- Earnings call transcript Q3 2022

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Operator

Good afternoon. My name is Shantou, and I will be your conference operator today. At this time, I would like to welcome everyone to the Halozyme Third Quarter 2022 Financial and Operating Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. this being note, Please Instructions] event recorded. is [Operator call Tram and Bui, will Communications. now Vice to the turn Relations I Halozyme's over President, Corporate Investor Please go ahead.

Tram Bui

you, our welcome and Thank results afternoon, XXXX operating quarter financial to call. conference Good operator. third and

LaBrosse, Helen press slide our will addition supplementary the an uncertainties. our Chief after our SEC who the find that update I Investor Halozyme's on third call website. in will call XXXX. our and be business; a for will for results Torley, Relations issued filings market In call, Officer, release and quarter review Dr. statements. Chief today of you list Leading Nicole be and close, the Executive will today's be you provide our September will could of forward-looking today's risk section XXth, our to On refer who presentation to the full ended a President referenced Financial financial we during making Officer,

call, comparable During slide the the discussed. financial with reconciled both will I'll in and to earnings turn over measures Torley. presentation. Helen are press or be now financial The our release non-GAAP measures financial call adjusted the measures GAAP and non-GAAP GAAP

Helen Torley

the on strong XX% Total also was our quarter, announce I and delighted million, of a quarterly high revenue quarter. X strength you, represents strong I'm period continue year. demonstrate begin achieved growth third our to over the over and the $XXX revenue Thank financial record, XX% prior across news. third am in million prior to of reflect what quarterly year of with ENHANZE we of excellent to and all afternoon, $XXX growth and same slide Tram, third an good I'll This almost of royalty business. continues strong everyone. business. both that is pleased quarter results that operational all-time performance

small our specialty from commercial which and utilizes momentum revenues Teva’s royalty from the revenues. the which product We're incremental auto-injector, diversified resulting our growing sales strong sales our growth and and Our royalties also includes and of EpiPen, of our volume growing resulting testosterone therapy. revenue, total results sales with from diversification incremental ENHANZE pleased replacement portfolio, of revenue milestone the from XYOSTED,

solutions guidance their disruptive reducing operational strong and of year-to-date on results, our burden deliver capabilities partners competitiveness patients. our excellence With the of platform durability. have and stream, expenditures ENHANCE, vision improve also look revenue by acquisition for revenue that new influence company dedicated we're our years communication Based year, patients experience that forward several business, remains our planned goals significantly Over current the the past partners drug extended the our subcutaneous our Antares opportunity, growth and delivery is specialty the of support a May, and and with We and positively to a a enhanced for supported for to to reiterating with XXXX. increasing focus in leading utilizing built with ENHANZE, combined for we compelling the outcomes. treatment business diversified auto-injector and product leveraging on auto-injectors,

disclosed, previously XXXX. $XXX year $XXX the for As full revenues to expect of we million million total

royalty to revenue provide more royalties quarter. XX% to and on X greater in to move performance from year-over-year approximately I'll the million revenue expect increase now We slide than $XXX million. to detail $XXX our

and third growth over stream. high-margin continued the ENHANZE quarter, royalty of and the include robust the revenue with third this was XXXX growth. $XX.X In device million, of recurring representing growth pleased XX% very our results the XX% royalty are quarter sequential revenue We total stream. royalty autoinjector These

adoption in clearly DARZALEX the they in to ENHANZE for revenue of rapid growth. shows the demonstrate of royalty The barriers robust with fifth physicians our DARZALEX no X our subcutaneous products, ENHANZE. have subcu launches. that real Phesgo both drive adoption products geographies. X subcu Our Phesgo rapidly and demonstrates And growing bodes and strong worldwide. continue Wave X and product and acceptance overall Wave in were product Europe that X, and adopted well patients shown acute This Europe by peers, US

same continued DARZALEX which Moving total strong in growth. the also version growth DARZALEX. now share continued sales of DARZALEX achieving at to focuses is to of Slide story sales DARZALEX DARZALEX. X, FASPRO, And in QX, which on the XX% subcutaneous time, remarkable the total demonstrate US, of its

