Revenue during the quarter grew 7.90 percent to $220.86 million from $204.69 million in the previous year period. Gross margin for the quarter contracted 2526 basis points over the previous year period to 37.01 percent. Operating margin for the quarter stood at negative 47.72 percent as compared to a negative 13.29 percent for the previous year period.

Operating loss for the quarter was $105.38 million, compared with an operating loss of $27.20 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $51.92 million compared with $71.98 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1166 basis points in the quarter to 23.51 percent from 35.16 percent in the last year period.

"We generated strong first-quarter performance in our orphan and rheumatology business units, with KRYSTEXXA and RAVICTI achieving record net sales; however, our primary care business unit performed well below our expectations," said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma plc. "The lower primary care business unit results were related to the implementation of the contracting model with pharmacy benefit managers, which has not performed in accordance with our expectations. While we are proactively addressing this underperformance, with greater visibility into the impact of this transition, we are revising our full-year 2017 net sales and adjusted EBITDA guidance."

Horizon Pharma expects revenue to be in the range of $1,000 million to $1,035 million for financial year 2017.

The company has spent $1.32 million cash to meet investing activities during the quarter as against cash outgo of $523.26 million in the last year period.

Cash flow from financing activities was $75.20 million for the quarter as against cash outgo of $4.27 million in the last year period.

Cash and cash equivalents stood at $603.36 million as on Mar. 31, 2017, up 56.37 percent or $217.50 million from $385.85 million on Mar. 31, 2016.

Working capital increases
Horizon Pharma has recorded an increase in the working capital over the last year. It stood at $479.09 million as at Mar. 31, 2017, up 10.47 percent or $45.41 million from $433.68 million on Mar. 31, 2016. Current ratio was at 1.67 as on Mar. 31, 2017, down from 1.98 on Mar. 31, 2016.

Cash conversion cycle (CCC) has decreased to 135 days for the quarter from 177 days for the last year period. Days sales outstanding went up to 124 days for the quarter compared with 111 days for the same period last year.

Days inventory outstanding has decreased to 45 days for the quarter compared with 117 days for the previous year period. At the same time, days payable outstanding went down to 34 days for the quarter from 51 for the same period last year.