Aug. 5 Quick Takes: Strong quarterly sales of Horizon’s Tepezza, Global Blood’s Oxbryta; plus a setback for DBV and news from Point, Karuna, Evotec-Secarna, Red
Horizon raising cash after Tepezza beats sales estimate
Shares of Horizon Therapeutics plc (NASDAQ:HZNP) rose 24% Wednesday, adding nearly $2.9 billion to the company’s market cap after a 2Q20 earnings report that showed that sales of Tepezza teprotumumab handily beat analysts’ consensus. Tepezza revenues came in at $165.9 million, compared with the Street’s estimate of $68.7 million. FDA approved the mAb targeting IGF1R in January to treat thyroid eye disease. Horizon now expects full-year sales of the drug to exceed $650 million; it had previously guided for $200 million based on 1Q20 sales of $23.5 million. After market hours Wednesday, Horizon proposed to raise $700 million in a follow-on.
Global Blood therapy outpaces consensus
In its 2Q20 earnings report after market close Wednesday, Global Blood Therapeutics Inc. (NASDAQ:GBT) said Oxbryta voxelotor delivered net sales of $31.5 million, up sequentially from $14.1 million in 1Q20 and beating analysts’ $19.1 million consensus estimate. The company will seek to expand Oxbryta’s label to include younger pediatric patients, and, by mid-2021, seek EMA approval...