Why Horizon Therapeutics Is Soaring Today
Shares of Horizon Therapeutics (NASDAQ: HZNP) are up by 16% as of 12:03 p.m. EDT on Wednesday following the company's release of its first-quarter earnings report. Investors were impressed with Horizon's quarterly update, with the company's revenue and earnings coming in much higher than analyst estimates.
During the first quarter, Horizon's net sales were $355.9 million, representing a 27% year-over-year increase. On average, analysts expected the company to record net sales of $287.9 million. Also, Horizon's non-GAAP (adjusted) net income for the quarter was $83.2 million -- or $0.40 on a per-share basis -- compared to the non-GAAP net income of $53.9 million and non-GAAP EPS of $0.30 the company recorded during the prior-year quarter. Horizon's $0.40 non-GAAP EPS was significantly higher than the $0.22 analysts had been expecting.
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Source Fool.com
