Halozyme Therapeutics (HALO) FY2023 results: revenue $829 million, up 25.6% on the year

Halozyme Therapeutics, Inc. (HALO) reported revenue of $829 million for fiscal 2023, the year ended 31 December 2023, up 25.6% on the year before. Net income was $282 million, up 39.3%, and diluted earnings per share $2.10. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue

$829 million

+25.6% on the year

FY2016FY2023

Operating margin

40.7%

40.5% a year earlier

FY2016FY2023

Net income

$282 million

+39.3% on the year

FY2016FY2023

Diluted EPS

$2.10

+45.8% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	829	660	443	+25.6%
Cost of revenue	192	139	81.4	+38.1%
Gross profit	637	521	362	+22.3%
Gross margin	76.8%	78.9%	81.6%
Research and development	76.4	66.6	35.7	+14.6%
Selling, general and administrative	149	144	50.3	+3.9%
Operating income	338	268	276	+26.2%
Operating margin	40.7%	40.5%	62.2%
Interest expense	18.8	16.9	7.5	+10.7%
Pre-tax income	348	249	249	+39.9%
Income tax	66.7	46.8	-154	+42.6%
Effective tax rate	19.2%	18.8%	-62.0%
Net income	282	202	403	+39.3%
Net margin	34.0%	30.6%	90.8%
Diluted EPS	$2.10	$1.44	$2.74	+45.8%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	389	240	299	+61.8%
Capital expenditure	15.3	4.8	1.5	+218.0%
Free cash flow	373	235	298	+58.6%
Free cash flow margin	45.0%	35.6%	67.2%
Cash from investing	-96.9	-487	-406
Cash from financing	-408	362	77.9
Depreciation and amortisation	11.1	6.5	3.0	+70.7%
Share-based compensation	36.6	24.4	20.8	+50.1%
Buybacks	402	200	350	+101.2%
Diluted shares, weighted	134m	141m	147m	-4.6%
Shares outstanding at period end	127m	135m	137m	-6.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	83.8	170	197	-50.6%
Debt	1,499	1,506	877	-0.5%
Other liabilities	150	166	30.8	-9.3%
Total liabilities and equity	1,733	1,842	1,104	-5.9%
Fixed assets	38.1	35.1	6.8	+8.6%
Goodwill	417	409	0.0	+1.9%
Intangible assets	473	547	0.0	-13.5%
Investments	n/a	129	622
Securities held for sale or to maturity	218	n/a	n/a
Cash and equivalents	118	234	119	-49.5%
Receivables	233	231	91.0	+0.9%
Inventory	128	100	53.9	+27.4%
Other assets	109	157	212	-30.7%
Total assets	1,733	1,842	1,104	-5.9%

10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.