investors to capitalise. Horizon is forecasting for $4bn of revenues in FY22 driven primarily by the explosive growth of TED therapy Tepezza. The company has 2 more potential blockbusters in Uplizna and Krystexxa, and its $3bn acquisition of Viela Bio adds a pipeline that could offer $1-$3bn in peak revenues. Horizon's phenomenal 350% share price growth over the past 2 years won't be repeated, but forecasts suggest there is a ~30-45% upside opportunity here, by my calculation. Investment Thesis I last covered Horizon Therapeutics (HZNP) for Seeking Alpha back in October 2020, when the company's stock was in the middle of a stunning bull run, which saw shares rise from a low of $25 in March 2020, after the pandemic related market sell-off, to a high of $120 in October 2021. My suggestion - when shares traded at $78 - that Horizon stock could pass $100 per share was proven accurate as Horizon smashed its own, already raised FY20 guidance, earning $2.2bn of revenues, and then went on to achieve revenues of $3.3bn in FY21 - up 47% year-on-year. A dip to lows of ~$86 in early 2022 was ended by the publication of FY21 results, led by $1.67bn of revenues generated by Thyroid Eye Disease ("TED") therapy Tepezza - up 103% year-on-year (the drug was approved in January 2020) - $565m from gout therapy Krystexxa - up 39% year-on-year - $292 from urea cycle disorder treatment Ravicti, $190m from rare kidney disease treatment Procysbi, $117m from Actimmune, used to treat Chronic Granulomatous Disease ("CGD"), and $330m from an Inflammation drug segment led by Pennsaid, a topical NSAID designed to target your osteoarthritis knee pain. Horizon's acquisition of Viela Bio, a company spun out of the pharmaceutical giant AstraZeneca (AZN), in a $3bn deal in February 2021 gave it access to Viela's lead candidate Uplizna, which was approved to treat neuromyelitis optica spectrum disorder ("NMOSD") in the US, and was approved for the same indication in Europe in Q122, whilst label expansions into conditions such as Myasthenia Gravis and immunoglobulin G4 ("IgG4) related disease are likely. The Viela buyout also bolstered Horizon's drug development pipeline with 3 assets targeting autoimmune conditions such as Systemic Lupus Erythematosus ("SLE") Rheumatoid Arthritis and Sjögren's Syndrome. Horizon believes there is a $3bn per annum revenue opportunity in these assets alone, although the consensus amongst analysts is closer to $1bn. Horizon defied analysts' expectation with Tepezza, however, easily exceeding expectations, and management prides itself on its ability to drive revenue generation. In the past, as I explained in my last note, this led to Horizon overstepping the line, creating complex sales strategies that attempted to bypass Pharmacy Benefit Managers ("PBMs") and hiking the prices of products that were essentially combinations of much cheaper generic products. That led to name change from Horizon Pharma to Horizon Therapeutics, emphasising its commitment to patient care. Since FY21 results were announced Horizon stock has dipped again. The share price is presently $83, resulting in a market cap valuation of $19bn. Based on management's FY22 revenue projections of $3.9 - $4bn, that works out at a forward price to sales ("P/S") ratio of ~4.8x. Adjusted EBITDA is forecast to be $1.63 - $1.7bn - after applying the lower tax rate of ~11% for Irish domiciled companies, the forward price to earnings ratio works out ~13x. Horizon also boasts a healthy cash position of $1.64bn. With Q222 earnings expected to be announced on August 3rd, there are certainly reasons to believe that Horizon stock can recapture some of the value lost in 2022 to date, which I will discuss below, whilst long term, shareholders can look forward to 6 data readouts in 2023, commercial launches of Tepezza and Ulizna in Brazil, and some ambitious peak sales targets that suggest ~$7bn in overall revenue generation may be achievable by 2025. Horizon does not pay a dividend, so there is an element of risk when investing in the company. Ultimately, the investment case may rest on whether management's ambitious peak sales targets can be reached, the strength of the pipeline opportunities, and Horizon's ability to avoid the controversies of the past. Personally, I suspect that the sensational gains of ~364% between March 2020 and April 2022 will be replaced with incremental growth for the next 12-18 months, as revenue growth plateaus slightly, although a top line revenues CAGR of >15% looks achievable between 2022 and 2025 if management's targets are met, and beyond that, the potential of the pipeline offers sustained growth at around the same rate. As such, there may be as much as 60% upside potential over a 3-5 year period in relation to Horizon stock, in my view, although I would discount that by as much as 50% due to the risks involved. That is enough to support a "BUY" recommendation, and