Closed Antares Pharma Acquisition,
Accelerating High Growth Drug Delivery Leadership and Projected to
be Accretive to Revenue for Full Year 2022
Second Quarter Revenue Increased 12% YOY to
$152.4 million, with GAAP Diluted
Earnings per Share of $0.16 and
Non-GAAP Diluted Earnings per Share of $0.53
Record Second Quarter Royalty Revenue
Increased 86% YOY to $85.3
million
Raising 2022 Revenue Guidance to $655 Million to $685
Million, up from $530 Million
to $560 Million, Representing 48%-55%
Growth over Reported 2021
Revenue
SAN
DIEGO, Aug. 9, 2022 /PRNewswire/ -- Halozyme
Therapeutics, Inc. (NASDAQ: HALO) ("Halozyme") today reported its
financial and operating results for the second quarter ended
June 30, 2022 and provided an update
on its full year 2022 financial guidance and recent corporate
activities.
"As we report our strong second quarter results and execute our
plans to continue to deliver sustained high growth, I have never
been more excited about the future and potential of Halozyme. We
see strong ENHANZE momentum with our Wave 2 products DARZALEX SC
and Phesgo and with recent positive Phase III study results for
efgartigimod SC and Tecentriq SC, two of our four Wave 3 launch
products with the potential for launch 2023-2025. As planned, we
project at least six Phase 2 or Phase 3 study starts in 2022," said
Dr. Helen Torley, president and
chief executive officer of Halozyme. "The acquisition of Antares
Pharma enhances our revenue growth and durability, adding a
commercialized, broadly licensable autoinjector platform and two
innovative commercial products in the large and growing
testosterone replacement therapy market."
Recent Partner Highlights:
- In August 2022, Roche announced
that the Phase III IMscin001 study evaluating a subcutaneous (SC)
formulation of Tecentriq® (atezolizumab) with
ENHANZE® met its co-primary endpoints. The study showed
non-inferior levels of Tecentriq® in the blood
(pharmacokinetics), when injected subcutaneously, compared with
intravenous (IV) infusion, in cancer immunotherapy-naïve patients
with advanced or metastatic non-small cell lung cancer for whom
prior platinum therapy has failed. The safety profile of the SC
formulation was consistent with IV Tecentriq®.
- In July 2022, Takeda announced
positive topline results from pivotal Phase 3 trial evaluating
HYQVIA® (Immunoglobulin infusion 10% (Human) with
rHuPH20), for maintenance treatment of chronic inflammatory
demyelinating polyradiculoneuropathy (CIDP).
- In June 2022, Bristol Myers
Squibb nominated an undisclosed target resulting in a $5 million milestone payment.
- In June 2022, ViiV initiated
enrollment of a Phase 1 single dose escalation study in subjects
with HIV to evaluate pharmacokinetics, safety and tolerability of
long-acting cabotegravir administered subcutaneously with
ENHANZE®.
- In June 2022, argenx initiated a
Phase 2 study evaluating efgartigimod with ENHANZE® in
subjects with bullous pemphigoid.
- In May 2022, Chugai initiated a
Phase 1 study to evaluate the pharmacokinetics, pharmacodynamics,
and safety of targeted antibody administered subcutaneously with
ENHANZE®.
- In April 2022, Roche initiated a
Phase 3 study evaluating OCREVUS (ocrelizumab) with
ENHANZE® in subjects with multiple sclerosis.
Recent Corporate Highlights:
- In May 2022, we completed the
acquisition of Antares Pharma, Inc. resulting in an expansion of
our commercial portfolio of proprietary and partnered products and
the potential for future growth through new partnership
agreements.
- In June 2022, we announced the
commercial launch of TLANDO™, an oral treatment indicated for
testosterone replacement therapy in adult males for conditions
associated with a deficiency or absence of endogenous testosterone
(primary or hypogonadotropic hypogonadism). TLANDO™ was approved by
the U.S. Food and Drug Administration (FDA) on March 28, 2022.
- In June 2022, we completed the
$150 million Accelerated Stock
Repurchase that was initiated in December of 2021, resulting in the
total repurchase of 3.9 million shares at an average price of
$38.51 per share.
Second Quarter Financial Highlights
- Revenue for the second quarter was $152.4 million compared to $136.5 million for the second quarter of 2021.
