Halozyme Therapeutics, Inc. Earnings Recaps
Q1 2026
May 12, 2026
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.
Key takeaways
- 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.
Q3 2025
Nov 4, 2025
Halozyme achieved record royalty revenues of $236 million in Q3 2025, a 52% year-over-year increase, contributing to total revenue growth of 22% to $354 million, driven by strong performance in its blockbuster subcutaneous therapies.
Key takeaways
- Adjusted EBITDA surged 35% to $248 million, showcasing robust operational efficiency in a royalty-based model.
- The company raised its full-year 2025 revenue guidance to $1.3-$1.375 billion, reflecting expected royalty revenue growth of 49%-54%.
- Significant regulatory milestones included approvals for DARZALEX in new indications and expand the patient base for ENHANZE-enhanced therapies.
- The recent acquisition of Elektrofi positions Halozyme to broaden its drug delivery technology portfolio and facilitate at-home administration options.