Horizon Pharma's Stock Surges After Boosting Sales Outlook

Horizon Pharma PLC's stock surged 3.9% in premarket trade Tuesday, after the drug maker raised its 2016 sales outlook, as a result of the expected close of the Crealta Holdings acquisition this week. Sales are now expected to be in the range of $1.025 billion to $1.05 billion, up from a previous outlook of $950 million to $975 million. The FactSet sales consensus was $987.3 million. The outlook for adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was boosted to $505 million to $520 million from $460 million to $475 million. The stock has lost 5.4% over the past three months through Monday, while the S&P 500 has declined 4.7%.