https://assets.capyfin.com/instruments/678fdc13234e27009c5d5c63.png avatar
Halozyme
🇺🇸 NASDAQ:HALO
View Company
OverviewEarningsDividends
•
Mar 31, 2022

Halozyme Q1 2022 Earnings Report

Halozyme's first quarter 2022 results were reported, showing revenue growth and increased earnings per share.

Key Takeaways

Halozyme reported a strong first quarter in 2022, with a 32% year-over-year increase in revenue, driven by record royalty revenues. The company also announced the pending acquisition of Antares Pharma, expected to boost long-term growth.

First quarter revenue reached $117.3 million, a 32% increase year-over-year.

GAAP diluted earnings per share were $0.43, and non-GAAP diluted earnings per share were $0.47.

Record quarterly royalties of $69.6 million were achieved, representing an 89% increase over the first quarter of 2021.

2022 revenue guidance was reiterated at $530 million to $560 million, indicating a 20-26% growth over 2021.

Total Revenue
$117M
Previous year: $89M
+31.7%
EPS
$0.47
Previous year: $0.37
+27.0%
Gross Profit
$101M
Previous year: $70.8M
+43.2%
Cash and Equivalents
$118M
Previous year: $499M
-76.4%
Free Cash Flow
$47.3M
Previous year: $58M
-18.5%
Total Assets
$1.16B
Previous year: $967M
+20.2%

Halozyme

Halozyme

Halozyme Revenue by Segment

Forward Guidance

The company reiterated its financial guidance for 2022, expecting total revenue between $530 million and $560 million and GAAP operating income between $350 million and $380 million.

Positive Outlook

  • Total revenue of $530 million to $560 million, representing growth of 20%-26% over 2021 total revenue.
  • Revenue from royalties to increase approximately 50% over revenue from royalties in 2021 to approximately $300 million.
  • GAAP operating income of $350 million to $380 million, representing growth of 27%-38% over 2021 GAAP operating income, resulting in operating margins greater than 65%.
  • GAAP net income of $270 million to $295 million; and non-GAAP net income of $290 million to $315 million.
  • GAAP diluted earnings per share of $1.90 to $2.05, inclusive of the first full year of income tax expense, projected to be $0.55-$0.60 per share.

Challenges Ahead

  • 2022 will be the first full fiscal year in which Halozyme will record income tax expense as part of its income statement.
  • The company's financial guidance does not consider the impact of the potential Antares acquisition.
  • The company's earnings per share guidance does not consider the impact of potential future share repurchases.
  • Unexpected levels of revenues, expenditures and costs.
  • Unexpected delays in the execution of the Company’s share repurchase program.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Halozyme