Halozyme Q2 2024 Earnings Report
Key Takeaways
Halozyme reported a total revenue of $231 million, net income of $93 million, adjusted EBITDA of $137 million, GAAP diluted EPS of $0.72, and non-GAAP diluted EPS of $0.91 for Q2 2024. Royalty revenue increased 12% year-over-year to $125 million. The company maintains its recently increased 2024 financial guidance.
Total revenue reached $231 million, driven by royalty revenue growth and increased proprietary product sales.
Net income was reported at $93 million, showing an increase compared to the previous year.
GAAP diluted EPS stood at $0.72, while non-GAAP diluted EPS was $0.91.
The company maintains its financial guidance for 2024, projecting total revenue of $935 - $1,015 million and non-GAAP diluted EPS of $3.65 - $4.05.
Halozyme
Halozyme
Halozyme Revenue by Segment
Forward Guidance
The Company is reiterating its financial guidance for 2024, which was increased on June 6, 2024 as a result of the new European patent for ENHANZE®. For the full year 2024, the Company expects Total revenue of $935 million to $1,015 million, representing growth of 13% to 22% over 2023 total revenue primarily driven by increases in royalty revenue, collaboration revenue and growth in product sales from XYOSTED®. Revenue from royalties of $520 million to $555 million, representing growth of 16% to 24% over 2023. Adjusted EBITDA of $555 million to $615 million, representing growth of 30% to 44% over 2023 and Non-GAAP diluted earnings per share of $3.65 to $4.05, representing growth of 32% to 46% over 2023.
Positive Outlook
- Total revenue expected to grow by 13% to 22% over 2023.
- Royalty revenue expected to grow by 16% to 24% over 2023.
- Adjusted EBITDA expected to grow by 30% to 44% over 2023.
- Non-GAAP diluted earnings per share expected to grow by 32% to 46% over 2023.
- Guidance reflects the impact of the new European patent for ENHANZE®.