Halozyme Therapeutics (HALO) FY2021 results: revenue $443 million, up 65.7% on the year

Halozyme Therapeutics, Inc. (HALO) reported revenue of $443 million for fiscal 2021, the year ended 31 December 2021, up 65.7% on the year before. Net income was $403 million, up 212.0%, and diluted earnings per share $2.74. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2022.

Revenue

$443 million

+65.7% on the year

FY2014FY2021

Operating margin

62.2%

53.9% a year earlier

FY2014FY2021

Net income

$403 million

+212.0% on the year

FY2014FY2021

Diluted EPS

$2.74

+201.1% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	443	268	196	+65.7%
Cost of revenue	81.4	43.4	45.5	+87.7%
Gross profit	362	224	150	+61.4%
Gross margin	81.6%	83.8%	76.8%
Research and development	35.7	34.2	141	+4.2%
Selling, general and administrative	50.3	45.7	77.3	+10.0%
Operating income	276	144	-67.6	+91.3%
Operating margin	62.2%	53.9%	-34.5%
Interest expense	7.5	20.4	11.6	-63.1%
Pre-tax income	249	129	-72.3	+92.2%
Income tax	-154	0.2	-0.0
Effective tax rate	-62.0%	0.2%	n/a
Net income	403	129	-72.2	+212.0%
Net margin	90.8%	48.2%	-36.9%
Diluted EPS	$2.74	$0.91	-$0.50	+201.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	299	55.5	-85.4	+440.0%
Capital expenditure	1.5	2.5	4.0	-41.8%
Free cash flow	298	53.0	-89.5	+462.8%
Free cash flow margin	67.2%	19.8%	-45.6%
Cash from investing	-406	78.4	-5.5
Cash from financing	77.9	-106	153
Depreciation and amortisation	3.0	3.3	4.1	-8.7%
Share-based compensation	20.8	17.2	34.8	+21.0%
Buybacks	350	150	200	+133.2%
Diluted shares, weighted	147m	141m	144m	+3.8%
Shares outstanding at period end	137m	135m	137m	+1.8%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	197	151	91.8	+30.4%
Debt	877	397	403	+120.7%
Other liabilities	30.8	31.6	71.5	-2.7%
Total liabilities and equity	1,104	580	566	+90.4%
Fixed assets	6.8	7.3	10.9	-6.9%
Goodwill	0.0	n/a	n/a
Intangible assets	0.0	n/a	n/a
Investments	622	220	301	+182.4%
Cash and equivalents	119	148	120	-19.6%
Receivables	91.0	97.7	59.4	-6.9%
Inventory	53.9	60.7	29.4	-11.3%
Other assets	212	46.1	45.0	+359.1%
Total assets	1,104	580	566	+90.4%

10-K for the year ended 31 December 2021, filed 22 February 2022: the filing.