Fourth-Quarter and Full-Year 2019 Orphan and Rheumatology Segment Results

Our Prospects Position Us with a Top-Tier Growth Profile Net Sales Target Double-digit CAGR Non-GAAP Operating Income Target Strong Double-digit CAGR Growth Drivers KRYSTEXXA: Peak Net Sales >$1B(1) ↑ TEPEZZA: Peak Net Sales >$1B(1) Meaningful operating margin ↑ expansion, inclusive of increased R&D investment 2020 2021 2022 2023 2020 2021 2022 2023 Well Positioned to Deliver Sustainable Top-Tier Growth and Enhanced Shareholder Value Note: Projections could change significantly as a result of any acquisitions or divestitures. (1) Horizon estimate. HORIZON 7

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