The 12% year-over-year increase was driven by an increase in
royalty revenue primarily attributable to subcutaneous
DARZALEX® (daratumumab) and the addition of product
sales as a result of the Antares Pharma acquisition, partially
offset by a decrease in revenues under collaborative agreements due
to a $40 million upfront payment
associated with entering into the ViiV collaboration in the prior
year period. Revenue for the quarter included $85.3 million in royalties, an increase of 86%
compared to $45.8 million in the
prior year period.
- Cost of sales for the second quarter was $33.9 million, compared to $23.0 million for the second quarter of 2021. The
year-over-year increase was driven by an increase in product sales
as a result of the Antares Pharma acquisition.
- Amortization of intangibles expense in the second quarter was
$11.4 million, an increase from no
expense in the second quarter of 2021 due to the Antares Pharma
acquisition, in which we acquired intangible assets that are
amortized over a useful life related to the auto injector
technology platform, XYOSTED® and TLANDO™.
- Research and development expenses for the second quarter were
$15.5 million, compared to
$8.1 million for the second quarter
of 2021. The increase is primarily due to planned investments in
ENHANZE® and one-time compensation costs related to the
Antares Pharma acquisition.
- Selling, general and administrative expenses for the second
quarter were $57.5 million, compared
to $12.3 million for the second
quarter of 2021. The increase was primarily due to one-time
transaction and compensation costs related to the Antares Pharma
acquisition and an increase in compensation expense related to the
ongoing combined workforce.
- Operating Income in the second quarter of 2022 was $34.1 million, compared to an operating income of
$93.0 million in the second quarter
of 2021.
- Net Income: On a GAAP basis in the second quarter of 2022, net
income was $22.7 million, compared
with net income of $91.5 million in
the second quarter of 2021. Non-GAAP net income was $75.7 million in the second quarter of 2022,
compared with non-GAAP net income of $97.8
million in the second quarter of 2021.1 The
Company notes that 2022 is the first year in which Halozyme will
record income tax expense as part of its income statement.
- Earnings per Share: On a GAAP basis in the second quarter of
2022, diluted earnings per share was $0.16, compared with $0.62 in the second quarter of 2021. On a
non-GAAP basis diluted earnings per share was $0.53, compared with diluted earnings per share
of $0.66 in the second quarter of
2021.1
- Cash, cash equivalents and marketable securities were
$209.4 million on June 30, 2022, compared to $740.9 million on December
31, 2021.
Financial Outlook for 2022
The Company is raising its financial guidance for 2022 which was
last provided on May 10, 2022, as a
result of the recent close of the Antares Pharma transaction and
strong year-to-date results. For the full year 2022, the Company
expects:
- Total revenue of $655 million to
$685 million, an increase from our
prior guidance range of $530 million
to $560 million, representing growth
of 48% to 55% over 2021 total revenue primarily driven by projected
revenue contribution from the Antares business of $115 million to $125
million. The Company expects revenue from royalties to
increase greater than 65% over revenue from royalties in 2021 to
approximately $340 million to
$350 million.
- Operating income of $240 million
to $265 million, a decrease from our
prior guidance range of $350 million
to $380 million, representing a
decline of 4% to 13% over 2021 operating income. Our 2022 guidance
includes one-time transaction costs related to the Antares Pharma
acquisition, including amortization of intangible assets, as well
as an incremental $20 million
operating expense investment to maximize ENHANZE® and to
extend royalty revenue durability.
- GAAP net income of $170 million
to $195 million, a decrease from our
prior guidance range of $270 million
to $295 million; and non-GAAP net
income of $295 million to
$320 million, an increase from our
prior guidance range of $290 million
to $315 million.1 The
Company notes that 2022 will be the first full fiscal year in which
Halozyme will record income tax expense as part of its income
statement.
- GAAP diluted earnings per share of $1.20 to $1.35, a
decrease from our prior guidance of $1.90 to $2.05, due
to acquisition related costs in 2022.
- Non-GAAP diluted earnings per share are expected to be
$2.10 to $2.25, an increase from our prior guidance range
of $2.05 to $2.20,1 reflective of the projected
accretion from the Antares Pharma acquisition.
The Company's earnings per share guidance does not consider the
impact of potential future share repurchases.
