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Horizon Therapeutics

DB:HPR
Snowflake Description

Mediocre balance sheet and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HPR
DB
$4B
Market Cap
  1. Home
  2. DE
  3. Pharmaceuticals & Biotech
Company description

Horizon Therapeutics Public Limited Company, a biopharmaceutical company, focuses on researching, developing, and commercializing medicines that address unmet treatment needs for rare and rheumatic diseases in the United States and internationally. The last earnings update was 70 days ago. More info.


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HPR Share Price and Events
7 Day Returns
3.9%
DB:HPR
-1.1%
DE Pharmaceuticals
-0.3%
DE Market
1 Year Returns
46.2%
DB:HPR
-21.9%
DE Pharmaceuticals
-6.7%
DE Market
HPR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Horizon Therapeutics (HPR) 3.9% 3.9% -1.9% 46.2% 27% -
DE Pharmaceuticals -1.1% 6.3% -2.6% -21.9% -21.5% 8.4%
DE Market -0.3% 2.3% -2% -6.7% 11.3% 12.2%
1 Year Return vs Industry and Market
  • HPR outperformed the Pharmaceuticals industry which returned -21.9% over the past year.
  • HPR outperformed the Market in Germany which returned -6.7% over the past year.
Price Volatility
HPR
Industry
5yr Volatility vs Market

Value

 Is Horizon Therapeutics undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Horizon Therapeutics to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Horizon Therapeutics.

DB:HPR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.2%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:HPR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 7.1%
Pharmaceuticals Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.733 (1 + (1- 12.5%) (37.33%))
0.982
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.98
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.982 * 7.14%)
7.24%

Discounted Cash Flow Calculation for DB:HPR using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Horizon Therapeutics is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:HPR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.24%)
2020 481.32 Analyst x4 448.84
2021 527.30 Analyst x4 458.54
2022 603.86 Analyst x4 489.67
2023 643.03 Analyst x4 486.26
2024 671.78 Est @ 4.47% 473.71
2025 693.26 Est @ 3.2% 455.87
2026 709.25 Est @ 2.31% 434.92
2027 721.18 Est @ 1.68% 412.39
2028 730.17 Est @ 1.25% 389.36
2029 737.05 Est @ 0.94% 366.50
Present value of next 10 years cash flows $4,416.07
DB:HPR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $737.05 × (1 + 0.23%) ÷ (7.24% – 0.23%)
$10,540.73
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $10,540.73 ÷ (1 + 7.24%)10
$5,241.47
DB:HPR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $4,416.07 + $5,241.47
$9,657.53
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $9,657.53 / 184.88
$52.24
DB:HPR Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:HPR represents 0.87279x of NasdaqGS:HZNP
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.87279x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 52.24 x 0.87279
€45.59
Value per share (EUR) From above. €45.59
Current discount Discount to share price of €21.20
= -1 x (€21.20 - €45.59) / €45.59
53.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Horizon Therapeutics is available for.
Intrinsic value
>50%
Share price is €21.2 vs Future cash flow value of €45.59
Current Discount Checks
For Horizon Therapeutics to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Horizon Therapeutics's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Horizon Therapeutics's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Horizon Therapeutics's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Horizon Therapeutics's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:HPR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.25
NasdaqGS:HZNP Share Price ** NasdaqGS (2019-07-17) in USD $24.29
Germany Pharmaceuticals Industry PE Ratio Median Figure of 6 Publicly-Listed Pharmaceuticals Companies 27.28x
Germany Market PE Ratio Median Figure of 419 Publicly-Listed Companies 20.05x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Horizon Therapeutics.

