Halozyme's Q3 Sales Boosted By Darzalex; Lifts FY21 Earnings Outlook

Halozyme Therapeutics Inc HALO reported Q3 revenue of $115.8 million compared to $65.3 million a year ago, beating the consensus of $101.94 million.
The increase is attributable to higher royalty revenue from subcutaneous Darzalex (daratumumab) and increased product sales.
Revenue for the quarter included $58.6 million in royalties, an increase of 145%.
Adjusted EPS of $0.55 came in above the consensus of $0.42.
Q3 results include substantially reversing all of the valuation allowance recorded against the Company's deferred tax assets.
The reversal recognized a non-cash income tax benefit during the quarter of $142.5 million, or $0.97 in diluted EPS.
The operating margin expanded from 61.7% to 65.3%.
Cash, cash equivalents, and marketable securities were $815.9 million.
FY21 Guidance: Halozyme expects revenues of $430 million - $445 million, up from prior guidance of $425 million - $445 million.
Expects adjusted EPS of $1.90 - $2.00, up from $1.85 - $2.00 guided previously.
Forecasts operating income of $265 million - $280 million, up 84% - 94% Y/Y.
Price Action: HALO shares are up 0.46% at $39.67 during the market session on the last check Wednesday.

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