Halozyme Therapeutics, Inc. (NASDAQ:HALO) achieved several milestones in Q2 2020. CEO of Halozyme, Helen Torley, said the company also received FDA approval for partnered drugs. The company also reported sustained profitability in this quarter and maintained earnings for each share at $0.19. It is an important milestone for the company to transform into a high margin and high growth business.
Realizes milestone payments
Janssen, a partner of Halozyme, received approvals in the EU and the US for DARZALEX subcutaneous form. In the US, it is branded as DARZALEX FASPRO. Halozyme realized milestone payments of $25 million from Janssen during Q2 2020 on achieving commercial sales in the US and EU.
Halozyme reported the Phase 3 AMY3001 clinical trial results that investigated subcutaneous daratumumab using ENHANZE on June 13, 2020. According to the demo at EHA (European Hematology Association) 25th Annual Congress, the trial met the primary endpoint.
Roche receives approval for Phesgo
Roche, a partner of Halozyme, received FDA nod for Phesgo in June 2020. It is a blend of two monoclonal antibodies – Herceptin and Pertejza. Roche uses ENHANZE technology of Halozyme to treat patients suffering from HER-2 positive breast cancer.
Halozyme’s employees, suppliers, and partners have put in efforts to achieve significant Q2 2020 during the ongoing coronavirus.
Bristol Myers Squibb commenced a Phase 1/2 clinical trial of ipilimumab and nivolumab in June 2002 to treat patients suffering from tumors using ENHANZE technology.
Halozyme posted a growth of 41.17% YoY to $55.2 million in Q2 2020. It is on the backdrop of realizing collaboration payments of $32.3 million from Bristol Myers Squib and Janssen. The revenues also include royalties of $15.8 million. Its R&D expenses dropped to $9 million in Q2 2020 from $33.9 million in Q2 2019.
As of June 30, 2020, Halozyme maintains marketable securities, cash equivalents, and cash of $385.4 million. Despite the ongoing COVID-19 pandemic, the company expects to report revenues of $245 million in 2020.
Torley will take part in the CG (Canaccord Genuity) 40th AGC (Annual Growth Conference). He will also participate in Fireside Chat on August 12, 2020, at 8:30 a.m. ET.
The biopharmaceutical company – Halozyme engages in introducing disruptive solutions that improve the lives of patients. The company reduces the treatment time using its ENHANZE technology.