DB:HPR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:HZNP Share Price ÷ EPS (both in USD)

= 24.29 ÷ 0.25

98.21x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Horizon Therapeutics is overvalued based on earnings compared to the DE Pharmaceuticals industry average.
  • Horizon Therapeutics is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Horizon Therapeutics's expected growth come at a high price?
Raw Data
DB:HPR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 98.21x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
Not available
Europe Pharmaceuticals Industry PEG Ratio Median Figure of 35 Publicly-Listed Pharmaceuticals Companies 2.02x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Horizon Therapeutics, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Horizon Therapeutics's assets?
Raw Data
DB:HPR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $8.14
NasdaqGS:HZNP Share Price * NasdaqGS (2019-07-17) in USD $24.29
Germany Pharmaceuticals Industry PB Ratio Median Figure of 7 Publicly-Listed Pharmaceuticals Companies 2.3x
Germany Market PB Ratio Median Figure of 565 Publicly-Listed Companies 1.75x
DB:HPR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:HZNP Share Price ÷ Book Value per Share (both in USD)

= 24.29 ÷ 8.14

2.98x

* Primary Listing of Horizon Therapeutics.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Horizon Therapeutics is overvalued based on assets compared to the DE Pharmaceuticals industry average.
X
Value checks
We assess Horizon Therapeutics's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Pharmaceuticals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Pharmaceuticals industry average (and greater than 0)? (1 check)
  5. Horizon Therapeutics has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Horizon Therapeutics expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.8%
Expected annual growth in revenue.
Earnings growth vs Low Risk Savings
Is Horizon Therapeutics expected to grow at an attractive rate?
  • Unable to compare Horizon Therapeutics's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Horizon Therapeutics's earnings growth to the Germany market average as no estimate data is available.
  • Horizon Therapeutics's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:HPR Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:HPR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 8.8%
Germany Pharmaceuticals Industry Earnings Growth Rate Market Cap Weighted Average 17.5%
Germany Pharmaceuticals Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:HPR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:HPR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,770 740 6
2022-12-31 1,682 672 6
2021-12-31 1,522 564 8
2020-12-31 1,365 496 8
2019-12-31 1,263 433 9
DB:HPR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,264 312 42
2018-12-31 1,208 195 -74
2018-09-30 1,126 229 -193
2018-06-30 1,073 213 -283
2018-03-31 1,059 199 -460
2017-12-31 1,056 284 -402
2017-09-30 1,092 280 -495
2017-06-30 1,029 341 -437
2017-03-31 997 340 -212
2016-12-31 981 369 -166
2016-09-30 915 365 -12
2016-06-30 933 325 -3

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Horizon Therapeutics is high growth as no earnings estimate data is available.
  • Horizon Therapeutics's revenue is expected to grow by 8.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:HPR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Horizon Therapeutics Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HPR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2019-12-31
DB:HPR Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.25
2018-12-31 -0.45
2018-09-30 -1.17
2018-06-30 -1.72
2018-03-31 -2.81
2017-12-31 -2.46
2017-09-30 -3.04
2017-06-30 -2.70
2017-03-31 -1.31
2016-12-31 -1.03
2016-09-30 -0.08
2016-06-30 -0.02

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Horizon Therapeutics is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Horizon Therapeutics's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Horizon Therapeutics has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Horizon Therapeutics performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Horizon Therapeutics's growth in the last year to its industry (Pharmaceuticals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Horizon Therapeutics's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Horizon Therapeutics has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Horizon Therapeutics has become profitable in the last year making it difficult to compare the DE Pharmaceuticals industry average.
Earnings and Revenue History
Horizon Therapeutics's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Horizon Therapeutics Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HPR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,264.06 41.61 686.09 86.84
2018-12-31 1,207.57 -74.19 693.39 82.76
2018-09-30 1,126.25 -192.97 681.83 -65.22
2018-06-30 1,072.58 -282.97 674.20 -68.46
2018-03-31 1,059.25 -459.67 661.43 70.38
2017-12-31 1,056.23 -401.59 655.89 65.79
2017-09-30 1,092.36 -494.62 679.66 218.25
2017-06-30 1,029.42 -436.52 653.05 213.24
2017-03-31 997.29 -212.00 625.97 61.05
2016-12-31 981.12 -165.56 603.65 60.71
2016-09-30 915.31 -12.30 516.99 49.04
2016-06-30 933.15 -3.15 495.97 47.29
2016-03-31 848.59 13.68 460.20 45.31
2015-12-31 757.04 39.53 438.41 41.87
2015-09-30 616.35 -16.11 329.90 33.14
2015-06-30 464.93 -17.32 301.99 26.19
2015-03-31 358.17 -76.91 240.79 20.81
2014-12-31 296.96 -263.60 209.23 17.46
2014-09-30 223.19 -334.86 181.60 13.50
2014-06-30 172.18 -342.41 124.68 11.43
2014-03-31 117.25 -333.08 110.78 10.72
2013-12-31 74.02 -149.01 92.16 10.08
2013-09-30 49.90 -70.44 84.58 11.92
2013-06-30 32.30 -81.90 80.71 13.57
2013-03-31 25.01 -86.24 74.10 14.97
2012-12-31 18.84 -87.79 69.01 16.84
2012-09-30 16.41 -140.19 66.16 15.92

