HALOZYME THERAPEUTICS, INC. (HALO) Earnings History

HALOZYME THERAPEUTICS, INC. - Q4 FY2025 Earnings

Filed at: Feb 17, 2026, 4:04 PM EST|Read from source

EXECUTIVE SUMMARY

Halozyme Therapeutics reported a strong full year 2025 with record revenue driven by its ENHANZE business and strategic acquisitions expanding its drug delivery technology portfolio. The company reiterated robust 2026 financial guidance, signaling confidence in continued growth and long-term value creation.

POSITIVE HIGHLIGHTS

  • •

    Full Year 2025 Total Revenue increased 38% YoY to a record $1.397 billion.

    positive
  • •

    Full Year 2025 Royalty Revenue increased 52% YoY to a record $868 million, driven by key ENHANZE-enabled products.

    positive
  • •

    Reiterated strong 2026 financial guidance with projected total revenue growth of 22% to 30% and Adjusted EBITDA growth of 71% to 83%.

    positive
  • •

    Completed two strategic acquisitions: Elektrofi's Hypercon™ Technology and Surf Bio's Hyperconcentration Technology, expanding drug delivery capabilities.

    positive

CONCERNS & RISKS

  • •

    Fourth quarter 2025 net loss of $141.6 million, compared to net income of $137.0 million in Q4 2024, significantly impacted by $284.9 million in acquired IPR&D expense for the Surf Bio acquisition.

    negative
  • •

    Fourth quarter 2025 Adjusted EBITDA of $21.9 million, a significant decrease from $195.8 million in Q4 2024, due to the impact of acquired IPR&D expense.

    negative
  • •

    GAAP diluted loss per share in the fourth quarter of 2025 was $1.20, compared to GAAP diluted earnings per share of $1.06 in Q4 2024.

    negative
  • •

    Non-GAAP diluted loss per share in the fourth quarter of 2025 was $0.24, compared to Non-GAAP diluted earnings per share of $1.26 in Q4 2024.

    negative
  • •

    Cash, cash equivalents, restricted cash and marketable securities decreased to $145.4 million on December 31, 2025, from $596.1 million on December 31, 2024, due to acquisitions and share repurchases.

    attention
  • •

    Full year 2025 net income of $316.9 million, compared to $444.1 million in 2024, impacted by $284.9 million in acquired IPR&D expense.

    negative

FINANCIAL METRICS

Revenue
Quarterly
$451.77M
+51.6%
Prior year: $298.01M
Annual (YTD)
$1.40B
N/A
Prior year: $1.02B
Net Income
Quarterly
$-141.59M
-203.3%
Prior year: $137.01M
Annual (YTD)
$316.89M
N/A
Prior year: $444.09M
EPS (Diluted)
Quarterly
$-1.20
-213.2%
Prior year: $1.06
Annual (YTD)
$2.56
N/A
Prior year: $3.43
Operating Income
Quarterly
$-92.89M
-152.9%
Prior year: $175.50M
Annual (YTD)
$469.01M
N/A
Prior year: $551.48M
EPS (Basic)
Quarterly
$-1.20
-211.1%
Prior year: $1.08
Annual (YTD)
$2.64
N/A
Prior year: $3.50

MARGIN ANALYSIS

Operating Margin
Current Quarter
-20.6%
Prior Year
58.9%
YoY Change
-7945 bps
Net Margin
Current Quarter
-31.3%
Prior Year
46.0%
YoY Change
-7731 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

MANAGEMENT GUIDANCE

FY2026

Total Revenue
$1710000.0B—$1810000.0B
Mid-point: $1760000.0B
"Represents 22% to 30% YoY growth."
Royalty Revenue
$1130000.0B—$1170000.0B
Mid-point: $1150000.0B
"Represents 30% to 35% YoY growth."
Adjusted EBITDA
1,125,000,000—1,205,000,000
Mid-point: 1,165,000,000
"Represents 71% to 83% YoY growth, including new Hypercon™ and Surf Bio investment of approximately $60 million."
Non-GAAP Diluted EPS
$7.75—$8.25
Mid-point: $8.00
"Represents 87% to 99% YoY growth, including new Hypercon™ and Surf Bio investment of approximately $60 million."

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

SPECIAL ITEMS & ADJUSTMENTS

Q4 2025
Acquired in-process research and development expense related to the Surf Bio acquisition.
Impacted GAAP and Non-GAAP diluted loss per share.
+$284.9M
$2.42 per share
Q4 2025
Inducement expense related to convertible notes.
+$5.477M
$0.05 per share
FY2025
Transaction costs for business combinations (Elektrofi acquisition).
+$14.604M
$0.12 per share
FY2025
Intellectual property litigation costs (patent infringement litigation against Merck).
+$16.683M
$0.13 per share
FY2025
Severance and share-based compensation acceleration expense (Elektrofi acquisition).
+$24.628M
$0.20 per share
FY2025
Impairment of intangible asset.
+$48.7M
$0.40 per share
Total Impact
+$394.992M$-1.52 per share

Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.

MANAGEMENT COMMENTARY

2025 was a pivotal year for Halozyme as we delivered record total revenue of $1.4 billion, which was the result of continued growth in our ENHANZE business.

— HALOZYME THERAPEUTICS, INC., Q4 FY2025 2025 Earnings Call

We expanded our drug delivery technology portfolio with two acquisitions, meaningfully expand, diversify and extend our long-term royalty opportunity into the mid-2040s.

— HALOZYME THERAPEUTICS, INC., Q4 FY2025 2025 Earnings Call

As we look ahead, our long-term outlook reflects the strong momentum and opportunity we have built through a broader drug delivery portfolio and offering to the biopharma industry.

— HALOZYME THERAPEUTICS, INC., Q4 FY2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Inventories
176.5M
+24.4% YoY
Prior year: 141.9M
thousands

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.