Stock Alert: Horizon Therapeutics Up 9%

(RTTNews) - Shares of Horizon Therapeutics plc (HZNP) are rising almost 9 percent or $3.29 in Wednesday's morning trade at $40.67 on better-than-expected first-quarter results and upbeat sales outlook for the full year.

For the first quarter, Horizon Therapeutics' net loss narrowed to $13.6 million or $0.07 per share from $32.9 million or $0.19 per share in the year-ago period. On adjusted basis, earnings per share were $0.40, compared to $0.30 per share last year. Net sales for the quarter grew 27 percent to $355.9 million from $280.4 million a year ago. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share for the quarter on revenues of $287.88 million. Analysts' estimates typically exclude special items.

Looking ahead, Horizon Therapeutics now expects full-year 2020 net sales to range between $1.40 billion and $1.45 billion, up from its earlier view of $1.40 billion to $1.42 billion, reflecting the significant increase in full-year TEPEZZA net sales guidance, offset by the current estimated impact of COVID-19 on its medicines. The company now forecasts full-year 2020 adjusted EBITDA to range between $450 million and $500 million, compared to the previous guidance of $485 million to $500 million.

The stock has traded in a range of $22.69 to $41.75 in the past 52 weeks.