Halozyme Achieves Record Revenue in 2024, Surpassing Financial Expectations

Halozyme Reports Record Revenue for 2024

Halozyme Therapeutics, Inc. has announced impressive financial results for the full year 2024, closing with a record revenue of $1.015 billion. This milestone is particularly significant as it not only demonstrates the company's robust growth trajectory but also indicates a strong market position, exceeding its financial guidance for royalty revenue, adjusted EBITDA, and non-GAAP diluted earnings per share (EPS).

In detail, fourth-quarter revenue surged by 30% year-over-year, reaching $298 million, while royalty revenue saw an even more remarkable increase of 40%, totaling $170 million. The net income for the quarter jumped by an astounding 60%, amounting to $137 million. Adjusted EBITDA also showed healthy growth, rising by 61% to $196 million compared to the same period in 2023. The GAAP EPS increased by 63% to $1.06, while the non-GAAP EPS grew by 54% to $1.26, both reflecting Halozyme's strong operational performance.

The total revenue for 2024 includes a notable 22% year-over-year growth from $829 million in 2023. This increase was primarily driven by a surge in royalty revenues, which rose 27% to $571 million. Furthermore, the company reported a 58% increase in net income for the full year, amounting to $444 million, leading to a robust financial foundation going into 2025.

Dr. Helen Torley, the company's President and CEO, expressed enthusiasm about the impressive growth momentum. She highlighted that reaching over $1 billion in total revenue and servicing over a million patients with the ENHANZE drug delivery technology are crucial milestones for Halozyme. The revenue growth was significantly influenced by three key products: DARZALEX SC, Phesgo, and VYVGART Hytrulo, which have seen increasing adoption within the healthcare market.

Halozyme's leadership in rapid subcutaneous drug delivery was bolstered by the successful regulatory approvals for four ENHANZE-related products in both the U.S. and EU in 2024. This includes VYVGART Hytrulo's approval for chronic inflammatory demyelinating polyneuropathy (CIDP) and product extensions for TECENTRIQ, OCREVUS, and OPDIVO, which position Halozyme favorably for sustainable growth beyond 2025.

In terms of financial projections, Halozyme has reiterated its guidance for 2025, expecting total revenue to be between $1.15 billion and $1.225 billion—a year-over-year growth of approximately 13% to 21%. The company also anticipates adjusted EBITDA of $755 million to $805 million and a non-GAAP diluted EPS ranging from $4.95 to $5.35, representing growth between 17% and 26% compared to 2024.

During the fourth quarter, Halozyme's strategy involved initiating an Accelerated Share Repurchase agreement to reacquire $250 million worth of its common stock, demonstrating its commitment to enhancing shareholder value.

As part of its corporate updates, Halozyme reported on various partnerships that have yielded positive outcomes. Notable mentions include strategic advancements for the RYBREVANT combination therapy in Europe and successful approvals for OPDIVO and VYVDURA in different jurisdictions.

Moving forward, the company remains dedicated to further innovating and expanding its drug delivery technologies. The confidence exhibited in its 2025 financial guidance underscores the company’s optimistic outlook for continued robust growth, especially with the expanding reach of its proprietary technologies.

In summary, Halozyme has demonstrated resilience and impressive growth in 2024, setting a strong precedent for the upcoming year. With multiple ongoing initiatives and a robust pipeline in place, Halozyme is well-positioned to capitalize on its current momentum and deliver significant value to its stakeholders.