Zinger Key Points
- New European patent for ENHANZE platform bolsters outlook, validating royalty rate for DARZALEX SC in Europe until 2029.
- Halozyme raises FY24 guidance, expects total revenue of $935M to $1.015B, driven by royalty growth and adjusted EBITDA increase.
- Get access to the leaderboards pointing to tomorrow’s biggest stock movers.
Halozyme Therapeutics, Inc. HALO shares are trading higher on the bourses on Thursday after it raised its FY24 guidance.
The company sees full-year 2024 total revenue of $935 million to $1.015 billion versus $947.33 million estimate (prior view: $915 million to $985 million), representing growth of 13% to 22% over 2023.
The company projected revenue from royalties of $520 million to $555 million (prior view: $500 million-$525 million), representing growth of 16% to 24% over 2023.
Halozyme sees adjusted EBITDA of $555 million to $615 million (prior view: $535 million-$585 million), representing growth of 30% to 44% over 2023.
The company sees non-GAAP earnings per share of $3.65 to $4.05 versus the $3.73 estimate (prior view: $3.55 to $3.90), representing growth of 32% to 46% over 2023.
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Why Outlook Is Raised
Halozyme Therapeutics is granted a new European patent for ENHANZE Drug Delivery Platform. The new patent is licensed under all of Halozyme’s ENHANZE licenses. It will be validated in 37 European countries and expires on March 6, 2029.
“We are pleased to be able to raise our full year 2024 financial guidance and 5-year financial outlook, which now reflect the original royalty rate for DARZALEX SC in Europe from the granting of this new European patent, which is valid through March 6, 2029,” said Dr. Helen Torley, president and chief executive officer of Halozyme.
Price Action: HALO shares are trading higher by 13.2% to $51.68 at last check Thursday.
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