Table 1. 2022 Financial Guidance
|
|
Guidance
Range
|
Prior
Range
|
Net Revenue
|
|
$655 to $685
million
|
$530 to $560
million
|
Operating
Income
|
|
$240 to $265
million
|
$350 to $380
million
|
GAAP Net
Income
|
|
$170 to $195
million
|
$270 to $295
million
|
Non-GAAP Net
Income
|
|
$295 to $320
million1
|
$290 to $315
million
|
GAAP Diluted
EPS
|
|
$1.20 to
$1.35
|
$1.90 to
$2.05
|
Non-GAAP Diluted
EPS
|
|
$2.10 to
$2.251
|
$2.05 to
$2.20
|
Webcast and Conference
Call
Halozyme will host its Quarterly Update Conference Call for the
second quarter ended June 30, 2022
today, Tuesday, August 9, 2022 at 4:30
p.m. ET/1:30 p.m. PT. The call
will be webcast live through the "Investors" section of Halozyme's
corporate website and a recording will be made available following
the close of the call. To access the webcast and additional
documents related to the call, please visit the
"Investors" section of www.halozyme.com.
About Halozyme
Halozyme is a biopharmaceutical company bringing disruptive
solutions to significantly improve patient experiences and outcomes
for emerging and established therapies. As the innovators of the
ENHANZE® technology with the proprietary enzyme rHuPH20,
Halozyme's commercially-validated solution is used to facilitate
the delivery of injected drugs and fluids in order to reduce the
treatment burden to patients. Having touched more than 600,000
patient lives in post-marketing use in five commercialized products
across more than 100 global markets, Halozyme has licensed its
ENHANZE® technology to leading pharmaceutical and
biotechnology companies including Roche, Baxalta, Pfizer, AbbVie,
Eli Lilly, Bristol-Myers Squibb, Alexion, argenx, Horizon
Therapeutics, ViiV Healthcare and Chugai Pharmaceutical.
Halozyme also develops, manufactures and commercializes, for
itself or with partners, drug-device combination products using its
advanced auto-injector technology that are designed to provide
commercial or functional advantages such as improved convenience
and tolerability, and enhanced patient comfort and adherence. The
Company has a commercial portfolio of proprietary products
including XYOSTED®, TLANDO™ and NOCDURNA® and
partnered commercial products and ongoing product development
programs with industry leading pharmaceutical companies including
Teva Pharmaceutical, Covis Pharma, Pfizer and Idorsia
Pharmaceuticals.
Halozyme is headquartered in San
Diego, CA and has offices in Ewing, NJ and Minnetonka, MN. Minnetonka is also the site of its operations
facility.
For more information visit www.halozyme.com and connect with us
on LinkedIn and Twitter.
Note Regarding Use of Non-GAAP
Financial Measures
In addition to disclosing financial measures prepared in
accordance with U.S. generally accepted accounting principles
(GAAP), this press release and the accompanying tables contain
certain Non-GAAP financial measures. The Company reports Non-GAAP
net income and Non-GAAP diluted earnings per share in addition to,
and not as a substitute for, or superior to, financial measures
calculated in accordance with GAAP. The Company calculates Non-GAAP
net income and Non-GAAP diluted earnings per share excluding
share-based compensation expense, amortization of debt discount,
debt extinguishment expense and certain adjustments to income tax
expense. Reconciliations between GAAP and Non-GAAP financial
measures are included at the end of this press release. The
Company evaluates other items of income and expense on an
individual basis and considers both the quantitative and
qualitative aspects of the item, including (i) its size and nature,
(ii) whether or not it relates to the Company's ongoing business
operations and (iii) whether or not the Company expects it to occur
as part of Halozyme's normal business on a regular basis. Non-GAAP
financial measures do not have any standardized meaning and are
therefore unlikely to be comparable to similarly titled measures
presented by other companies. These Non-GAAP financial measures are
not meant to be considered in isolation and should be read in
conjunction with the Company's consolidated financial statements
prepared in accordance with GAAP; and are not prepared under any
comprehensive set of accounting rules or principles. In addition,
from time to time in the future there may be other items that the
Company may exclude for purposes of its Non-GAAP financial
measures; and the Company may in the future cease to exclude items
that it has historically excluded for purposes of its Non-GAAP
financial measures. Halozyme considers these Non-GAAP financial
measures to be important because they provide useful measures of
the operating performance of the Company, exclusive of factors that
do not directly affect what the Company considers to be its core
operating performance, as well as unusual events. The Non-GAAP
measures also allow investors and analysts to make additional
comparisons of the operating activities of the Company's core
business over time and with respect to other companies, as well as
assessing trends and future expectations. The Company uses Non-GAAP
financial information in assessing what it believes is a meaningful
and comparable set of financial performance measures to evaluate
operating trends, as well as in establishing portions of our
performance-based incentive compensation programs.