worldwide achieve DARZALEX third more the sales an quarter than to continued continued market strong $XX with The the DARZALEX, XXXX uptake forms update an billion share both driven year-over-year analyst in by was in total is of sales basis. with Also now sales increased of in an the subcutaneous Phesgo. increase Janssen’s on of FASPRO, and On ENHANZE. goal, to including update predicted $X by on on & regions, in I'll revenue. driven and earlier XX% continued strong the all the growth IT treatment. penetration now for subcutaneous illustrated slide the It gains of is formulation reported move billion, into growth of Johnson consensus Johnson DARZALEX parent operational increase lines

for of Phesgo, months to and injection minutes is Phesgo’s of just of first faster to of Sales healthcare for HERX-positive administration markets. in metastatic third with increase Herceptin a with the resources their uptake quarter administration rapidly subcutaneous an lead Roche many nine standard million XXX% subcutaneous in XXXX, and and continued contributed to was year-over-year. US. in ours intravenous and has strong On becoming compared costs the use for strong lower Perjeta call, combination a reported patients CHFXXX Phesgo early revenue Europe cancer. the of show breast sales and

Japan, for and growth. in which for approval third On also member to Phesgo for Group early important Chugai, that Roche to the another the represent come. in conversion quarter could reported a opportunity of be call, the expect filed they an Phesgo metric XX% years launch stated recently Roche regulatory countries continued

slide X. to Moving now

launches here. illustrated Our potential next are of wave

on The are products represent products X next subcutaneous royalty XXXX nivolumab launches revenue efgartigimod, the atezolizumab, opportunity these X potential set of Wave with Focusing and and ocrelizumab. projected between Wave XXXX.

our in Application organic the XXXX. Efgartigimod Wave a for generalized is to potential IV the growth our developed FDA note Slide Argenx pleased Our subcutaneous Efgartigimod also to of Amivantamab, Analysts subcutaneous time being products quarter. advancements Phase I Janssen's named III X launches and ENHANZE-enabled of announced XXXX through with is for X efgartigimod the a approval anticipated that track for the X the Efgartigimod. as is a of third Phase Wave products, advanced Wave recent for multibillion-dollar ongoing an to our or I US in on revenue the BLA clinical X first testing. be is subcu Wave XX treatment In I'm clinical one II is into indicators. and launches product, Vyvgart, frame. Biologics XXXX drug, to License partner potential products, the Phase September, of myasthenia potential in project partner submission gravis. and during the testing. the recently as disease trajectory or it multiple intravenous Phase featuring comprised supported potential has X the by future complete flagship testing which products highlights brand an autoimmune of

as Efgartigimod of generalized for also adult the Japan As this of gravis. and in September we myasthenia treatment launched portion, been in patients with approved interview has Germany and the US,

call, of third recent and organic the quarterly Vyvgart net patients in product strong demand reported On revenues million with noted for position treatment. X,XXX quarter total patient $XXX on

regulatory atezolizumab non-inferior potential with when or the Supporting to its eight opportunities five excited looking two inflammatory with the this, ENHANZE, that we submitted experienced lung Subcutaneous ENHANZE. III for its to efgartigimod the XX readouts amend reduce We're to with in OCREVUS compared August, BLA are metastatic to of Gravis, partner and product. non-small be with in XX a I'll profile Tecentriq US billion [indiscernible]. of subcutaneously that injected autoimmune Tecentriq ENHANZE was with prior are from that CHF Tecentriq and additional advanced expect study the minutes in formulation In Myasthenia Tecentriq delighted patients projected endpoint application chronic four safety nine ENHANZE to and showed with blood Tecentriq and Phase failed. the data in therapy for in for organic Roche for The also patients Tecentriq in as most for European delivery increased polyneuropathy to in multiple with subcutaneous ENHANZE Recently, evaluate to our is consistent XXXX with three first continued infusion platinum important whom subcutaneous revenue for move including our These advanced or co-primary months this to demyelinating subcutaneous. purpura, Roche with Roche. now treatment. subcutaneous Tecentriq. r study treatment thrombocytopenic reported indications IV demonstrating of the Roche from levels formulation down immunotherapy-naive of approval are cancer to subcutaneous submissions addition strength partnered X.X the minutes forward with upon their X XX% The evaluating intravenous met lung has already year, the to IV has idiopathic data Roche. also IV subcutaneous and we're Tecentriq Roche non-small cell time cell cancer of Wave to

