Halozyme Therapeutics, Inc. (HALO) reported first-quarter 2024 adjusted earnings of 79 cents per share, which surpassed the Zacks Consensus Estimate of 69 cents. The company had recorded earnings of 47 cents per share in the year-ago period.Total revenues increased 21% year over year to $195.9 million in the first quarter. The top line was driven by higher royalty payments from J&J (JNJ) for subcutaneous Darzalex (daratumumab) and Roche (RHHBY) for Phesgo, as well as increased milestone payments from collab ...

SAN DIEGO, May 8, 2024 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) ("Halozyme") today announced that Nicole LaBrosse, Chief Financial Officer, is scheduled to present and host investor meetings at the following investor conferences: Event: The Citizens JMP Life Sciences Conference Format: Fireside Chat and 1x1 Meetings Presentation Date: Tuesday, May 14, 2024 Presentation Time: 7:00 a.m. PT / 10:00 a.m. ET Location: New York, NY   Event: Benchmark 202 ...

For the quarter ended March 2024, Halozyme Therapeutics (HALO) reported revenue of $195.88 million, up 20.8% over the same period last year. EPS came in at $0.79, compared to $0.47 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $201.72 million, representing a surprise of -2.90%. The company delivered an EPS surprise of +14.49%, with the consensus EPS estimate being $0.69.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

Halozyme Therapeutics (HALO) came out with quarterly earnings of $0.79 per share, beating the Zacks Consensus Estimate of $0.69 per share. This compares to earnings of $0.47 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.49%. A quarter ago, it was expected that this biopharmaceutical company would post earnings of $0.82 per share when it actually produced earnings of $0.82, delivering no surprise.Over the last four quarter ...

✓ 1Q 2024 marks 15th consecutive quarter of >15% YOY royalty growth • Ocrelizumab SC (EU), mid-2024 ≫ | --- | --- | --- | |--------------------------|--------------|------------| | 1Q 2024 Phesgo ® Sales | Sales (CHFm) | Growth CER | | TOTAL | 338 | 70% | | US | 126 | 36% | | EU | 169 | 55% | | Japan | 19 | NA | | International | 74 | 165% | 8 2 Product Approvals Total DARZALEX® Sales IV+SC ($B) 1 85% of patients preferred Phesgo® for subcutaneous administration over the intravenous formulation of Perjeta a ...

