Business
Halozyme Reports Fourth Quarter and Full Year 2019 Results
- Halozyme Reiterates 2020 Guidance of $230 to $245 Million in Revenues and $0.60 to $0.75 Earnings Per Share with Profitability Beginning in Second Quarter -
About this update from Halozyme Therapeutics, Inc.
[{"type":"text","content":"- Halozyme Reiterates 2020 Guidance of $230 to $245 Million in Revenues and $0.60 to $0.75 Earnings Per Share with Profitability Beginning in Second Quarter -\n - Two ENHANZE® Partnered Drugs Now Under US and EU Regulatory Review with Potential US Launches in 2020 -\n - $200 Million of Shares Repurchased Under $550 Million Board Authorization with Plans to Repurchase up to an Additional $150 Million in 2020 -\n\n\nSAN DIEGO, Feb. 24, 2020 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) today reported financial results for the fourth quarter and full year ended December 31, 2019 and provided an update on its recent corporate activities and outlook. \n\"I am pleased to report 2020 is off to a strong start as we have substantially completed our actions to reposition the company to focus on ENHANZE®,\" said Dr. Helen Torley, president and chief executive officer. \"As a result of our decisive actions, we expect to become sustainably profitable in the second quarter. In addition, we anticipate multiple events that will grow the value of our ENHANZE® technology in 2020. Both the subcutaneous formulation of Darzalex® and the fixed-dose combination of Perjeta®-Herceptin® are under regulatory review in the U.S. and EU with potential approvals and launches expected this year. We anticipate three ENHANZE® pipeline candidates to begin Phase 3 testing, one to begin Phase 2, and at least five new Phase 1 trial starts. With these key developments, a transition to profitability and plans for continued return of capital, Halozyme has never been in a stronger position to deliver value for our shareholders. With a target of 19 products in clinical development or already commercialized by the end of this year, we continue to see the potential for our royalty revenues to achieve $1 billion by 2027.\"\nFourth Quarter 2019 and Recent Highlights\nIn December, Janssen selected for development with ENHANZE® the targets EGFR and cMET on an exclusive basis as part of the bispecific antibody (JNJ-61186372), which is being studied in solid tumors. Halozyme recently completed $200 million worth of share repurchases under the Board of Directors authorized capital return program to repurchase up to $550 million of the Company's outstanding common stock over the next three years. This repurchase plan was first authorized by the Board of Directors in N...