Halozyme Q1 2021 Earnings Report
Key Takeaways
Halozyme reported a strong start to 2021, with revenue increasing to $89.0 million, driven by milestone revenues and increased royalty revenue from subcutaneous DARZALEX®. The company completed a convertible senior notes sale and repurchased a significant portion of existing notes, strengthening its balance sheet.
Revenue for the first quarter was $89.0 million, up from $25.4 million in the first quarter of 2020.
Record quarterly royalties of $36.9 million, representing a 119% increase year-over-year.
GAAP operating income was $50.7 million, compared to an operating loss of $3.2 million in the first quarter of 2020.
The company reiterates 2021 revenue guidance of $375 million to $395 million.
Halozyme
Halozyme
Halozyme Revenue by Segment
Forward Guidance
Halozyme continues to expect revenues of $375 million to $395 million and GAAP Operating Income of $215 million to $235 million.
Positive Outlook
- Revenues of $375 million to $395 million, representing year-over-year growth of 40%-48%.
- GAAP Operating Income of $215 million to $235 million, representing year-over-year growth of 49% - 63%.
- GAAP Net Income of $190 million to $210 million, representing year-over-year growth of 47%-63%.
- Non-GAAP Net Income of $235 million to $255 million, representing year-over-year growth of 47% - 59%.
- GAAP Diluted Earnings per Share of $1.25 to $1.40, representing year-over-year growth of 37%-54%; and Non-GAAP Diluted Earnings per Share of $1.55 to $1.70, representing year-over-year growth of 38%-52%
Revenue & Expenses
Visualization of income flow from segment revenue to net income