PART I — FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents Halozyme's unaudited condensed consolidated financial statements for Q1 2024 and 2023, including balance sheets, income, cash flows, and equity [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$1.84 billion** by March 31, 2024, from **$1.73 billion** at year-end 2023, with equity at **$177.8 million** Condensed Consolidated Balance Sheets Summary | Account | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $873,584 | $746,424 | | **Total Assets** | **$1,841,527** | **$1,733,270** | | **Total Current Liabilities** | $131,639 | $112,494 | | **Long-term debt, net** | $1,500,879 | $1,499,248 | | **Total Liabilities** | **$1,663,719** | **$1,649,462** | | **Total Stockholders' Equity** | **$177,808** | **$83,808** | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Total revenues increased 21% to **$195.9 million** in Q1 2024, with net income rising 94% to **$76.8 million** and diluted EPS at **$0.60** Condensed Consolidated Statements of Income Summary | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Total Revenues** | **$195,879** | **$162,143** | | Royalties | $120,593 | $99,640 | | Product sales, net | $58,583 | $60,794 | | **Operating Income** | **$95,542** | **$53,802** | | **Net Income** | **$76,823** | **$39,615** | | **Diluted EPS** | **$0.60** | **$0.29** | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased to **$129.4 million** in Q1 2024, with **$82.7 million** used in investing and minimal financing activities Condensed Consolidated Statements of Cash Flows Summary | Cash Flow Activity | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$129,427** | **$86,964** | | **Net cash used in investing activities** | **($82,681)** | **($60,162)** | | **Net cash used in financing activities** | **($489)** | **($164,614)** | | Net increase (decrease) in cash | $46,257 | ($137,812) | | Cash at end of period | $164,627 | $96,883 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed disclosures cover business, accounting policies, balance sheet items, debt, and equity, supporting the financial statements - The company's business is centered on its ENHANZE® drug delivery technology, which uses the proprietary rHuPH20 enzyme to facilitate subcutaneous (SC) delivery of injected drugs. Halozyme licenses this technology to biopharmaceutical partners and also develops and commercializes drug-device combination products using its auto-injector technologies[24](index=24&type=chunk) Notes to Condensed Consolidated Financial Statements Summary | Revenue Source | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | | **Royalties** | **$120,593** | **$99,640** | | **Product sales, net** | **$58,583** | **$60,794** | | Proprietary product sales | $35,254 | $27,961 | | Bulk rHuPH20 sales | $10,511 | $22,069 | | Device partnered product sales | $12,818 | $10,764 | | **Revenues under collaborative agreements** | **$16,703** | **$1,709** | | **Total Revenues** | **$195,879** | **$162,143** | - As of March 31, 2024, the company has two series of convertible senior notes outstanding: **$805.0 million** of 0.25% notes due 2027 and **$720.0 million** of 1.00% notes due 2028. The total carrying amount of this long-term debt is approximately **$1.5 billion**[130](index=130&type=chunk) - In February 2024, the Board of Directors authorized a new capital return program to repurchase up to **$750.0 million** of outstanding common stock. This follows a previous **$750.0 million** program initiated in December 2021[144](index=144&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial results, highlighting royalty revenue growth, operating expenses, liquidity, and key partner pipeline advancements [Key Events](index=37&type=section&id=Key%20Events) Q1 2024 saw significant partner pipeline progress, including FDA acceptances for Opdivo SC and Ocrevus SC, alongside a new **$750 million** share repurchase program - **BMS:** FDA accepted BLA for subcutaneous Opdivo (nivolumab) with ENHANZE, with a PDUFA goal date of February 28, 2025, triggering a **$15.0 million** milestone payment[161](index=161&type=chunk) - **Roche:** EMA committee recommended approval for Ocrevus SC, and the FDA accepted its submission with potential approval in September 2024[161](index=161&type=chunk) - **argenx:** FDA accepted for priority review an sBLA for VYVGART Hytrulo for chronic inflammatory demyelinating polyneuropathy (CIDP), with a PDUFA action date of June 21, 2024[161](index=161&type=chunk) - **Janssen:** Received multiple approvals and submitted an sBLA for DARZALEX FASPRO for newly diagnosed multiple myeloma patients[161](index=161&type=chunk) - In February 2024, the Board of Directors authorized a third capital return program to repurchase up to **$750.0 million** of the company's outstanding common stock[161](index=161&type=chunk) [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Q1 2024 royalty revenue increased 21% to **$120.6 million**, while total product sales decreased 4% to **$58.6 million**, and operating expenses declined 7% Results of Operations Summary | Revenue Category | Q1 2024 (in thousands) | Q1 2023 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Royalties | $120,593 | $99,640 | 21% | | Product Sales, Net | $58,583 | $60,794 | (4)% | | Revenues Under Collaborative Agreements | $16,703 | $1,709 | 877% | Results of Operations Summary | Operating Expense Category | Q1 2024 (in thousands) | Q1 2023 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Cost of sales | $28,329 | $35,170 | (19)% | | Research and development | $19,111 | $17,979 | 6% | | Selling, general and administrative | $35,134 | $37,357 | (6)% | [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) Halozyme reports **$463.5 million** in cash and equivalents, **$129.4 million** operating cash flow, and a new **$750 million** share repurchase program - The company's principal sources of liquidity are its existing cash, cash equivalents, and available-for-sale marketable securities, which totaled **$463.5 million** as of March 31, 2024[207](index=207&type=chunk) Liquidity and Capital Resources Summary | Cash Flow Activity (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $129,427 | $86,964 | | Net cash used in investing activities | ($82,681) | ($60,162) | | Net cash used in financing activities | ($489) | ($164,614) | - A new **$750.0 million** share repurchase program was authorized by the Board of Directors in February 2024[213](index=213&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in market risks, primarily exposed to interest rate fluctuations and foreign currency exchange risk, which it actively hedges - The company's primary market risks are interest rate changes affecting its investment portfolio and foreign currency fluctuations. Management does not believe a 10% change in interest rates would materially impact results[238](index=238&type=chunk) - Halozyme hedges a portion of its foreign currency exchange risk associated with forecasted royalty revenue denominated in Swiss francs using cash flow hedges[239](index=239&type=chunk) [Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2024, with no significant changes in internal control over financial reporting - Based on an evaluation, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[242](index=242&type=chunk) - There were no significant changes in internal control over financial reporting during the quarter ended March 31, 2024[243](index=243&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any legal proceedings expected to materially adversely affect its financial condition or operations - As of the filing date, the company is not a party to any legal proceedings where an adverse outcome would have a material adverse effect on its consolidated financial statements[245](index=245&type=chunk) [Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for 2023 - No material changes have occurred to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[246](index=246&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company initiated a **$250.0 million** ASR in November 2023 and authorized a new **$750.0 million** share repurchase program in February 2024 - In November 2023, the company initiated an Accelerated Share Repurchase (ASR) agreement to buy back the remaining **$250.0 million** of shares under its 2021 program[247](index=247&type=chunk) - A new share repurchase program for up to **$750.0 million** was authorized by the Board of Directors in February 2024[248](index=248&type=chunk) [Other Information](index=53&type=section&id=Item%205.%20Other%20Information) CEO Helen Torley and CFO Nicole LaBrosse adopted new Rule 10b5-1 trading plans for common share sales during Q1 2024 - During Q1 2024, CEO Helen Torley and CFO Nicole LaBrosse adopted new Rule 10b5-1 trading plans for the potential sale of common shares acquired upon the exercise of stock options[252](index=252&type=chunk)

