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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Halozyme Therapeutics Incorporated | NASDAQ:HALO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.20 | 3.15% | 39.30 | 37.89 | 39.90 | 40.00 | 38.295 | 38.40 | 1,031,838 | 00:08:21 |
First Quarter Revenue of $117.3 million, Representing a 32% YOY Increase, with GAAP Diluted Earnings per Share of $0.43 and Non-GAAP Diluted Earnings per Share of $0.47
Record Quarterly Royalties in the First Quarter of $69.6 million, Representing 89% Growth over First Quarter 2021
Reiterate 2022 Revenue Guidance of $530 Million to $560 Million, Representing 20-26% Growth over Reported 2021 Revenue
Reiterate 2022 GAAP Operating Income Guidance of $350 million to $380 million, Representing 27%-38% Growth over 2021 GAAP Operating Income
SAN DIEGO, May 10, 2022 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) ("Halozyme") today reported financial results for the first quarter ended March 31, 2022 and provided an update on its recent corporate activities and outlook.
"We started 2022 strongly, achieving record royalty revenues with significant growth that was in-line with our guidance for 2022, and with the signing of a new ENHANZE collaboration and licensing agreement with Chugai Pharmaceutical," said Dr. Helen Torley, president and chief executive officer of Halozyme. "We were delighted to recently announce our plans to acquire Antares Pharma, Inc., which is expected to increase our top and bottom-line growth for the long term. We look forward to a transformative year as we add three commercial products and explore our combined platform capabilities and build on the strong momentum of our ENHANZE® royalty business.
Recent Partner Highlights:
Recent Corporate Highlights:
First Quarter Financial Highlights
Financial Outlook for 2022
The Company is reiterating its financial guidance for 2022 which was first provided on January 10, 2022. For the full year 2022, the Company expects:
The Company's financial guidance does not consider the impact of the potential Antares acquisition, and the Company's earnings per share guidance does not consider the impact of potential future share repurchases.
Table 1. 2022 Financial Guidance
| ||
Guidance Range | ||
Net Revenue | $530 to $560 million | |
GAAP Operating Income | $350 to $380 million | |
GAAP Net Income | $270 to $295 million | |
Non-GAAP Net Income | $290 to $315 million1 | |
GAAP Diluted EPS | $1.90 to $2.05 | |
Non-GAAP Diluted EPS | $2.05 to $2.201 |
Webcast and Conference Call
Halozyme will webcast its Quarterly Update Conference Call for the first quarter of 2022 today, Tuesday, May 10, 2022 at 4:30 p.m. ET/1:30 p.m. PT. Dr. Torley will lead the call, which will be webcast live through the "Investors" section of Halozyme's corporate website, and a replay will be available following the close of the call. To register for this conference call, please use this link: https://events.q4inc.com/attendee/321325561. After registering, you will receive an email confirmation that includes dial in details and unique conference call codes for entry. Registration is open through the live call. However, to ensure you are connected for the full call, please register a day in advance or at minimum 10 minutes before the start of the call.
About Halozyme
Halozyme is a biopharmaceutical company bringing disruptive solutions to significantly improve patient experiences and outcomes for emerging and established therapies. Halozyme advises and supports its biopharmaceutical partners in key aspects of new drug development with the goal of improving patients' lives while helping its partners achieve global commercial success. As the innovators of the ENHANZE® technology, which can reduce hours-long treatments to a matter of minutes, Halozyme's commercially-validated solution has touched more than 600,000 patient lives in post-marketing use via five commercialized products across more than 100 global markets. Halozyme and its world-class partners are currently advancing multiple therapeutic programs intended to deliver innovative therapies, with the potential to improve the lives of patients around the globe. Halozyme's proprietary enzyme rHuPH20 forms the basis of the ENHANZE® technology and is used to facilitate the delivery of injected drugs and fluids, potentially reducing the treatment burden of other drugs to patients. Halozyme has licensed its ENHANZE® technology to leading pharmaceutical and biotechnology companies including Roche, Baxalta, Pfizer, AbbVie, Eli Lilly, Bristol-Myers Squibb, Alexion, argenx, Horizon Therapeutics, ViiV Healthcare and Chugai Pharmaceutical. Halozyme derives revenues from these collaborations in the form of milestones and royalties as the Company's partners make progress developing and commercializing their products being developed using ENHANZE®. Halozyme is headquartered in San Diego. For more information visit www.halozyme.com and connect with us on LinkedIn and Twitter.