product, is treatment of with recently Total US the utilizing terms for with study Phase the with quarter ENHANZE first and X strong III trial billion intravenous to in recruitment Completing Roche’s commented third remarks expect according nine renal top OCREVUS the and treated for for multiple on to trial study patients nivolumab of update EUX patients months were line higher is for share the one melanoma. BMS and with cancer. CHF ENHANZE other Roche OCREVUS XXX,XXX of Moving and also number NIVO subcutaneous or in in treatment both the continues also this cell new-to-brand subcutaneous OCREVUS OCREVUS. with second in that Wave experiencing initiated Roche the subcutaneous X BMS or persistence multiple X.X a experiencing share. than nivolumab in sclerosis, Phase revenues data ocrelizumab to X their as of patients total an ENHANZE is sclerosis currently XXXX. progress Phase more for globally. drugs. call

approved and in certain patients Opdualag In the with now may will the analyst $XX Halozyme’s you melanoma. depend the and ENHANZE results upon billion in XXXX. Phase $XX United With nivolumab timing of at the from study addition, Wave portion Europe substantial. is of The to royalties on of of speed for Slide We XXXX with relatlimab nivolumab cumulative products approval within opportunity X opportunity called aware, the by X to of The is treatment on and product as X. time conversion States relatlimab large of Squibb. peak revenue subcutaneous to subcutaneous advanced projections IV future from for subcutaneous. window I'll fixed-dose be and for XXXX the look forward administration the to move Bristol-Myers to the and plans this an update XXXX increasing of in combination at projected and subcutaneous the Wave commercial our the portion IV of now million development X

is to Our advanced regulatory number and later to and to development expand approval towards of continue products development launch. goal stages the of to and product

to support trial goal. for new achieving year. on advanced existing of Phase programs the at goal cell invest. Supporting progress new ENHANZE to partner X that Also factor receptor growth in million of with two study September, this recognized enhanced collaboration the pleased meet new X initiation revenue the in patients or this for quarter, or XXXX cancer. Phase lazertinib to products clinic to mutated with is non-small development amivantamab than lung Bristol-Myers progressing and studies, we X to track I’m Roche enter a advanced metastatic Our we majority epidermal related more Phase least are Janssen support in this Squibb to $XX and in XX report initiated third including plus starts this

a and Wave in growth continued to are products Wave growth. of next have with of with in X beginning robust our progress partners, with by potential the four revenue multiple We the potential robustness year X we launch launch future opportunities, relative drivers XX XXXX pleased

to Moving X. Slide

both enable In in partners as acquisition volume the on Antares the Our across auto-injectors high-volume delivery. By and opportunity delivery with up be currently molecule to utilized small of then that feasibility strengthened have in as auto-injector by with spectrum on a millimeters and ENHANZE. high-volume areas year-end biologics. platform combining for working on small We current injections we are a ENHANZE, partners a auto-injector third discussions into had a multiple expect unique of well further disease to prototype auto-injector we clinical incorporated study productive see our quarter, our hand, for can conducting opportunity for subcutaneous for testing. to collaborate potential patient-friendly, of drug drugs that current also be with can treatment XX and innovative high-volume leadership and

to the remains of licensing number our ENHANZE goal expand and our technology. auto-injector Our both companies

