Intrinsic value of Horizon Pharma - HZNP

Previous Close

$13.31

  Intrinsic Value

$1.28

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

0%

Previous close

$13.31

 
Intrinsic value

$1.28

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

0%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of HZNP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  29.59
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  981
  1,058
  1,137
  1,220
  1,306
  1,395
  1,488
  1,584
  1,685
  1,789
  1,898
  2,011
  2,130
  2,253
  2,382
  2,516
  2,656
  2,803
  2,956
  3,116
  3,284
  3,459
  3,643
  3,835
  4,036
  4,247
  4,468
  4,700
  4,942
  5,197
  5,463
Variable operating expenses, $m
 
  1,195
  1,281
  1,371
  1,464
  1,562
  1,662
  1,767
  1,877
  1,990
  2,109
  2,187
  2,316
  2,450
  2,590
  2,736
  2,889
  3,048
  3,215
  3,389
  3,571
  3,762
  3,962
  4,171
  4,390
  4,619
  4,859
  5,111
  5,375
  5,651
  5,941
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,128
  1,195
  1,281
  1,371
  1,464
  1,562
  1,662
  1,767
  1,877
  1,990
  2,109
  2,187
  2,316
  2,450
  2,590
  2,736
  2,889
  3,048
  3,215
  3,389
  3,571
  3,762
  3,962
  4,171
  4,390
  4,619
  4,859
  5,111
  5,375
  5,651
  5,941
Operating income, $m
  -147
  -137
  -144
  -151
  -159
  -167
  -175
  -183
  -192
  -201
  -211
  -176
  -186
  -197
  -208
  -220
  -233
  -245
  -259
  -273
  -287
  -303
  -319
  -336
  -353
  -372
  -391
  -411
  -433
  -455
  -478
EBITDA, $m
  75
  114
  123
  132
  141
  150
  160
  171
  182
  193
  205
  217
  230
  243
  257
  271
  286
  302
  319
  336
  354
  373
  393
  414
  435
  458
  482
  507
  533
  560
  589
Interest expense (income), $m
  61
  74
  84
  94
  104
  115
  126
  138
  150
  163
  176
  190
  204
  219
  235
  251
  268
  285
  304
  323
  344
  365
  387
  410
  434
  460
  486
  514
  544
  574
  606
Earnings before tax, $m
  -228
  -211
  -228
  -245
  -263
  -282
  -301
  -321
  -342
  -364
  -387
  -366
  -390
  -416
  -443
  -471
  -500
  -531
  -563
  -596
  -631
  -668
  -706
  -746
  -788
  -832
  -878
  -926
  -976
  -1,029
  -1,085
Tax expense, $m
  -61
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -167
  -211
  -228
  -245
  -263
  -282
  -301
  -321
  -342
  -364
  -387
  -366
  -390
  -416
  -443
  -471
  -500
  -531
  -563
  -596
  -631
  -668
  -706
  -746
  -788
  -832
  -878
  -926
  -976
  -1,029
  -1,085

