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Jun 30, 2023
Halozyme Q2 2023 Earnings Report
Halozyme reported a strong second quarter with increased revenue and EPS, driven by growth in ENHANZE® revenue streams and significant commercial and clinical advancements.
Key Takeaways
Halozyme reported a strong second quarter with revenue increasing 45% YOY to $221.0 million and non-GAAP EPS of $0.74. The company raised its 2023 non-GAAP diluted EPS guidance to $2.65-$2.75 and updated revenue guidance to $825-$845 million.
Revenue increased 45% YOY to $221.0 million.
GAAP diluted EPS was $0.56 and non-GAAP diluted EPS was $0.74.
Royalty revenue increased 31% YOY to a record $111.7 million.
2023 non-GAAP diluted EPS guidance raised to $2.65-$2.75.
Halozyme
Halozyme
Halozyme Revenue by Segment
Revenue by Segment
Royalties Revenue
CapyFin.comUnder Collaborative Agreements Revenue
CapyFin.com Forward Guidance
The Company is increasing the lower end of revenue and EBITDA guidance ranges to reflect strong second quarter results. In addition, the Company is increasing non-GAAP diluted earnings per share guidance to reflect the impact of share repurchases that occurred earlier in the year.
Positive Outlook
- Total revenue of $825 million to $845 million, representing growth of 25% to 28% over 2022 total revenue.
- Revenue from royalties of $445 million to $455 million, representing growth of 23% to 26%.
- EBITDA of $420 million to $440 million, representing growth of >30% over 2022.
- Non-GAAP diluted earnings per share of $2.65 to $2.75, representing growth of 20% over 2022
- Continued strength in Wave 2 products, including DARZALEX® SC (daratumumab) and Phesgo® (pertuzumab, trastuzumab and hyaluronidase) utilizing ENHANZE®, as well as full year auto-injector royalty and product contribution.
Challenges Ahead
- The Company’s earnings per share guidance does not consider the impact of potential future share repurchases.
- EBITDA excludes the impact of amortization costs related to the Antares Pharma acquisition.
- Unexpected levels of revenues, expenditures and costs.
- Unexpected delays in the execution of the Company’s share repurchase program.
- Unexpected results or delays in the growth of the Company’s business
Revenue & Expenses
Visualization of income flow from segment revenue to net income