Halozyme Reports Fourth Quarter And Full-Year 2017 Results
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SAN DIEGO /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO), a biotechnology company developing novel oncology and drug-delivery therapies, today reported financial results and recent highlights for the fourth quarter and full-year ended December 31, 2017. "Building on a truly transformative year in 2017, we begin 2018 executing against a strong portfolio of new ENHANZE collaborations," said Dr. Helen Torley, president and chief executive officer. "With Janssen now studying Darzalex® SC in four Phase 3 trials, Roche recently initiating a Phase 1 study with ENHANZE and multiple targets projected to enter the clinic in the coming quarters, we have good line of sight to our goal of having six targets in clinical development by year-end, doubling the number of targets in the clinic from 2017. "In our oncology pillar, we continue to project achieving the target number of progression-free survival events in HALO-301 late in the fourth quarter of 2018. In addition, we are making good progress in our exploration of the pan-tumor potential of PEGPH20 and look forward to sharing response-rate data from our combination studies with Halaven® and potentially with Keytruda® in the second half of the year. We begin 2018 in a strong position with multiple value-generating opportunities ahead for patients, the company and for shareholders." Fourth Quarter 2017 and Recent Highlights include:
Fourth Quarter 2017 Financial Highlights
Financial Outlook for 2018 Halozyme reiterated its financial guidance of:
Webcast and Conference Call Halozyme will webcast its Quarterly Update Conference Call for the fourth quarter of 2017 today, Tuesday, February 20 at 4:30 p.m. ET/1:30 p.m. PT. Dr. Torley will lead the call, which will be webcast live through the "Investors" section of Halozyme's corporate website and a recording made available following the close of the call. To access the webcast and additional documents related to the call, please visit halozyme.com approximately fifteen minutes prior to the call to register, download and install any necessary audio software. The call may also be accessed by dialing (877) 410-5657 (domestic callers) or (334) 323-7224 (international callers) using passcode 769890. A telephone replay will be available after the call by dialing (877) 919-4059 (domestic callers) or (334) 323-0140 (international callers) using replay ID number 95494046. About Halozyme Halozyme Therapeutics is a biotechnology company focused on developing and commercializing novel oncology therapies that target the tumor microenvironment. Halozyme's lead proprietary program, investigational drug pegvorhyaluronidase alfa (PEGPH20), applies a unique approach to targeting solid tumors, allowing increased access of co-administered cancer drug therapies to the tumor in animal models. PEGPH20 is currently in development for metastatic pancreatic cancer, non-small cell lung cancer, gastric cancer, metastatic breast cancer and has potential across additional cancers in combination with different types of cancer therapies. In addition to its proprietary product portfolio, Halozyme has established value-driving partnerships with leading pharmaceutical companies including Roche, Baxalta, Pfizer, Janssen, AbbVie, Lilly, Bristol-Myers Squibb and Alexion for its ENHANZE® drug delivery technology. 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 above include forward-looking statements (including, without limitation, statements concerning the Company's future expectations and plans for growth in 2018, entering into new collaboration agreements, the development and commercialization of product candidates, including timing of clinical trial results announcements and future development and commercial activities of our collaboration partners, the potential benefits and attributes of such product candidates and expected financial outlook for 2018) that involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The 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. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected fluctuations or changes in revenues, including revenues from collaborators, unexpected delays in entering into new collaboration agreements, unexpected results or delays in development of product candidates, including delays in clinical trial patient enrollment and development activities of our collaboration partners, and regulatory review, regulatory approval requirements, unexpected adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 20, 2018.
Halozyme Therapeutics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
2017 2016 2017 2016
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Revenues:
Product sales, net $12,593 $13,422 $50,396 $53,392
Royalties 17,668 14,289 63,507 50,984
Revenues under collaborative
agreements 159,303 11,292 202,710 42,315
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Total revenues 189,564 39,003 316,613 146,691
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Operating expenses:
Cost of product sales 7,488 8,002 31,152 33,206
Research and development 41,376 41,349 150,643 150,842
Selling, general and administrative 14,771 12,227 53,816 45,853
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Total operating expenses 63,635 61,578 235,611 229,901
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Operating income (loss) 125,929 (22,575) 81,002 (83,210)
Other income (expense):
Investment and other income, net 1,080 366 2,592 1,326
Interest expense (5,458) (5,599) (21,984) (19,977)
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Income (loss) before income taxes 121,551 (27,808) 61,610 (101,861)
Income tax (benefit) expense (2,331) (422) (1,361) 1,162
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Net income (loss) $123,882 $(27,386) $62,971 $(103,023)
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Net income (loss) per share:
Basic $0.87 $(0.21) $0.46 $(0.81)
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Diluted $0.85 $(0.21) $0.45 $(0.81)
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Shares used in computing net income
(loss) per share:
Basic 141,718 128,185 136,419 127,964
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Diluted 145,633 128,185 139,068 127,964
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Halozyme Therapeutics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
December 31, December 31,
2017 2016
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ASSETS
Current assets:
Cash and cash equivalents $168,740 $66,764
Marketable securities, available-for-
sale 300,474 138,217
Accounts receivable, net 22,133 15,680
Inventories 5,146 14,623
Prepaid expenses and other assets 13,879 21,248
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Total current assets 510,372 256,532
Property and equipment, net 3,520 4,264
Prepaid expenses and other assets 5,553 219
Restricted cash 500 500
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Total assets $519,945 $261,515
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LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
Current liabilities:
Accounts payable $7,948 $3,578
Accrued expenses 39,601 28,821
Deferred revenue, current portion 6,568 4,793
Current portion of long-term debt, net 77,211 17,393
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Total current liabilities 131,328 54,585
Deferred revenue, net of current
portion 54,297 39,825
Long-term debt, net 125,140 199,228
Other long-term liabilities 814 358
Stockholders' equity (deficit):
Common stock 143 130
Additional paid-in capital 731,044 552,737
Accumulated other comprehensive loss (450) (6)
Accumulated deficit (522,371) (585,342)
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Total stockholders' equity (deficit) 208,366 (32,481)
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Total liabilities and stockholders'
equity (deficit) $519,945 $261,515
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Contacts: Chris Burton
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Company Codes: NASDAQ-NMS:HALO |