makes buying the current dip a tempting prospect for investors. Horizon - Recent Performance Horizon Orphan Segment performance Q122. (earnings presentation) As we can see, the performance of Horizon's Orphan drug segment in Q122 was impressive across the board, although overall performance is heavily skewed by a short-term COVID-related supply disruption for Tepezza in Q121. Still, Krystexxa's growth of 32% year-on-year is impressive, and things could improve, if not in Q222 then certainly across the rest of the year and beyond, since Krystexxa was approved - in combo with methotrexate - for treatment of uncontrolled gout in July, expanding its addressable patient population, with 71% of patients achieving the primary endpoint of serum uric acid ("sUA") reduction versus 39% receiving Krystexxa plus placebo. The global gout treatment market is expected to reach $8.3bn in size by 2025, and Krystexxa is the only FDA approved therapy to treat the condition. Similarly, growth in sales of Uplizna ought to be significant across the rest of the year, thanks to a recent approval in Europe. Ravicti and Procysbi are no longer patent protected, but it does not seem to be preventing them making meaningful, and growing revenue contributions. Operating income of $352m is satisfactory, although the figure will need to be higher in the remaining 3 quarters of the year if Horizon's forward PE is to remain low enough to drive share price upside in the shorter term. At current price, I believe the forward PE needs to stay below 15x - the Big Pharma sector average is ~23x. By contrast, revenues in the Inflammation segment fell by 40% year-on-year, to $51m, and operating income was just $15.3m. This division is on its way out, and Horizon will be hoping that its pipeline will more than compensate for falling revenues in this division. 2022 Guidance Looks Enticing But Management Does Not Need To Overdeliver Horizon 2022 Guidance and long term goals. (earnings presentation) The above slide from the Q122 earnings presentation shows just how impressive Horizon's performance has been over the past few years, and management is promising continued "double digit" growth, although as mentioned in my intro, I believe this refers to mid-teens, rather than the >50% CAGR that has characterised the past few years. It is interesting to see management forecasting for "meaningful" margin expansion, since by my calculation, Horizon earned an operating margin of ~37% - ~$880m sales, and operating profit of ~$330m - in Q122, which is already very high. I think most investors would be satisfied with such a margin, since it ought to create strong cash flow generation as it has done in the past, allowing Horizon to perhaps introduce a dividend or a share repurchase program, or engage in more M&A. The relentless focus on profit might represent too much of a throwback to the "bad old days" of elaborate sales strategies, price hikes, and government investigations. Pipeline Has "Wow Factor" But Horizon Is 2-3 Years Away From New Product Launches Horizon Pipeline. (earnings presentation) Label expansions for Uplizna and Tepezza ought to help Horizon's Tepezza and Uplizna grow, and with Krystexxa already approved in combo with methotrexate, management's belief is that these 3 drugs can generate peak sales of $3.5bn, $1bn and $1bn respectively. If those peak sales were to occur in 2025, the CAGR would be 21%, 15%, and >100% respectively. With the remainder of the portfolio growing at an average (I estimate) CAGR of 5%, the overall CAGR would be in the region of 18%, hence the upside potential suggested in my intro, but looking further ahead, management believes there could be a further $3bn per annum revenue potential across the remainder of its portfolio. The 3 assets to pay closest attention to here are Daxdilimab, Dazodalibep, and HZN-825. All 3 have Phase 2 studies underway, with Dazodalibep expected to read out data in Rheumatoid Arthritis ("RA"), Kidney transplant rejection and Sjogren's Syndrome either this year or next, and Daxdilimab in SLE. Markets such as RA and SLE offer blockbuster (>$1bn per annum) sales opportunities but it has to be pointed out that analysts do not share Horizon's enthusiasm on that front, as we can see below. Analysts forecasts for sales of Viela Bio pipeline drugs. (Evaluate Pharma) In my view, prospective Horizon investors may be better off using the analysts' forecasts, because when forecasting for future sales of pipeline assets, the possibility of clinical trial failures, unexpected issues, rivals bringing superior drugs to market etc. ought to be factored in. If we factor in $1bn of peak sales from Daxdilimab, Dazodalibep, and HZN-825, without worrying about which drug contributes what volume of sales, by 2025, we are looking at revenues of <$7bn if the Tepezza, Kyrstexxa and Uplizna peak sales targets are met, and a CAGR revenue growth of ~22%.

