Horizon Pharma (HZNP) is down more than 5% after the company said in a Securities and Exchange Commission filing it expected net sales on a non-GAAP adjusted basis at the low end of its previously announced full-year net sales guidance. It also revised its full-year 2016 adjusted EBITDA guidance range, reflecting higher Q4 investment spending.
It said it expects Q3 GAAP sales between $207 million to $209 million and adjusted sales between $272 million to $274 million. The CapIQ mean for Q3 sales is $272.58 million.
FY GAAP sales are seen approximately $960 million and net sales on a non-GAAP adjusted basis will be at the low end of its previously announced full-year net sales guidance range of $1.025 billion to $1.050 billion, or approximately $1.025 billion. Forecasts are for $1.032 billion.
It revised its full-year 2016 adjusted EBITDA guidance range as the result of expected net sales at the low end of its non-GAAP adjusted net sales guidance range and anticipated higher investment spending in Q4 and now expects adjusted EBITDA to be in the range of $450 million to $460 million (prior range was $495 million to $510 million).