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  509
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,292
  4,083
  4,390
  4,709
  5,041
  5,385
  5,744
  6,116
  6,504
  6,908
  7,328
  7,766
  8,223
  8,699
  9,196
  9,714
  10,256
  10,822
  11,414
  12,032
  12,679
  13,356
  14,065
  14,807
  15,584
  16,398
  17,251
  18,145
  19,082
  20,064
  21,094
Adjusted assets (=assets-cash), $m
  3,783
  4,083
  4,390
  4,709
  5,041
  5,385
  5,744
  6,116
  6,504
  6,908
  7,328
  7,766
  8,223
  8,699
  9,196
  9,714
  10,256
  10,822
  11,414
  12,032
  12,679
  13,356
  14,065
  14,807
  15,584
  16,398
  17,251
  18,145
  19,082
  20,064
  21,094
Revenue / Adjusted assets
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
Average production assets, $m
  2,243
  2,417
  2,599
  2,788
  2,985
  3,189
  3,401
  3,621
  3,851
  4,090
  4,339
  4,598
  4,868
  5,150
  5,444
  5,752
  6,072
  6,407
  6,758
  7,124
  7,507
  7,908
  8,328
  8,767
  9,227
  9,709
  10,214
  10,743
  11,298
  11,879
  12,489
Working capital, $m
  440
  -66
  -70
  -76
  -81
  -86
  -92
  -98
  -104
  -111
  -118
  -125
  -132
  -140
  -148
  -156
  -165
  -174
  -183
  -193
  -204
  -214
  -226
  -238
  -250
  -263
  -277
  -291
  -306
  -322
  -339
Total debt, $m
  1,807
  2,037
  2,282
  2,537
  2,802
  3,077
  3,363
  3,660
  3,969
  4,291
  4,627
  4,976
  5,341
  5,721
  6,117
  6,531
  6,963
  7,415
  7,887
  8,381
  8,897
  9,437
  10,003
  10,595
  11,215
  11,865
  12,546
  13,259
  14,006
  14,790
  15,612
Total liabilities, $m
  3,028
  3,258
  3,503
  3,758
  4,023
  4,298
  4,584
  4,881
  5,190
  5,512
  5,848
  6,197
  6,562
  6,942
  7,338
  7,752
  8,184
  8,636
  9,108
  9,602
  10,118
  10,658
  11,224
  11,816
  12,436
  13,086
  13,767
  14,480
  15,227
  16,011
  16,833
Total equity, $m
  1,264
  825
  887
  951
  1,018
  1,088
  1,160
  1,236
  1,314
  1,395
  1,480
  1,569
  1,661
  1,757
  1,857
  1,962
  2,072
  2,186
  2,306
  2,431
  2,561
  2,698
  2,841
  2,991
  3,148
  3,312
  3,485
  3,665
  3,855
  4,053
  4,261
Total liabilities and equity, $m
  4,292
  4,083
  4,390
  4,709
  5,041
  5,386
  5,744
  6,117
  6,504
  6,907
  7,328
  7,766
  8,223
  8,699
  9,195
  9,714
  10,256
  10,822
  11,414
  12,033
  12,679
  13,356
  14,065
  14,807
  15,584
  16,398
  17,252
  18,145
  19,082
  20,064
  21,094
Debt-to-equity ratio
  1.430
  2.470
  2.570
  2.670
  2.750
  2.830
  2.900
  2.960
  3.020
  3.080
  3.130
  3.170
  3.220
  3.260
  3.290
  3.330
  3.360
  3.390
  3.420
  3.450
  3.470
  3.500
  3.520
  3.540
  3.560
  3.580
  3.600
  3.620
  3.630
  3.650
  3.660
Adjusted equity ratio
  0.200
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -167
  -211
  -228
  -245
  -263
  -282
  -301
  -321
  -342
  -364
  -387
  -366
  -390
  -416
  -443
  -471
  -500
  -531
  -563
  -596
  -631
  -668
  -706
  -746
  -788
  -832
  -878
  -926
  -976
  -1,029
  -1,085
Depreciation, amort., depletion, $m
  222
  251
  267
  283
  300
  317
  335
  354
  374
  394
  415
  393
  416
  440
  465
  492
  519
  548
  578
  609
  642
  676
  712
  749
  789
  830
  873
  918
  966
  1,015
  1,067
Funds from operations, $m
  505
  40
  39
  38
  37
  36
  34
  33
  32
  30
  29
  27
  26
  24
  22
  21
  19
  17
  15
  13
  11
  8
  6
  3
  1
  -2
  -5
  -8
  -11
  -14
  -17
Change in working capital, $m
  136
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
Cash from operations, $m
  369
  45
  44
  43
  42
  41
  40
  39
  38
  37
  35
  34
  33
  32
  30
  29
  27
  26
  24
  23
  21
  19
  17
  15
  13
  11
  9
  7
  4
  2
  -1
Maintenance CAPEX, $m
  0
  -192
  -207
  -222
  -238
  -255
  -273
  -291
  -310
  -329
  -350
  -371
  -393
  -416
  -440
  -465
  -492
  -519
  -548
  -578
  -609
  -642
  -676
  -712
  -749
  -789
  -830
  -873
  -918
  -966
  -1,015
New CAPEX, $m
  -16
  -174
  -182
  -189
  -196
  -204
  -212
  -221
  -230
  -239
  -249
  -259
  -270
  -282
  -294
  -307
  -321
  -335
  -350
  -366
  -383
  -401
  -420
  -439
  -460
  -482
  -505
  -529
  -555
  -581
  -610
Cash from investing activities, $m
  -1,376
  -366
  -389
  -411
  -434
  -459
  -485
  -512
  -540
  -568
  -599
  -630
  -663
  -698
  -734
  -772
  -813
  -854
  -898
  -944
  -992
  -1,043
  -1,096
  -1,151
  -1,209
  -1,271
  -1,335
  -1,402
  -1,473
  -1,547
  -1,625
Free cash flow, $m
  -1,007
  -321
  -344
  -368
  -393
  -418
  -445
  -472
  -501
  -531
  -563
  -596
  -630
  -666
  -704
  -744
  -785
  -828
  -874
  -921
  -971
  -1,023
  -1,078
  -1,136
  -1,196
  -1,259
  -1,326
  -1,395
  -1,468
  -1,545
  -1,626
Issuance/(repayment) of debt, $m
  652
  238
  245
  255
  265
  275
  286
  297
  309
  322
  335
  349
  364
  380
  396
  414
  432
  452
  472
  494
  516
  540
  566
  592
  620
  650
  681
  713
  748
  784
  822
Issuance/(repurchase) of shares, $m
  4
  273
  290
  309
  330
  351
  373
  396
  420
  445
  472
  454
  483
  512
  543
  576
  610
  645
  682
  721
  762
  804
  849
  896
  945
  996
  1,050
  1,106
  1,165
  1,228
  1,293
Cash from financing (excl. dividends), $m  
  657
  511
  535
  564
  595
  626
  659
  693
  729
  767
  807
  803
  847
  892
  939
  990
  1,042
  1,097
  1,154
  1,215
  1,278
  1,344
  1,415
  1,488
  1,565
  1,646
  1,731
  1,819
  1,913
  2,012
  2,115
Total cash flow (excl. dividends), $m
  -351
  190
  190
  196
  202
  208
  215
  221
  229
  236
  244
  208
  217
  226
  236
  246
  257
  269
  281
  294
  307
  321
  336
  352
  369
  386
  405
  424
  445
  466
  489
Retained Cash Flow (-), $m
  49
  -273
  -290
  -309
  -330
  -351
  -373
  -396
  -420
  -445
  -472
  -454
  -483
  -512
  -543
  -576
  -610
  -645
  -682
  -721
  -762
  -804
  -849
  -896
  -945
  -996
  -1,050
  -1,106
  -1,165
  -1,228
  -1,293
Prev. year cash balance distribution, $m
 
