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Horizon Therapeutics Piotroski F-Score

: 5 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Horizon Therapeutics has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Horizon Therapeutics's Piotroski F-Score or its related term are showing as below:

NAS:HZNP' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 8
Current: 5

2
8

During the past 13 years, the highest Piotroski F-Score of Horizon Therapeutics was 8. The lowest was 2. And the median was 5.


Horizon Therapeutics Piotroski F-Score Historical Data

The historical data trend for Horizon Therapeutics's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Horizon Therapeutics Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.00 3.00 6.00 7.00 8.00

Horizon Therapeutics Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 8.00 5.00 6.00 5.00

Competitive Comparison

For the Drug Manufacturers - General subindustry, Horizon Therapeutics's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Horizon Therapeutics Piotroski F-Score Distribution

For the Drug Manufacturers industry and Healthcare sector, Horizon Therapeutics's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Horizon Therapeutics's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep21) TTM:Last Year (Sep20) TTM:
Net Income was 190.557 + -123.351 + 158.117 + 326.543 = $552 Mil.
Cash Flow from Operations was 409.817 + -3.728 + 89.402 + 411.04 = $907 Mil.
Revenue was 745.314 + 342.406 + 832.548 + 1036.992 = $2,957 Mil.
Gross Profit was 583.025 + 242.038 + 631.553 + 785.352 = $2,242 Mil.
Average Total Assets from the begining of this year (Sep20)
to the end of this year (Sep21) was
(5766.875 + 6072.616 + 7846.61 + 8207.416 + 8608.688) / 5 = $7300.441 Mil.
Total Assets at the begining of this year (Sep20) was $5,767 Mil.
Long-Term Debt & Capital Lease Obligation was $2,558 Mil.
Total Current Assets was $2,414 Mil.
Total Current Liabilities was $854 Mil.
Net Income was 592.769 + -13.591 + -80.01 + 292.84 = $792 Mil.

Revenue was 363.545 + 355.909 + 462.779 + 636.427 = $1,819 Mil.
Gross Profit was 268.624 + 258.493 + 341.264 + 484.952 = $1,353 Mil.
Average Total Assets from the begining of last year (Sep19)
to the end of last year (Sep20) was
(3721.422 + 4436.034 + 4314.72 + 4538.191 + 5766.875) / 5 = $4555.4484 Mil.
Total Assets at the begining of last year (Sep19) was $3,721 Mil.
Long-Term Debt & Capital Lease Obligation was $1,003 Mil.
Total Current Assets was $2,732 Mil.
Total Current Liabilities was $784 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Horizon Therapeutics's current Net Income (TTM) was 552. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Horizon Therapeutics's current Cash Flow from Operations (TTM) was 907. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep20)
=551.866/5766.875
=0.09569585

ROA (Last Year)=Net Income/Total Assets (Sep19)
=792.008/3721.422
=0.21282402

Horizon Therapeutics's return on assets of this year was 0.09569585. Horizon Therapeutics's return on assets of last year was 0.21282402. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Horizon Therapeutics's current Net Income (TTM) was 552. Horizon Therapeutics's current Cash Flow from Operations (TTM) was 907. ==> 907 > 552 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep20 to Sep21
=2557.864/7300.441
=0.35037116

Gearing (Last Year: Sep20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep19 to Sep20
=1002.846/4555.4484
=0.22014211

Horizon Therapeutics's gearing of this year was 0.35037116. Horizon Therapeutics's gearing of last year was 0.22014211. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Sep21)=Total Current Assets/Total Current Liabilities
=2413.921/854.043
=2.82646307

Current Ratio (Last Year: Sep20)=Total Current Assets/Total Current Liabilities
=2732.319/783.603
=3.48686644

Horizon Therapeutics's current ratio of this year was 2.82646307. Horizon Therapeutics's current ratio of last year was 3.48686644. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Horizon Therapeutics's number of shares in issue this year was 236.199. Horizon Therapeutics's number of shares in issue last year was 223.744. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=2241.968/2957.26
=0.7581234

