Halozyme Therapeutics, Inc. Q2 2026 Earnings Recap

Halozyme shares surged 23.4% as the company delivered robust royalty revenue growth driven by strong ENHANZE platform adoption, record new collaboration agreements, and an increased full-year 2026 guidance.

Key Takeaways

• Total revenue rose 48% year-over-year to $481 million, led by royalty revenue growth of 50% to $308 million.
• New collaboration and licensing agreements hit a record pace with five new deals (three for ENHANZE, two for Hypercon), generating $35.5 million in upfront revenue.
• Raised full-year 2026 revenue guidance by $112.5 million at the midpoint, reflecting strength from established and new subcutaneous product launches.
• ENHANZE-enabled subcutaneous products OCREVUS ZUNOVO, OPDIVO Qvantig, and RYBREVANT SC contributed significantly, with patient starts and conversion rates growing rapidly.
• Adjusted EBITDA reached $329 million with a margin exceeding 65%, demonstrating operational leverage from the diversified royalty portfolio.