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Horizon Therapeutics has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Horizon Therapeutics used its assets less efficiently than the DE Pharmaceuticals industry average last year based on Return on Assets.
  • Horizon Therapeutics's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Horizon Therapeutics's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Pharmaceuticals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Horizon Therapeutics has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Horizon Therapeutics's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Horizon Therapeutics's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Horizon Therapeutics is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Horizon Therapeutics's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Horizon Therapeutics's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Horizon Therapeutics Company Filings, last reported 3 months ago.

DB:HPR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,504.09 1,608.12 1,032.81
2018-12-31 1,054.16 1,896.68 958.71
2018-09-30 916.86 1,890.81 807.05
2018-06-30 860.15 1,885.12 710.21
2018-03-31 861.10 1,905.03 674.33
2017-12-31 1,001.31 1,901.66 751.37
2017-09-30 999.82 1,897.58 624.96
2017-06-30 1,028.77 1,892.34 554.27
2017-03-31 1,205.68 1,889.26 603.36
2016-12-31 1,263.78 1,807.49 509.06
2016-09-30 1,361.98 1,147.22 549.30
2016-06-30 1,338.21 1,143.69 424.53
2016-03-31 1,291.97 1,140.18 385.85
2015-12-31 1,313.15 1,136.76 859.62
2015-09-30 1,258.34 1,141.01 684.29
2015-06-30 1,253.97 1,136.90 667.06
2015-03-31 687.96 589.84 544.21
2014-12-31 540.20 345.50 218.81
2014-09-30 485.49 413.82 248.78
2014-06-30 80.67 114.79 128.85
2014-03-31 -229.24 112.77 103.37
2013-12-31 -49.08 110.76 80.48
2013-09-30 69.89 45.59 58.65
2013-06-30 70.31 47.85 69.34
2013-03-31 84.09 50.32 81.08
2012-12-31 105.98 48.80 104.09
2012-09-30 128.42 47.32 121.33
  • Horizon Therapeutics's level of debt (106.9%) compared to net worth is high (greater than 40%).
  • Horizon Therapeutics had negative shareholder equity 5 years ago, it is now positive therefore their debt level has improved.
  • Debt is not well covered by operating cash flow (19.4%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 0.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Horizon Therapeutics's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Horizon Therapeutics has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Horizon Therapeutics's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Horizon Therapeutics dividends. Estimated to be 0% next year.
If you bought €2,000 of Horizon Therapeutics shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Horizon Therapeutics's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Horizon Therapeutics's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:HPR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Germany Pharmaceuticals Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:HPR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.00 2.00
2020-12-31 0.00 2.00
2019-12-31 0.00 2.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Horizon Therapeutics has not reported any payouts.
  • Unable to verify if Horizon Therapeutics's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Horizon Therapeutics's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Horizon Therapeutics has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Horizon Therapeutics's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess Horizon Therapeutics's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Horizon Therapeutics afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Horizon Therapeutics has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Horizon Therapeutics's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tim Walbert
COMPENSATION $16,796,894
AGE 52
TENURE AS CEO 11.1 years
CEO Bio

