Company Granted New European Patent for ENHANZE® Drug Delivery Platform
SAN DIEGO, June 6, 2024 /PRNewswire/ — Halozyme Therapeutics, Inc. (NASDAQ:HALO) (“Halozyme”) today announced that the Company is raising its full year 2024 financial guidance and updating its 5-year financial outlook based on the grant of European Patent No. 4269578, covering the ENHANZE® rHuPH20 product obtained from Halozyme’s ENHANZE® manufacturing methods that the Company provides to its current and future licensees. The new patent is licensed under all of Halozyme’s ENHANZE® licenses. It will be validated in 37 European countries and expires on March 6, 2029.
“We are pleased to be able to raise our full year 2024 financial guidance and 5-year financial outlook, which now reflect the original royalty rate for DARZALEX SC in Europe from the granting of this new European patent, which is valid through March 6, 2029,” said Dr. Helen Torley, president and chief executive officer of Halozyme.
Under the terms of Halozyme’s ENHANZE® license with Janssen, the newly granted patent prevents the reduction in the royalty rate on sales of DARZALEX® SC in the European countries where it is validated until the patent expires. The new patent is not expected to have any impact to royalties under other ENHANZE® licenses with an issued or pending collaboration patent, as current royalty rates for these licenses already are expected to extend beyond expiration of the new patent.
Based on the new European patent for ENHANZE®, the Company is raising its full year 2024 financial guidance and updating its 5-year financial outlook during its investor presentation.
For the full year 2024, the Company expects:
Total revenue of $935 million to $1,015 million, representing growth of 13% to 22% over 2023, primarily driven by increases in royalty revenue, collaboration revenue and growth in product sales from XYOSTED®.
Revenue from royalties of $520 million to $555 million, representing growth of 16% to 24% over 2023.
Adjusted EBITDA of $555 million to $615 million, representing growth of 30% to 44% over 2023.
Non-GAAP diluted earnings per share of $3.65 to $4.05, representing growth of 32% to 46% over 2023. The Company’s earnings per share guidance does not consider the impact of potential future share repurchases.
2024 Financial Guidance
Updated Guidance Range
Previous Guidance Range
Total Revenue
$935 to $1,015 million
$915 to $985 million
Royalty Revenue
$520 to $555 million
$500 to $525 million