Business
Halozyme Reports Third Quarter 2020 Results And Raises Full Year 2020 Guidance
- Reports Third Quarter 2020 Revenue of $65.3 million and Earnings Per Share of $0.25 - - Successful Launch of DARZALEX® SC with ENHANZE® Drives 44%
About this update from Halozyme Therapeutics, Inc.
[{"type":"text","content":"- Reports Third Quarter 2020 Revenue of $65.3 million and Earnings Per Share of $0.25 -\n - Successful Launch of DARZALEX® SC with ENHANZE® Drives 44% Year-over-year and 51% Sequential Growth in Royalties -\n - Raises 2020 Guidance to $250 Million to $260 Million in Revenues, Up from $230 Million to $245 Million, and EPS of $0.80 to $0.85, Up from $0.60 to $0.75 -\n\n\nSAN DIEGO, Nov. 2, 2020 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) today reported financial results for the third quarter ended September 30, 2020 and provided an update on its recent corporate activities and outlook.\n\"I am pleased to report the first quarter of what the Company projects will be sustainable royalty revenue growth, primarily driven by the strong uptake of Janssen's DARZALEX® SC with our ENHANZE® technology,\" said Dr. Helen Torley, president and chief executive officer. \"In addition, we achieved higher milestone-related revenues in the quarter driven by partner clinical trial progress. Based on the improved outlook for royalties and greater visibility on anticipated milestone revenues, we are increasing our full year 2020 financial guidance. Recent new product launches and partner development progress position Halozyme to deliver continued strong growth. Our strong growth outlook supports our commitment to capital return, which has already resulted in $312.4 million worth of share repurchases under our three-year $550 million share repurchase program announced in November 2019.\"\nThird Quarter 2020 and Recent Highlights Include:\nOn October 22, argenx announced it is advancing development of efgartigimod SC with Halozyme's ENHANZE® technology for pemphigus (vulgaris and foliaceus), a group of autoimmune skin disorders. The global Phase 3 ADDRESS trial evaluating SC efgartigimod in up to 150 pemphigus patients is expected to initiate by end of 2020, and will result in a milestone payment to Halozyme. In addition, argenx announced it had initiated a Phase 1 healthy volunteer study of intravenous ARGX-117 and subcutaneous ARGX-117 utilizing ENHANZE® technology targeting complement C2. On October 6, the Company announced that argenx expanded its existing global collaboration and license agreement that was signed in February 2019. Under the newly announced expansion, argenx gained the ability to exclusively access Halozyme's ENHANZE®...