DEERFIELD, IL -- (Marketwire) -- 03/18/13 -- Horizon Pharma, Inc. (NASDAQ: HZNP) today provided an update on the Company's business and announced financial results for the fourth quarter and year ended December 31, 2012.
•Full year 2012 gross and net sales were $23.0 million and $19.6 million, respectively; increases of 231% and 183%, respectively, over full year 2011 gross and net sales. •Fourth quarter 2012 gross and net sales were $8.2 million and $6.7 million, respectively; increases of 130% and 91%, respectively, over fourth quarter 2011 gross and net sales. •Net loss for 2012 was $87.8 million, or $2.26 per share, compared to a net loss of $113.3 million, or $12.56 per share, in 2011. •Cash and cash equivalents balance at the end of 2012 was $104.1 million, which the Company believes will be sufficient to fund its operations through 2013.
•New prescriptions for DUEXIS increased 57% in the fourth quarter of 2012 to 31,130 versus 19,874 in the third quarter of 2012. •Total prescriptions for DUEXIS increased 56% in the fourth quarter of 2012 to 39,060 versus 25,054 in the third quarter of 2012. •DUEXIS gross and net sales were $13.2 million and $11.0 million, respectively, in 2012, which was the first full year of sales following the launch of DUEXIS in December 2011. •DUEXIS fourth quarter 2012 gross and net sales were $7.1 million and $6.0 million, respectively; increases of 138% and 132%, respectively, over third quarter 2012 DUEXIS gross and net sales. Excluding a one-time increase in fourth quarter 2012 DUEXIS sales related to timing of revenue recognition, sequential growth from the third quarter of 2012 to the fourth quarter of 2012 in both gross and net sales was 76%.
•Initiated full commercial launch of RAYOS to rheumatologists and key primary care physicians through 150-person sales force in February 2013. •There have been 275 cumulative RAYOS prescribers since the launch.
"We saw strong momentum with DUEXIS in the fourth quarter of 2012 and early 2013, which along with the full commercial launch of RAYOS last month, positions us well moving forward," said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma. "With two products commercialized in the U.S. market and $104.1 million in cash on the balance sheet, we are encouraged by our progress as we continue to build towards our objective of a profitable, sustainable business."
Fourth Quarter 2012 Financial Results
For the fourth quarter ended December 31, 2012, gross and net sales were $8.2 million and $6.7 million, respectively, compared to $3.5 million in both gross and net sales for the fourth quarter of 2011. DUEXIS gross sales were $7.1 million and net sales were $6.0 million after deducting trade discounts and allowances of $0.5 million and co-pay assistance costs of $0.6 million, and represented 87% of gross sales and 90% of net sales during the quarter ended December 31, 2012. During the fourth quarter, the Company changed from recognizing revenue upon product being dispensed through patient prescriptions to recognizing revenue when product is sold into the wholesale and pharmacy channel, resulting in a one-time increase to DUEXIS revenue of $1.8 million gross and $1.4 million net.
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