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Dec 31, 2022
Halozyme Q4 2022 Earnings Report
Reported strong results driven by the successful integration of Antares Pharma.
Key Takeaways
Halozyme reported a 78% increase in revenue for the fourth quarter of 2022, reaching $181 million, driven by increased royalty revenue and the acquisition of Antares Pharma. Full year revenue increased by 49% to $660.1 million. The company is projecting continued growth in 2023 with revenue guidance of $815 million to $845 million.
Fourth quarter revenue increased 78% year-over-year to $181 million.
GAAP diluted earnings per share of $0.42 and non-GAAP diluted earnings per share of $0.48.
Full year 2022 revenue increased 49% year-over-year to $660.1 million.
Record fourth quarter royalty revenue increased 69% year-over-year to $106.0 million.
Halozyme
Halozyme
Halozyme Revenue by Segment
Revenue by Segment
Royalties Revenue
CapyFin.com Forward Guidance
The company is reiterating its financial guidance for 2023, which was initially provided on January 10, 2023. For the full year 2023, the Company expects total revenue of $815 million to $845 million.
Positive Outlook
- Total revenue of $815 million to $845 million, representing growth of 23% to 28% over 2022 total revenue
- Growth driven by continued strength in Wave 2 products, including DARZALEX® SC and Phesgo® utilizing ENHANZE® technology
- Growth driven by full year auto-injector royalty and product contribution.
- Revenue from royalties of $445 million to $455 million, representing growth of 23% to 26%.
- EBITDA of $415 million to $440 million, representing growth of >30% over 2022.
Challenges Ahead
- EBITDA excludes the impact of amortization costs related to the Antares Pharma acquisition.
- Non-GAAP diluted earnings per share of $2.50 to $2.65, representing growth of >10% over 2022
- The Company’s earnings per share guidance does not consider the impact of potential future share repurchases.
- Unexpected levels of revenues, expenditures and costs could affect results
- Unexpected delays in the execution of the Company’s share repurchase program could affect results