Horizon Discovery Group plc announces a trading update ahead of its full year results for the twelve months ended December 31, 2014. The group expects full year 2014 revenues to be ahead of consensus expectations of £11 million by approximately 7%.
Article continues below
r>
This is representing growth in excess of 77% over prior year (year ended December 31, 2013: £6.7 million). In addition, the Group is eligible to receive future R&D milestones of up to £158 million plus future product royalties (year ended December 31, 2013: £120m).
This strong performance has been driven by an increased global demand for Horizon's fully integrated commercial offering comprising research tools, services and intellectual property including drug targets, drug biomarkers and drug candidates. Horizon worked with 30 of the world's top 50 Pharmaceutical and Biopharmaceutical companies during the year (year ended December 31, 2013: 21) and 961 organisations in total (year ended December 31, 2013: 353).
The Horizon offering enables its customers to translate human genome sequencing data into innovative medicines and companion diagnostic tests that improve clinical outcomes for patients and economic outcomes for drug developers and healthcare payers alike.
Molecular diagnostic reagent products, genome-editing services and combination drug screening services have contributed significantly to the growth in revenue and in customer breadth and depth. Revenue includes consolidated contributions following the successful integration of two strategic acquisitions completed in 2014 that have broadened the Group's capabilities and established Horizon as the world's leading translational genomics company.
Horizon Discovery Incorporated, was formed following the acquisition of the combination high-throughput screening business and assets (CombinatoRx) from Zalicus Incorporated, completed on 2 June 2014, and Sage Labs, Incorporated an in vivo model development company completed on 29 September, 2014. ■