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1353.333/1818.66
=0.74413744

Horizon Therapeutics's gross margin of this year was 0.7581234. Horizon Therapeutics's gross margin of last year was 0.74413744. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep20)
=2957.26/5766.875
=0.51280113

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep19)
=1818.66/3721.422
=0.48870029

Horizon Therapeutics's asset turnover of this year was 0.51280113. Horizon Therapeutics's asset turnover of last year was 0.48870029. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+0+0+1+1
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Horizon Therapeutics has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Horizon Therapeutics  (NAS:HZNP) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Horizon Therapeutics Piotroski F-Score Related Terms

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Horizon Therapeutics Business Description

Horizon Therapeutics logo
Industry
Healthcare » Drug Manufacturers NAICS : 325412 SIC : 2834
Traded in Other Exchanges
Address
1 Burlington Road, Connaught House, 1st Floor, Dublin, IRL, D04 C5Y6
Horizon Therapeutics PLC is a specialty and generic drug manufacturing company. The company is focused on researching, developing and commercializing medicines that address critical needs for people impacted by rare and rheumatic diseases. The company has two reportable segments: orphan and rheumatology segment and the inflammation segment. It markets medicines in the areas of orphan diseases, rheumatology and inflammation division. The majority of revenue is generated in the United States.
Executives
Sherman Jeffrey W officer: EVP and Chief Medical Officer C/O IDM PHARMA, INC. 9 PARKER, SUITE 100 IRVINE CA 92618
Camardo Daniel A. officer: EVP and President, U.S. C/O HORIZON THERAPEUTICS, PLC CONNAUGHT HOUSE, 1ST FL, 1 BURLINGTON RD DUBLIN L2 D04 C5Y6
Konstantinovsky Irina officer: EVP, Chief Human Resources Off C/O HORIZON PHARMA PLC CONNAUGHT HOUSE, 1ST FL, 1 BURLINGTON RD DUBLIN L2 4
Beeler Brian K officer: EVP, General Counsel C/O HORIZON PHARMA PLC 520 LAKE COOK ROAD, SUITE 520 DEERFIELD IL 60015
Hoelscher Paul W. officer: EVP, CFO 520 LAKE COOK ROAD, SUITE 520 C/O HORIZON PHARMA, INC. DEERFIELD IL 60062
Walbert Timothy P director, officer: Chairman, President and CEO 1033 SKOKIE BOULEVARD SUITE 355 NORTHBROOK IL 60062
Grey Michael G director C/O SGX PHARMACEUTICALS, INC. 10505 ROSELLE STREET SAN DIEGO CA 92121
Santini Gino director C/O AMAG PHARMACEUTICALS, INC. 1100 WINTER STREET WALTHAM MA 02451
Karnani Vikram officer: EVP & President, International C/O HORIZON PHARMA PLC, CONNAUGHT HOUSE 1ST FLOOR, 1 BURLINGTON RD DUBLIN L2 4
Witz Pascale director C/O REGULUS THERAPEUTICS INC. 10614 SCIENCE CENTER DRIVE SAN DIEGO CA 92121
Shannon James Samuel director 28903 NORTH AVENUE PAINE VALENCIA CA 91355
Kent Jeff officer: See remarks C/O HORIZON PHARMA PLC CONNAUGHT HOUSE, 1ST FL, 1 BURLINGTON RD DUBLIN L2 4
Moze Barry officer: EVP, Chief Admin. Officer C/O HORIZON PHARMA, INC. 520 EAST COOK ROAD, SUITE 520 DEERFIELD IL 60015
Mchugh Miles W officer: Sr VP & Princ. Acctg Officer C/O ACCRETIVE HEALTH, INC. 401 N. MICHIGAN AVE, SUITE 2700 CHICAGO IL 60611
Curtis Geoffrey M. officer: EVP, Corporate Affairs, CCO C/O HORIZON PHARMA PLC CONNAUGHT HOUSE, 1ST FL, 1 BURLINGTON RD DUBLIN L2 L2 4

Horizon Therapeutics Headlines

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