Halozyme Therapeutics (HALO) Tops Q1 EPS by 5c, Revenues Beat; Offers FY21 EPS Mid-Point Guidance Above Consensus, FY21 Revs. Mid-Point Views Below Consensus

Halozyme Therapeutics (NASDAQ: HALO) reported Q1 EPS of $0.37, $0.05 better than the analyst estimate of $0.32. Revenue for the quarter came in at $89 million versus the consensus estimate of $84.88 million.

"The first quarter marked a strong start to 2021 highlighted by record quarterly royalty revenue driven by the continued successful launch of subcutaneous DARZALEX® worldwide," said Dr. Helen Torley, president and chief executive officer. "Our pipeline of partnered product candidates using ENHANZE® technology continues to build momentum with four new clinical study starts in the first quarter. Additionally, we were able to strengthen our balance sheet on highly attractive terms reflective of the strong anticipated cash flow generation and growth prospects for Halozyme."

GUIDANCE:

Halozyme Therapeutics sees FY2021 EPS of $1.55-$1.70, versus the consensus of $1.55. Halozyme Therapeutics sees FY2021 revenue of $375-395 million, versus the consensus of $389.96 million.

Based on the latest information from collaboration partners and planned expenditures for the year, the Company continues to expect:

• Revenues of $375 million to $395 million, representing year-over-year growth of 40%-48%;
• GAAP Operating Income of $215 million to $235 million, representing year-over-year growth of 49% - 63%;
• GAAP Net Income of $190 million to $210 million, representing year-over-year growth of 47%-63% and Non-GAAP Net Income of $235 million to $255 million, representing year-over-year growth of 47% - 59%;1
• GAAP Diluted Earnings per Share of $1.25 to $1.40, representing year-over-year growth of 37%-54%; and Non-GAAP Diluted Earnings per Share of $1.55 to $1.70, representing year-over-year growth of 38%-52%.1

The Company plans to repurchase up to an additional $49 million in common stock this year for a total of up to $125 million in common stock during 2021 as part of the $550 million three-year share repurchase plan authorized by Halozyme's board of directors in 2019. The amount and timing of shares to be repurchased in 2021 will be subject to a variety of factors including market conditions, other business considerations and applicable legal requirements.

For earnings history and earnings-related data on Halozyme Therapeutics (HALO) click here.

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