HALO - Halozyme issues 2023 revenue adj. EPS guidance below estimates shares fall ~7%

• Halozyme Therapeutics ( NASDAQ: HALO ) on Tuesday said it expected 2023 total revenue of $815M to $845M, significantly below the consensus revenue estimate of $892.43M.
• Shares of the San Diego, Calif.-based company fell 7.3% to $51.61 after hours.
• HALO said it expects 2023 adj. EPS of $2.50 to $2.65, which was also much lower than the consensus EPS estimate of $2.93.
• The company anticipates 2023 recurring revenues from royalties to grow more than 20% Y/Y to $445M-$455M, while 2023 EBITDA is projected to grow more than 30% Y/Y to $415M-$440M.
• HALO has products such as the Enhanze drug delivery technology, and testosterone replacement therapy drugs oral Tlando and Xyosted injection.
• The company also expects up to $150M in share repurchases in 2023, as part of its $750M three-year share buyback program.

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