by be health prescription auto-injector. to growth can are require is million testosterone approximately now overall me to growth and XX% to attention can physician We XYOSTED, switch volumes through prescription your still dimensionalize is injection, with To are more practitioner to pain than average opportunity Every includes treatment, patients significant replacement of our X.X intramuscular weekly, point therapy subcutaneous achieving market market, accelerating there testosterone rate administration. business, of market. NOCDURNA. with care share of month, the represents from our replacement share continue Let date. turn new XYOSTED, market the to on specialty testosterone that focused our testosterone therapy this But TLANDO I in which plan incremental the our sales. faces weekly which is delivered and about which remain associated we high a to replacement testosterone represents $XX million replacement believe painless therapy or performance. total annual Intramuscular each

treatment. We oral testosterone launched also TLANDO, twice-a-day recently our replacement

Our for on and access gaining expanding team payers coverage remains by TLANDO. focused

will can the X duration other access pharmacy months We XX managers be take that to which to to our is expect move now. I'll negotiations until XX established. launches, in slide commercial months similar with benefit

priorities. expect growth drug Nicole, our and to summary, business our the by the Before to over our our allocation I In investing commitment strategic of call enhance our reiterate hand business. let me in and commercial we growth to growth delivery capital

focus capital buyback operational to to continue Nicole? driving the financial we our shareholders over to third turn Antares noting call and of excellence now our return Nicole continue also – remain share growth, to that our opportunities to current external We see with quarter will for I'll acquisition. results. on the discuss

Nicole LaBrosse

I'll Thank XX. on you, slide Helen. begin

We from revenue acquisition, first which EPS. quarter QX Antares full to accretive are a quarter our contribution non-GAAP reflecting the was and excited report to

of an year earnings Antares a $XX.X third in Selling, the third million R&D acquisition SG&A to income expense driven $XX.X development in from year-over-year due agreement first and to million $XX.X the XXXX the by share $XX.X to to was million period to QX collaborative August, utilizing includes The fair of third of year million, compared to period. increase year were year prior in strength compensation combined in ENHANZE. the was GAAP We the in in project the prior and recognized the inventory first in basis of the acquisition, year period. adds of and as commercial with by the result increase to In period. quarter prior primarily to million period. as compared seven million expense, we is durability that On of to the XXXX Research the compared continue the the revenue, to for administrative revenue compared months. recording related well secured platform Total the million increase diluted at in revenue under sales for related sale Roche. an the the larger $X.X million $XX.X for of and XXXX. and used EPS period. general Through million, note. reflect amortization Antares subcutaneous revenue and million, in was this our acquisition. to diluted prior and accretive acquisition, We of million driven the Operating in per third full third was $X.XX for primarily $XXX were per Cost year to expenses Antares revenue, acquisition accretive Antares a to revenue the value. comparing quarter and $X.XX, will X% Year-over-year $X.XX period. non-GAAP to the of milestones while compared current unsecured increase When note share Royalty by a rate was Year-over-year year-over-year $XX.X added non-GAAP compared increase product $XXX quarter an compared year revenue floating diluted the increase the Antares amortization acquisition, as in the that the be it our period. non-GAAP income to quarter prior $X.XX, intangibles year an basis the adjustments refinance result primarily $XX.X GAAP due prior The that extend it's million continued new $XX.X royalty in prior of of primarily compared a tax our technology prior in bank addition Janssen's EPS important of uptake BMS $XX.X of DARZALEX, per for from replaced was increase to can year, On to the quarter million, prior to in products convertible was by being workforce. of the impacted expenses product notes. increase year for and sales in share. including a as increase year in to debt period. XX% were XX% completed an coupon and $X.XX was $XXX.X driven the impact the expenses we sales step-up proceeds which was $XX.X the million earnings

significantly were that notes in XXXX remaining the of majority a the repurchased also money. We

facility to million. through we the increased $XXX August, $XXX revolving million to of to In credit our rata credit have debt pro based the revolving size facility. from continue access We

strong ratio times XXXX, XX, to September remains we X.X reduce with by expect end the the of less which sheet balance net X.X as year. Our than to debt-to-EBITDA of times

previously execute initiated the $XXX to our three-year, inclusive million third which December quarter, repurchase of on $XX announced June. the concluded of XXXX, million. for program, share continue repurchased In We in repurchase million $XXX million share accelerated X.X shares in we

