Full Press Release Details
SAN DIEGO , May 9, 2016 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO ) today reported financial results for the first quarter ended March 31 , which included an increase in revenue of 128 percent from the prior-year period and a net loss of $19.8 million , or $0.16 per share, compared to a net loss in the first quarter of 2015 of $15.1 million , or $0.12 per share.
"During the first quarter, we continued to execute against our two-pillar strategy with ongoing clinical studies of PEGPH20 and through growing the value of our ENHANZE ™ platform," said Dr. Helen Torley , president and chief executive officer. "We made good progress toward our goal of initiating greater than 90 percent of HALO-301 sites by the end of the year and in evaluating the recommended dose to take into the expansion phase of our lung and gastric cancer studies.
"With our ENHANZE platform, we continued to see strong growth in royalty revenue combined with progress from our partners' programs. During the quarter, Lilly nominated its third target triggering an $8 million milestone and Pfizer nominated an additional target triggering a $1.5 million milestone. These developments highlight the great potential associated with our ENHANZE technology franchise."
First Quarter 2016 and Recent Highlights include:
First Quarter 2016 Financial Highlights
Financial Outlook for 2016
For the full year 2016, the company is updating its previously announced guidance. Halozyme now expects:
Webcast and Conference Call
Halozyme will webcast its Quarterly Update Conference Call for the first quarter 2016 today, Monday, May 9 at 4:30 p.m. ET / 1:30 p.m. PT . Dr. Helen Torley , president and chief executive officer, will lead the call. The call will be webcast live through the "Investors" section of Halozyme's corporate website and a recording will be made available following the close of the call. To access the webcast and additional documents related to the call, please visit http://www.halozyme.com approximately fifteen minutes prior to the call to register, download and install any necessary audio software. For those without access to the Internet, the live call may be accessed by phone by calling (877) 410-5657 (domestic callers) or (334) 323-7224 (international callers) using passcode 769890. A telephone replay will be available shortly after the call by dialing (877) 919-4059 (domestic callers) or (334) 323-0140 (international callers) using replay passcode 11528439.
Halozyme Therapeutics is a biotechnology company focused on developing and commercializing novel oncology therapies that target the tumor microenvironment. Halozyme's lead proprietary program, investigational drug PEGPH20, applies a unique approach to targeting solid tumors, allowing increased access of co-administered cancer drug therapies to the tumor in animal models. PEGPH20 is currently in development for metastatic pancreatic cancer, non-small cell lung cancer, gastric cancer, metastatic breast cancer and has potential across additional cancers in combination with different types of cancer therapies. In addition to its proprietary product portfolio, Halozyme has established value-driving partnerships with leading pharmaceutical companies including Roche, Baxalta, Pfizer, Janssen, AbbVie and Lilly for its ENHANZE™ drug delivery platform. Halozyme is headquartered in San Diego . For more information visit www.halozyme.com .
Safe Harbor Statement
In addition to historical information, the statements set forth above include forward-looking statements (including, without limitation, statements concerning the Company's future expectations and plans for growth in 2016, the development and commercialization of product candidates and the potential benefits and attributes of such product candidates and expected financial outlook for 2016) that involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements are typically, but not always, identified through use of the words "believe," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected fluctuations or changes in revenues, including revenues from collaborators, unexpected results or delays in development of product candidates and regulatory review, regulatory approval requirements, unexpected adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 29, 2016 .
Contacts: Jim Mazzola 858-704-8122 [email protected]
Chris Burton 858-704-8352 [email protected]
| Halozyme Therapeutics, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) | |||
| Three Months Ended | |||
| March 31, | |||
| 2016 | 2015 | ||
| Revenues: | |||
| Product sales, net | $ 12,940 | $ 9,860 | |
| Royalties | 11,387 | 6,775 | |
| Revenues under collaborative agreements | 18,172 | 2,031 | |
| Total revenues | 42,499 | 18,666 | |
| Operating expenses: | |||
| Cost of product sales | 7,762 | 6,494 | |
| Research and development | 40,100 | 16,684 | |
| Selling, general and administrative | 10,806 | 9,399 | |
| Total operating expenses | 58,668 | 32,577 | |
| Operating loss | (16,169) | (13,911) | |
| Other income (expense): | |||
| Investment and other income, net | 229 | 102 | |
| Interest expense | (3,876) | (1,299) | |
| Net loss | $(19,816) | $(15,108) | |
| Basic and diluted net loss per share | $ (0.16) | $ (0.12) | |
| Shares used in computing basic and diluted net loss per share: | 127,615 | 125,299 |
| Halozyme Therapeutics, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands) | |||
| March 31, | December 31, | ||
| 2016 | 2015 | ||
| ASSETS | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | $ 69,093 | $ 43,292 | |
| Marketable securities, available-for-sale | 169,545 | 65,047 | |
| Accounts receivable, net | 25,543 | 32,410 | |
| Inventories | 10,345 | 9,489 | |
| Prepaid expenses and other assets | 22,509 | 21,534 | |
| Total current assets | 297,035 | 171,772 | |
| Property and equipment, net | 4,440 | 3,943 | |
| Prepaid expenses and other assets | 7,121 | 5,574 | |
| Restricted cash | 500 | 500 | |
| Total Assets | $309,096 | $ 181,789 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| CURRENT LIABILITIES: | |||
| Accounts payable | $ 6,211 | $ 4,499 | |
| Accrued expenses | 21,791 | 26,792 | |
| Deferred revenue, current portion | 8,804 | 9,304 | |
| Current portion of long-term debt, net | 27,417 | 21,862 | |
| Total current liabilities | 64,223 | 62,457 | |
| Deferred revenue, net of current portion | 42,895 | 43,919 | |
| Long-term debt, net | 168,600 | 27,971 | |
| Other long-term liabilities | 3,906 | 4,443 | |
| STOCKHOLDERS' EQUITY: | |||
| Common stock | 129 | 128 | |
| Additional paid-in capital | 531,390 | 525,628 | |
| Accumulated other comprehensive loss | 88 | (99) | |
| Accumulated deficit | (502,135) | (482,658) | |
| Total Stockholders' Equity | 29,472 | 42,999 | |
| Total Liabilities and Stockholders' Equity | $309,096 | $ 181,789 |
SOURCE Halozyme Therapeutics, Inc.