Aug. 3 Quick Takes: Horizon dips after Tepezza sales come up short

Shares of Horizon Therapeutics plc (NASDAQ:HZNP) shed $15.17 (18%) to $66.96 Wednesday after 2Q22 earnings showed that revenue from Tepezza teprotumumab-trbw came in short of analysts’ expectations and the company revised its full-year guidance. Although the thyroid eye disease drug’s sales grew 6% compared with 2Q21, they dipped sequentially to $479.8 million from $501.5 million in 1Q22, missing the FactSet consensus of $530.4 million. Horizon now expects its overall net sales to grow by a high-teens percentage to $3.53-$3.6 billion, revised downward from growth in the mid-thirties to $3.9-$4 billion. FDA approved Tepezza, an IGF1R inhibitor, in January 2020.

For the second time in a week, a venture firm has turned to AbCellera Biologics Inc. (NASDAQ:ABCL) to tap the Canadian biotech’s antibody expertise in service of its portfolio. On Wednesday, Atlas Venture and AbCellera announced a three-target collaboration intended to discover antibodies for a stealth-stage start-up. The deal follows the July 27 announcement that Versant Ventures and AbCellera intend to work together on projects for newcos; those partners revealed that the company has already assisted three of Versant’s stealth investments to date...