Halozyme raises 2026 guidance; acquires Surf Bio for $300M upfront

HALOZYME THERAPEUTICS, INC.

2025-FY EPS reported $2.56 vs consensus $2.24 ▲ beat (+14.2%)

Preliminary 2025 revenue estimated at $1,385-1,400M (+36-38% YoY); royalties $865-870M (+51-52% YoY).
2026 revenue guidance raised to $1,710-1,810M (+23-30% YoY) from prior $1,430-1,530M; royalty revenue now >$1B.
2026 non-GAAP diluted EPS guidance raised to $7.75-8.25 (prior $6.50-7.00); Adjusted EBITDA $1,125-1,205M.
Acquired Surf Bio for $300M upfront plus up to $100M milestones; adds hyperconcentration technology for biologics.
Surf Bio technology enables 500 mg/mL antibody concentrations for single auto-injector subcutaneous delivery.

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