Horizon Therapeutics (HZNP) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

August 3, 2022 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning and thank you for standing by. Welcome to the Horizon Therapeutics plc Second Quarter 2022 Earnings Conference Call. As a reminder, today's conference call is being recorded.

I would now like to introduce Ms. Tina Ventura, Senior Vice President and Chief Investor Relations Officer. Ms. Ventura, please go ahead.

Tina Ventura

Thank you, Chris. Good morning, everyone, and thank you for joining us. On the call with me today are Tim Walbert, Chairman, President and Chief Executive Officer; Liz Thompson, Executive Vice President, Research and Development; Aaron Cox, Executive Vice President, Chief Financial Officer; and Andy Pasternak, Executive Vice President, Chief Strategy Officer.

Tim will provide a review of the business, including our second-quarter performance and our revised full-year guidance. Liz will then review our R&D programs, followed by Aaron, who will discuss our financial performance and guidance in more detail. After closing remarks from Tim, we will take your questions. We posted our investor slide deck this morning as well.

During today's call, we will 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. Our actual results could differ materially from these forward-looking statements 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. You are cautioned not to place undue reliance on these forward-looking statements and Horizon disclaims any obligation to update such statements.

In addition, on today's conference call, non-GAAP financial measures will be used. These non-GAAP financial measures are reconciled with the comparable GAAP financial measures in our earnings press release, our slide presentation and other filings from today that are available on our investor website at www.horizontherapeutics.com.

I will now turn the call over to Tim.

Tim Walbert

Thank you, Tina. And good morning, everyone. Before we move into the details of the quarter, I wanted to summarize a few key points today. Our orphan segment generated net sales growth of 13%, driven by our strong commercial execution. We delivered another quarter of outstanding KRYSTEXXA performance, up nearly 30%, driven by increased uptake of our immunomodulation strategy and strong momentum in nephrology. Our relaunch of UPLIZNA is also tracking well, and our rare disease medicines business delivered another solid quarter. And as expected, TEPEZZA net sales were impacted by Omicron-related effects in the second quarter.