How Halozyme Therapeutics Inc. (NASDAQ:HALO) Declared Stellar Numbers?
Halozyme Therapeutics Inc. (NASDAQ:HALO), a bio-pharmaceutical company, has announced its third quarter earnings on November 8. The company’s total revenue for the third quarter of 2013 was $16.0 million, compared to revenues of $5.3 million in the third quarter of 2012.
The net loss for the third quarter was $19.3 million, or $0.17 earnings per share, versus a net loss of $20.0 million, or $0.18 earnings per share, for the same period of 2012.
As on September 30, 2013, the company had total cash, cash equivalents and marketable securities of approximately $65.3 million, $99.5 million at December 31, 2012. Halozyme Therapeutics said it used approximately $10.7 million in net cash during the third quarter.
Sharing their business update for the third quarter, the company said that the European Commission granted marketing authorization for Herceptin SC. Roche Holding Ltd. (ADR) (OTCMKTS:RHHBY) got the marketing approval for the use of subcutaneous Herceptin for the treatment of HER2-positive breast cancer. The approval was granted based on the HannaH clinical trial which showed positive results.
During the quarter, the launch of Herceptin SC and HyQvia brought $10 million and $4 million payment milestones to Halozyme Therapeutics, Inc. (NASDAQ:HALO), respectively. In September, Roche launched Herceptin SC in the United Kingdom, Germany, Portugal, and Chile. Under an agreement with world’s leading drug maker Pfizer, Halozyme received $1.5 million milestone payment from Pfizer Inc. (NYSE:PFE).
“This past quarter was remarkable for the European commercial launches of Herceptin SC and HyQvia, each leveraging Halozyme’s proprietary rHuPH20 technology to deliver more efficient treatment options,” said Gregory I. Frost, Ph.D., President and Chief Executive Officer, Halozyme Therapeutics. “Furthermore, our development programs are advancing with recent maturing data from our Phase 1b PEGPH20 clinical trial supporting the hypothesis that patients with high hyaluronan tumor levels may benefit most from PEGPH20 therapy in the treatment of pancreatic cancer.”