We believe daxdilimab has the potential to be a true pipeline in a product with a multibillion-dollar potential.Ĭommercially, we more than doubled net sales to TEPEZZA in its second year post launch and increased KRYSTEXXA net sales by nearly 40%, remarkable for a 12-year-old medicine. Notably, we identified 4 new indications for daxdilimab that we plan to initiate trials in this year, beginning with alopecia areata trial next quarter. We work to maximize the molecules in our portfolio. Our pipeline now includes more than 20 programs, with the majority added in 2021. We acquired Viela significantly expanding our pipeline and deepening our R&D scientific expertise. In 2021, we made tremendous progress on our strategic goals, building our pipeline, maximizing our commercial medicines and expanding globally. As we look across profitable large cap and biotech peers, Horizon's growth profile is one of the best in the industry. Importantly, we expect our commercial performance to drive significant margin accretion, which should more than offset the increased investments we continue to make in R&D. Our adjusted EBITDA guidance of $1.63 billion to $1.7 billion represents 30% growth and 230 basis points of margin expansion. Our full year net sales guidance of $3.9 billion to $4 billion represents 22% growth. This morning, we issued our full year 2022 financial guidance that again represents a very strong growth at the midpoint. We also generated more than $1 billion in operating cash flow. Our full year total net sales of $3.2 billion increased nearly 50%, and our full year adjusted EBITDA of $1.3 increased 33%. These non-GAAP financial measures are reconciled with the comparable GAAP financial measures in our earnings press release and other filings from today that are available on our investor website at I will now turn the call over to Tim.Īt the same time, we once again delivered top-tier financial performance. In addition, on today's conference call, non-GAAP financial measures will be used. You're cautioned not to place undue reliance on these forward-looking statements, and Horizon disclaims any obligation to update such statements. Our actual results could differ materially due to a number of factors, including the risk factors and other information outlined in our latest Forms 10-K, 10-Q and any 8-Ks filed with the Securities and Exchange Commission and our earnings press release, which we issued this morning. After closing remarks from Tim, we'll take your questions.Īs a reminder, during today's call, we'll be making certain forward-looking statements, including statements about financial projections, development activities, our business strategy and the expected timing and impact of future events. Liz will then review our R&D programs, followed by Paul, who will discuss our financial performance and guidance in more detail. Tim will review the business, including our fourth quarter and full year performance. Aaron will be transitioning to CFO after our first quarter call. On the call with me today are Tim Walbert, Chairman, President and Chief Executive Officer Liz Thompson, Executive Vice President, Research and Development Paul Hoelscher, Executive Vice President, Chief Financial Officer Andy Pasternak, Executive Vice President, Chief Strategy Officer and Aaron Cox, Executive Vice President, Finance. Good morning, everyone, and thank you for joining us. Tina Ventura, Senior Vice President and Investor Relations Officer. As a reminder, today's conference call is being recorded. Welcome to the Horizon Therapeutics Fourth Quarter and Full Year 2021 Earnings Conference Call. Good morning, and thank you for standing by. Horizon Therapeutics PLC ( NASDAQ: HZNP) Q4 2021 Results Conference Call Ma8:00 AM ETĮlizabeth Thompson - EVP, Research & Development
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