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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.
Halozyme
Halozyme
Halozyme Revenue by Segment
Revenue by Segment
Royalties Revenue
CapyFin.comUnder Collaborative Agreements Revenue
CapyFin.com 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