Halozyme Raises Full Year 2020 Guidance

Rhea-AI Summary

Halozyme Therapeutics has revised its 2020 financial guidance following a global collaboration agreement with Horizon Therapeutics. The company increased its revenue forecast to $265 million to $275 million, up from $250 million to $260 million, indicating a year-over-year growth of 35% to 40%. Earnings per share projections also rose to $0.90 to $0.95, compared to the prior estimate of $0.80 to $0.85. This positive adjustment is attributed to ongoing revenue-generating activities in the fourth quarter.

Positive

• Increased full-year 2020 revenue guidance from $250 million-$260 million to $265 million-$275 million.
• Year-over-year revenue growth is projected at 35% to 40%.
• Earnings per share guidance raised from $0.80-$0.85 to $0.90-$0.95.

Negative

• None.

SAN DIEGO, Nov. 23, 2020 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) today announced that it is updating 2020 financial guidance to reflect the signing of a global collaboration and license agreement with Horizon Therapeutics plc.

The Company is raising full year 2020 revenue guidance to $265 million to $275 million to reflect incremental anticipated revenues as Halozyme and its partners continue to execute on a number of fourth quarter revenue-related activities.

The Company now expects:

• Revenues of $265 million to $275 million, increased from prior guidance of $250 million to $260 million, representing growth of 35% to 40% over prior year revenues;
  
  
• Earnings per share on a GAAP basis of $0.90 to $0.95, increased from prior guidance of $0.80 to $0.85.

About Halozyme

Halozyme is a biopharmaceutical company bringing disruptive solutions to significantly improve patient experiences and outcomes for emerging and established therapies. Halozyme advises and supports its biopharmaceutical partners in key aspects of new drug development with the goal of improving patients' lives while helping its partners achieve global commercial success. As the innovators of the ENHANZE^® technology, which can reduce hours-long treatments to a matter of minutes, Halozyme's commercially-validated solution has positively impacted more than 400,000 patient lives via five commercialized products across more than 100 global markets. Halozyme and its world-class partners are currently advancing multiple therapeutic programs intended to deliver innovative therapies, with the potential to improve the lives of patients around the globe. Halozyme's proprietary enzyme rHuPH20 forms the basis of the ENHANZE^® technology and is used to facilitate the delivery of injected drugs and fluids, potentially reducing the treatment burden of other drugs to patients. Halozyme has licensed its ENHANZE^® technology to leading pharmaceutical and biotechnology companies including Roche, Baxalta, Pfizer, Janssen, AbbVie, Lilly, Bristol-Myers Squibb, Alexion and argenx. Halozyme derives revenues from these collaborations in the form of milestones and royalties as the Company's partners make progress developing and commercializing their products being developed with ENHANZE^®. Halozyme is headquartered in San Diego. For more information visit www.halozyme.com.

Safe Harbor Statement

In addition to historical information, the statements set forth in this press release include forward-looking statements including, without limitation, statements concerning the Company's expected future financial performance (including the Company's financial outlook for 2020) and expectations for future growth, profitability, revenue, expenses and earnings-per-share. Forward-looking statements regarding the Company's ENHANZE^®  business may include potential growth driven by our partners' development and commercialization efforts. These forward-looking statements are typically, but not always, identified through use of the words "believe," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning and involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results could differ materially from the expectations contained in these forward-looking statements as a result of several factors, including unexpected levels of revenues, expenditures and costs, unexpected results or delays in the growth of the Company's ENHANZE^® business, or in the development, regulatory review or commercialization of ENHANZE^® products, including any potential delays caused by the current COVID-19 global pandemic, regulatory approval requirements, unexpected adverse events or patient outcomes and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's most recently filed Annual Report on Form 10-Q filed with the Securities and Exchange Commission.

Contact:
Al Kildani
Vice President, Investor Relations and Corporate Communications
858-704-8122
ir@halozyme.com

 

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SOURCE Halozyme Therapeutics, Inc.

FAQ

What is the new revenue guidance for Halozyme in 2020?

Halozyme has raised its revenue guidance for 2020 to $265 million to $275 million.

How much has Halozyme increased its earnings per share guidance?

Halozyme has increased its earnings per share guidance to $0.90 to $0.95 for 2020.

What was the previous revenue guidance for Halozyme before the update?

The previous revenue guidance was $250 million to $260 million.

What factors contributed to Halozyme's increased guidance?

The increase is attributed to ongoing revenue-generating activities expected in the fourth quarter.