Note Regarding Use of Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain Non-GAAP financial measures. The Company reports Non-GAAP net income and Non-GAAP diluted earnings per share in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company calculates Non-GAAP net income and Non-GAAP diluted earnings per share excluding share-based compensation expense, amortization of debt discount, debt extinguishment expense and certain adjustments to income tax expense. Reconciliations between GAAP and Non-GAAP financial measures are included at the end of this press release. The Company evaluates other items of income and expense on an individual basis and considers both the quantitative and qualitative aspects of the item, including (i) its size and nature, (ii) whether or not it relates to the Company's ongoing business operations and (iii) whether or not the Company expects it to occur as part of Halozyme's normal business on a regular basis. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. These Non-GAAP financial measures are not meant to be considered in isolation and should be read in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP; and are not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future there may be other items that the Company may exclude for purposes of its Non-GAAP financial measures; and the Company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP financial measures. Halozyme considers these Non-GAAP financial measures to be important because they provide useful measures of the operating performance of the Company, exclusive of factors that do not directly affect what the Company considers to be its core operating performance, as well as unusual events. The Non-GAAP measures also allow investors and analysts to make additional comparisons of the operating activities of the Company's core business over time and with respect to other companies, as well as assessing trends and future expectations.
Safe Harbor Statement
In addition to historical information, the statements set forth in this press release include forward-looking statements including, without limitation, statements concerning the Company's expected future financial performance (including the Company's financial outlook for 2022) and expectations for future growth, profitability, total revenue and royalty revenue, net and operating income and earnings-per-share, the Company's plans to acquire Antares and to repurchase shares under its share repurchase program. Forward-looking statements regarding the Company's ENHANZE® drug delivery technology may include the possible benefits and attributes of ENHANZE®, its potential application to aid in the dispersion and absorption of other injected therapeutic drugs and facilitating more rapid delivery and administration of larger volumes of injectable medications through subcutaneous delivery. Forward-looking statements regarding the Company's ENHANZE® business may include potential growth and receipt of royalty and milestone payments driven by our partners' development and commercialization efforts, potential new clinical trial study starts, the size and growth prospects of our partners' drug franchises, potential new ENHANZE® collaborations and collaborative targets and regulatory review and potential approvals of new ENHANZE® products and the Company's plans to develop new formulations of its API for longer intellectual property protection. These forward-looking statements are typically, but not always, identified through use of the words "believe," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning and involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results could differ materially from the expectations contained in these forward-looking statements as a result of several factors, including unexpected levels of revenues, expenditures and costs, unexpected delays in the execution of the Company's share repurchase program, risks related to Halozyme's and Antares' ability to complete the proposed acquisition on the proposed terms or on the proposed timeline, including the receipt of required regulatory approvals, the possibility that competing offers will be made, other risks associated with executing proposed acquisition, such as the risk that the businesses will not be integrated successfully, that such integration may be more difficult, time-consuming or costly than expected or that the expected benefits of the proposed acquisition will not be realized, unexpected results or delays in the growth of the Company's ENHANZE® business, or in the development, regulatory review or commercialization of new formulations of the Company's API or its partners' ENHANZE® products, including any potential delays caused by the current COVID-19 global pandemic, regulatory approval requirements, unexpected adverse events or patient outcomes and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.
Investors:
Dawn Schottlandt / Claudia Styslinger
Argot Partners
212-600-1902
Halozyme@argotpartners.com
ir@halozyme.com
Footnotes:
1. Reconciliations between GAAP reported and non-GAAP financial information and adjusted guidance measures are provided at the end.