Schneeflocken-Punktzahl
Bewertung	3/6
Künftiges Wachstum	3/6
Vergangene Leistung	1/6
Finanzielle Gesundheit	6/6
Dividenden	0/6

Historische Aktienkurse
Aktueller Aktienkurs	US$116.30
52-Wochen-Hoch	US$116.38
52-Wochen-Tief	US$60.03
Beta	1.01
1 Monat Veränderung	0.76%
3 Monate Veränderung	12.37%
1 Jahr Veränderung	82.80%
3 Jahre Veränderung	45.18%
5 Jahre Veränderung	505.10%
Veränderung seit IPO	1,171.04%

	HZNP	US Biotechs	US Markt
7D	0.06%	-5.2%	-0.9%
1Y	82.8%	38.0%	13.9%

HZNP volatility
HZNP Average Weekly Movement	2.0%
Biotechs Industry Average Movement	9.5%
Market Average Movement	6.9%
10% most volatile stocks in US Market	15.3%
10% least volatile stocks in US Market	2.9%

HZNP grundlegende Statistiken
Marktanteil	US$26.63b
Gewinn(TTM)	US$438.00m
Umsatz(TTM)	US$3.64b

Wichtige Rentabilitätsstatistiken aus dem letzten Ergebnisbericht (TTM)
HZNP Gewinn- und Verlustrechnung (TTM)
Einnahmen	US$3.64b
Kosten der Einnahmen	US$824.98m
Bruttogewinn	US$2.82b
Sonstige Ausgaben	US$2.38b
Gewinn	US$438.00m

Gewinn per Aktie (EPS)	1.91
Bruttomarge	77.36%
Nettogewinnspanne	12.02%
Schulden/Eigenkapital-Verhältnis	48.2%

Daten	Zuletzt aktualisiert (UTC-Zeit)
Unternehmensanalyse	2023/10/10 10:36
Aktienkurs zum Tagesende	2023/10/05 00:00
Gewinne	2023/06/30
Jährliche Einnahmen	2022/12/31

Paket	Daten	Zeitrahmen	Beispiel US-Quelle ^*
Finanzdaten des Unternehmens	10 Jahre	Gewinn- und Verlustrechnung Kapitalflussrechnung Bilanz	SEC-Formular 10-K SEC-Formular 10-Q
Konsensschätzungen der Analysten	+3 Jahre	Finanzielle Vorausschau Kursziele der Analysten	Analysten Research Berichte Blue Matrix
Marktpreise	30 Jahre	Aktienkurse Dividenden, Splits und Aktionen	ICE-Marktdaten SEC-Formular S-1
Eigentümerschaft	10 Jahre	Top-Aktionäre Insiderhandel	SEC-Formular 4 SEC-Formular 13D
Verwaltung	10 Jahre	Das Führungsteam Direktorium	SEC-Formular 10-K SEC-Formular DEF 14A
Wichtige Entwicklungen	10 Jahre	Ankündigungen des Unternehmens	SEC-Formular 8-K

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Horizon Therapeutics (HZNP) Aktienübersicht

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Horizon Therapeutics Public Limited Company Wettbewerber

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Aktuelle Nachrichten und Updates

Health Canada Approves Horizon Therapeutics plc 's UPLIZNA® (inebilizumab for injection) for the Treatment of Neuromyelitis Optica Spectrum Disorders

Horizon Therapeutics Public Limited Company Files Form 15

Amgen Inc. (NasdaqGS:AMGN) completed the acquisition of Horizon Therapeutics Public Limited Company (NasdaqGS:HZNP).