Mr. Timothy P. Walbert, also known as Tim, has been the Chairman, President and Chief Executive Officer at Horizon Pharma plc since June 2008. Mr. Walbert joined Horizon Pharma plc in June 2008. He has nearly two decades of executive, general management, marketing and sales experience in the pharmaceutical and biotech industries. He served as the Chief Executive Officer and President of Horizon Pharma USA, Inc. since July 2008. He served as Chief Executive Officer and President of IDM Pharma, Inc., from May 25, 2007 to June 24, 2009. He served as an Executive Vice President, Commercial Operations of NeoPharm, Inc. from January 18, 2006 to May 31, 2007. From 2001 to 2005, he served as Divisional Vice President and General Manager, immunology, where he led the global development and launch of the multi-indication biologic HUMIRA and Divisional Vice President, Global Cardiovascular Strategy at Abbott, (now AbbVie). From April 1998 to June 2001, he served as Director, CELEBREX North America and arthritis team leader, Asia Pacific, Latin America and Canada at G.D. Searle & Company. From 1991 to 1998, he held sales and marketing roles with increasing responsibility at G.D. Searle, Merck & Co., Inc. and Wyeth. He served as Team Leader, Associate Director, Senior Product Manager and Product Manager at Arthrotec/Cytotec at G.D. Searle. From August 1997 to April 1998, he served as Manager of Market Integration at Merck & Co. Inc. From February 1995 to August 1997, he served in product management and sales roles at G.D. Searle and Co. He served as Territory Manager of Wyeth from September 1991 to February 1995. He held a number of marketing and sales positions with Searle/Pharmacia, which included the U.S. launch of Arthrotec(R). He has been Chairman at Illinois Biotechnology Industry Organization since December 16, 2015. He has been the Chairman of the Board of Egalet Corporation since June 2015 and its Director since March 11, 2014. He has been a Director of Horizon Pharma plc since March 2010. He served as a Director of Sucampo Pharmaceuticals, Inc. from October 13, 2015 to February 2018. He has been a Director of Horizon Pharmaceutical LLC since October 25, 2016. He serves on the Board of the Biotechnology Industry Organization (BIO), ChicagoNEXT and Greater Chicago Arthritis Foundation. He served as an Independent Director of XOMA Corporation since November 15, 2010 until May 24, 2017. He served as an Independent Director at Horizon Pharmaceutical LLC from April 13, 2011 to July 28, 2014. He served as a Director of Horizon Pharma USA, Inc. since July 2008. He served as a Director of IDM Pharma, Inc. from July 18, 2007 to June 24, 2009. He was appointed to the Illinois Innovation Council. He received his B.A. in business from Muhlenberg College.

CEO Compensation
  • Tim's compensation has increased in line with Horizon Therapeutics recently becoming profitable.
  • Tim's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Horizon Therapeutics management team in years:

4.2
Average Tenure
53
Average Age
  • The tenure for the Horizon Therapeutics management team is about average.
Management Team

Tim Walbert

TITLE
Chairman
COMPENSATION
$17M
AGE
52
TENURE
11.1 yrs

Paul Hoelscher

TITLE
Executive VP & CFO
COMPENSATION
$7M
AGE
54
TENURE
4.8 yrs

Shao-Lee Lin

TITLE
Executive VP
COMPENSATION
$7M
AGE
52
TENURE
1.5 yrs

Barry Moze

TITLE
Executive VP & Chief Administrative Officer
COMPENSATION
$3M
AGE
65
TENURE
2.4 yrs

Bob Carey

TITLE
Executive VP & Chief Business Officer
COMPENSATION
$7M
AGE
60
TENURE
5.3 yrs

Miles McHugh

TITLE
Chief Accounting Officer & Senior VP
AGE
54
TENURE
4.6 yrs

Tina Ventura

TITLE
Senior Vice President of Investor Relations

Brian Beeler

TITLE
Executive VP & General Counsel
AGE
46
TENURE
4.2 yrs

Tim Ayers

TITLE
Chief Compliance Officer & VP
TENURE
4.2 yrs

Geoff Curtis

TITLE
Executive VP of Corporate Affairs & Chief Communications Officer
AGE
44
TENURE
3.6 yrs
Board of Directors Tenure

