Halozyme Therapeutics Reports 22% Revenue Growth to $1.015 Billion in 2024

Halozyme Therapeutics, Inc. reported significant financial growth in its latest 10-K filing for the fiscal year ending December 31, 2024. The company achieved total revenues of $1.015 billion, a 22% increase from $829.3 million in 2023. This growth was primarily driven by a 27% rise in royalty revenues, which reached $571 million, largely due to increased sales of partnered products such as Janssen's DARZALEX SC and Roche's Phesgo. Product sales also saw a modest increase, totaling $303.5 million, up from $300.9 million in the previous year.

In terms of profitability, Halozyme reported a net income of $444.1 million, a substantial increase from $281.6 million in 2023, resulting in earnings per share of $3.50, compared to $2.13 the previous year. The company's operating income also rose to $551.5 million, reflecting effective cost management, with total operating expenses decreasing by 6% to $463.8 million. This included a notable reduction in the cost of sales, which fell by 17% to $159.4 million, attributed to lower sales of bulk rHuPH20 and device products.

Strategically, Halozyme has expanded its collaborations, notably with Roche, Takeda, and argenx, leading to multiple product approvals and milestone payments. The company received $30 million in sales-based milestones and $72.5 million in event-based payments during the year. Additionally, Halozyme's acquisition of Antares Pharma in May 2022 has diversified its product offerings and contributed to its revenue streams. The company continues to focus on enhancing its ENHANZE drug delivery technology and expanding its auto-injector product line.

Operationally, Halozyme reported a total of 350 employees as of February 11, 2025, reflecting a stable workforce. The company has also made significant investments in research and development, with expenses rising to $79 million, up 4% from the previous year, as it seeks to advance its proprietary technologies and product candidates. The company’s cash and cash equivalents stood at $115.9 million, with marketable securities totaling $480.2 million, providing a solid liquidity position to support ongoing operations and future growth initiatives.

Looking ahead, Halozyme anticipates continued revenue growth driven by increasing sales of its partnered products and the launch of new products utilizing its ENHANZE technology. The company expects to maintain its focus on strategic collaborations and product development while managing costs effectively to enhance profitability. However, it acknowledges potential risks, including regulatory challenges and market competition, which could impact its future performance.