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Dec 31, 2021
Halozyme Q4 2021 Earnings Report
Reported fourth quarter revenue of $102.0 million with GAAP diluted earnings per share of $0.46 and non-GAAP diluted earnings per share of $0.42.
Key Takeaways
Halozyme Therapeutics reported a decrease in revenue for the fourth quarter, primarily driven by a decrease in revenue under collaboration agreement and product sales, partially offset by an increase in royalty revenue. Despite the revenue decrease, the company saw a strong performance across its business, highlighted by record full year revenue from royalties.
Fourth quarter revenue was $102.0 million, compared to $121.7 million for the fourth quarter of 2020.
GAAP diluted earnings per share was $0.46, compared with $0.50 in the fourth quarter of 2020.
Non-GAAP diluted earnings per share was $0.42, compared with diluted earnings per share of $0.56 in the fourth quarter of 2020.
Royalty revenue increased by 96% to $62.6 million compared to $32.0 million in the prior year period.
Halozyme
Halozyme
Halozyme Revenue by Segment
Revenue by Segment
Royalties Revenue
CapyFin.comUnder Collaborative Agreements Revenue
CapyFin.com Forward Guidance
The Company is reiterating its financial guidance for 2022 first provided on January 10, 2022.
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
- The Company notes that 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 earnings per share guidance does not consider the impact of potential future share repurchases.
Revenue & Expenses
Visualization of income flow from segment revenue to net income