Safe Harbor Statement
In addition to historical information, the statements set forth
in this press release include forward-looking statements including,
without limitation, statements concerning the Company's expected
future financial performance (including the Company's financial
outlook for 2022) and expectations for future growth,
profitability, total revenue and royalty revenue, net and operating
income and earnings-per-share and to repurchase shares under its
share repurchase program. Forward-looking statements regarding the
Company's ENHANZE® drug delivery technology may include
the possible benefits and attributes of ENHANZE®, its
potential application to aid in the dispersion and absorption of
other injected therapeutic drugs and facilitating more rapid
delivery and administration of larger volumes of injectable
medications through subcutaneous delivery. Forward-looking
statements regarding the Company's business may include potential
growth and receipt of royalty and milestone payments driven by our
partners' development and commercialization efforts, potential new
clinical trial study starts and product launches, the size and
growth prospects of our partners' drug franchises, potential new
collaborations and collaborative targets and regulatory review and
potential approvals of new partnered or proprietary products and
the Company's plans to develop new formulations of its API for
longer intellectual property protection. These 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 and involve risk and uncertainties that could cause
actual results to differ materially from those in the
forward-looking statements. Actual results could differ materially
from the expectations contained in these forward-looking statements
as a result of several factors, including unexpected levels of
revenues, expenditures and costs, unexpected delays in the
execution of the Company's share repurchase program, risks
associated with executing the Antares acquisition, such as the risk
that the businesses will not be integrated successfully, that such
integration may be more difficult, time-consuming or costly than
expected or that the expected benefits of the proposed acquisition
will not be realized, unexpected results or delays in the growth of
the Company's business, or in the development, regulatory review or
commercialization of new formulations of the Company's API or its
partnered or proprietary products, including any potential delays
caused by the current COVID-19 global pandemic, regulatory approval
requirements, unexpected adverse events or patient outcomes and
competitive conditions. These and other factors that may result in
differences are discussed in greater detail in the Company's most
recently filed Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q filed with the Securities and Exchange Commission.
Contacts:
Tram Bui
VP, Investor Relations and Corporate Communications
609-359-3016
tbui@antarespharma.com
Dawn Schottlandt / Claudia Styslinger
Argot Partners
212-600-1902
Halozyme@argotpartners.com
Footnotes:
1. Reconciliations between GAAP reported
and non-GAAP financial information and adjusted guidance measures
are provided at the end.
Halozyme
Therapeutics, Inc
Condensed
Consolidated Statements of Operations
(Unaudited)
(In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenues:
|
|
|
|
|
|
|
|
|
Royalties
|
|
$
85,340
|
|
$
45,778
|
|
$
154,945
|
|
$
82,701
|
Product sales,
net
|
|
46,300
|
|
30,360
|
|
68,440
|
|
52,126
|
Revenues under
collaborative agreements
|
|
20,725
|
|
60,317
|
|
46,259
|
|
90,650
|
Total
revenues
|
|
152,365
|
|
136,455
|
|
269,644
|
|
225,477
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
33,943
|
|
23,018
|
|
49,865
|
|
41,237
|
Amortization of
intangibles
|
|
11,403
|
|
—
|
|
11,403
|
|
|
Research and
development
|
|
15,483
|
|
8,069
|
|
27,336
|
|
17,078
|
Selling, general and
administrative
|
|
57,476
|
|
12,321
|
|
71,310
|
|
23,380
|
Total operating
expenses
|
|
118,305
|
|
43,408
|
|
159,914
|
|
81,695
|
Operating
income
|
|
34,060
|
|
93,047
|
|
109,730
|
|
143,782
