Horizon Pharma, Inc. (NASDAQ: HZNP) today announced preliminary (unaudited) revenues for the fourth quarter and fiscal year ended December 31, 2013.
Horizon expects to report its full, fourth quarter and audited fiscal year 2013 results on March 13, 2014, which will include results of its base DUEXIS and RAYOS/LODOTRA business, the impact of the acquisition of U.S. rights to VIMOVO in November 2013, and initial VIMOVO related activities. The results will also reflect the issuance of $150 million in convertible senior notes in November 2013, associated derivative liability accounting and the repayment of the Company's existing senior secured loan.
"2013 was a transformational year for Horizon as we accelerated our base business with DUEXIS and RAYOS and completed the acquisition of the U.S. rights to VIMOVO", said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma. "In 2014, we will focus on driving prescriptions of our promoted products and pursuing our strategy to acquire rights to additional products and businesses."
About Horizon Pharma
Horizon Pharma, Inc. is a commercial stage, specialty pharmaceutical company that markets DUEXIS®
, which target unmet therapeutic needs in arthritis, pain and inflammatory diseases. The Company's strategy is to develop, acquire or in-license additional innovative medicines or companies where it can execute a targeted commercial approach among specific target physicians such as primary care physicians, orthopedic surgeons and rheumatologists, while taking advantage of its commercial strengths and the infrastructure the Company has put in place.
For more information, please visit www.horizonpharma.com
VIMOVO®(naproxen / esomeprazole magnesium) is a proprietary fixed-dose combination of delayed-release enteric-coated naproxen, a non-steroidal anti-inflammatory drug (NSAID) and immediate-release esomeprazole, a stomach acid-reducing proton pump inhibitor (PPI), approved for the relief of signs and symptoms of osteoarthritis, rheumatoid arthritis and ankylosing spondylitis and to decrease the risk of developing gastric ulcers in patients at risk of developing NSAID-associated gastric ulcers. VIMOVO is not recommended for use in children younger than 18 years of age. VIMOVO is not recommended for initial treatment of acute pain because the absorption of naproxen is delayed compared to absorption from other naproxen-containing products. Controlled studies do not extend beyond 6 months. VIMOVO should be used at the lowest dose and for the shortest amount of time as directed by a health care provider.
Forward Looking Statements
This press release contains forward-looking statements, including statements regarding expected total net revenues for the fourth quarter of 2013 and total annual net revenues for 2013, Horizon's on-going commercial launches of DUEXIS, RAYOS and VIMOVO, commercialization plans for DUEXIS, RAYOS and VIMOVO and the timing for implementing those plans and plans for driving prescriptions of promoted products and acquiring rights to additional products and businesses in 2014. 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, including, but not limited to, completion of Horizon's fourth quarter and year-end review and audit process, risks regarding the Company's ability to commercialize products successfully, potential delays or changes in strategy for the commercialization of DUEXIS, RAYOS and VIMOVO, whether physicians will prescribe and patients will use DUEXIS, RAYOS and VIMOVO and competition in the market for the Company's products, and risks relating to the ability to identify and complete additional product and business acquisitions and successfully integrate such products and businesses. For a further description of these and other risks facing Horizon, please see the risk factors described in Horizon'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. Horizon undertakes no obligation to update or revise these statements, except as may be required by law.
The financial information set forth in this press release reflect Horizon's preliminary estimates, which are subject to completion of Horizon's fourth quarter and year-end review and audit process. Horizon's actual fourth quarter and full year 2013 financial and operating results could differ materially from the preliminary estimates set forth in this press release.
- Health Care Industry
Robert J. De Vaere
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