Halozyme Therapeutics, Inc. · NASDAQ:HALO
Halozyme Therapeutics — Q3 2024 Earnings Presentation
19 slides from Halozyme Therapeutics's earnings presentation, Oct 31, 2024
Slide 1: Third Quarter 2024 Financial & Operating Results
Halozyme Therapeutics, Inc. Third Quarter 2024 Financial & Operating Results NASDAQ: HALO October 31, 2024 1
Slide 2: Forward Looking Statements
Forward Looking Statements In addition to historical information, the statements set forth in this presentation include forward- of unexpected levels of market share or conversion rates) or other proprietary product revenues, in looking statements including, without limitation, statements concerning
Slide 3: Strong 3Q 2024 Financial Results Support Raising Full Year Guidance
Strong 3Q 2024 Financial Results Support Raising Full Year Guidance Raised 2024 Guidance $970M – $1,020M $290M $155M Total Revenue +17-23% Total Revenue Royalty Revenue +34% +36% $550M – $565M Royalty Revenue +23-26% $595M – $625M $184M $1.27 $750M Adjusted EBITDA1 Adjusted Non-GAAP Share +40-47% $4
Slide 4: Recent Operational Achievements Support Long-Term Growth
Recent Operational Achievements Support Long-Term Growth 8 5 Partner Total New Partner Products Expanded Targets Approvals Agreements • U.S. approval of Roche’s TECENTRIQ HYBREZA • 4 new targets with argenx with $30M represents first and only SC anti-PD-(L)1 collaboration payment cancer immunotherap
Slide 5: Near-Term Growth Drivers: DARZALEX SC/FASPRO
Near-Term Growth Drivers DARZALEX SC/FASPRO® Achieved Share Gains in Front-Line Setting and All Regions with Strong Market Growth Total DARZALEX® Sales IV+SC ($B) 1 Growth Drivers 94% SC Conversion in U.S.2 o Total sales increased 23% to $3 billion in 3Q 2024 (as of September 2024) o High conversion
Slide 6: Near-Term Growth Drivers: Phesgo
Near-Term Growth Drivers Phesgo® is a Key Growth Driver Within Roche Portfolio Phesgo® Projected Sales ($B)1 Growth Drivers2 o Ongoing geographic expansion to 55 countries $3.5 $3.3 o 43% overall conversion3 $3.0 $2.5 YTD 2024 Phesgo® Sales Sales (CHFm) Growth CER $1.7 TOTAL 1.2 58% $1.2 U.S. 404 29
Slide 7: TECENTRIQ HYBREZA and OCREVUS ZUNOVO
TECENTRIQ HYBREZA and OCREVUS ZUNOVO Two new opportunities reinforce ENHANZE®’s track record of 100% phase 3 and subsequent regulatory success • Approved in U.S., E.U. and United Kingdom • Approved in U.S., E.U. and United Kingdom • Approved for all adult IV treatment indications • Approved patients
Slide 8: VYVGART Hytrulo
VYVGART® Hytrulo Strong Momentum Across Indications, Enhancing Flexibility For Patients And Physicians VYVGART ® Projected Sales ($B) 1 Growth Drivers o Approved for gMG and CIDP $4.8 ▪ >50% new Hytrulo patients from orals2 $4.1 ▪ 60% of Hytrulo patients are new to $3.3 VYVGART®2 $2.5 o Growing gMG
Slide 9: Pipeline Updates: Upcoming Potential Approvals
Pipeline Updates Upcoming Potential Approvals Nivolumab SC ▪ PDUFA action date of December 29, 2024 ▪ EU submission currently under review ▪ 9th approved product with ENHANZE® Amivantimab SC ▪ Strong data from PALOMA-3 trial ▪ Under priority review with FDA ▪ 10th approved product with ENHANZE® 9
Slide 10: ENHANZE Wave Pipeline Poised to Support Growth Trajectory
ENHANZE® Wave 4 Pipeline Poised to Support Growth Trajectory 6 Products in Development 2 Products in Phase 3 1 Product in Phase 2 Current Program/Product Study Indication Phase 1 Phase 2 Phase 3 Filed Wave 4* Nivolumab+Relatlimab (BMS) Melanoma TAK-881 (Takeda) Immune N6LS bnAb (ViiV) HIV (treatment
Slide 11: Introducing Halozyme's MDASE Patents
Introducing Halozyme’s MDASETM Patents MDASETM patents broadly cover modified human hyaluronidases for potential use in enabling subcutaneous delivery of drugs and biologics Separate patents New distinct from potential ENHANZE® patents & not MDASETM licensing Patent Portfolio opportunity included in
Slide 12: 3Q 2024 Financial Highlights
3Q 2024 Financial Highlights $ in Millions, except EPS (unaudited) 3Q 2024 3Q 2023 % Change Royalties $155.1 $114.4 36% Product sales, net $86.7 $86.6 0% Collaboration revenues $48.4 $15.0 222% Total Revenues $290.1 $216.0 34% Cost of sales $49.4 $54.8 (10%) Amortization of intangibles $17.8 $20.3 (
Slide 13: Raised 2024 Financial Guidance
Raised 2024 Financial Guidance Previous 2024 Raised 2024 2023 Guidance Guidance1 • 17-23% YOY growth Total Revenue $829M $935M - $1,015M $970M - $1,020M • Total collaboration revenue now expected to be $130M - $150M • Product sales now expected to be $290M - $305M • 23-26% YOY growth, anticipate seq
Slide 14: Looking Ahead: 2024 and Beyond
Looking Ahead: 2024 and Beyond 2024 2023 2023-2028 $M, except EPS (unaudited) Guidance 2025 2026 2027 2028 Actual8 CAGR7 Updated 10/31 Royalties1 447.9 550 – 565 650 – 675 810 – 850 1,045 – 1,095 1,100 – 1,150 20% Product Sales2 300.9 290 – 305 315 – 335 385 – 415 410 – 455 435 – 480 9% Collaboratio
Slide 15: Capital Allocation Priorities
Capital Allocation Priorities Invest to Maximize Revenue Return Capital to Identify Opportunities for Growth and Durability Shareholders External Growth o Returned $1.3B to shareholders o Continue to evaluate o ENHANZE® opportunities to accelerate and in share buybacks over the past 5 years extend r
Slide 16: GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA
$ in Thousands (unaudited) GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA (1) Amount relates to fair value gain on contingent liability due to the termination of the TLANDO license agreement in September 2023 (“TLANDO Termination”). (2) Amount relates to inventory write-off due to TLAND
Slide 17: GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA
$ in Thousands (unaudited) GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA (1) Amount relates to fair value gain on contingent liability due to the TLANDO Termination. (2) Amount relates to inventory write-off due to TLANDO Termination and amortization of the inventory step-up associated
Slide 18: GAAP to Non-GAAP Reconciliation: Diluted EPS
$ in Thousands, except per share amounts (unaudited) GAAP to Non-GAAP Reconciliation: Diluted EPS (1) Amounts relate to fair value gain on contingent liability, inventory write-off and impairment of TLANDO product rights intangible assets due to the TLANDO Termination. (2) Adjustments relate to taxe
Slide 19: GAAP to Non-GAAP Reconciliation: Net Income and Diluted EPS
$ in Thousands, except per share amounts (unaudited) GAAP to Non-GAAP Reconciliation: Net Income and Diluted EPS (1) Amount represents incremental costs including legal fees, accounting fees and advisory fees incurred for the prior year Antares acquisition. (2) Amounts relate to amortization of the
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