SAN DIEGO, Sept. 14, 2017 /PRNewswire/ -- Halozyme
Therapeutics, Inc. (NASDAQ: HALO), a biotechnology company
developing novel oncology and drug-delivery therapies, today raised
financial guidance for 2017 following the announcement of two new
licensing agreements for its ENHANZE® drug-delivery
technology.
Pending customary anti-trust review of its agreement with
Bristol-Myers Squibb, Halozyme now expects 2017 financial results
of:
- Net revenue of $245 million to $260
million, an increase of $130
million from the prior range of $115
million to $130 million, reflecting the portion of upfront
payments from the new agreements expected to be recorded as revenue
in 2017;
- Operating expenses of $240 million to
$250 million, unchanged from prior guidance;
- Positive operating cash flow of $50
million to $60 million, an increase from the prior operating
cash burn range of $75 million to $85
million; and
- Year-end cash balance of $380 million to
$395 million, an increase of $135
million from the prior range of $245
million to $260 million, reflecting the total cash expected
to be received as upfront payments from the new agreements.
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,
investigational drug 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 and Bristol-Myers Squibb 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 2017 and expected financial outlook for
2017) 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 results or delays in receipt of
Hart-Scott-Rodino clearance, unexpected adverse events and
competitive conditions, unexpected expenditures and costs,
unexpected fluctuations or changes in revenues, including revenues
from collaborators, 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 8,
2017.
Contacts:
Jim Mazzola
858-704-8122
ir@halozyme.com
Chris Burton
858-704-8352
ir@halozyme.com
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SOURCE Halozyme Therapeutics, Inc.