Horizon in good results – Global

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Horizon
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The Dual is showing good results in the fourth quarter. The company is benefiting from the corona plague when it is one of the largest corona testing providers in the U.S. The fourth quarter 2020 earnings totaled $ 32.3 million – 5 cents per fully diluted share – compared to a net loss of $ 112.4 million – 18 cents per share in the same period in 2019. Analysts had expected earnings of 3 cents a share.

Revenue for the fourth quarter was $ 494.6 million, compared to revenue of $ 224.3 million in the same period in 2019. Analysts expected revenue of $ 437 million.

Ofko, whose shares have risen 3.5 times since the beginning of 2020 to a price that expresses a value of $ 3.6 billion,
Works in two areas – the field of diagnostics and the field of drug development (the flagship product is growth hormone). In the field of diagnostics, the company reports a significant improvement – revenues from services in the fourth quarter of 2020 increased to $ 457.9 million compared to $ 177.9 million in the same period in 2019, and were mainly affected by the increase in COVID-19 tests partially offset by a decrease in clinical trials. Clinics as a result of the epidemic as well as reduced insurance indemnity for genomic testing. Total expenses totaled $ 388.0 million in the fourth quarter of 2020 compared to $ 223.4 million in the fourth quarter of 2019.

The operating profit in the diagnostics area reached $ 69.9 million compared to an operating loss of $ 45.4 million in 2019. The increase in operating profit of approximately $ 115.3 million reflects an increase in the volume of tests as a result of performing the Covid-19 tests and a non-cash provision for impairment of $ 38.7 million included in the 2019 reports in respect of goodwill and intangible assets attributed to the acquisition of Claros.

In the field of drug development – revenue from products in the quarter amounted to $ 30.8 million compared to $ 32.0 million in the fourth quarter of 2019, which was mainly due to a decrease in RAYALDEE sales, which were adversely affected by the challenge of selling patients in the face of the Covid-19 epidemic. Chile. The number of prescriptions for RAYALDEE in the fourth quarter of 2020 decreased to about 15,000 compared to about 17,900 in the corresponding quarter in 2019. Revenue from the sale of intellectual property totaled $ 5.9 million in the fourth quarter of 2020 compared to $ 14.4 million in the fourth quarter of 2019 reflecting a decrease in revenue recognition from payments received from Pfizer regarding Somatrogon.

Total expenses totaled $ 45.7 million in the fourth quarter of 2020 compared to $ 103.2 million in the same period last year, mainly due to a non-cash provision for a loss of $ 53.1 million in the fourth quarter of 2019 due to goodwill and intangible assets related to the acquisitions of CURNA and Transition Therapeutics. The operating loss totaled $ 9.0 million in the fourth quarter of 2020 compared to $ 56.8 million in the fourth quarter of 2019.

Cash and cash equivalents amounted to $ 72.2 million, as of December 31, 2020. In addition, the company has a credit line from JP Morgan of $ 57.6 million and an unutilized credit line of $ 100 million that provides the company with access to additional capital.

Major developments in the last quarter
BioReference Laboratories – A 170% increase in the volume of activity in the fourth quarter of 2020 compared to 2019. The number of PCR tests performed to detect the COVID-19 virus increased by 24% compared to the third quarter of 2020. During the fourth quarter, the company performed about 4.3 million PCR tests to detect the Covid-19 virus. The company has the capacity to provide over 100,000 tests per day.

The company performed about 220,000 Covid-19 serological tests to measure the specific levels of SARS-CoV-2 antibodies; The company has a significant ability to provide additional testing.

In January 2021, it reported agreements to conduct Covid-19 testing for players and officials, as well as teams and teams in the NBA Basketball League and the NHL Hockey League, along with support for leagues and other U.S. sporting events

In the field of drug development – partner Pfizer’s application for approval of the growth hormone Somatrogon was received and an application was submitted for approval of the drug in Japan. The FDA also received the application for marketing approval of Somatrogon for the treatment of children in the United States. The PDUFA for the FDA decision is set for October 2021.
An application for approval of the drug has been submitted in Japan and Pfizer is on schedule to submit the application for approval of the marketing of Somatrogon in Europe in the first quarter of 2021.

At the same time, marketing authorizations for the RAYALDEE drug were received in 11 European countries, as well as approvals for the marketing of the RAYALDEE drug for the treatment of chronic kidney and grade 3 patients in Spain, Portugal, Italy and Switzerland, in addition to England, Germany, Sweden, Norway, Ireland Denmark and the Netherlands. Commercial launches in these countries are expected to begin later this year