DEERFIELD, IL -- (Marketwired) -- 08/09/13 -- Horizon Pharma, Inc. (NASDAQ: HZNP) today provided an update on the Company's business and announced financial results for the second quarter and six months ended June 30, 2013.
•Gross and net sales for the second quarter of 2013 were $17.6 million and $12.3 million, respectively, increases of 64% and 34%, respectively, versus the first quarter of 2013. •Net loss for the second quarter of 2013 was $18.4 million, or $0.29 per share, on a U.S. GAAP basis, and $15.0 million, or $0.24 per share, on a non-GAAP basis. •The Company had cash and cash equivalents at June 30, 2013 of $69.3 million, versus $81.1 million at March 31, 2013.
•Gross and net sales of DUEXIS in the second quarter of 2013 were $15.8 million and $10.5 million, respectively, increases of 136% and 98%, respectively, versus the first quarter of 2013. •According to monthly data from Source Healthcare Analytics (SHA), total prescriptions were 48,191 for the second quarter of 2013, compared to 45,879 total prescriptions for the first quarter of 2013, an increase of 5%. •According to SHA, total DUEXIS pills dispensed in the second quarter of 2013 increased 9.3% versus the first quarter of 2013 as a result of longer initial prescriptions and a 3.7% quarter-over-quarter increase in the refill rate of DUEXIS. •The gross-to-net sales deduction for DUEXIS was 33.1% in the second quarter of 2013, versus 20.6% in the first quarter of 2013, driven by rebates and reductions for certain governmental and third-party payers, along with the Company's co-pay buy down program, which ensures access to DUEXIS at reasonable out of pocket costs to patients.
RAYOS® / LODOTRA® Highlights
•RAYOS gross and net sales in the second quarter of 2013 were $0.7 million and $0.6 million, respectively, compared to $0.4 million in gross and net sales in the first quarter of 2013, increases of 75% and 50%, respectively. •According to monthly data from SHA, total prescriptions were 2,241 for the second quarter of 2013, compared to 1,243 total prescriptions for the first quarter of 2013, an increase of 80%. •Through June 2013, there have been 704 cumulative prescribers and approximately 3,700 cumulative prescriptions of RAYOS. •LODOTRA, known as RAYOS in the U.S., gross and net sales in the second quarter of 2013 were $1.2 million each, compared to gross and net sales of $3.6 and $3.5 million, respectively, in the first quarter of 2013. •LODOTRA is now approved for marketing in 30 countries outside the U.S., reimbursed in Germany, Italy, Switzerland and Sweden, and marketed and sold in numerous other countries.
Updated Cash Guidance
•Prior cash guidance for the Company stated cash and cash equivalents would allow the Company to operate through 2013. •Based on recent results and current business expectations, the Company now believes that it can operate into the third quarter of 2014 with its existing cash and cash equivalents and potentially beyond depending on future growth trends.
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