Average tenure and age of the Horizon Therapeutics board of directors in years:

6.1
Average Tenure
62.5
Average Age
  • The tenure for the Horizon Therapeutics board of directors is about average.
Board of Directors

Tim Walbert

TITLE
Chairman
COMPENSATION
$17M
AGE
52
TENURE
9.5 yrs

Jeff Himawan

TITLE
Independent Director
COMPENSATION
$546K
AGE
54
TENURE
12 yrs

Gino Santini

TITLE
Independent Director
COMPENSATION
$544K
AGE
62
TENURE
7.3 yrs

Tom Watkins

TITLE
Independent Director
COMPENSATION
$542K
AGE
66
TENURE
5.3 yrs

Liam Daniel

TITLE
Independent Director
COMPENSATION
$543K
AGE
67
TENURE
4.8 yrs

Mike Grey

TITLE
Lead Independent Director
COMPENSATION
$548K
AGE
66
TENURE
6.9 yrs

James Shannon

TITLE
Director
COMPENSATION
$510K
AGE
63
TENURE
1.9 yrs

Pascale Witz

TITLE
Director
COMPENSATION
$513K
AGE
52
TENURE
1.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
20. Aug 18 Sell Geoffrey Curtis Individual 16. Aug 18 16. Aug 18 -9,904 €18.11 €-179,368
X
Management checks
We assess Horizon Therapeutics's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Horizon Therapeutics has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Horizon Therapeutics Public Limited Company, a biopharmaceutical company, focuses on researching, developing, and commercializing medicines that address unmet treatment needs for rare and rheumatic diseases in the United States and internationally. Its orphan and rheumatology marketed medicines include KRYSTEXXA, a medicine for the treatment of uncontrolled gout; RAVICTI for use as a nitrogen-binding agent for chronic management of adult and pediatric patients; PROCYSBI for nephropathic cystinosis, a rare and life-threatening metabolic disorder; ACTIMMUNE for chronic granulomatous disease; RAYOS for the treatment of multiple conditions, rheumatoid arthritis; BUPHENYL tablets for oral administration and BUPHENYL powder for oral, nasogastric, or gastrostomy tube administration; and QUINSAIR, a formulation of the antibiotic drug levofloxacin for the management of chronic pulmonary infections due to Pseudomonas aeruginosa in adult patients with cystic fibrosis. The company’s primary care marketed medicines comprise PENNSAID 2% that is indicated for the treatment of pain of osteoarthritis of the knees; DUEXIS for the relief of signs and symptoms of RA and OA, and to decrease the risk of developing upper-GI ulcers; VIMOVO for the relief of signs and symptoms of OA, RA, and AS and to decrease the risk of developing gastric ulcers in patients at risk of developing NSAID-associated gastric ulcers; and MIGERGOT, a therapy to abort or prevent vascular headaches, such as migraines and migraine variants. It has collaboration agreements with Alliance for Lupus Research, Syneos Health, Inc., and HemoShear Therapeutics, LLC. The company was formerly known as Horizon Pharma Public Limited Company and changed its name to Horizon Therapeutics Public Limited Company in May 2019. Horizon Therapeutics Public Limited Company was founded in 2005 and is headquartered in Dublin, Ireland.

Details
Name: Horizon Therapeutics Public Limited Company
HPR
Exchange: DB
Founded: 2005
$3,926,759,102
184,883,881
Website: http://www.horizontherapeutics.com
Address: Horizon Therapeutics Public Limited Company
Connaught House,
1st Floor,
Dublin,
4,
Ireland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS HZNP Common Stock Nasdaq Global Select US USD 19. Sep 2014
DB HPR Common Stock Deutsche Boerse AG DE EUR 19. Sep 2014
Number of employees
Current staff
Staff numbers
1,000
Horizon Therapeutics employees.
Industry
Pharmaceuticals
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/17 22:07
End of day share price update: 2019/07/17 00:00
Last estimates confirmation: 2019/07/15
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.