San Diego Business Journal

Halozyme Therapeutics Increases Estimate for Yearly Net Revenue

By Brittany Meiling Sunday, August 14, 2016
   

Halozyme Therapeutics Inc. bumped its estimate for this year’s total net revenue haul to a high of $150 million, according to a recent financial statement.

Halozyme (Nasdaq: HALO) reported its net revenue would increase from the estimated $130 million-$145 million to $140 million-$150 million.

"I am very pleased with the strong momentum in our Enhanze platform leading to today's increase in our 2016 revenue guidance, driven by continued royalty revenue growth and expansion of the addressable patient population through the approval of two new indications," said Helen Torley, president and chief executive officer of Halozyme, in a statement. "With a range of new targets being tested in Phase 1 trials, Enhanze remains a growing value driver for the company.”

Halozyme reported second quarter revenue of $33.3 million, compared with $43.4 million in the same period last year. Revenue in Q2 2015, however, included a $23 million payment for the initiation of the company’s partnership with AbbVie. Without that payment, revenue would have grown 64 percent year-over-year.

Net loss for the second quarter was $26.9 million, or $0.21 per share, compared with a net income in the same period last year of $3 million, or $0.02 per share.

The company ended the quarter with $230 million in cash, cash equivalents and marketable securities.