Halozyme Therapeutics (HALO) Q1 FY2024 earnings: revenue $196 million, up 20.8% on the year

Halozyme Therapeutics, Inc. (HALO) reported revenue of $196 million for Q1 FY2024, the quarter ended 31 March 2024, up 20.8% on the same quarter a year earlier. Net income was $77 million, up 93.9% on the year, and diluted earnings per share $0.60. The figures are the company's own, from the 10-Q it filed with the SEC on 7 May 2024.

Revenue$196 millionup 20.8%

Net income$77 millionup 93.9%

Diluted EPS$0.60

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	196	230	n/a	n/a
Cost of revenue	28.3	52.3	n/a	n/a
Gross profit	168	178	n/a	n/a
Gross margin	85.5%	77.3%	n/a
Research and development	19.1	21.3	n/a	n/a
Selling, general and administrative	35.1	37.6	n/a	n/a
Operating income	95.5	101	n/a	n/a
Operating margin	48.8%	43.9%	n/a
Interest expense	4.5	5.2	n/a	n/a
Pre-tax income	96.0	101	n/a	n/a
Income tax	19.2	15.8	n/a	n/a
Effective tax rate	20.0%	15.6%	n/a
Net income	76.8	85.4	n/a	n/a
Net margin	39.2%	37.1%	n/a
Diluted EPS	$0.60	$0.65	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	129	102	n/a	n/a
Capital expenditure	3.5	2.6	n/a	n/a
Free cash flow	126	99.8	n/a	n/a
Free cash flow margin	64.3%	43.4%	n/a
Cash from investing	-82.7	-8.3	n/a	n/a
Cash from financing	-0.5	-250	n/a	n/a
Depreciation and amortisation	2.4	3.0	n/a	n/a
Share-based compensation	9.9	9.7	n/a	n/a
Buybacks	0.0	252	n/a	n/a
Diluted shares, weighted	129m	131m	n/a	n/a
Shares outstanding at period end	127m	127m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	178	83.8	n/a	n/a
Debt	1,501	1,499	n/a	n/a
Other liabilities	163	150	n/a	n/a
Total liabilities and equity	1,842	1,733	n/a	n/a
Fixed assets	41.9	38.1	n/a	n/a
Goodwill	417	417	n/a	n/a
Intangible assets	455	473	n/a	n/a
Securities held for sale or to maturity	299	218	n/a	n/a
Cash and equivalents	165	118	n/a	n/a
Receivables	185	233	n/a	n/a
Inventory	169	128	n/a	n/a
Other assets	110	109	n/a	n/a
Total assets	1,842	1,733	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	216	230	196	231	290	298	265	326	354	452	377	481
Cost of revenue	54.8	52.3	28.3	39.6	49.4	42.1	48.4	46.4	55.2	78.8	79.2	79.2
Gross profit	161	178	168	192	241	256	216	279	299	373	297	402
Gross margin	75%	77%	86%	83%	83%	86%	82%	86%	84%	83%	79%	84%
R&D	17.3	21.3	19.1	21.0	18.5	20.4	14.8	17.5	17.3	31.9	25.6	27.7
SG&A	35.3	37.6	35.1	35.7	41.2	42.2	42.4	41.6	46.1	77.0	57.9	57.0
Operating income	88.3	101	95.5	117	163	176	142	202	218	-92.9	185	288
Operating margin	41%	44%	49%	51%	56%	59%	53%	62%	62%	-21%	49%	60%
Interest expense	4.5	5.2	4.5	4.5	4.5	4.5	4.5	4.4	4.3	4.9	5.5	5.6
Pre-tax income	102	101	96.0	118	165	178	144	205	219	-101	180	285
Tax rate	20%	16%	20%	21%	17%	23%	18%	19%	20%	n/a	17%	19%
Net income	81.8	85.4	76.8	93.2	137	137	118	165	175	-142	150	230
Net margin	38%	37%	39%	40%	47%	46%	45%	51%	49%	-31%	40%	48%
Diluted EPS	$0.61	$0.65	$0.60	$0.72	$1.05	$1.06	$0.93	$1.33	$1.43	-$1.20	$1.22	$1.90
Operating cash flow	132	102	129	55.8	115	178	154	99.7	179	219	180	241
Capital expenditure	2.9	2.6	3.5	2.6	1.5	3.1	0.9	1.6	3.0	1.4	3.7	4.2
Free cash flow	129	99.8	126	53.2	114	175	153	98.1	176	218	176	237
Buybacks	0.0	252	0.0	0.0	0.0	250	n/a	n/a	38.9	n/a	n/a	n/a
Shares outstanding	132m	127m	127m	127m	127m	123m	123m	118m	118m	118m	119m	114m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 7 May 2024, accession 0001159036-24-000037: the filing on EDGAR. All of Halozyme Therapeutics, Inc.'s filings: EDGAR company page.

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