Halozyme Therapeutics Boosts FY24 Outlook On Grant Of European Patent

(RTTNews) - Biopharmaceutical company Halozyme Therapeutics, Inc. (HALO) announced Thursday that it is raising its full year 2024 financial guidance based on the grant of European Patent No. 4269578.

The patent covers 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.

Under the terms of Halozyme's ENHANZE license with Janssen, the newly granted patent prevents the reduction in the royalty rate on sales of DARZALE SC in the European countries where it is validated until the patent expires.

Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $3.65 to $4.05 per share on total revenues between $935 million and $1.02 billion.

Previously, the company expected adjusted earnings the a range of $3.55 to $3.90 per share on total revenues between $915 million and $985 million.

On average, analysts polled by Thomson-Reuters expect the company to report earnings of $3.73 per share on revenues of $947.33 million for the year. Analysts' estimates typically exclude special items.