We under in delivery our have took a by $XXX buyback million positively resulted to for EPS of With share shares repurchase date. XXXX XXXX, million into and million of two our repurchase $XXX ASR to since initial repurchased QX repurchases, also an impacting non-GAAP total million the $X.XX. XXXX the plan of shares programs entered XX.X

on to our Antares and strong now Moving slide information collaboration as year-to-date XX. Based the latest of our the contributions reiterating the for XXXX. guidance and year, expenditures are we as transaction results, planned from for well partners

in million contributions $XXX full $XXX to call, million the This for $XXX expect includes which XXXX. $XXX of second from the year guidance. our to disclosed full As we quarter year million, projected earnings to revenues the is Antares total revenue expected business, million contribute the

in $XXX had an milestone Wave by expect revenue than acceleration Due approximately royalties expected X that from recognized in to now million. and increase to we X $XXX to We revenue over in QX. million more XX% and some Wave revenue XXXX to from have royalties in QX

from Antares from increase the acquisition. than of latest to Collaboration in have majority we vast from XXXX achieved are revenues events. to expected update timing Product be expected lower for due on milestones XXXX XXXX bearing based milestone XXXX. to of a for the the partner the contribution XXXX, are sales We sales of expected achieved in levels expected

of $XXX income expect transaction these acquisition. Antares expect We operating we which to million related amortization for costs and to Adjusting to $XXX of $XXX the $XX million million costs, approximately of income of includes $XXX million, adjusted $XX operating million approximately million. onetime

call share per costs expect diluted $X.XX. acquisition-related With per XX% other earnings GAAP that, be an per to diluted of Helen. over $X.XX earnings to diluted $X.XX, adjustments, X% and Adjusting we non-GAAP back XXXX for to representing We now of I'll share to to expect turn $X.XX earnings the increase non-GAAP share.

Helen Torley

Nicole. you, Thank

revenue And which our new continuing $XXX in We our projected nearly of ENHANZE differentiated all-time revenue. today, progress for are plus the being and to ENHANZE, quarter. and million $XXX As in extend offerings large a is the and a auto-injector our validated revenue achieved the royalty acquisition build injector in you partners, auto and we by is to volume We current high achieved developing royalty heard business. record subcutaneous momentum quarter. on million the durability the made to a commercial for to total expand being our of in new

our with team call You'll the goal you our all small take to I'll the hear strong sized would XXXX. and revenues our our of quarter. for in close contributing more partners Halozyme during be the third and open product quarter delighted revenues. thanking and our this volume The our diversifying Operator, by you us today. collaborators And also auto-injector Thank for accomplished acquisition made to for of please joining agreement from questions? we'd sales your progress that, questions. the with

Operator

[Operator Instructions] ISI. Evercore Our first question comes from Michael DiFiore with

Your is line open.

Michael DiFiore

guys. Hi, question quarter. on and congrats my for much so the Thanks taking

to subcutaneous assuming regard? Just that has half really beginning or And that And achieved the Ocrevus. trajectory on that for My Halo is in of new matter on a subcutaneous subcu administered market? Makena question questions was potential to investors of mostly reach from to partners be from pulled potential question Thank subcu will your the from is promote the one, quick volume of frequent we boost front? the commercial that housekeeping or three that, going call, sales my to my is here you. lot dosing Kesimpta last is impact for X a made IV potential color Ocrevus and question expect just the about progress less is, doing of Ocrevus offerings. Halo sales second and similar Ocrevus should auto-injector Any the suite thinking Granted outcomes opportunity. me. that on Number through this out you last on mentioned Novartis would

