DEERFIELD, IL -- (Marketwired) -- 05/10/13 -- Horizon Pharma, Inc. (NASDAQ: HZNP) today provided an update on the Company's business and announced financial results for the first quarter ended March 31, 2013.
•Gross and net sales for the first quarter of 2013 were $10.7 million and $9.2 million, respectively, increases of 70% and 73%, respectively, versus the fourth quarter of 2012, excluding the benefit of a one-time change in the timing of DUEXIS revenue recognition in the fourth quarter of 2012. •Net loss for the first quarter of 2013 was $22.2 million, or $0.36 per share, on a U.S. GAAP basis, and $18.7 million, or $0.30 per share, on a non-U.S. GAAP basis. •The Company had cash and cash equivalents at March 31, 2013 of $81.1 million.
•Gross and net sales of DUEXIS in the first quarter of 2013 were $6.7 million and $5.3 million, respectively, increases of 29% and 18%, respectively, versus the fourth quarter of 2012, excluding the benefit of a one-time change in the timing of DUEXIS revenue recognition in the fourth quarter of 2012. •DUEXIS gross sales, recorded in accordance with U.S. GAAP, in January, February and March of 2013 were $1.5 million, $1.9 million, and $3.3 million, respectively, with March sales partially reflecting the benefit of the price increase on March 15, 2013. •According to monthly data from Source Healthcare Analytics (SHA), total prescriptions were 45,879 for the first quarter of 2013, compared to 39,060 total prescriptions for the fourth quarter of 2012, an increase of 17%. According to data from SHA, total prescription dollar value, which reflects the dollar value of prescriptions at the time they are reported and is not a U.S. GAAP measure, was $8.5 million for the first quarter of 2013 compared to $4.9 million for the fourth quarter of 2012, a 73% increase. The Company provides SHA total prescription dollar value only for trend purposes and it is not reflective of what the Company would or will record as sales on a U.S. GAAP basis, which is based on product sold to its wholesale distributors. •According to weekly data from SHA, total prescription dollar value for the four week period ended April 26, 2013, was $6.0 million, compared to total prescription dollar value of $4.2 million for the four week period ended March 29, 2013, an increase of 43%. The Company provides total prescription dollar value only for trend purposes and it is not reflective of what the Company would or will record as sales on a U.S. GAAP basis, which is based on product sold to its wholesale distributors. •In March 2013 the Company announced that the United Kingdom Medicines and Healthcare products Regulatory Agency granted a National Marketing Authorization (MA) for DUEXIS in the UK.
RAYOS® / LODOTRA® Highlights
•The Company initiated the full commercial launch of RAYOS in the U.S. to rheumatologists and key primary care physicians through its 150-person sales force in late January 2013. •RAYOS gross and net sales in the first quarter of 2013 were approximately $0.4 million each. •Through March 2013, there have been 371 cumulative prescribers of RAYOS who wrote 1,243 total prescriptions in the first quarter. •LODOTRA (known as RAYOS in the U.S.) was approved for marketing in five additional countries in April 2013 bringing total approvals to 25 countries outside the U.S.
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