HALOZYME REPORTS THIRD QUARTER 2018 FINANCIAL RESULTS
- ENHANZE® Licensed to Roche for up to Three Additional Targets, Includes $25 Million Upfront Payment, Plus the Potential for Future Milestone and Royalty Payments -
- 2018 Guidance Raised for Net Revenue and Year End Cash Balance, and Reduced for Operating Expenses and Cash Burn -
- Revenue of $25.6 Million Includes a 9% Increase in Royalty Revenue on a Reported Basis -
- Management to Host Webcast/Conference Call Today at 4:30 p.m. ET/1:30 p.m. PT -
SAN DIEGO, November 6, 2018 - Halozyme Therapeutics, Inc. (NASDAQ: HALO), a biotechnology company developing novel oncology and drug-delivery therapies, today reported financial results for the third quarter ended September 30, 2018 and provided an update on recent corporate activities.
"The expanded agreement we have signed with Roche, covering up to three new targets, speaks to the compelling and ongoing value proposition of our ENHANZE technology,” said Dr. Helen Torley, president and chief executive officer. “The overall progress we made recently with the initiation of two Phase 1 trials combining ENHANZE with Alexion’s ALXN1210 and Bristol-Myers Squibb’s BMS-986179, an investigational anti-CD-73 antibody, reinforces our confidence in the potential for $1 billion in royalty revenue in 2027 and for up to $1 billion in cumulative lifetime milestone payments associated with our partners’ programs.”
“Turning to our second potential growth engine, PEGPH20, we continue to make good progress with our pivotal HALO-301 pancreas cancer study and in our exploration of the pan tumor potential of PEGPH20. We are pleased to have moved into the randomization phase of our study in patients with cholangiocarcinoma and gall bladder cancer in August. Interest is high, with enrollment progressing very well in the randomization phase to date.”
Third Quarter 2018 and Recent Highlights Include:
Halozyme licensed its ENHANZE drug-delivery technology to Roche for exclusive development of a new undisclosed clinical stage therapeutic target, with an option for Roche to select two additional targets within four years. Halozyme will receive an initial payment of $25 million, which will be recognized as revenue in the fourth quarter, with the potential to earn additional payments of up to $160 million to $165 million per target, subject to the
The following information was filed by Halozyme Therapeutics Inc (HALO) on Tuesday, November 6, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Form Type: 10-Q Quarterly Report Accession Number: 0001159036-18-000043 Submitted to the SEC: Tue Nov 06 2018 11:14:56 AM EST Accepted by the SEC: Tue Nov 06 2018 Period: Sunday, September 30, 2018 Industry: Biological Products No Disgnostic Substances