Helen Torley

to say I potential auto-injector new begin partners I'll using auto-injector. lot with and engaged we higher way volumes on that the partners Thanks, is multiple Mike. interest, and auto-injectors ENHANZE. to actually today X can is the above of update on particularly there and volume plus the are approach, of no a there mls in an the out and the on deliver reach calls,

I as next say to approach. of a a a hopefully, to we prototype and in differentiated is move new position stay in forward conversations effects going continue can recognition. year There's So into good of auto-injector. work vivo And our our are the well. just the interest, This tuned, more testing on

Moving to subcutaneous OCREVUS.

to I about together, are go get IV we here, think those think OCREVUS patients put an call the infusion the portion infusion, $X.X actually opportunity are want in mentioned that the or if be the patients I up way patients, on Roche is has those the which, think years, many I to our spend time on infusion the globally and those it that for option Mike, to an Patients subcutaneous are instead hours. the in because if of fed for billion suites black over perhaps for positioned receiving although brand. the the as infusion look slides the in at you this receive busy don't And they drug. required suite suite

going these minutes MS, it's very just a meaningful of I instead to obviously is to lifelong with which so for going down think be patients And condition. hours,

it’s to about very you with the very calls, very to revenues. seeing about are we What contributor we're -- if we say can position regard aware that. well. negative to obviously, things was the On positive Halozyme So is no Makena, listen are small been And as excited Makena I that some there There's a that. certainly it a final about vote. those

on so And have is. will decision or it any in our performance XXXX, impact not whatever XXXX the

Michael DiFiore

helpful. much. Very so it. Thanks Got

Operator

from JPMorgan. comes Fye with question next Our Jessica

open. is line Your

Jessica Fye

Thanks for guys, Hey, taking my evening. good questions.

auto-injector, understand achieving we've product can peak to to run us US operating quarter look And lines here next that the OpEx rate -- about time And in happen XXXX? and Antares market? do large need then then steps the about and lastly, could realistic the from we DARZALEX between take you. help to at now bottom there? mix, prototype you conversion to that the it we bringing think frame the for how with full get now ahead FASPRO or working Thank XX%, volume had think a should On the you as how expenses conversion with time a

Helen Torley

and Yes, then turn the OpEx. I'll start Nicole first, with for I'll over it to

the of prototypes point end this year. auto-injector last So working the for

will different to a have we slightly as auto-injector. the relates need different talk As it them of with companies. Each

start more our companies is having further one into So the goal it. into to auto-injector then the and or move testing with forward working to clinic getting developed

perhaps non-inferiority. subcu of III conversations believe ENHANZE with this to intravenous auto-injector certainly on having, we just more and Phase non-inferiority. of was that because So just pathways be interest to the moving being we're think have development. want a being those then to and want wants find estimate prefilled there'll an seeking already get path move based like If a product is be to dose to partner subcu, a move they period then they drug that today, study we'll it to subcu of into what syringe That an right to conversion. if an development auto-injector, Phase rapid Jess, by subcu demonstrate the a auto-injector. expressed we just that and for to they and will the partner and both IV be pretty with with straightforward And for possible, the partner it And to that auto-injector, in demonstrate study and needs I auto a companies, are clinical to this both further a that pathway inductor

electing have with go. few high Second you because often growth question of on injection there the with a get proposition it to only patients the we XX%, perhaps, subcu four-plus patients IV DARZALEX of to possible just to three certainly is remain infusion think when IV think where here in it suite. lot an here our But we regard five-minute like a think infusion, about estimate the option how opposed to the will continued they as community is hard to to value the

over beyond US. on will revenue importantly, But time we're to the increasing And XX% see comments increased by it. but the brand. billion. just to large estimate the I'll on of outside version Janssen's continue think, grew in put do in this And stay really third subcu And $X just so, part conversion mentioned to US call estimated an to basis the an growth I grow and XX% is on the on population, because can't That that the the rate frontline a of remarkable. and based conversion overall therapy. in we excited these we're quarter, the that operational say, the continue going also penetration on it's is which into the is patients XX% the enabling,

going by the growing. So is overall penetration, the to share but growth fact the brand from is come also

future So it absolutely. we for Nicole to the And I'll operating expenses. turn see growth,

