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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.
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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