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Conference Call

At 8:00am Eastern Time today, Horizon's management will host a live conference call and webcast to review the Company's financial and operating results and provide a general business update.

The live webcast and a replay may be accessed by visiting Horizon's website at http://ir.horizon-pharma.com. Please connect to the Company's website at least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast. Alternatively, please call 1-888-338-8373 (U.S.) or 973-872-3000 (international) to listen to the conference call. The conference ID number for the live call is 11959520. Telephone replay will be available approximately two hours after the call. To access the replay, please call 1-855-859-2056 (U.S.) or 404-537-3406 (international). The conference ID number for the replay is 11959520.

About Horizon Pharma

Horizon Pharma, Inc. is a specialty pharmaceutical company that has developed and is commercializing DUEXIS and RAYOS/LODOTRA, both of which target unmet therapeutic needs in arthritis, pain and inflammatory diseases. The Company's strategy is to develop, acquire, in-license and/or co-promote additional innovative medicines where it can execute a targeted commercial approach in specific therapeutic areas while taking advantage of its commercial strengths and the infrastructure the Company has put in place.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the period during which cash and cash equivalents is expected to fund the Company's operations, the on-going commercial launches of DUEXIS and RAYOS and the Company's progress in creating a profitable, sustainable business. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release, and actual results may differ materially from those in these forward-looking statements as a result of various factors. These factors include, but are not limited to, risks regarding Horizon's ability to commercialize products successfully, whether commercial data regarding DUEXIS and RAYOS in the United States for any historic periods are indicative of future results, Horizon's ability to successfully manage contract sales and marketing personnel, Horizon's ability to comply with post-approval regulatory requirements, and the need to potentially obtain additional financing to successfully commercialize or further develop DUEXIS and RAYOS/LODOTRA. For a further description of these and other risks facing the Company, please see the risk factors described in the Company's filings with the United States Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in those filings. Forward-looking statements speak only as of the date of this press release and the Company undertakes no obligation to update or revise these statements, except as may be required by law.

