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Dec 31, 2025
Halozyme Q4 2025 Earnings Report
Halozyme reported its financial and operating results for the fourth quarter and full year ended December 31, 2025.
Key Takeaways
Halozyme delivered a record total revenue of $1.4 billion for the full year 2025, driven by continued growth in its ENHANZE business and significant royalty revenue growth. The company also expanded its drug delivery technology portfolio through two acquisitions and reiterated strong financial guidance for 2026.
Total revenue for the full year 2025 reached a record $1.397 billion, a 38% year-over-year increase.
Royalty revenue for the full year 2025 increased by 52% year-over-year to a record $868 million.
Halozyme completed the acquisitions of Elektrofi's Hypercon™ Technology and Surf Bio's Hyperconcentration Technology, expanding its drug delivery portfolio.
The company reiterated its 2026 financial guidance, projecting total revenue of $1.710 - $1.810 billion and adjusted EBITDA of $1.125 - $1.205 billion.
Revenue by Segment
Forward Guidance
Halozyme reiterated its 2026 financial guidance, expecting significant growth in total revenue, royalty revenue, adjusted EBITDA, and non-GAAP diluted EPS.
Positive Outlook
- Total revenue projected to be $1.710 billion to $1.810 billion, representing 22% to 30% growth over 2025.
- Royalty revenue projected to be $1.130 billion to $1.170 billion, representing 30% to 35% growth over 2025.
- Adjusted EBITDA projected to be $1.125 billion to $1.205 billion, representing 71% to 83% growth over 2025.
- Non-GAAP diluted earnings per share projected to be $7.75 to $8.25, representing 87% to 99% growth over 2025.
- Guidance includes new Hypercon™ and Surf Bio investment of approximately $60 million.
Challenges Ahead
- The company's earnings per share guidance does not consider the impact of potential future share repurchases.
- The guidance for adjusted EBITDA and non-GAAP diluted EPS includes new Hypercon™ and Surf Bio investment, which could impact profitability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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