Halozyme full-year 2025 revenue $1.397B (up 38%), royalty record $868M; 2026 guidance reiterated

HALOZYME THERAPEUTICS, INC.

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

FY2025 total revenue $1.397B (+38% YoY); royalty revenue $868M (+52%) led by VYVGART Hytrulo, DARZALEX SC, Phesgo.
GAAP net income $316.9M ($2.56 diluted EPS) includes $284.9M IPR&D charge for Surf Bio acquisition; adjusted EBITDA $657.6M.
Q4 2025 revenue $451.8M (+52% YoY); net loss $141.6M due to Surf Bio charge; adjusted EBITDA $21.9M.
2026 guidance: total revenue $1.71–1.81B (growth 22–30%), royalty $1.13–1.17B, adjusted EBITDA $1.125–1.205B, non-GAAP EPS $7.75–8.25.
Expanded delivery portfolio via Elektrofi and Surf Bio acquisitions; completed $1.5B convertible note offering.

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