Halozyme Q3 2023 Earnings Report
Key Takeaways
Halozyme reported a 3% increase in revenue to $216.0 million, driven by growth in ENHANZE® revenue streams. Royalty revenue increased 15% year-over-year to $114.4 million. GAAP diluted EPS was $0.61, and non-GAAP diluted EPS was $0.75. The company raised its EBITDA and non-GAAP EPS guidance for the full year 2023.
Royalty revenue increased 15% year-over-year to a record $114.4 million.
The company announced an acceleration of the remaining $250 million share repurchase program.
GAAP diluted EPS was $0.61, and non-GAAP diluted EPS was $0.75.
Revenue was $216.0 million compared to $209.0 million in the third quarter of 2022.
Halozyme
Halozyme
Halozyme Revenue by Segment
Forward Guidance
The Company is raising its EBITDA and non-GAAP EPS guidance ranges to reflect strong expense management. For the full year 2023, the Company now expects total revenue of $825 million to $845 million, EBITDA of $430 million to $445 million, and Non-GAAP diluted earnings per share of $2.70 to $2.80.
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 $430 million to $445 million, representing growth of >30% over 2022.
- Non-GAAP diluted earnings per share of $2.70 to $2.80, representing growth of 22% over 2022.
- Continued strength in Wave 2 products, including DARZALEX® SC and Phesgo® utilizing ENHANZE®, as well as full year auto-injector royalty and product contribution.
Revenue & Expenses
Visualization of income flow from segment revenue to net income