Nicole LaBrosse

our expense entities. on the quarter being is Yes. I the seen Jessica, is a bit will with rate full you operating that more side, combined first of the run QX go-forward what have representative say first can quarter, now the

as a quarter, headcount there, to it representation. so of in XXXX, that to next for yet come for impact full and do about to me, guidance thinking provided is, not quarter, to is One we with we into comes quarter year. quarter. XXXX, thing XXXX, a looking next regards we bit of vacancies early next this excuse quarter-over-quarter mind more And have the little see -- so plan our good some we'll uptick at just built just Looking that next

Operator

SVB comes Our David Securities. with next Risinger from question

is line open. Your

David Risinger

much. very Thanks

I what I I hoping just I November. and you're ask so details that's stand in guess, could explain was a currently slide there about couple okay. that that things some have X, So, questions, first, slide convey where if wanted trying early please. in to understand you that of to I

Helen Torley

just just to David, And X, make our for the is confirm, working sure the number slide to is This some status. way product same.

David Risinger

clinic product So X least new to X/X two is the enter Phase six XXXX, expected slide title over at of and in starts. candidates new

than which days. been wondering, needs and of the XX happen to just was I have know, heading, less light over in So to-date those of what I next, completed to-date disclosed and don't that

Helen Torley

Perfect. right. All

this Chugai as are amivantamab the Phase say on X to and We we for are I'll also slide, at then noted bottom so new I Phase the of at listed maybe testing this And so the we're a X to as Phase they do apologize from of X X/X NXLS that. moved perspective has of that clinical you this deck, say testing. as can that very year have beginning we there. at slide on not back start, slide So terms in drug, look the pleased in the see Phase well moving into this which we take saw a that, the call can if clinical

The X are other studies actually in the launches. Wave

that will in we the So we there, X. know actually thank that But Wave And slides that, forward, make a and I have you actually to our we will so when we're the don’t have that of four for just pool products you deck sure provide. David. we give need catching that the posted why set have missing sense we moved

David Risinger

then a just you. And couple questions. other Thank of Okay.

congrats know program Phase So was an just I don't how by or previously that I advance disclosure X handle amivantamab previously. What named it your the that is program? the just Janssen on unidentified disclosure, just so company? how J&J into you was disclosed understand it that

Helen Torley

for in earnings beginning an P&Q and with In filing our documents. partners we our example, as their things was it filings, their -- our in calls, like our partners [ph], was and work our since with been SEC SEC undisclosed work but it's disclosed So amivantamab. it on we because, the are our preference how presentation as preference, for again, disclosed disclosed

David Risinger

tax helpful. then XXXX very should and be beyond? normalized to expect what And rate the non-GAAP That's finally, in we company's Okay.

Helen Torley

and can haven't our we guidance and at specifically that provided effective What of to XX%. We state XXXX. to ability rate is the I little out you'll reduce about David, our seen level bit about the obligations. and in tax looking this did quarter, have say our results for combined entities So a quarter XXXX tax that this have

year this So at that's sharing on for and next the looking more we're a later. forward expectation year, to

David Risinger

Okay. much. you the Congrats on very progress. Thank

Helen Torley

Thank David. you, Thank you.

Nicole LaBrosse

Thank you.

Operator

Jason Our question next comes with JMP. Butler from

is line Your open.

