Q2 2024 Halozyme Therapeutics Inc Earnings Call Transcript
Key Points
- Total revenue in the second quarter grew to $231 million, supporting full-year growth expectations of 13% to 22%.
- Royalty revenue increased by 12% from the prior year, marking the 16th consecutive quarter of double-digit year-on-year growth.
- High-margin royalty revenue and efficient operations drove EBITDA growth of 19% to $137 million.
- New patent granted by the European Patent Office extends patent coverage to March 2029, positively impacting growth projections.
- Multiple new product approvals and regulatory advancements, including approvals in neurology and autoimmune diseases, support robust royalty revenue growth.
- Temporary reduction in royalty rate for Darzalex SC in Europe impacted second-quarter royalty revenue.
- Product sales and collaboration revenue in the third quarter are expected to be flat due to the pull-forward of API sales and milestone achievements.
- Uncertainty around the exact timing of new partnership deals due to varying internal processes of potential partners.
- No immediate plans for at-home administration of Ocrevus subcutaneous, which may limit convenience for patients.
- The exclusion of maintenance usage in the recent Darzalex label expansion could impact the long-term outlook for the franchise.
Good afternoon. My name is Brianna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Halozyme second quarter 2024 financial and operating results conference call. (Operator Instructions) Please note this event is being recorded.
Thank you. I'll now turn the call over to Tram Bui, Halozyme's, Vice President of Investor Relations and Corporate Communications. Please go ahead.
Thank you, operator. Good afternoon, and welcome to our second-quarter 2024 financial and operating results conference call. In addition to the press release issued today, after the market closed, you can find a supplementary slide presentation that will be referenced during today's call in the Investor Relations section of our website.
Leading the call will be Dr. Helen Torley, Halozyme's President and Chief Executive Officer, who will provide an update on our business and Nicole LaBrosse, our Chief Financial Officer,
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