Halozyme Therapeutics, Inc. (NASDAQ: HALO) released its third-quarter 2024 financial and operational results, showcasing strong revenue growth and notable corporate developments.
CEO Commentary on Performance and Growth
“Our third-quarter performance highlights our strong momentum, with revenue up by 34% and adjusted EBITDA increasing by 60%. Given our progress, we’re raising our 2024 guidance,” said Dr. Helen Torley, President and CEO of Halozyme. “The recent U.S. approvals for Roche’s TECENTRIQ HYBREZA and OCREVUS ZUNOVO underscore ENHANZE’s continued success and our commitment to expanding our partnerships globally.”
Recent Partner Highlights
- argenx launched two new studies in October 2024 to evaluate VYVGART® Hytrulo with ENHANZE for ocular myasthenia gravis (Phase 3) and antibody-mediated rejection in kidney transplants (Phase 2).
- Janssen received European approval for DARZALEX® SC in treating newly diagnosed multiple myeloma (NDMM) in eligible patients.
- argenx expanded its ENHANZE partnership, nominating four new targets, resulting in $30 million in upfront payments with additional potential milestones.
- Roche received FDA approvals for OCREVUS ZUNOVO, offering a biannual subcutaneous option for multiple sclerosis, and for TECENTRIQ HYBREZA for various indications.
- Janssen and Takeda pursued new regulatory approvals in the U.S. and Japan, respectively, leveraging Halozyme’s ENHANZE technology for conditions like chronic inflammatory demyelinating polyneuropathy and NDMM.
Financial Performance Highlights for Q3 2024
- Revenue: Reached $290.1 million, a 34% increase from Q3 2023, driven by royalties and milestone revenues, particularly from products like DARZALEX® SC and Phesgo®.
- Cost of Sales: Decreased to $49.4 million, primarily due to reduced device and bulk rHuPH20 sales.
- Operating Income: Rose to $163.2 million from $88.3 million in Q3 2023.
- Net Income: Increased to $137.0 million, up from $81.8 million in the prior year.
- Earnings per Share: GAAP diluted EPS was $1.05, up from $0.61, and non-GAAP diluted EPS was $1.27, compared to $0.75.
- Cash Reserves: Cash, cash equivalents, and marketable securities totaled $666.3 million as of September 30, 2024, a significant increase from $336.0 million at the end of 2023.
With robust financials and expanding partnerships, Halozyme continues to strengthen its position in the biotechnology space, advancing a promising growth trajectory in 2024 and beyond.