Financial Performance - Revenue increased 21% year-over-year to $196 million in Q1 2024, with net income of $77 million and adjusted EBITDA of $116 million[1][3][11] - Total revenues for Q1 2024 reached $195,879,000, a 20.8% increase from $162,143,000 in Q1 2023[19] - Net income for Q1 2024 was $76,823,000, compared to $39,615,000 in Q1 2023, representing a 93.9% increase[19] - Adjusted EBITDA for Q1 2024 was $115,748,000, significantly higher than $74,259,000 in Q1 2023[23] - GAAP diluted earnings per share (EPS) rose to $0.60 in Q1 2024, compared to $0.29 in Q1 2023, marking a 106.9% increase[25] Revenue Sources - Royalty revenue rose 21% year-over-year to $121 million, driven by increased sales of subcutaneous DARZALEX and Phesgo[1][11] - Royalty revenues increased to $120,593,000, up 21.0% from $99,640,000 year-over-year[19] Financial Guidance - The company reiterated its 2024 financial guidance, expecting total revenue of $915 to $985 million, representing year-over-year growth of 10% to 19%[1][9] - Adjusted EBITDA guidance for 2024 is set at $535 to $585 million, indicating year-over-year growth of 26% to 37%[1][9] - Non-GAAP diluted EPS is projected to be between $3.55 and $3.90, reflecting year-over-year growth of 28% to 41%[1][9] Shareholder Value - A new $750 million share repurchase program was announced, aimed at enhancing shareholder value[1][6] Cash and Assets - Cash, cash equivalents, and marketable securities increased to $463.5 million as of March 31, 2024, up from $336.0 million at the end of 2023[11] - Cash and cash equivalents increased to $164,627,000 as of March 31, 2024, up from $118,370,000 at the end of 2023[21] - Total assets grew to $1,841,527,000 as of March 31, 2024, compared to $1,733,270,000 at the end of 2023[21] Operating Performance - Operating income for Q1 2024 was $95.5 million, compared to $53.8 million in Q1 2023[11] - The company reported a decrease in total operating expenses to $100,337,000 in Q1 2024 from $108,341,000 in Q1 2023, a reduction of 7.4%[19] - The company’s long-term debt remained stable at approximately $1,500,879,000 as of March 31, 2024, compared to $1,499,248,000 at the end of 2023[21] Strategic Initiatives - The company is advancing its ENHANZE partner products, with significant growth opportunities from partnerships, including argenx and Roche[3][4] - Research and development expenses increased to $19.1 million, reflecting planned investments in ENHANZE technology[11] - Halozyme continues to explore potential new collaborations and product launches, leveraging its ENHANZE drug delivery technology for future growth[16]

SAN DIEGO, April 25, 2024 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) ("Halozyme") today announced the election of Mahesh Krishnan, M.D. to its Board of Directors. Dr. Krishnan has more than 20 years of experience in healthcare, biotechnology and health services. "Mahesh is a dynamic and highly accomplished healthcare executive, and we are pleased to welcome him to the Halozyme board," said Dr. Helen Torley, president and chief executive officer. "His experience with building and growing busi ...

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.Zacks Premium includes access to the Zacks Style Scores a ...

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. However, it isn't easy to find a great growth stock.That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.However, the task of finding cutting-edge growth stocks is made easy with the help of the Z ...