Shares of Horizon Pharma (HZNP) were down 33.3% to $10.40 in premarket trading on Monday. The Dublin-based firm reported first-quarter adjusted earnings per diluted share of 21 cents, down 16% from the same period last year, and net sales of $220.9 million, up 8% year-over-year. Analysts had forecast adjusted EPS of 23 cents and revenue of $248.1 million, according to FactSet Research Systems.
For full-year 2017, the company lowered its net sales guidance range to $1 billion to $1.035 billion from $1.240 billion to $1.290 billion, and its adjusted Ebitda guidance to $315 million to $350 million from $525 million to $575 million.
Also on Monday, Horizon unveiled a deal to buy River Vision Development and its development-stage medicine teprotumumab (RV001), for a $145 million upfront cash payment, plus potential future milestone and earn-out payments. RV001 is a fully human monoclonal antibody being developed for thyroid eye disease.
Meanwhile, shares of OncoMed Pharmaceuticals (OMED) were down 11.4% to $3.20. The Redwood City, Calif.-based firm on Monday reported first-quarter numbers and announced that a phase two study of demcizumab (anti-DLL4, OMP-21M18) in combination with carboplatin and pemetrexed in front-line non-squamous non-small cell lung cancer (NSCLC) did not meet endpoints.
The company reported a first-quarter net loss of $22.6 million compared to $27.2 million in the year-ago period. Revenue was $6.2 million, versus $6.4 million in the first quarter of 2016.
Other biotech movers include Inovio Pharmaceuticals (INO) . The stock was up 7.4% to $6.95 after the company and Regeneron Pharmaceuticals (REGN) signed a clinical study pact for a phase 1b/2a immuno-oncology trial. Inovio will conduct the study in patients that have newly diagnosed glioblastoma multiforme (GBM). The study will evaluate Regeneron's PD-1 inhibitor, REGN2810, in tandem with Inovio's INO-5401 T cell activating immunotherapy encoding multiple antigens and INO-9012, an immune activator encoding IL-12.
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