Horizon to beat revenue targets as pharma customers increase

 
Oliver Smith
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SHARES in life science research tools supplier Horizon Discovery leapt 4.9 per cent yesterday after the group said it expects its 2014 revenues to beat consensus expectations of £11m by around seven per cent.

Horizon said its strong performance has been driven by an increased global demand for its research tools, services and intellectual property.

“Last year was transformational for Horizon as we expanded from a fast-growing private company with approximately 80 employees located in Cambridge, UK, to a fully integrated global public company with over 200 employees in the UK, United States and now in Vienna, Austria,” said chief executive Dr Darrin Disley.

Horizon worked with 30 of the top 50 pharmaceutical and biopharmaceutical companies in the world during the year and counts 961 customers in total.

The group also reported it is eligible to receive research and development milestones of £158m plus future product royalties, compared to just £120m last year.

“Horizon has successfully delivered on all of its 2014 goals as set out at the time of the IPO [initial public offering], and we are confident and very excited by the prospects for the year ahead,” Disley added. Since its March float shares are up 30.5 per cent, rising another 4.9 per cent yesterday to 235p.