                            Horizon Pharma, Inc.                        Consolidated Balance Sheets              (in thousands, except share and per share data)                                                      As of December 31,                                                  -------------------------                                                      2012         2011                                                  ------------ ------------AssetsCurrent assets  Cash and cash equivalents                       $    104,087 $     17,966  Restricted cash                                          800          750  Accounts receivable, net                               3,463        2,372  Inventories, net                                       5,245        1,195  Prepaid expenses and other current assets              3,323        2,763                                                  ------------ ------------    Total current assets                               116,918       25,046  Property and equipment, net                            3,725        3,245  Developed technology, net                             68,892       35,602  In-process research and development                        -       36,638  Other assets                                           4,449          547                                                  ------------ ------------    Total assets                                  $    193,984 $    101,078                                                  ============ ============Liabilities and Stockholders' EquityCurrent liabilities  Accounts payable                                $      5,986 $      8,170  Accrued expenses                                      16,784        8,926  Deferred revenues - current portion                    2,230        3,281  Notes payable - current portion                       11,935        3,604                                                  ------------ ------------    Total current liabilities                           36,935       23,981Long-term liabilities  Notes payable, net of current                         36,866       15,834  Deferred revenues, net of current                      9,554        5,666  Deferred tax liabilities, net                          4,408        9,561  Other long term liabilities                              243          124                                                  ------------ ------------    Total liabilities                                   88,006       55,166                                                  ------------ ------------Commitments and ContingenciesStockholders' equity  Common stock, $0.0001 par value per share;   200,000,000 shares authorized; 61,722,247 and   19,627,744 shares issued and outstanding at   December 31, 2012 and 2011, respectively.                 6            2  Additional paid-in capital                           417,455      270,015  Accumulated other comprehensive loss                  (3,372)      (3,788)  Accumulated deficit                                 (308,111)    (220,317)                                                  ------------ ------------    Total stockholders' equity                         105,978       45,912                                                  ------------ ------------    Total liabilities and stockholders' equity    $    193,984 $    101,078                                                  ============ ============                            Horizon Pharma, Inc.                   Consolidated Statements of Operations              (in thousands, except share and per share data)                             Three Months Ended       Twelve Months Ended                                December 31,              December 31,                          ------------------------  -----------------------                              2012         2011         2012        2011                          -----------  -----------  -----------  ----------RevenuesSales of goods            $     8,091  $     3,483  $    22,761  $    6,773Contract revenue                   61           55          217         166                          -----------  -----------  -----------  ----------    Gross sales                 8,152        3,538       22,978       6,939Sales discounts and allowances                    (1,405)         (12)      (3,346)        (12)                          -----------  -----------  -----------  ----------    Net sales                   6,747        3,526       19,632       6,927                          -----------  -----------  -----------  ----------Cost of goods sold              3,931        2,075       12,663       7,267                          -----------  -----------  -----------  ----------Gross profit (loss)             2,816        1,451        6,969        (340)Operating Expenses  Research and   development                  4,739        3,822       16,837      15,358  Sales and marketing          15,095       12,888       49,561      20,314  General and   administrative               5,008        4,368       19,444      15,008  Intangible impairment   charge                           -       69,621            -      69,621                          -----------  -----------  -----------  ----------    Total operating     expenses                  24,842       90,699       85,842     120,301                          -----------  -----------  -----------  ----------Operating loss                (22,026)     (89,248)     (78,873)   (120,641)Interest expense, net          (3,444)        (819)     (14,525)     (6,284)Foreign exchange gain (loss)                           801         (798)         489      (1,023)Other expense                       -            -          (56)          -                          -----------  -----------  -----------  ----------Loss before benefit for income taxes                 (24,669)     (90,865)     (92,965)   (127,948)Income tax benefit               (336)     (14,138)      (5,171)    (14,683)                          -----------  -----------  -----------  ----------Net loss                  $   (24,333) $   (76,727) $   (87,794) $ (113,265)                          ===========  ===========  ===========  ==========Net loss per share- basic and diluted              $     (0.40) $     (3.92) $     (2.26) $   (12.56)                          -----------  -----------  -----------  ----------Weighted average shares outstanding used in calculating net loss per share - basic and diluted                   61,574,187   19,568,131   38,871,422   9,014,968                          -----------  -----------  -----------  ----------                            Horizon Pharma, Inc.            Reconciliation of GAAP Net Loss to Non-GAAP Net Loss             (in thousands, except share and per share amounts)                                (Unaudited)                             Three Months Ended       Twelve Months Ended                                December 31,              December 31,                          ------------------------  -----------------------                              2012         2011         2012        2011                          -----------  -----------  -----------  ----------GAAP Net Loss             $   (24,333) $   (76,727) $   (87,794) $ (113,265)Non-GAAP Adjustments (net of tax effect):    Intangible impairment     charge                         -       56,199            -      56,199    Amortization of     developed technology       1,313          730        3,782       3,012    Stock-based     compensation                 999          703        4,661       2,530    Non-cash interest     expense                      913           55        2,740       2,738    Depreciation expense          247          141          806         446    Amortization of     deferred revenue             (61)         (55)        (217)       (166)                          -----------  -----------  -----------  ----------        Total of non-GAAP         adjustments            3,411       57,773       11,772      64,759                          -----------  -----------  -----------  ----------Non-GAAP Net Loss         $   (20,922) $   (18,954) $   (76,022) $  (48,506)                          ===========  ===========  ===========  ==========Weighted average shares - basic and diluted         61,574,187   19,568,131   38,871,422   9,014,968GAAP net loss per common share-basic and diluted  $     (0.40) $     (3.92) $     (2.26) $   (12.56)    Non-GAAP adjustments     detailed above              0.06         2.95         0.30        7.18                          -----------  -----------  -----------  ----------Non-GAAP net loss per common share-basic and diluted                  $     (0.34) $     (0.97) $     (1.96) $    (5.38)                          ===========  ===========  ===========  ==========                            Horizon Pharma, Inc.                   Consolidated Statements of Cash Flows                               (in thousands)                                                     Twelve Months Ended                                                        December 31,                                                 --------------------------                                                     2012          2011                                                 ------------  ------------Cash flows from operating activitiesNet loss                                         $    (87,794) $   (113,265)Adjustments to reconcile net loss to net cash used in operating activities  Depreciation and amortization                         5,538         4,199  Stock-based compensation                              4,661         2,530  Non-cash interest expense                             2,740         2,708  Paid in kind interest expense                         2,607             -  Intangible impairment charge                              -        69,621  Loss on disposal of assets                               76             -  Foreign exchange (gain) loss                           (489)        1,023  Changes in operating assets and liabilities:    Accounts receivable                                (1,087)       (1,817)    Inventories                                        (4,022)         (923)    Prepaid expenses and other current assets            (543)       (1,897)    Accounts payable                                   (2,209)        5,643    Accrued expenses                                    7,052         3,215    Deferred revenues                                   2,616         3,237    Deferred tax liabilities                           (5,206)      (15,778)    Other non-current assets and liabilities             (581)          (36)                                                 ------------  ------------      Net cash used in operating activities           (76,641)      (41,540)                                                 ------------  ------------Cash flows from investing activitiesPurchase of property and equipment                     (1,336)       (1,604)Increase in restricted cash                               (50)         (550)                                                 ------------  ------------      Net cash used in investing activities            (1,386)       (2,154)                                                 ------------  ------------Cash flows from financing activitiesProceeds from issuance of notes payable, net of issuance costs                                        55,578        16,651Proceeds from equity finance offerings, net of offering costs                                       128,077             -Proceeds from the issuance of common stock in initial public offering, net of underwriting fees and issuance costs                                    -        44,678Repayment of notes payable                            (19,788)      (13,067)Proceeds from the issuance of common stock                441           124Proceeds from issuance of bridge notes payable to related parties                                         -         6,766                                                 ------------  ------------      Net cash provided by financing activities       164,308        55,152                                                 ------------  ------------Effect of exchange rate changes on cash and cash equivalents                                             (160)        1,124      Net increase in cash and cash equivalents        86,121        12,582Cash and cash equivalentsBeginning of period                                    17,966         5,384                                                 ------------  ------------End of period                                    $    104,087  $     17,966                                                 ============  ============