Halozyme’s shares rose 3.6% after reporting strong royalty revenue growth and reaffirming its 2026 guidance, with investors likely encouraged by the continued momentum in ENHANZE-enabled product adoption and a sizable new share buyback authorization.
- Total revenue grew 42% year-over-year to $377 million, driven primarily by a 43% increase in royalties to $241 million from ENHANZE-enabled products.
- Adjusted EBITDA reached $230 million, with non-GAAP EPS rising over 40% year-over-year to $1.60.
- Full-year 2026 guidance and 2026-2028 financial outlook were reaffirmed, including a forecast of ENHANZE royalties exceeding $1 billion for the first time, up 30-35% over 2025.
- Announced a new $1 billion share buyback authorization, targeting at least $400 million repurchased in 2026, supporting a projected 3% annual buyback yield in the coming years.
- The company’s outlook emphasizes durable free cash flow, deleveraging plans, and selective capital deployment focused on drug delivery opportunities, though no expected M&A deals in 2026 beyond this area.
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