Halozyme Therapeutics (HALO) FY2022 results: revenue $660 million, up 48.9% on the year

Halozyme Therapeutics, Inc. (HALO) reported revenue of $660 million for fiscal 2022, the year ended 31 December 2022, up 48.9% on the year before. Net income was $202 million, down 49.8%, and diluted earnings per share $1.44. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2023.

Revenue

$660 million

+48.9% on the year

FY2015FY2022

Operating margin

40.5%

62.2% a year earlier

FY2015FY2022

Net income

$202 million

-49.8% on the year

FY2015FY2022

Diluted EPS

$1.44

-47.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	660	443	268	+48.9%
Cost of revenue	139	81.4	43.4	+71.1%
Gross profit	521	362	224	+43.9%
Gross margin	78.9%	81.6%	83.8%
Research and development	66.6	35.7	34.2	+86.7%
Selling, general and administrative	144	50.3	45.7	+185.2%
Operating income	268	276	144	-3.0%
Operating margin	40.5%	62.2%	53.9%
Interest expense	16.9	7.5	20.4	+125.2%
Pre-tax income	249	249	129	+0.2%
Income tax	46.8	-154	0.2
Effective tax rate	18.8%	-62.0%	0.2%
Net income	202	403	129	-49.8%
Net margin	30.6%	90.8%	48.2%
Diluted EPS	$1.44	$2.74	$0.91	-47.4%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	240	299	55.5	-19.8%
Capital expenditure	4.8	1.5	2.5	+230.1%
Free cash flow	235	298	53.0	-21.0%
Free cash flow margin	35.6%	67.2%	19.8%
Cash from investing	-487	-406	78.4
Cash from financing	362	77.9	-106	+365.4%
Depreciation and amortisation	6.5	3.0	3.3	+116.6%
Share-based compensation	24.4	20.8	17.2	+17.2%
Buybacks	200	350	150	-42.9%
Diluted shares, weighted	141m	147m	141m	-4.2%
Shares outstanding at period end	135m	137m	135m	-1.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	170	197	151	-13.8%
Debt	1,506	877	397	+71.8%
Other liabilities	166	30.8	31.6	+437.7%
Total liabilities and equity	1,842	1,104	580	+66.7%
Fixed assets	35.1	6.8	7.3	+416.9%
Goodwill	409	0.0	n/a
Intangible assets	547	0.0	n/a
Investments	129	622	220	-79.3%
Cash and equivalents	234	119	148	+97.3%
Receivables	231	91.0	97.7	+154.0%
Inventory	100	53.9	60.7	+85.7%
Other assets	157	212	46.1	-26.0%
Total assets	1,842	1,104	580	+66.7%

10-K for the year ended 31 December 2022, filed 21 February 2023: the filing.