  501
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  418
  -99
  -113
  -128
  -143
  -159
  -175
  -192
  -209
  -228
  -246
  -266
  -286
  -308
  -330
  -353
  -377
  -402
  -428
  -455
  -483
  -513
  -544
  -576
  -610
  -645
  -682
  -721
  -761
  -804
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  389
  -85
  -89
  -92
  -92
  -92
  -89
  -86
  -81
  -76
  -69
  -63
  -55
  -48
  -41
  -35
  -29
  -23
  -18
  -14
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  82.5
  68.3
  56.6
  47.0
  39.0
  32.4
  27.0
  22.4
  18.7
  15.6
  13.2
  11.1
  9.4
  8.0
  6.7
  5.7
  4.8
  4.1
  3.4
  2.9
  2.4
  2.0
  1.7
  1.5
  1.2
  1.0
  0.9
  0.7
  0.6
  0.5

Horizon Pharma Public Limited Company, a biopharmaceutical company, engages in identifying, developing, acquiring, and commercializing medicines for the treatment of orphan diseases, arthritis, pain, and inflammation and inflammatory diseases in the United States and internationally. The company’s marketed medicine portfolio consists of ACTIMMUNE for the treatment of chronic granulomatous disease and malignant osteopetrosis; RAVICTI and BUPHENYL/AMMONAPS to treat urea cycle disorders; PROCYSBI for the treatment of nephropathic cystinosis; QUINSAIR for the treatment of chronic pulmonary infections due to pseudomonas aeruginosa in cystic fibrosis patients; and KRYSTEXXA to treat chronic refractory gout. Its products also include RAYOS/LODOTRA for the treatment of rheumatoid arthritis, polymyalgia rheumatic, systemic lupus erythematosus, and multiple other indications; DUEXIS to treat signs and symptoms of osteoarthritis and rheumatoid arthritis; MIGERGOT for the treatment of vascular headache; PENNSAID 2% to treat pain of osteoarthritis of the knees; and VIMOVO for the treatment of signs and symptoms of osteoarthritis, rheumatoid arthritis, and ankylosing spondylitis. The company has collaboration agreements with Fox Chase Cancer Center to study ACTIMMUNE in combination with PD-1/PD-L1 inhibitors for use in the treatment of various forms of cancer; and Alliance for Lupus Research (ALR) to study the effect of RAYOS on the fatigue experienced by systemic lupus erythematosus (SLE) patients. Horizon Pharma Public Limited Company was founded in 2005 and is headquartered in Dublin, Ireland.

