Full Press Release Details
SAN DIEGO , Aug. 7, 2018 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO ), a biotechnology company developing novel oncology and drug-delivery therapies, today reported financial results and recent highlights for the second quarter ended June 30 .
"At the beginning of 2018 we projected the potential for approximately $1 billion in ENHANZE royalty revenue in 2027 resulting from continued growth of our 3 currently marketed products and the successful development, approval and launch of 7 additional products," said Dr. Helen Torley , president and chief executive officer. "I am delighted to report strong progress in both the marketed products and the development products, with all 7 new products expected to be in the clinic by the end of this year.
"In tandem, we continue to execute well in our HALO-301 study, with enrollment tracking to expectations and continued enthusiasm and support from key opinion leaders and investigators. We also look forward to advancing our pan-tumor plan by sharing data from our collaboration study with Eisai in breast cancer patients at the European Society for Medical Oncology congress in October."
Second Quarter 2018 and Recent Highlights include:
Second Quarter 2018 Financial Highlights
Financial Outlook for 2018
For the full year 2018, the company updated its prior guidance ranges for net revenue and year-end cash, now expecting:
Webcast and Conference Call
Halozyme will webcast its Quarterly Update Conference Call for the second quarter of 2018 today, Tuesday, August 7 at 4:30 p.m. ET / 1:30 p.m. PT . Dr. Torley will lead the call, which will be webcast live through the "Investors" section of Halozyme's corporate website and a recording made available following the close of the call. To access the webcast and additional documents related to the call, please visit halozyme.com approximately fifteen minutes prior to the call to register, download and install any necessary audio software. The call may also be accessed by dialing (877) 410-5657 (domestic callers) or (334) 323-7224 (international callers) using passcode 769890. A telephone replay will be available after the call by dialing (877) 919-4059 (domestic callers) or (334) 323-0140 (international callers) using replay ID number 40189200.
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 pegvorhyaluronidase alfa (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, Lilly, Bristol-Myers Squibb and Alexion for its ENHANZE ® drug delivery technology. 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 2018, entering into new collaboration agreements, the development and commercialization of product candidates, including timing of clinical trial results announcements and future development and commercial activities of our collaboration partners, the potential benefits and attributes of such product candidates and expected financial outlook for 2018) 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 delays in entering into new collaboration agreements, unexpected results or delays in development of product candidates, including delays in clinical trial patient enrollment and development activities of our collaboration partners, 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 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 7, 2018.
Contacts: Robert H. Uhl Managing Director Westwicke Partners, LLC 858-356-5932 [email protected]
Laurie Stelzer 858-704-8222 [email protected]
| Halozyme Therapeutics, Inc | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Revenues: | ||||||||||||||||
| Royalties | $ | 19,989 | $ | 14,738 | $ | 40,933 | $ | 28,720 | ||||||||
| Product sales, net | 4,483 | 12,780 | 11,284 | 24,214 | ||||||||||||
| Revenues under collaborative agreements | 10,730 | 6,232 | 13,857 | 10,384 | ||||||||||||
| Total revenues | 35,202 | 33,750 | 66,074 | 63,318 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Cost of product sales | 836 | 7,788 | 3,888 | 15,332 | ||||||||||||
| Research and development | 40,086 | 38,339 | 78,062 | 75,274 | ||||||||||||
| Selling, general and administrative | 14,353 | 13,101 | 27,909 | 25,716 | ||||||||||||
| Total operating expenses | 55,275 | 59,228 | 109,859 | 116,322 | ||||||||||||
| Operating loss | (20,073) | (25,478) | (43,785) | (53,004) | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Investment and other income, net | 1,983 | 435 | 3,651 | 722 | ||||||||||||
| Interest expense | (4,770) | (5,540) | (10,000) | (10,988) | ||||||||||||
| Net loss before income taxes | (22,860) | (30,583) | (50,134) | (63,270) | ||||||||||||
| Income tax expense | 33 | 180 | 220 | 390 | ||||||||||||
| Net loss | $ | (22,893) | $ | (30,763) | $ | (50,354) | $ | (63,660) | ||||||||
| Net loss per share: | ||||||||||||||||
| Basic and diluted | $ | (0.16) | $ | (0.23) | $ | (0.35) | $ | (0.48) | ||||||||
| Shares used in computing net loss per share: | ||||||||||||||||
| Basic and diluted | 143,568 | 134,013 | 143,114 | 131,300 |
| Halozyme Therapeutics, Inc | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| June 30, 2018 | December 31, 2017 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 55,173 | $ | 168,740 | ||||
| Marketable securities, available-for-sale | 343,721 | 300,474 | ||||||
| Accounts receivable, net and other contract assets | 33,582 | 22,133 | ||||||
| Inventories | 8,404 | 5,146 | ||||||
| Prepaid expenses and other assets | 21,152 | 13,879 | ||||||
| Total current assets | 462,032 | 510,372 | ||||||
| Property and equipment, net | 4,789 | 3,520 | ||||||
| Prepaid expenses and other assets | 7,433 | 5,553 | ||||||
| Restricted cash | 500 | 500 | ||||||
| Total assets | $ | 474,754 | $ | 519,945 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 6,187 | $ | 7,948 | ||||
| Accrued expenses | 35,030 | 39,601 | ||||||
| Deferred revenue, current portion | 4,247 | 6,568 | ||||||
| Current portion of long-term debt, net | 86,965 | 77,211 | ||||||
| Total current liabilities | 132,429 | 131,328 | ||||||
| Deferred revenue, net of current portion | 6,006 | 54,297 | ||||||
| Long-term debt, net | 79,080 | 125,140 | ||||||
| Other long-term liabilities | 2,314 | 814 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 144 | 143 | ||||||
| Additional paid-in capital | 756,978 | 731,044 | ||||||
| Accumulated other comprehensive loss | (736) | (450) | ||||||
| Accumulated deficit | (501,461) | (522,371) | ||||||
| Total stockholders' equity | 254,925 | 208,366 | ||||||
| Total liabilities and stockholders' equity | $ | 474,754 | $ | 519,945 |
SOURCE Halozyme Therapeutics, Inc.