Halozyme Therapeutics Inc. posted significantly greater losses in fourth quarter of 2013 than analysts projected.
Halozyme’s 2013 fourth quarter revenues were $12.5 million – lower than the $16.4 million that analysts polled by Thomson Reuters projected for the reporting period. It was also much lower than its $21.8 million in fourth quarter revenues for 2012. The company reported a net loss of $22 million in the fourth quarter of 2013, compared with a $4.4 million net loss in the like quarter of 2012.
Though the company increased its product sales by about $7.5 million in the fourth quarter of 2013 compared with the like period of 2012, the overall decrease can largely be attributed to a lessening of revenues gained through the partnerships it holds with other companies such as Roche AG, Pfizer Inc. and Baxter International Inc. While its fourth quarter 2012 revenue from these collaborations was $20.3 million, it was $2.7 million in fourth quarter 2013.
For the full year of 2013, it posted revenues of $54.8 million and a net loss of $83.5 million – compared with revenues of $42.3 million and a net loss of $53.6 million in 2012.
“2013 was a year of execution, growth and transformation for Halozyme,” sais CEO Helen Torley, who joined the company early this year, in a statement.
The year included European approval of two of its partnered products, and promising early results from its PEGPH20 program that treats pancreatic cancer.
In February, Halozyme raised about $108 million in a secondary public offering. Torley said the company will use the proceeds to advance its enzyme-based drug candidates that could serve cancer, diabetes and skin disorder treatments.