Full Press Release Details
SAN DIEGO , Aug. 7, 2013 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO ) today reported financial results for the quarter and six months ended June 30, 2013 . Financial highlights for the second quarter include revenues of $14.5 million and a net loss of $22.9 million or $0.20 per share. This compares to revenues of $7.8 million and a net loss of $14.0 million or $0.13 per share for the second quarter of 2012.
"Significant regulatory milestones were achieved with Baxter's HyQvia and Roche's Herceptin last quarter. Working with our partners, we look forward to bringing these life-changing treatments to patients and medical communities across Europe ," said Gregory I. Frost, Ph.D., President and Chief Executive Officer, Halozyme. "We also announced clinical advancement of our proprietary programs in pancreatic cancer, diabetes and dermatology, further accelerating our key value drivers enabled by our technology platform."
Second Quarter and Recent Business Updates
Second Quarter and Six Months 2013 Financial Highlights
Webcast and Conference Call Halozyme will webcast its Quarterly Update Conference Call today, August 7, 2013 at 4:30 p.m. ET / 1:30 p.m. PT . During the call, management will discuss the financial results for the second quarter of 2013 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 (877) 407-8037 (domestic callers) or (201) 689-8037 (international callers). A telephone replay will be available by dialing (877) 660-6853 (domestic callers) or (201) 612-7415 (international callers) using replay ID number 418819.
About Halozyme Halozyme Therapeutics is a biopharmaceutical company dedicated to developing and commercializing innovative products that advance patient care. With a diversified portfolio of enzymes that target the extracellular matrix, the company's research focuses primarily on a family of human enzymes, known as hyaluronidases, which increase the absorption and dispersion of biologics, drugs and fluids. Halozyme's pipeline addresses therapeutic areas, including diabetes, oncology and dermatology that have significant unmet medical need. The company markets Hylenex ® recombinant (hyaluronidase human injection) and has partnerships with Roche, Pfizer, Baxter , ViroPharma and Intrexon. 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 potential product launches and near-term revenue opportunities, the Company's future expectations and plans for the development and commercialization of product candidates and the potential benefits and attributes of such product candidates) 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 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 1, 2013 .
Investor Contact: David Ramsay Halozyme Therapeutics 858-704-8260 [email protected]
Media Contact: Nurha Hindi Hill + Knowlton Strategies 310-633-9434 [email protected]
| Halozyme Therapeutics, Inc | |||||||||
| Condensed Consolidated Statements of Operations | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||
| REVENUES: | |||||||||
| Product sales, net | $ 3,099,853 | $ 524,942 | $ 4,608,447 | $ 712,353 | |||||
| Revenues under collaborative agreements | 11,353,957 | 7,232,233 | 21,678,903 | 14,485,001 | |||||
| Total revenues | 14,453,810 | 7,757,175 | 26,287,350 | 15,197,354 | |||||
| OPERATING EXPENSES: | |||||||||
| Cost of product sales | 1,283,949 | 143,120 | 2,022,920 | 213,881 | |||||
| Research and development | 27,990,755 | 16,081,729 | 50,025,192 | 31,972,838 | |||||
| Selling, general and administrative | 7,299,754 | 5,580,424 | 14,855,659 | 12,199,131 | |||||
| Total operating expenses | 36,574,458 | 21,805,273 | 66,903,771 | 44,385,850 | |||||
| OPERATING LOSS | (22,120,648) | (14,048,098) | (40,616,421) | (29,188,496) | |||||
| Investment and other income | 58,132 | 26,979 | 113,120 | 48,196 | |||||
| Interest expense | (848,995) | - | (1,696,579) | - | |||||
| NET LOSS | $ (22,911,511) | $ (14,021,119) | $ (42,199,880) | $ (29,140,300) | |||||
| Basic and diluted net loss per share | $ (0.20) | $ (0.13) | $ (0.38) | $ (0.27) | |||||
| Shares used in computing basic and diluted net loss per share | |||||||||
| 112,486,211 | 112,063,665 | 112,451,693 | 109,826,589 |
| Halozyme Therapeutics, Inc | |||||
| Condensed Consolidated Balance Sheets | |||||
| June 30, | December 31, | ||||
| 2013 | 2012 | ||||
| (Unaudited) | |||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ 27,927,551 | $ 99,501,264 | |||
| Marketable securities, available-for-sale | 48,082,636 | - | |||
| Accounts receivable, net | 10,831,828 | 15,703,087 | |||
| Inventories | 2,466,999 | 2,670,696 | |||
| Prepaid expenses and other assets | 11,111,833 | 12,752,888 | |||
| Total current assets | 100,420,847 | 130,627,935 | |||
| Property and equipment, net | 4,576,506 | 3,700,462 | |||
| Prepaid expenses and other assets | 1,889,985 | - | |||
| Restricted cash | 500,000 | 400,000 | |||
| Total Assets | $ 107,387,338 | $ 134,728,397 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Current liabilities: | |||||
| Accounts payable | $ 7,480,982 | $ 2,271,689 | |||
| Accrued expenses | 15,289,431 | 7,783,447 | |||
| Deferred revenue, current portion | 6,419,681 | 8,891,017 | |||
| Current portion of long-term debt, net | 3,643,156 | - | |||
| Total current liabilities | 32,833,250 | 18,946,153 | |||
| Deferred revenue, net of current portion | 33,681,996 | 34,954,966 | |||
| Long-term debt, net | 26,075,507 | 29,661,680 | |||
| Lease financing obligation | 2,100,000 | 1,450,000 | |||
| Deferred rent, net of current portion | 874,208 | 861,879 | |||
| Other long-term liability | 678,700 | - | |||
| Stockholders' equity: | |||||
| Common stock | 113,286 | 112,709 | |||
| Additional paid-in capital | 351,843,228 | 347,314,658 | |||
| Accumulated other comprehensive loss | (39,309) | - | |||
| Accumulated deficit | (340,773,528) | (298,573,648) | |||
| Total stockholders' equity | 11,143,677 | 48,853,719 | |||
| Total Liabilities and Stockholders' Equity | $ 107,387,338 | $ 134,728,397 |
SOURCE Halozyme Therapeutics, Inc.