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Investment and other
(expense) income, net
|
|
(945)
|
|
221
|
|
(447)
|
|
497
|
Inducement expense
related to convertible note
|
|
—
|
|
—
|
|
—
|
|
(20,960)
|
Interest
expense
|
|
(3,104)
|
|
(1,752)
|
|
(4,863)
|
|
(3,717)
|
Net income before
income taxes
|
|
30,011
|
|
91,516
|
|
104,420
|
|
119,602
|
Income tax
expense
|
|
7,326
|
|
58
|
|
21,627
|
|
249
|
Net income
|
|
$
22,685
|
|
$
91,458
|
|
$ 82,793
|
|
$ 119,353
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.16
|
|
$
0.64
|
|
$
0.60
|
|
$
0.85
|
Diluted
|
|
$
0.16
|
|
$
0.62
|
|
$
0.58
|
|
$
0.81
|
|
|
|
|
|
|
|
|
|
Shares used in
computing net income per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
137,937
|
|
142,487
|
|
137,798
|
|
140,201
|
Diluted
|
|
142,216
|
|
147,624
|
|
141,795
|
|
148,096
|
Halozyme
Therapeutics, Inc
Condensed
Consolidated Balance Sheets
(Unaudited)
(In
thousands)
|
|
|
|
June 30,
2022
|
|
December 31,
2021
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
90,932
|
|
$
118,719
|
Marketable securities,
available-for-sale
|
|
118,428
|
|
622,203
|
Accounts receivable,
net and contract assets
|
|
189,368
|
|
90,975
|
Inventories,
net
|
|
97,615
|
|
53,908
|
Prepaid expenses and
other current assets
|
|
45,595
|
|
40,482
|
Total current
assets
|
|
541,938
|
|
926,287
|
Property and equipment,
net
|
|
37,091
|
|
8,794
|
Prepaid expenses and
other assets
|
|
26,283
|
|
13,414
|
Goodwill
|
|
199,481
|
|
—
|
Intangible assets,
net
|
|
976,097
|
|
—
|
Deferred tax assets,
net
|
|
—
|
|
155,434
|
Restricted
cash
|
|
500
|
|
500
|
Total
assets
|
|
$ 1,781,390
|
|
$
1,104,429
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
12,232
|
|
$
1,541
|
Accrued
expenses
|
|
84,101
|
|
24,441
|
Deferred revenue,
current portion
|
|
4,131
|
|
1,746
|
Current portion of
long-term debt, net
|
|
99,048
|
|
89,419
|
Total current
liabilities
|
|
199,512
|
|
117,147
|
|
|
|
|
|
Deferred revenue, net
of current portion
|
|
2,739
|
|
2,530
|
Long-term debt,
net
|
|
1,147,129
|
|
787,255
|
Other long-term
liabilities
|
|
5,551
|
|
544
|
Deferred tax
liabilities, net
|
|
3,288
|
|
—
|
Contingent
liability
|
|
130,000
|
|
—
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Common
stock
|
|
138
|
|
138
|
Additional paid-in
capital
|
|
271,169
|
|
256,347
|
Accumulated other
comprehensive loss
|
|
(2,017)
|
|
(620)
|
Retained earnings
(accumulated deficit)
|
|
23,881
|
|
(58,912)
|
Total stockholders'
equity
|
|
293,171
|
|
196,953
|
Total liabilities and
stockholders' equity
|
|
$ 1,781,390
|
|
$
1,104,429
|
Halozyme
Therapeutics, Inc.
GAAP to Non-GAAP
Reconciliations
Net Income and
Diluted EPS
(Unaudited)
(In thousands,
except per share amounts)
|
|
|
|
|
|
Three Months
Ended
June
30,
|
|
|
2022
|
|
2021
|
GAAP Net
Income
|
|
$
22,685
|
|
$
91,458
|
Adjustments:
|
|
|
|
|
Share-based
compensation
|
|
5,635
|
|
5,372
|
Amortization of debt
discount
|
|
1,112
|
|
965
|
Amortization of
intangible assets
|
|
11,403
|
|
—
|
Transaction costs for
business combinations(1)
|
|
18,593
|
|
—
|
Severance and
share-based compensation acceleration
expense(2)
|
|
22,552
|
|
—
|
Amortization of
inventory step-up at fair value(3)
|
|
4,454
|
|
—
|
Realized loss from
marketable securities(4)
|
|
1,727
|
|
—
|
Income tax effect of
above adjustments(5)
|
|
(12,432)
|
|
(4)
|
Non-GAAP Net
Income
|
|
$
75,729
|
|
$
97,791
|
|
|
|
|
|
GAAP Diluted
EPS
|
|
$
0.16
|
|
$
0.62
|
Adjustments:
|
|
|
|
|
Share-based
compensation
|
|
0.04
|
|
0.04
|
Amortization of debt
discount
|
|
0.01
|
|
0.01
|
Amortization of
intangible assets
|
|
0.08
|
|
—
|
Transaction costs for
business combinations(1)
|
|
0.13
|
|
—
|
Severance and
share-based compensation acceleration
expense(2)
|
|
0.16
|
|
—
|
Amortization of
inventory step-up at fair value(3)
|
|
0.03
|
|
—
|
Realized loss from
marketable securities(4)
|
|
0.01
|
|
—
|
Income tax effect of
above adjustments(5)
|
|
(0.09)
|
|
—
|
Non-GAAP Diluted
EPS
|
|
$
0.53
|
|
$
0.66
|
|
|
|
|
|
GAAP & Non-GAAP
Diluted Shares
|
|
142,216
|
|
147,624
|
|
|
|
|
|
Dollar amounts, as
presented, are rounded. Consequently, totals may not add
up.
