Full Press Release Details
SAN DIEGO , March 2, 2015 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO ) today reported financial results for the fourth quarter and full year ended December 31, 2014 . Financial highlights for the fourth quarter include revenues of $30.4 million and a net loss of $5.3 million , or $0.04 per share. This compares to revenues of $12.5 million and a net loss of $22.0 million , or $0.19 per share, for the fourth quarter of 2013. Financial highlights for the full year 2014 include revenues of $75.3 million and a net loss of $68.4 million , or $0.56 per share. This compares to revenues of $54.8 million and a net loss of $83.5 million , or $0.74 per share, in the prior year.
"This has been a remarkable year of growth and progress for Halozyme. We achieved record revenues for the quarter and year, received the first U.S. approval and launch of a Biologics License Application utilizing our ENHANZE™ technology with the approval of Baxter's HYQVIA, and announced the launch of our third partnered product, MabThera ® SC in Europe ," said Dr. Helen Torley , President and Chief Executive Officer. "With continued projected growth in our royalty revenues, multiple near-term milestones for our investigational new drug PEGPH20, and a strong financial position, we believe we are well-positioned to grow shareholder value in 2015 and beyond."
Fourth Quarter 2014 Highlights and Subsequent Events
Fourth Quarter and Full Year 2014 Financial Highlights
Financial Outlook for 2015
For the full year 2015, the Company expects:
Webcast and Conference Call Halozyme will webcast its quarterly update conference call today, March 2, 2015 at 4:30 p.m. ET / 1:30 p.m. PT . During the call, management will discuss the financial results for the fourth quarter of 2014 and provide a business update. To listen to the live webcast please visit the "Investors" section of Halozyme's corporate website at www.halozyme.com . A webcast replay will be available shortly after the call at the same address. To participate by phone, please dial (866) 710-0179 (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 32695691.
About Halozyme Halozyme Therapeutics is a biotechnology company focused on developing and commercializing novel oncology therapies that target the tumor microenvironment. Halozyme's lead proprietary program, our investigational drug PEGPH20, applies a unique approach to targeting solid tumors, allowing increased access of co-administered cancer drug therapies to the tumor. PEGPH20 is currently in development for metastatic pancreatic cancer and non-small cell lung 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, Pfizer, Janssen and Baxter for its drug delivery platform, ENHANZE™, which enables biologics and small molecule compounds that are currently administered intravenously to be delivered subcutaneously. Halozyme is headquartered in San Diego, CA. For more information on how we are innovating, please visit our corporate website at 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 2015, the development and commercialization of product candidates and the potential benefits and attributes of such product candidates and expected financial outlook for 2015) 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 from collaborators, unexpected results or delays in development 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 March 2, 2015 .
Investor Contact: Schond Greenway Halozyme Therapeutics 858-704-8352 [email protected]
Media Contact: Susan Neath Francis 212-301-7182 [email protected]
| Halozyme Therapeutics, Inc. | |||||||||
| Condensed Consolidated Statements of Operations | |||||||||
| (Unaudited) | |||||||||
| (in thousands, except per share data) | |||||||||
| Three Months Ended | Twelve Months Ended | ||||||||
| December 31, | December 31, | ||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||
| Revenues: | |||||||||
| Product sales, net | $ 10,144 | $ 9,805 | $ 37,823 | $ 24,439 | |||||
| Revenues under collaborative agreements | 16,190 | 2,660 | 28,086 | 30,327 | |||||
| Royalties | 4,043 | 33 | 9,425 | 33 | |||||
| Total revenues | 30,377 | 12,498 | 75,334 | 54,799 | |||||
| Operating Expenses: | |||||||||
| Cost of product sales | 6,147 | 3,540 | 22,732 | 6,246 | |||||
| Research and development | 19,728 | 20,926 | 79,696 | 96,640 | |||||
| Selling, general and administrative | 8,353 | 9,356 | 35,942 | 32,347 | |||||
| Total operating expenses | 34,228 | 33,822 | 138,370 | 135,233 | |||||
| Operating loss | (3,851) | (21,324) | (63,036) | (80,434) | |||||
| Investment and other (expense) income, net | (45) | 64 | 242 | 229 | |||||
| Interest expense | (1,378) | (727) | (5,581) | (3,274) | |||||
| Net loss | $ (5,274) | $ (21,987) | $ (68,375) | $ (83,479) | |||||
| Basic and diluted net loss per share | $ (0.04) | $ (0.19) | $ (0.56) | $ (0.74) | |||||
| Shares used in computing basic and diluted net loss per share | |||||||||
| 124,272 | 113,550 | 122,690 | 112,805 |
| Halozyme Therapeutics, Inc. | |||||
| Condensed Consolidated Balance Sheets | |||||
| (Unaudited) | |||||
| (in thousands) | |||||
| December 31, | December 31, | ||||
| 2014 | 2013 | ||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ 61,389 | $ 27,357 | |||
| Marketable securities, available-for-sale | 74,234 | 44,146 | |||
| Accounts receivable, net | 9,149 | 9,097 | |||
| Inventories | 6,406 | 6,170 | |||
| Prepaid expenses and other assets | 10,143 | 8,425 | |||
| Total current assets | 161,321 | 95,195 | |||
| Property and equipment, net | 2,951 | 3,422 | |||
| Prepaid expenses and other assets | 1,205 | 2,676 | |||
| Restricted cash | 500 | 500 | |||
| Total assets | $ 165,977 | $ 101,793 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | |||||
| Current liabilities: | |||||
| Accounts payable | $ 3,003 | $ 3,135 | |||
| Accrued expenses | 13,961 | 14,369 | |||
| Deferred revenue, current portion | 7,367 | 7,398 | |||
| Total current liabilities | 24,331 | 24,902 | |||
| Deferred revenue, net of current portion | 47,267 | 45,745 | |||
| Long-term debt, net | 49,860 | 49,772 | |||
| Other long-term liabilities | 3,167 | 1,364 | |||
| Stockholders' equity (deficit): | |||||
| Common stock | 126 | 115 | |||
| Additional paid-in capital | 491,694 | 361,930 | |||
| Accumulated other comprehensive (loss) income | (41) | 17 | |||
| Accumulated deficit | (450,427) | (382,052) | |||
| Total stockholders' equity (deficit) | 41,352 | (19,990) | |||
| Total liabilities and stockholders' equity (deficit) | $ 165,977 | $ 101,793 |
SOURCE Halozyme Therapeutics, Inc.