Halozyme's Q3 Sales Soar
Halozyme sales jumped 200% this quarter, coming in at $16 million compared to Q3 2012's $5.3 million, according to results the company released today. The biopharmaceutical company's success was largely attributed to $7.9 million in sales of products including Halozyme's proprietary treatment ingredient, recombinant human hyaluronidase (rHuPH20), as well as $3.7 million paid from collaborators for research services reimbursements.
The quarter also saw growth in its profit margins, but not nearly on the same scale as its revenue. Halozyme's operating loss narrowed 7%, to $18.4 million, while its net loss shrunk 3% to $19.3 million. On the balance sheet, Halozyme's cash, cash equivalents, and marketable securities were $65.3 million at Sept. 30, 2013, compared with $76.0 million at June 30, 2013 and $99.5 million at December 31, 2012
In a statement, Halozyme CEO and President Gregory Frost said the last quarter was "remarkable" for Halozyme's European commercial launches of HyQvia and Herceptin SC, "each leveraging Halozyme's proprietary rHuPH20 technology to deliver more efficient treatment options." Frost also noted that data are emerging within the company's development programs "supporting the hypothesis that patients with high hyaluronan tumor levels may benefit most from PEGPH20 therapy in the treatment of pancreatic cancer."
Editor's note: This story has been updated to reflect Halozyme's cash, cash equivalents, and marketable securities figures, and the headline has been updated.
The article Halozyme's Q3 Sales Soar originally appeared on Fool.com.Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.