|
(1)
|
Amount represents
incremental costs including legal fees, accounting fees and
advisory fees incurred for the Antares acquisition.
|
(2)
|
Amount represents
severance cost and acceleration of unvested equity awards as part
of the Antares merger agreement.
|
(3)
|
Amount related to
amortization of the inventory step-up associated with purchase
accounting for the Antares acquisition.
|
(4)
|
Amount represents
realized loss from the sale of our marketable securities to finance
the acquisition of Antares.
|
(5)
|
Estimated income tax
effect of the Non-GAAP reconciling items are calculated using
applicable statutory tax rates, taking into consideration of any
valuation allowance.
|
Halozyme
Therapeutics, Inc
GAAP to Non-GAAP
Reconciliations
Net Income and
Diluted EPS 2022 Guidance
(Unaudited)
(In millions, except
per share amounts)
|
|
|
|
2022
|
|
2021
|
GAAP Net
Income
|
|
$
170 - 195
|
|
$
402.7
|
Adjustments:
|
|
|
|
|
Inducement expense
related to convertible notes
|
|
—
|
|
21.0
|
Share-based
compensation
|
|
24 - 25
|
|
20.8
|
Amortization of debt
discount
|
|
5 - 5
|
|
3.9
|
Amortization of
intangible assets
|
|
65 - 65
|
|
—
|
Transaction costs for
business combinations
|
|
21 - 21
|
|
—
|
Severance and
share-based compensation acceleration expense
|
|
23 - 23
|
|
—
|
Amortization of
inventory step-up at fair value
|
|
16 - 16
|
|
—
|
Realized loss from
marketable securities
|
|
2 - 2
|
|
|
Income tax
benefit
|
|
—
|
|
(154.2)
|
Income tax effect of
above adjustments
|
|
(31) - (32)
|
|
(0.1)
|
Non-GAAP Net
Income
|
|
$
295 -320
|
|
$
294.1
|
|
|
|
|
|
GAAP Diluted
EPS
|
|
$
1.20 - 1.35
|
|
$
2.74
|
Adjustments:
|
|
|
|
|
Inducement expense
related to convertible notes
|
|
—
|
|
0.14
|
Share-based
compensation
|
|
0.17 - 0.18
|
|
0.14
|
Amortization of debt
discount
|
|
0.04 - 0.04
|
|
0.03
|
Amortization of
intangibles
|
|
0.46 - 0.46
|
|
—
|
Transaction costs for
business combinations
|
|
0.15 - 0.15
|
|
—
|
Severance and
share-based compensation acceleration expense
|
|
0.16 - 0.16
|
|
—
|
Amortization of
inventory step-up at fair value
|
|
0.11 - 0.11
|
|
—
|
Realized loss from
marketable securities
|
|
0.01 - 0.01
|
|
—
|
Income tax
benefit
|
|
—
|
|
(1.05)
|
Income tax effect of
above adjustments
|
|
(0.22) -
(0.22)
|
|
—
|
Non-GAAP Diluted
EPS
|
|
$
2.10 - 2.25
|
|
$
2.00
|
|
|
|
|
|
GAAP & Non-GAAP
Diluted Shares
|
|
141.5 -
142.5
|
|
146.8
|
|
|
|
|
|
Dollar amounts, as
presented, are rounded. Consequently, totals may not add
up.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/halozyme-reports-second-quarter-2022-financial-and-operating-results-301602772.html
SOURCE Halozyme Therapeutics, Inc.