HALO - Halozyme Therapeutics Inc. (HALO) Q4 2023 Earnings Call Transcript
2024-02-20 20:04:10 ET
Halozyme Therapeutics, Inc. (HALO)
Q4 2023 Earnings Conference Call
February 20, 2024, 04:30 PM ET
Company Participants
Tram Bui - VP, IR and Corporate Communications
Helen Torley - President and CEO
Nicole LaBrosse - CFO
Conference Call Participants
Jessica Fye - JPMorgan
Michael DiFiore - Evercore ISI
Mohit Bansal - Wells Fargo
Mitchell Kapoor - H.C. Wainwright
Jason Butler - JMP Securities
Joe Catanzaro - Piper Sandler
Corinne Johnson - Goldman Sachs
Presentation
Operator
Hello and Welcome to the Halozyme Fourth Quarter and Fiscal Year 2023 Financial and Operating Results Conference Call. [Operator Instructions]
I will now turn the conference over to Tram Bui. Please go ahead.
Tram Bui
Thank you, operator. Good afternoon and welcome to our fourth quarter and full year 2023 financial and operating results conference call. In addition to the press release issued today after the market close, you could find a supplementary slide presentation that will be referenced during today's call in the Investor Relations section of our website.
Leading the call would be Dr. Helen Torley, Halozyme's President and Chief Executive Officer, who will provide an update on our business; and Nicole LaBrosse, our Chief Financial Officer, who will review our financial results as well as our outlook.
On today's call, we will be making forward-looking statements as outlined on Slide 2. I would also refer you to our SEC filings for a full list of risks and uncertainties. During the call, both GAAP and non-GAAP financial measures will be discussed. Certain non-GAAP or adjusted financial measures are reconciled with the comparable GAAP financial measures in our earnings press release and slide presentation.
I'll now hand the call over to Dr. Helen Torley.
Helen Torley
Thank you, Tram, and good afternoon, everyone.
Moving to Slide 3. We're very pleased to report our strong financial and operating results in the fourth quarter and for the full year of 2023. These results are driven by our two leading differentiated drug delivery technologies ENHANZE and our auto-injectors, and also by our two commercial products, XYOSTED and Hylenex.
Moving to Slide 4. For 2023, we delivered a 26% year-over-year increase in total revenue to $829 million and reached a record $448 million in royalty revenue, which represents a 24% year-over-year increase. Strong operational performance drove another year of double-digit earnings growth, with adjusted EBITDA increasing 19% to $426 million and non-GAAP diluted earnings per share growth of 25% to $2.77 for the full year 2023. We also deployed $400 million to shareholders through share repurchases, reflecting strong cash flow and disciplined capital allocation priorities....
Halozyme Therapeutics, Inc. (HALO) Q4 2023 Earnings Call Transcript