FINANCIAL RATIOS  of  Horizon Pharma (HZNP)

Valuation Ratios
P/E Ratio -12.9
Price to Sales 2.2
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow 6.1
Growth Rates
Sales Growth Rate 29.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 128.6%
Cap. Spend. - 3 Yr. Gr. Rate -15%
Financial Strength
Quick Ratio 64
Current Ratio 0
LT Debt to Equity 142.3%
Total Debt to Equity 143%
Interest Coverage -3
Management Effectiveness
Return On Assets -3.3%
Ret/ On Assets - 3 Yr. Avg. -12.9%
Return On Total Capital -6%
Ret/ On T. Cap. - 3 Yr. Avg. -19.8%
Return On Equity -13%
Return On Equity - 3 Yr. Avg. -38.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 59.9%
Gross Margin - 3 Yr. Avg. 68.1%
EBITDA Margin 5.6%
EBITDA Margin - 3 Yr. Avg. -21%
Operating Margin -15%
Oper. Margin - 3 Yr. Avg. -14.4%
Pre-Tax Margin -23.2%
Pre-Tax Margin - 3 Yr. Avg. -43.9%
Net Profit Margin -17%
Net Profit Margin - 3 Yr. Avg. -33.5%
Effective Tax Rate 26.8%
Eff/ Tax Rate - 3 Yr. Avg. 53%
Payout Ratio 0%

HZNP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HZNP stock intrinsic value calculation we used $981 million for the last fiscal year's total revenue generated by Horizon Pharma. The default revenue input number comes from 2016 income statement of Horizon Pharma. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HZNP stock valuation model: a) initial revenue growth rate of 7.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.5%, whose default value for HZNP is calculated based on our internal credit rating of Horizon Pharma, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Horizon Pharma.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HZNP stock the variable cost ratio is equal to 113.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HZNP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.1% for Horizon Pharma.

Corporate tax rate of 27% is the nominal tax rate for Horizon Pharma. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HZNP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HZNP are equal to 228.6%.

Life of production assets of 11.7 years is the average useful life of capital assets used in Horizon Pharma operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HZNP is equal to -6.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1264 million for Horizon Pharma - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 160.372 million for Horizon Pharma is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Horizon Pharma at the current share price and the inputted number of shares is $2.1 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Here's Why Horizon Pharma Gained as Much as 13.1% Today   [Aug-17-17 03:50PM  Motley Fool]
▶ Horizon Pharma reports 2Q loss   [Aug-07-17 11:58PM  Associated Press]
▶ Horizon Pharma Wins Big in Q2   [10:40AM  24/7 Wall St.]
▶ ETFs with exposure to Horizon Pharma Plc : July 24, 2017   [Jul-24-17 04:37PM  Capital Cube]
▶ ETFs with exposure to Horizon Pharma Plc : July 14, 2017   [Jul-14-17 03:00PM  Capital Cube]
▶ 3 Cheap Healthcare Stocks You Can Buy Right Now   [Jun-26-17 01:08PM  Motley Fool]
▶ Valeant: Stop Looking in the Rearview Mirror!   [Jun-16-17 10:54AM  Barrons.com]
▶ 3 Value Stocks You Probably Haven't Considered   [Jun-08-17 08:06PM  Motley Fool]
▶ ETFs with exposure to Horizon Pharma Plc : May 26, 2017   [May-26-17 01:11PM  Capital Cube]
▶ 5 Stocks Setting Up for Big Breakouts   [12:46PM  TheStreet.com]
▶ These Drugmakers Plunged On Consensus-Lagging Q1 Sales, Losses   [04:36PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [12:16PM  Briefing.com]
▶ Biotech And Pharma Industry And Stock News   [11:00AM  Investor's Business Daily]
▶ Biotech Movers: Horizon, OncoMed, Inovio   [09:29AM  TheStreet.com]
▶ Horizon Pharma reports 1Q loss   [07:30AM  Associated Press]
▶ The 7 Most Expensive Prescription Drugs in the World   [Apr-18-17 06:00AM  Motley Fool]
▶ Which Drugmakers Will Rock The Sector In Q1?   [Apr-13-17 05:51PM  Investor's Business Daily]
▶ Bears Are Losing Their Grip on Horizon Pharma   [Apr-03-17 11:26AM  TheStreet.com]
Stock chart of HZNP Financial statements of HZNP
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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