HALO - Halozyme Therapeutics Non-GAAP EPS of $0.47 misses by $0.01 revenue of $162.14M misses by $13.38M

2023-05-09 16:04:28 ET

• Halozyme Therapeutics press release ( NASDAQ: HALO ): Q1 Non-GAAP EPS of $0.47 misses by $0.01 .
• Revenue of $162.14M (+38.2% Y/Y) misses by $13.38M .
• The 38% year-over-year increase was driven by an increase in royalty revenue primarily attributable to subcutaneous DARZALEX ^® (daratumumab) and the addition of product sales as a result of the Antares Pharma acquisition. Revenue for the quarter included $99.6 million in royalties, an increase of 43% compared to $69.6 million in the prior year period.

• 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 vs $832.97M consensus, representing growth of 23% to 28% over 2022 total revenue primarily driven by continued strength in Wave 2 products, including DARZALEX ^® SC (daratumumab) and Phesgo ^® (pertuzumab, trastuzumab and hyaluronidase) utilizing ENHANZE ^® , as well as full year auto-injector royalty and product contribution. The Company expects 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. EBITDA excludes the impact of amortization costs related to the Antares Pharma acquisition. ¹
  • Non-GAAP diluted earnings per share of $2.50 to $2.65 vs $2.58 consensus, representing growth of >10% over 2022 ¹ . The Company's earnings per share guidance does not consider the impact of potential future share repurchases.

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