Horizon Pharma posts 1st-quarter loss of $19.6 million, misses expectations

MarketsAssociated Press

Horizon Pharma reported a loss of $19.6 million in its first quarter even though the drugmaker's revenue more than doubled.

On a per-share basis, the Dublin company's loss was 16 cents. Earnings, adjusted for amortization costs and to extinguish debt, came to 21 cents per share.

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That missed Wall Street expectations by two cents, according to the data firm FactSet.

Company revenue climbed to $113.1 million, or above analyst expectations for $105.2 million.

But the drugmaker also said its operating expenses soared 86 percent to $79.5 million in the quarter, due in part to higher spending on product research, development and marketing.

Shares fell 40 cents to $28.99 in late-morning trading. The Standard & Poor's 500 index rose 1.2 percent.

Shares of Horizon Pharma Inc. have more than doubled since the beginning of the year.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HZNP at http://www.zacks.com/ap/HZNP

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Keywords: Horizon Pharma, Earnings Report