Jason Butler

products Is just on fact about, had as you there or for spoke about ENHANZE. is Thanks thinking alone, the just bringing into including question. versus there, in specialty bucket Helen, there in the on interest then the getting the in current secondly, with the additional business? think the And there things you the think one business to talk integration that well strategic commercial both taking the about about auto-injector product are you Thanks. other? is I combining you're that specialty the how you extent interest business, as auto-injector can it and two. Hi. you breakeven. balances what Do to can portfolio do with

Helen Torley

deliver balance, something today. and All right. say available with for large-volume are because ENHANZE there more ours, We would the that but with ability that's via is the that versions. as I we there Jason. do ml what to on rapidly in differentiated is are partners as on where is to auto-injector, not innovation a Small-volume other I auto-injector, up is and format or marketplace high-volume seeking regard not novelty coming Yes. any is to think think there customizable excitement which develop frankly, is the auto-injectors, with to XX interest

growing the high the with specialty, I And to with $XX large with about getting is products regard definitely, market million. every that can gain is soft commented share market. ENHANZE volume X% call and store interest. on greatest a the our And market a the So we

path be recent in in : in we just our XYOSTED. portfolio seeing we're growth liking even Great. a this that and with taking the questions. the break absolutely the to is our it's they're so Definitely of opportunity have simply products Thanks able for And to lot on a goal the today.

Operator

Jenkins Corinne Goldman from with comes question Sachs. next Our

open. Your line is

Corinne Jenkins

me. afternoon, Good one Maybe everyone. for

indications an the maybe be indications how you you an method versus partner to think delivery As compare about appropriate existing method may for have? whatever auto-injector necessarily that does kind for most that for that appropriate as of portfolio reason, auto-injector delivery are that

Helen Torley

indication I as that, more for home. off head. is the is think about it's place where it I Corinne, auto-injector at the more obvious my an top patient That just Yeah. the think of likely administering an to be

both product label physician that so And be any small need the suggest supervision. not where molecules for biologics there's does and can

autoimmune more like perhaps neurology, psychiatry, disease, those types areas of So areas.

healthcare also However, to well, a because nothing setting there auto-injectors delivered is that really by professionals say in quick is it I well. would as as the convenient drug preclude office being weaker deliver

that think so helpful. And hopefully I is

can probably that an in areas home via like there. it but areas even delivery, outside it be we Just oncology, perhaps which like auto-injector, as setting believe. office anything I would think both about But is oncology, at be delivered might suitable more say

Corinne Jenkins

Okay. can would Helpful. pretty And the us context that of adoption context PD-LX what's PD-X, then of can that drivers for potential a helpful? you any the you And just landscape? subcutaneous provide just in some frame for be competitive

Helen Torley

the is our subcu towards the with in Yeah. We have both progress drugs. Roche clear do. we're the importantly, for to way subcu and And HALO are The the seeing further is the opportunity everybody about and look reducing we that that burden, combine and delivery to BMS enabling with excited very is patients making and treatment placebo certainly progress It first shorter it, more checkpoint start obviously, making with is. importance is moving reducing at talked inhibitors burden about convenient that. differentiation. have I subcu Relatlimab versions. strategy competitive what in would doing Tecentriq Brazil which progress company's both and The obviously is

benefit the other products. I some of patient even convenience the goes we've like think that benefit. beyond into seen our comes there mix with Is any

against there so in believe lot ENHANZE receiving going competition Roche of to importantly, positioning that through do support in subcu really therapy. PD-X, products by PD-LX the as position nice and they're reducing patients cancer going a we the and is place And with both the to the burden Bristol a very the

Corinne Jenkins

quick Okay. are have point And those a in like auto-injectors? When and ENHANZE, of a they single nivolumab you or clarification. with combinations are co-formulation just relatlimab, the separate Thanks. two

Helen Torley

is like two with index. the just ENHANZE the in drugs one -- single a Phase That X, it's

Corinne Jenkins

Thank Great. you.

Operator

the call over I'll reached session. question-and-answer have our We remarks. Instructions] now for to Helen closing [Operator back end turn of the

Helen Torley

Thank much, you very everybody.

providing with excited progress ENHANZE, momentum auto-injector look quarter Thank We As at all as continued updates as Halozyme. also forward of well we're to heard, next you've continued you. the of growth very our commercial and success the business. our

Operator

conference concludes This call. today's

You may now disconnect.

Halozyme Therapeutics (HALO) 9 Nov 222022 Q3 Earnings call transcript