Halozyme Therapeutics, Inc. | ||||
Condensed Consolidated Statements of Operations | ||||
(Unaudited) | ||||
(In thousands, except per share amounts) | ||||
Three Months Ended March 31, | ||||
2022 | 2021 | |||
Revenues: | ||||
Royalties | $69,605 | $36,923 | ||
Product sales, net | 22,140 | 21,766 | ||
Revenues under collaborative agreements | 25,534 | 30,333 | ||
Total revenues | 117,279 | 89,022 | ||
Operating expenses: | ||||
Cost of product sales | 15,922 | 18,219 | ||
Research and development | 11,853 | 9,009 | ||
Selling, general and administrative | 13,834 | 11,059 | ||
Total operating expenses | 41,609 | 38,287 | ||
Operating income | 75,670 | 50,735 | ||
Other income (expense): | ||||
Investment and other income, net | 498 | 276 | ||
Inducement expense related to convertible note | — | (20,960) | ||
Interest expense | (1,759) | (1,965) | ||
Net income before income taxes | 74,409 | 28,086 | ||
Income tax (benefit) expense | 14,301 | 191 | ||
Net income | $60,108 | $27,895 | ||
Net income per share: | ||||
Basic | $0.44 | $0.20 | ||
Diluted | $0.43 | $0.19 | ||
Shares used in computing net income per share: | ||||
Basic | 137,658 | 137,952 | ||
Diluted | 141,277 | 148,540 |
Halozyme Therapeutics, Inc. | ||||
Condensed Consolidated Balance Sheets | ||||
(Unaudited) | ||||
(In thousands) | ||||
March 31, | December 31, | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $117,835 | $118,719 | ||
Marketable securities, available-for-sale | 668,305 | 622,203 | ||
Accounts receivable, net | 113,762 | 90,975 | ||
Inventories | 47,761 | 53,908 | ||
Prepaid expenses and other assets | 41,026 | 40,482 | ||
Total current assets | 988,689 | 926,287 | ||
Property and equipment, net | 8,513 | 8,794 | ||
Prepaid expenses and other assets | 22,038 | 13,414 | ||
Deferred tax assets, net | 142,508 | 155,434 | ||
Restricted cash | 500 | 500 | ||
Total assets | $1,162,248 | $1,104,429 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $1,266 | $1,541 | ||
Accrued expenses | 19,133 | 24,441 | ||
Deferred revenue, current portion | 1,746 | 1,746 | ||
Current portion of long-term debt, net | 89,546 | 89,419 | ||
Total current liabilities | 111,691 | 117,147 | ||
Deferred revenue, net of current portion | 2,031 | 2,530 | ||
Long-term debt, net | 788,099 | 787,255 | ||
Other long-term liabilities | 171 | 544 | ||
Stockholders' equity: | ||||
Common stock | 138 | 138 | ||
Additional paid-in capital | 261,713 | 256,347 | ||
Accumulated other comprehensive (loss) income | (2,791) | (620) | ||
Accumulated deficit | 1,196 | (58,912) | ||
Total stockholders' equity | 260,256 | 196,953 | ||
Total liabilities and stockholders' equity | $1,162,248 | $1,104,429 |
Halozyme Therapeutics, Inc. | ||||
GAAP to Non-GAAP Reconciliations | ||||
Net Income and Diluted EPS | ||||
(Unaudited) | ||||
(In thousands, except per share amounts) | ||||
Three Months Ended March 31, | ||||
2022 | 2021 | |||
GAAP Net Income | $ 60,108 | $ 27,895 | ||
Adjustments: | ||||
Inducement expense related to convertible notes | — | 20,960 | ||
Share-based compensation | 4,742 | 4,923 | ||
Amortization of debt discount | 971 | 741 | ||
Other one-time items | 1,511 | — | ||
Income tax effect of above adjustments(1) | (1,250) | (181) | ||
Non-GAAP Net Income | $ 66,082 | $ 54,338 | ||
GAAP Diluted EPS | $ 0.43 | $ 0.19 | ||
Adjustments: | ||||
Inducement expense related to convertible notes | — | 0.14 | ||
Share-based compensation | 0.03 | 0.03 | ||
Amortization of debt discount | 0.01 | 0.01 | ||
Other one-time items | 0.01 | — | ||
Income tax effect of above adjustments(1) | (0.01) | — | ||
Non-GAAP DilutedEPS | $ 0.47 | $ 0.37 | ||
GAAP & Non-GAAP Diluted Shares | 141,277 | 148,540 |
(1) Estimated income tax effect of the Non-GAAP reconciling items are calculated using applicable statutory tax rates, |
*Dollar amounts, as presented, are rounded. Consequently, totals may not add up. |
Halozyme Therapeutics, Inc. | ||||
GAAP to Non-GAAP Reconciliations | ||||
Net Income and Diluted EPS 2022 Guidance | ||||
(Unaudited) | ||||
(In millions, except per share amounts) | ||||
2022 | 2021 | |||
GAAP Net Income | $270 - 295 | $402.7 | ||
Adjustments: | ||||
Inducement expense related to convertible notes | — | 21.0 | ||
Share-based compensation | 22 - 25 | 20.8 | ||
Amortization of debt discount | 4 - 4 | 3.9 | ||
Income tax benefit | — | (154.2) | ||
Income tax effect of above adjustments | (6) - (7) | (0.1) | ||
Non-GAAP Net Income | $290 -315 | $294.1 | ||
GAAP Diluted EPS | $1.90 - 2.05 | $2.74 | ||
Adjustments: | ||||
Inducement expense related to convertible notes | — | 0.14 | ||
Share-based compensation | 0.16 - 0.17 | 0.14 | ||
Amortization of debt discount | 0.04 - 0.04 | 0.03 | ||
Income tax benefit | — | (1.05) | ||
Income tax effect of above adjustments | (0.04) - (0.05) | — | ||
Non-GAAP Diluted EPS | $2.05 - 2.20 | $2.00 | ||
GAAP & Non-GAAP Diluted Shares | 142 - 143 | 146.8 |
*Dollar amounts, as presented, are rounded. Consequently, totals may not add up. |
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SOURCE Halozyme Therapeutics, Inc.
Copyright 2022 PR Newswire
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