Horizon Therapeutics Public Limited Company(NasdaqGS:HZNP) dropped from S&P Global BMI Index

Horizon Therapeutics Public Limited Company Announces New Analysis of Adhering to Uninterrupted Full Course of Treatment with Tepezza to Support Thyroid Eye Disease Patient Outcomes

Q32 Bio and Horizon Therapeutics plc Announce Dosing of First Patient in Phase 2 Trial of Bempikibart for Severe Alopecia Areata

Recent updates

Health Canada Approves Horizon Therapeutics plc 's UPLIZNA® (inebilizumab for injection) for the Treatment of Neuromyelitis Optica Spectrum Disorders

Horizon Therapeutics Public Limited Company Files Form 15

Amgen Inc. (NasdaqGS:AMGN) completed the acquisition of Horizon Therapeutics Public Limited Company (NasdaqGS:HZNP).

Horizon Therapeutics Public Limited Company(NasdaqGS:HZNP) dropped from S&P Global BMI Index

Horizon Therapeutics Public Limited Company Announces New Analysis of Adhering to Uninterrupted Full Course of Treatment with Tepezza to Support Thyroid Eye Disease Patient Outcomes

Q32 Bio and Horizon Therapeutics plc Announce Dosing of First Patient in Phase 2 Trial of Bempikibart for Severe Alopecia Areata

Amgen and Horizon Therapeutics plc Resolve FTC Lawsuit, Clearing Path to Close Acquisition

Horizon Therapeutics Public Limited Company to Report Q2, 2023 Results on Aug 08, 2023

Horizon Therapeutics plc Announces New Analysis of MRI Findings Shows UPLIZNA®? (inebilizumab-cdon) Reduced the Formation of Subclinical Spinal Cord Lesions in People with Neuromyelitis Optica Spectrum Disorder

Horizon Therapeutics plc Announces Tepezza® (Teprotumumab) Approved in Brazil for the Treatment of Active Thyroid Eye Disease

Horizon Therapeutics plc Announces Positive Topline Data from Phase 3 Clinical Trial (Optic-J) in Japan

Horizon Therapeutics plc Announces Additional Data from Phase 4 TEPEZZA® (teprotumumab-trbw) Clinical Trial Presented at the Endocrine Society Annual Meeting Reinforces Efficacy in People with Thyroid Eye Disease (TED) Regardless of Disease Activity or Duration

Horizon Therapeutics plc Announces the Publication of New Analysis from the N-MOmentum Clinical Trial of UPLIZNA Demonstrating the Utility of A Robust Assay Process

Horizon Therapeutics plc Announces Data from the Teprotumumab Phase 4 Clinical Trial in Patients with Chronic/Low CAS Thyroid Eye Disease

Horizon Therapeutics plc Announces the Publication of New Data from the Phase 3 N-MOmentum Pivotal Trial of UPLIZNA

Horizon Therapeutics plc Announces Presentations At the 2023 Eular European Congress of Rheumatology Highlight New Results from Phase 2 Trial Evaluating Dazodalibep in Sjögren’S Syndrome

Horizon Therapeutics Public Limited Company to Report Q4, 2022 Results on Mar 01, 2023

Horizon Therapeutics plc Announces Phase 2 Trial Evaluating Dazodalibep for the Treatment of Sjögren’s Syndrome Meets Primary Endpoint in the Second Study Population

Horizon Therapeutics plc Announces First Patient Enrolled in Phase 2 Trial Evaluating Daxdilimab for the Treatment of Discoid Lupus Erythematosus

Investor sentiment improved over the past week

Insufficient new directors

Investor sentiment improved over the past week

Executive VP & Chief Strategy Officer exercised options and sold US$348k worth of stock

Third quarter 2022 earnings: EPS and revenues exceed analyst expectations

Horizon pays HemoShear milestone payment under pact to develop gout therapies

Horizon Therapeutics announces $500M buyback program

Horizon Therapeutics to expand footprint in Ireland

Horizon Therapeutics: This Core Biotech Company Is On Sale

Consensus revenue estimates fall by 10%

Executive VP & Chief Strategy Officer notifies of intention to sell stock

Price target decreased to US$114

Horizon Therapeutics: Buy The Dip For Slightly Risky, Catalyst Driven Growth

Horizon gets FDA approval for Krystexxa's use with methotrexate for uncontrolled gout

Executive VP & Chief Strategy Officer notifies of intention to sell stock

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